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TEGNA Inc. (NYSE: TGNA) reported its Q2 2024 financial results and provided Q3 2024 guidance. Key highlights include:
- Total revenue decreased 3% to $710 million, within guidance range
- Subscription revenue down 7% to $367 million due to subscriber declines
- AMS revenue fell 5% to $301 million due to softness in national accounts
- GAAP EPS of $0.48, Non-GAAP EPS of $0.50
- Adjusted EBITDA decreased 10% to $176 million
- On track to return ~$350 million to shareholders in 2024
- Reaffirmed full-year 2024 guidance
- Mike Steib to succeed David Lougee as President and CEO on August 12, 2024
- Appointed two new independent Directors to the Board
The company expects a robust political cycle in H2 2024 and benefits from Summer Olympics coverage.
TEGNA (NYSE: TGNA) has announced the appointment of Michael Steib as the new President, CEO, and Director, effective August 12, 2024, succeeding David Lougee who will retire but remain as a Senior Advisor. Steib, currently the CEO of Artsy, brings extensive experience from his previous roles at XO Group, NBCUniversal, and Google. TEGNA's Chairman Howard Elias highlighted Steib's expertise in technology, digital media, and leadership.
Additionally, TEGNA appointed two new independent directors: Catherine Dunleavy, formerly President of Away, and Denmark West, who leads Market Intelligence and Strategic Engagements at X, The Moonshot Factory. These appointments aim to strengthen TEGNA's board with additional financial and digital media expertise.
The Knot Worldwide has promoted Angel Llull to Chief Revenue Officer, a newly created role aimed at enhancing global growth in its vendor marketplace and advertising businesses. Llull, previously President, International, will lead a team dedicated to expanding the company’s offerings to engaged couples and wedding professionals worldwide. This follows the company's recent acquisitions of Zankyou and Weven, which aim to enhance user experience and vendor selection. The Knot Worldwide reports a marketplace business growth of over 40% between 2020 and 2022, reinforcing its commitment to innovation and operational efficiency.
The Knot Worldwide has announced its acquisition of Zankyou, a Madrid-based global wedding marketplace, enhancing its reach in Europe and LATAM. Founded in 2008, Zankyou attracts around 50M visitors yearly, connecting over 350,000 couples with approximately 150,000 vendors. This strategic move aims to provide engaged couples with improved wedding planning tools and vendor selection. The acquisition excludes Zankyou's operations in Portugal and any joint ventures. The partnership is expected to innovate their offerings further and provide comprehensive resources for wedding planning.