Tegna Is Increasing Local Sports Rights Opportunities But Is It Enough?

TEGNA Inc., a media company with significant holdings in television broadcasting, has reported its third quarter results for 2024, presenting a mixed picture of performance, challenges, and strategic repositioning. The results were delivered by the company’s new CEO, Mike Steib, and CFO, Julie Heskett, who outlined both achievements and areas of focus moving forward. On the positive side, TEGNA experienced a 13% year-over-year increase in total revenue, reaching $807 million, surpassing the company’s guidance range of 9% to 12% growth. This was primarily driven by record-breaking political advertising revenues and a slight increase in Advertising and Marketing Services (AMS) revenue. The company benefitted from the Summer Olympic Games, as total viewing hours for these events grew by 35% compared to the last summer games, reinforcing TEGNA’s robust position as the largest NBC affiliate group.