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• It's like a major owner of local TV news stations across the U.S., similar to how a media giant like Fox Corporation owns many broadcast and cable properties.
• Imagine it as a nationwide collection of local TV stations and their associated digital properties, much like how a company such as iHeartMedia operates a vast network of local radio stations, but for television.

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• Television Broadcasting: Operating television stations to deliver programming and digital content.
• News Content Delivery: Providing news content to consumers across online, mobile, and social platforms.
• Multicast Network Operation: Owning and operating specialized networks like True Crime Network, Quest, and Twist, offering on-demand shows.
• Original Content Production (VAULT Studios): Producing true crime and investigative content in the form of podcasts and original television programs.
• Advertising Solutions (TEGNA Marketing Solutions): Delivering marketing and advertising services to advertisers across television, digital, and OTT platforms.

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Major Customers of Tegna (TGNA)

TEGNA Inc. sells primarily to other companies, specifically advertisers and pay-TV distributors. While the company's content is consumed by individuals, its revenue streams largely derive from businesses paying for advertising opportunities and the rights to retransmit its broadcast signals.

Due to the vast and dynamic nature of the advertising market, identifying specific "major customer" companies among its advertisers is not feasible, as Tegna serves numerous local and national businesses across diverse industries. However, the company's other major customers, which pay for retransmission rights, include major pay-TV and virtual multichannel video programming distributors (vMVPDs):

• Comcast Corporation (CMCSA)
• Charter Communications, Inc. (CHTR)
• DISH Network Corporation (DISH)
• Google (GOOGL) (for its YouTube TV service)
• Walt Disney Company (DIS) (as the majority owner of Hulu + Live TV)

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• ABC Network (supplied by The Walt Disney Company, symbol: DIS)
• CBS Network (supplied by Paramount Global, symbol: PARA)
• NBC Network (supplied by Comcast Corporation, symbol: CMCSA)
• FOX Network (supplied by Fox Corporation, symbol: FOXA)
• MyNetworkTV (supplied by Fox Corporation, symbol: FOXA)
• The CW Network (supplied by Paramount Global, symbol: PARA, and Warner Bros. Discovery, symbol: WBD)

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Mike Steib, President and Chief Executive Officer

Mike Steib was appointed President and Chief Executive Officer of TEGNA in August 2024. Before joining TEGNA, he served as CEO of Artsy, an online marketplace for buying and selling art, from 2019 until 2024. Prior to Artsy, Steib was the CEO of XO Group Inc. (NYSE: XOXO), the parent company of The Knot, where he led the team to achieve a 300% total shareholder return over his five-year tenure. Earlier in his career, he was CEO for vente-privee USA and held executive positions at Google, NBCUniversal, Walker Digital, and McKinsey & Company. Steib served on the board of directors of Ally Financial (NYSE: Ally) from 2014 until 2024, where he chaired the Digital Transformation and Technology Committees and was a member of the Risk Committee. He is the author of "The Career Manifesto" and hosted the podcast "Office Hours with Mike Steib".

Julie Heskett, Senior Vice President and Chief Financial Officer

Julie Heskett was appointed Senior Vice President and Chief Financial Officer for TEGNA in January 2024. In this role, she is responsible for the company's overall financial management, including accounting, internal audit, financial strategy, planning and analysis, corporate treasury, investor relations, and tax. Previously, Heskett served as SVP for financial planning and business operations and head of investor relations. She has been instrumental in transforming TEGNA's finance organization since the company became a pure play broadcaster in 2017. Heskett began her tenure with the company at KSDK, TEGNA's NBC affiliate in St. Louis, in April 1998, starting as an accounting manager and later becoming a business manager. She was promoted to vice president of finance at Gannett in 2007.

Tom Cox, Senior Vice President and Chief Growth Officer

Tom Cox serves as Senior Vice President and Chief Growth Officer for TEGNA. He was promoted to this newly created position in February 2024. In his role, Cox is responsible for all corporate mergers and acquisitions (M&A) and business development, station affiliation partnerships, multichannel distribution, and Premion's connected TV advertising business. Prior to this, he was president of Premion and senior vice president, business development at TEGNA. Before joining TEGNA in 2011, Cox was senior vice president at FOX Digital and spent almost eight years in various executive roles at AOL in business affairs, strategy, and corporate development departments. He also co-founded Stratique Partners, an executive-level consulting firm.

Ed Busby, Senior Vice President and Chief Strategy Officer

W. Edmond (Ed) Busby is Senior Vice President and Chief Strategy Officer for TEGNA.

Tim Fagan, Senior Vice President and Chief Revenue Officer

Tim Fagan serves as Senior Vice President and Chief Revenue Officer for TEGNA. He is responsible for setting the vision for the multi-channel sales organization and overseeing annual advertising and marketing services revenue. Fagan also serves on the Board of Directors of Premion, TEGNA's over-the-top (OTT)/Connected TV (CTV) solution. Before being named CRO, he was SVP, Digital Advertiser Solutions.

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1. Declining Linear TV Viewership and Competition from Digital/Streaming

2. Volatility and Reliance on Advertising Revenue, particularly Political Advertising

3. Regulatory and Antitrust Hurdles for Mergers and Acquisitions

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The addressable markets for Tegna's main products and services in the U.S. region are as follows:

• Local Television Broadcasting: The U.S. broadcasting and cable TV market was valued at over USD 127.53 billion in 2025, with advertising accounting for 74.80% of the revenue share. This market is projected to surpass USD 155.46 billion by 2035.
• Digital Content: The digital content market in the U.S. is estimated at US$258.5 billion in 2024.
• Television Advertising: The U.S. television advertising market size was approximately USD 60.79 billion in 2024 and is projected to reach around USD 93.29 billion by 2034.
• Digital Advertising: The U.S. digital advertising market generated revenue of USD 101,475.2 million in 2024 and is expected to reach USD 219,984.0 million by 2030.
• OTT (Over-the-Top) Advertising (Premion): The OTT video advertising segment in the United States is projected to generate USD 85.39 billion in 2024.
• Multicast Networks (True Crime Network, Quest, Twist): The global multichannel networks market is estimated to be valued at USD 6.3 billion in 2025 and is projected to reach USD 20.9 billion by 2035, with North America holding the largest share of this market.
• True Crime and Investigative Content (VAULT Studios Podcasts): Approximately 42% of U.S. adults aged 13 and older, or roughly 119 million Americans, have listened to a true crime podcast. Additionally, about 42 million American adults aged 18 and older consumed a true crime podcast in the last month, and 71% of these listeners are open to brand-focused podcast content.

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Tegna (symbol: TGNA) is expected to experience future revenue growth over the next 2-3 years driven by several key factors within its broadcasting and digital media operations.

One significant driver is the **cyclical nature of political advertising**. As an operator of numerous television stations, Tegna benefits substantially from increased political ad spending during even-numbered election years, such as the upcoming 2026 midterms and the 2028 presidential election cycle. This influx of advertising revenue provides a considerable boost to the company's top line during these periods.

Another crucial driver is the **expansion of digital revenue, particularly through its Premion connected TV (CTV) and over-the-top (OTT) advertising platform**. Tegna is actively pursuing initiatives to grow its digital product portfolio, which includes web solutions, mobile and streaming applications, and local CTV advertising. Premion has been enhancing its capabilities with new tools and partnerships, including an integration with Octillion, to optimize advertising campaigns, improve audience targeting, and drive local revenue growth for advertisers and publishers in the rapidly expanding CTV/OTT market. Analysts consider Premion a vital part of Tegna's future growth strategy.

The company's **subscription revenue from retransmission agreements** also serves as a stable and resilient growth driver. While the industry faces some subscriber declines due to cord-cutting, Tegna is able to offset these trends through contractual rate increases and strategic distribution renewals with cable, satellite, and telecommunications providers. A notable portion of traditional subscriber agreements, approximately 30%, is scheduled for renewal by the end of 2026, presenting opportunities for continued revenue stability and potential growth through renegotiated terms.

Finally, Tegna is positioned to generate new advertising revenue through the **deployment of advanced advertising capabilities facilitated by ATSC 3.0 (NextGen TV)**. This new television broadcasting standard in the United States enables Tegna to offer additional services to advertisers, such as personalized offers, second-screen interactions, and highly targeted local TV advertising. By leveraging this technology, Tegna aims to enhance its advertising offerings and unlock new revenue streams from advertisers seeking more precise and effective campaigns.

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Share Repurchases

• Throughout 2023, Tegna committed to approximately $800 million in share repurchases, with around 45-50 million shares expected to be retired by March 2024. This included a $300 million accelerated share repurchase (ASR) program completed by August 2023, followed by a $325 million ASR agreement in November 2023.
• In February 2024, Tegna's Board of Directors authorized a new two-year share repurchase program for up to $650 million, set to expire on December 31, 2025.
• Since the termination of the merger agreement in May 2023 until August 2024, Tegna repurchased over $900 million of its common stock, reducing outstanding shares by 27%. However, share repurchases have been suspended due to the pending acquisition by Nexstar Media Group.

Inbound Investments

• Following the termination of a merger agreement with Standard General L.P., Tegna received a termination fee of $136 million in May 2023.
• In February 2024, Tegna received $153 million in pre-tax cash proceeds from the sale of its ownership interest in Broadcast Music, Inc. (BMI).
• In August 2025, Tegna announced a definitive agreement to be acquired by Nexstar Media Group for $22.00 per share in an all-cash transaction valued at $6.2 billion. This acquisition, which shareholders approved in November 2025, is expected to close by the second half of 2026, pending regulatory approvals.

Capital Expenditures

• From fiscal years ending December 2020 to 2024, Tegna's capital expenditures averaged $53.408 million, peaking in December 2021 at $63.076 million.
• For the full year 2024, capital expenditures were $52.44 million. Expected capital expenditures for the full year 2025 are projected to be between $50 million and $60 million.
• The primary focus of capital expenditures includes "building stations of the future" by utilizing new and virtual technology, aiming for a smaller footprint and reduced operating expenses. The company is also accelerating its technology roadmap and investing in local journalism.