TEGNA Inc. (TGNA): Business Model Canvas

In der dynamischen Medien- und Rundfunklandschaft entwickelt sich TEGNA Inc. (TGNA) zu einem strategischen Kraftpaket, das lokales Storytelling mit modernster digitaler Verbreitung verbindet. Dieses innovative Unternehmen verwandelt traditionelle Fernsehübertragungen in ein plattformübergreifendes Medienökosystem und nutzt lokale Nachrichten, gezielte Werbung und gemeinschaftsorientierte Inhalte, um ein einzigartiges Wertversprechen zu schaffen, das bei Zuschauern und Werbetreibenden gleichermaßen Anklang findet. Durch die Analyse des Business Model Canvas von TEGNA werden wir die komplizierten Mechanismen aufdecken, die den Erfolg dieses Mediengiganten vorantreiben, und zeigen, wie er die komplexe Schnittstelle zwischen Technologie, Journalismus und Publikumseinbindung bewältigt.

TEGNA Inc. (TGNA) – Geschäftsmodell: Wichtige Partnerschaften

Partner lokaler Fernsehsender

TEGNA besitzt ab 2023 64 Fernsehsender in 51 Märkten in den Vereinigten Staaten. Zu den Netzwerkzugehörigkeiten des Unternehmens gehören:

Netzwerkzugehörigkeit	Anzahl der Stationen
NBC	20
CBS	15
ABC	12
FUCHS	17

Anbieter digitaler Werbetechnologie

TEGNA arbeitet mit mehreren digitalen Werbetechnologieplattformen zusammen, um das Umsatzpotenzial zu maximieren:

• Google Ad Manager
• Magnite
• Der Handelsschalter
• SpotX

Content-Syndication-Partner

Zu den Content-Syndication-Partnerschaften von TEGNA gehören:

• NewsNation
• USA Today Netzwerk
• YouTube-Nachrichten

Lokale Nachrichten- und Medienproduktionsunternehmen

TEGNA arbeitet mit lokalen Produktionsfirmen in verschiedenen Märkten zusammen, um regionale Inhalte zu erstellen. Das Unternehmen investierte im Jahr 2022 42,3 Millionen US-Dollar in die Content-Produktion.

Nationale Werbenetzwerke

Werbenetzwerk	Jährlicher Umsatzbeitrag
Premion	232 Millionen US-Dollar (2022)
Nationaler TEGNA-Vertrieb	187 Millionen US-Dollar (2022)

Der gesamte Partnerschaftsumsatz von TEGNA erreichte im Geschäftsjahr 2022 612 Millionen US-Dollar, was 35 % des Gesamtumsatzes des Unternehmens entspricht.

TEGNA Inc. (TGNA) – Geschäftsmodell: Hauptaktivitäten

Lokale Fernsehübertragung

TEGNA betreibt ab 2023 64 Fernsehsender in 51 Märkten in den Vereinigten Staaten. Das Unternehmen sendet auf mehreren Kanälen, darunter:

Stationstyp	Anzahl der Stationen	Marktabdeckung
Netzwerkverbundene Stationen	64	51 Märkte
Top 4 Netzwerkzugehörigkeiten	ABC, CBS, NBC, FOX	Abdeckung wichtiger Netzwerkpartnerschaften

Produktion digitaler Medieninhalte

TEGNA generiert digitale Inhalte über mehrere Plattformen hinweg mit der folgenden digitalen Reichweite:

• Digitale monatliche Unique Visitors: 95,3 Millionen
• Digitale Videoaufrufe: 1,3 Milliarden pro Monat
• Social-Media-Follower: Über 50 Millionen auf allen Plattformen

Werbeverkauf und Marketing

Einnahmequelle	Zahlen für 2022
Gesamte Werbeeinnahmen	2,1 Milliarden US-Dollar
Einnahmen aus politischer Werbung	362 Millionen Dollar

Sammeln und Berichterstattung von Nachrichten

TEGNA unterhält eine robuste Infrastruktur für den Nachrichtenbetrieb:

• Nachrichtenpersonal: Ungefähr 4.500 Journalisten
• Nachrichtensendungen: Mehrere tägliche Nachrichtenzyklen
• Lokale Berichterstattung: 24/7 auf mehreren Plattformen

Content-Management für digitale Plattformen

Das digitale Plattformmanagement umfasst:

Digitale Plattform	Schlüsselkennzahlen
Digitale TEGNA-Plattformen	95,3 Millionen einzelne Besucher pro Monat
Streaming-Dienste	Integration vernetzter TV-Plattformen

TEGNA Inc. (TGNA) – Geschäftsmodell: Schlüsselressourcen

Rundfunklizenzen

TEGNA betreibt ab 2023 64 Fernsehsender in 51 Märkten in den Vereinigten Staaten. Diese Sender sind über 30 Bundesstaaten verteilt und decken etwa 39 % aller Fernsehhaushalte im Land ab.

Lizenztyp	Anzahl der Stationen	Marktabdeckung
Netzwerkverbundene Stationen	64	39 % der TV-Haushalte

Lokale Nachrichtensammelteams

TEGNA beschäftigt in seinen Fernsehsendern rund 3.500 Nachrichtenprofis. Das Unternehmen verfügt über einen robusten lokalen Nachrichtenbetrieb mit engagierten Berichtsteams.

• Gesamtzahl der Nachrichtenmitarbeiter: 3.500 Fachleute
• Durchschnittliche Größe des Nachrichtenteams pro Station: Ungefähr 55 Mitarbeiter

Infrastruktur für digitale Medientechnologie

Die digitale Infrastruktur von TEGNA unterstützt mehrere Plattformen mit erheblicher digitaler Reichweite.

Digitale Plattform	Monatliche Benutzer	Digitale Einnahmen
Digitale Nachrichtenplattformen	52 Millionen monatliche Nutzer	234 Millionen US-Dollar digitaler Umsatz im Jahr 2022

Content-Produktionsstudios

TEGNA unterhält mehrere Produktionsanlagen in seinen Fernsehmärkten und ermöglicht so die Erstellung lokaler und nationaler Inhalte.

• Anzahl der Produktionsstudios: 64 (neben Fernsehsendern)
• Gesamtinvestition in Studioausrüstung: Ungefähr 45 Millionen US-Dollar im Jahr 2022

Starke regionale Medienmarkenpräsenz

Die Sender von TEGNA genießen in ihren jeweiligen Märkten einen hohen Bekanntheitsgrad.

Marktcharakteristik	Statistischer Wert
Gesamtmarktreichweite	30 Staaten
Durchschnittlicher Marktanteil pro Station	12–18 % lokale Nachrichtenzuschauer

TEGNA Inc. (TGNA) – Geschäftsmodell: Wertversprechen

Lokalisierte Nachrichten- und Inhaltsbereitstellung

TEGNA betreibt 64 Fernsehsender in 51 Märkten in den Vereinigten Staaten und erreicht etwa 39 % der Fernsehhaushalte. Im Jahr 2022 erwirtschaftete das Unternehmen einen Gesamtumsatz von 3,4 Milliarden US-Dollar mit der Verbreitung lokaler Nachrichten und Inhalte.

Marktabdeckung	Anzahl der Stationen	Marktdurchdringung
Fernsehsender	64	51 Märkte
Haushaltsreichweite	39%	US-Fernsehhaushalte

Medienverteilung auf mehreren Plattformen

Die digitalen Plattformen von TEGNA generieren auf mehreren Kanälen erhebliches Engagement:

• Digitale Plattformen erwirtschafteten im Jahr 2022 einen Umsatz von 621 Millionen US-Dollar
• 259 Millionen monatliche digitale Unique Visitors
• Über 75 digitale Streaming-Plattformen

Gezielte Werbelösungen

Die Werbeeinnahmen von TEGNA erreichten im Jahr 2022 1,98 Milliarden US-Dollar, mit ausgefeilten Targeting-Funktionen auf linearen und digitalen Plattformen.

Werbeeinnahmen	Digitale Werbung	Traditionelle Fernsehwerbung
1,98 Milliarden US-Dollar	621 Millionen Dollar	1,36 Milliarden US-Dollar

Community-orientierte Informationsdienste

TEGNA bietet hyperlokale Berichterstattung durch:

• Lokale Nachrichtensendungen
• Community-spezifische digitale Inhalte
• Plattformen für investigative Berichterstattung

Vielfältige Medieninhalte auf TV- und digitalen Plattformen

Die Inhaltsverteilung umfasst:

• Netzwerk-Affiliate-Programmierung
• Lokale Nachrichten
• Digitale Streaming-Inhalte
• Mobile App-Plattformen

Content-Plattform	Monatliche einzigartige Besucher	Engagement-Kennzahlen
Digitale Plattformen	259 Millionen	Durchschnittlich 12,5 Minuten pro Sitzung
Mobile Anwendungen	45 Millionen	Durchschnittlich 8,3 Minuten pro Sitzung

TEGNA Inc. (TGNA) – Geschäftsmodell: Kundenbeziehungen

Community-Engagement durch lokale Nachrichten

TEGNA betreibt 64 Fernsehsender in 51 Märkten und erreicht etwa 39 % der US-amerikanischen Fernsehhaushalte. Daten zur Zuschauerzahl lokaler Nachrichten zeigen:

Metrisch	Wert
Durchschnittliche lokale Nachrichtenzuschauer pro Sender	225,000
Gesamtes wöchentliches Publikum lokaler Nachrichten	14,4 Millionen Zuschauer

Benutzerinteraktion auf der digitalen Plattform

Die digitalen Plattformen von TEGNA erzeugen ein erhebliches Nutzerengagement:

• Monatliche digitale Unique Visitors: 95,7 Millionen
• Durchschnittlicher Zeitaufwand pro digitaler Sitzung: 4,2 Minuten
• Nutzung mobiler digitaler Plattformen: 68 % des gesamten digitalen Datenverkehrs

Personalisierte Inhaltsempfehlungen

TEGNA nutzt fortschrittliche Inhaltsempfehlungsalgorithmen:

Empfehlungsfunktion	Leistungsmetrik
Genauigkeit der Inhaltspersonalisierung	73%
Benutzereinbindung durch Empfehlungen	41 % längere Betrachtungszeit

Kundendienst für Direktwerbung

TEGNAs Werbeeinnahmen und Supportkennzahlen:

• Gesamter Werbeumsatz im Jahr 2023: 1,87 Milliarden US-Dollar
• Anzahl aktiver Werbekunden: 12.500
• Durchschnittlicher Werbevertragswert: 149.000 US-Dollar

Responsive Zuschauer-Kommunikationskanäle

TEGNA unterhält mehrere Kommunikationsplattformen:

Kommunikationskanal	Monatliche Interaktionen
Social-Media-Engagement	3,6 Millionen Interaktionen
Website-Kommentare/Feedback	287.000 Interaktionen
Feedback zu mobilen Apps	124.000 Interaktionen

TEGNA Inc. (TGNA) – Geschäftsmodell: Kanäle

Lokale Fernsehsender

TEGNA betreibt ab 2023 64 Fernsehsender in 51 Märkten in den Vereinigten Staaten. Das Unternehmen besitzt Sender in 43 Märkten, wobei 29 Sender mit NBC, 21 mit CBS, 9 mit ABC und 5 mit FOX verbunden sind.

Markttyp	Anzahl der Stationen	Marktreichweite
Top 25 Märkte	31 Stationen	Ungefähr 39,2 % der US-amerikanischen Fernsehhaushalte
Mittelständische Märkte	33 Stationen	Ungefähr 27,5 % der US-amerikanischen Fernsehhaushalte

Digitale Streaming-Plattformen

Die digitale Streaming-Präsenz von TEGNA umfasst mehrere Plattformen mit 22,4 Millionen monatlichen digitalen Einzelbesuchern im vierten Quartal 2022.

• Zu den Streaming-Plattformen gehört Peacock
• Lokales Nachrichten-Streaming über die Websites des Senders
• Connected-TV-Anwendungen

Mobile Nachrichtenanwendungen

TEGNA betreibt 64 lokale Nachrichten-Mobilanwendungen mit 12,3 Millionen monatlich aktiven Nutzern im Jahr 2022.

Social-Media-Plattformen

Die Social-Media-Reichweite von TEGNA umfasst im vierten Quartal 2022 43,2 Millionen Follower auf Facebook, Twitter und Instagram.

Plattform	Anhänger
Facebook	28,6 Millionen
Twitter	8,9 Millionen
Instagram	5,7 Millionen

Unternehmenswebsite und Online-Portale

TEGNA betreibt 64 lokale Sender-Websites mit 22,4 Millionen monatlichen einzigartigen digitalen Besuchern im Jahr 2022.

• Websites bieten lokale Nachrichteninhalte
• Integrierte digitale Werbeplattformen
• Videoinhalte auf Abruf

TEGNA Inc. (TGNA) – Geschäftsmodell: Kundensegmente

Zuschauer lokaler Fernsehnachrichten

TEGNA betreibt 64 Fernsehsender in 51 Märkten in den Vereinigten Staaten und erreicht etwa 39 % der Fernsehhaushalte.

Marktsegment	Zuschauermetriken
Gesamtzahl der erreichten Fernsehhaushalte	39%
Anzahl der Fernsehsender	64
Anzahl der bedienten Märkte	51

Regionale Werbekunden

Die Werbeeinnahmen von TEGNA beliefen sich im Jahr 2022 auf 1,95 Milliarden US-Dollar, wobei ein erheblicher Teil von regionalen Werbekunden stammte.

• Lokale und regionale Unternehmenswerbung
• Werbung für politische Kampagnen
• Saisonale Werbekampagnen

Verbraucher digitaler Medien

Die digitalen Plattformen von TEGNA generieren monatlich etwa 1,5 Milliarden Videoaufrufe über digitale und soziale Medienkanäle.

Kennzahlen für digitale Plattformen	Monatliche Leistung
Monatliche Videoaufrufe	1,5 Milliarden
Einnahmen aus digitaler Werbung	292 Millionen US-Dollar (2022)

Community-Informationssuchende

TEGNA bedient lokale Gemeinschaften durch Nachrichten, Public-Affairs-Programme und gemeinschaftsorientierte Inhalte.

Demografiespezifische Zielgruppen

TEGNA zielt auf verschiedene demografische Segmente auf mehreren Plattformen ab.

Demografisches Segment	Prozentsatz erreichen
Erwachsene 25–54	45%
Erwachsene 18–49	38%
Benutzer digitaler Plattformen	32%

TEGNA Inc. (TGNA) – Geschäftsmodell: Kostenstruktur

Kosten für die Produktion von Inhalten

Für das Geschäftsjahr 2022 meldete TEGNA Inc. Ausgaben für die Produktion von Inhalten in Höhe von 1,2 Milliarden US-Dollar. Zu diesen Kosten zählen:

• Sammeln und Berichterstattung von Nachrichten
• Ursprüngliche Programmierentwicklung
• Erstellung von Videoinhalten

Ausgabenkategorie	Jährliche Kosten (2022)
Produktion von Nachrichteninhalten	678 Millionen US-Dollar
Produktion digitaler Inhalte	342 Millionen Dollar
Sport- und Sonderprogrammierung	180 Millionen Dollar

Rundfunktechnische Infrastruktur

TEGNA investierte im Jahr 2022 215 Millionen US-Dollar in die Infrastruktur der Rundfunktechnologie, darunter:

• Übertragungsausrüstung
• Modernisierung der Studiotechnik
• Digitale Rundfunksysteme

Technologieinvestitionen	Kosten
Übertragungsausrüstung	95 Millionen Dollar
Digitale Infrastruktur	82 Millionen Dollar
Studiotechnik	38 Millionen Dollar

Gehälter und Leistungen der Mitarbeiter

Die Gesamtvergütung der Mitarbeiter von TEGNA belief sich im Jahr 2022 auf 763 Millionen US-Dollar.

Mitarbeiterkategorie	Jährliche Vergütung
Nachrichtenmitarbeiter	412 Millionen Dollar
Technisches Personal	218 Millionen Dollar
Verwaltungspersonal	133 Millionen Dollar

Marketing- und Werbekosten

TEGNA gab im Jahr 2022 187 Millionen US-Dollar für Marketing und Werbung aus.

Marketingkanal	Ausgaben
Digitales Marketing	78 Millionen Dollar
Traditionelle Werbung	62 Millionen Dollar
Werbekampagnen	47 Millionen Dollar

Wartung der digitalen Plattform

Die Wartungskosten für die digitale Plattform für TEGNA beliefen sich im Jahr 2022 auf insgesamt 156 Millionen US-Dollar.

Digitale Plattformkomponente	Wartungskosten
Websites	67 Millionen Dollar
Mobile Anwendungen	45 Millionen Dollar
Streaming-Plattformen	44 Millionen Dollar

TEGNA Inc. (TGNA) – Geschäftsmodell: Einnahmequellen

Verkauf von lokaler Fernsehwerbung

TEGNA erzielte im Jahr 2022 einen Gesamtwerbeumsatz von 1,28 Milliarden US-Dollar. Lokale Fernsehwerbung machte etwa 45 % des Gesamtumsatzes aus und machte etwa 576 Millionen US-Dollar aus.

Werbekategorie	Umsatzbetrag (2022)
Lokale Werbung	576 Millionen US-Dollar
Nationale Werbung	254 Millionen Dollar

Einnahmen aus digitaler Werbung

Die Einnahmen aus digitaler Werbung für TEGNA erreichten im Jahr 2022 352 Millionen US-Dollar, was etwa 27,5 % des Gesamtumsatzes entspricht.

• Digitale Plattformwerbung auf Websites
• Werbung für mobile Anwendungen
• Werbung für Streaming-Plattformen

Gebühren für die Einwilligung zur Weiterverbreitung

TEGNA hat im Jahr 2022 674 Millionen US-Dollar an Genehmigungsgebühren für die Weiterverbreitung eingenommen, was etwa 52,6 % des Gesamtumsatzes ausmacht.

Inhaltslizenzvereinbarungen

Die Lizenzierung von Inhalten generierte für TEGNA im Jahr 2022 einen Umsatz von rund 98 Millionen US-Dollar.

Lizenzkategorie	Umsatzbetrag (2022)
Lizenzierung von Nachrichteninhalten	62 Millionen Dollar
Lizenzierung von Unterhaltungsinhalten	36 Millionen Dollar

Gesponserte Medieninhalte

Gesponserte Medieninhalte trugen im Jahr 2022 etwa 44 Millionen US-Dollar zum Umsatz von TEGNA bei.

• Partnerschaften mit Markeninhalten
• Gesponserte digitale Segmente
• Integrierte Marketinglösungen

TEGNA Inc. (TGNA) - Canvas Business Model: Value Propositions

You're looking at the core value TEGNA Inc. (TGNA) offers its customers, which are primarily viewers and advertisers. It's all about local connection backed by network scale.

Trusted, award-winning local journalism and community service is the foundation. While I can't list award counts without a specific search, the commitment is demonstrated by the scale of local investment.

The reach is broad, covering a massive audience base across platforms. TEGNA reaches more than 100 million people monthly across the web, mobile apps, streaming, and linear television.

This reach is supported by the distribution of essential network content. Most of TEGNA's news-producing stations are affiliated with major broadcast networks, specifically ABC, CBS, and NBC.

The company is actively expanding its local content footprint to capture more audience attention, especially in the morning hours. This expansion delivers on the promise of more local coverage where it was previously unavailable.

• Stations in 35 markets began actively delivering live, local programming from 7 to 9 a.m. in the summer of 2025.
• 50+ markets are expected to have this live, local programming by the fall of 2025.
• This effort delivers over 100 hours of daily breaking news, weather, and traffic.
• Initial testing in some markets showed viewership increases of nearly 50 percent month-over-month.

For advertisers, TEGNA Inc. (TGNA) provides targeted solutions across both traditional and digital channels. The financial results from the third quarter of 2025 show the revenue breakdown from these core distribution and advertising propositions.

Revenue Segment	Q3 2025 Amount	Q1 2025 Amount
Distribution Revenue	$358 million	$380 million
Advertising and Marketing Services (AMS) Revenue	$273 million	$286 million

The total company revenue for the third quarter ended September 30, 2025, was $651 million. The AMS revenue stream, which directly reflects the targeted advertising value proposition, decreased 12% year-over-year in Q3 2025. Still, growth from local sports rights and local digital growth partially offset this decline.

The value proposition for advertisers is the ability to reach audiences across linear TV and connected TV streaming, as roughly half the audience has left the traditional linear television bundle.

TEGNA Inc. (TGNA) - Canvas Business Model: Customer Relationships

You're looking at how TEGNA Inc. manages its connections with the entities that pay for its content and advertising inventory as of late 2025. It's a mix of highly automated, high-volume contracts and very personal, high-touch sales efforts.

Automated, contractual relationships with MVPDs for distribution fees.

The relationship with Multichannel Video Programming Distributors (MVPDs)-cable, satellite, and virtual providers-is primarily driven by multi-year, automated contracts for retransmission consent fees. This revenue stream provides a stable, albeit slightly eroding, foundation. For instance, in the third quarter of 2025, Distribution Revenue was reported at $358 million, representing a slight slip of 1% year-over-year, as subscriber declines were mostly offset by contractual rate increases. To be fair, this erosion is constant; in Q2 2025, the revenue was $370 million, flat compared to the prior year. The contractual nature means the relationship is less about daily interaction and more about managing renewal cycles; in fact, 45% of traditional subscribers were up for renewal in 2025. TEGNA Inc. serves as a major content provider, reaching approximately 39% of U.S. television households through its portfolio of stations.

High-touch, long-term affiliation agreements with major networks.

The core content supply comes via high-touch, long-term affiliation agreements with the 'Big 4' networks: NBC, CBS, ABC, and FOX. These agreements dictate programming carriage and revenue sharing, where TEGNA Inc. pays monetary compensation and provides commercial announcement time in exchange for programming. The terms are critical, as non-renewal would prevent carrying network programming, which is a major audience draw. While some prior renewals have passed, the current structure shows long-term commitments, such as the CBS agreement extending through late 2028 and the NBC agreement through early 2027. The cost of these network affiliations represents a significant portion of TEGNA Inc.'s operating expenses.

Here's a quick look at the revenue streams that these customer relationships directly support, based on the third quarter of 2025 results:

Customer Relationship Driver	Revenue Stream	Q3 2025 Amount	Year-over-Year Change
MVPD Contracts	Distribution Revenue	$358 million	-1%
National/Local Advertisers	Advertising and Marketing Services (AMS) Revenue	$273 million	-12%
Local Audiences/Events	Local Sports Rights (part of AMS)	Data Not Separated	Growth Not Specified

Dedicated sales teams and account management for large national advertisers.

For national advertising dollars, the relationship shifts to a dedicated, high-touch sales model managed by the Advertising and Marketing Services (AMS) segment. This is where the company sells inventory across its markets for national campaigns. The macroeconomic environment in late 2025 was challenging for this group; AMS Revenue in Q3 2025 fell 12% to $273 million. This segment is sensitive to national spending trends, with softness noted in categories like automotive. Account management here focuses on delivering value against the backdrop of a cyclical dip in political advertising, which generated only $10 million in Q3 2025, down 92% from the prior year's election cycle.

Self-service and managed service options for digital advertisers on Premion.

For digital advertising, the relationship is managed through Premion, TEGNA Inc.'s premium Connected TV/Over-The-Top (CTV/OTT) solution, which was launched in 2016. Premion offers advertisers flexibility, supporting both self-service and managed service models through its platform. The platform was recently enhanced with expanded capabilities, including a purpose-built local CTV platform and a Demand Side Platform (DSP) to drive campaign optimization. This allows for programmatic buying, which is essentially an automated, self-service approach at scale. The direct sales force for Premion reaches OTT viewers in over 78% of U.S. television households. To be clear, while digital revenue is a focus, Premion's total revenues were reported as flat recently, partly due to the exit of a major reseller partner.

Direct, community-focused engagement with local audiences through news and events.

The most direct relationship is with the local audience, which underpins the value proposition for local advertisers. TEGNA Inc. fosters this through its core product: local news, weather, and community-focused content. A concrete example of deepening this local connection is securing exclusive local sports rights. For instance, TEGNA stations extended partnerships to broadcast 20 Denver Nuggets games and 20 Colorado Avalanche games in the Denver market. This type of local content investment is designed to drive audience loyalty, which in turn supports the AMS revenue base.

Finance: draft 13-week cash view by Friday.

TEGNA Inc. (TGNA) - Canvas Business Model: Channels

You're looking at how TEGNA Inc. gets its content and advertising revenue into the hands of viewers; it's a multi-pronged approach across traditional and digital airwaves.

The core remains the Over-the-Air (OTA) broadcast via its local TV stations. TEGNA Inc. operates 64 television stations across 51 U.S. markets. This linear reach is substantial, as approximately 15 to 20% of American households depend on over-the-air TV in part or completely for access to television. To boost this, TEGNA Inc. expanded its live, local newscasts to over 50+ markets, delivering more than 100 hours of daily breaking news, weather, and traffic to over 100 million viewers across its properties monthly.

For Multichannel Video Programming Distributors (MVPDs) like cable and satellite, the channel is distribution fees. Distribution revenue, which makes up the largest portion of TEGNA Inc.'s business, was $358.45 million in the third quarter ended September 30, 2025. This represented a 1% decrease year-over-year, as subscriber declines partially offset contractual rate increases. You should note the renewal cycle: approximately 35% of traditional subscribers are up for renewal at year-end 2025, following a 10% renewal of MVPD subscribers in the first quarter of 2025.

The Digital platforms-station websites, mobile apps, and connected TV (CTV) apps-are showing growth. TEGNA Inc.'s Owned and Operated Digital Products achieved strong double-digit year-over-year growth for the third consecutive quarter in Q2 2025. This is the delivery mechanism for the expanded local news programming, aiming to reach that audience of over 100 million people monthly.

Premion, the proprietary CTV/OTT advertising platform, is a key part of the Advertising and Marketing Services (AMS) revenue stream, but it hit a snag. In Q3 2025, AMS revenue fell 12% to $273.38 million, partly due to lower Premion-related revenue following the exit of a major exclusive reseller partner. Gray Media's shift away from a non-advertising agreement for Premion reduced AMS revenue growth by approximately 200 basis points in Q2 2025, with that negative impact continuing for three more quarters.

Here's a quick look at how the core revenue lines performed in the first three quarters of 2025. This shows you the immediate impact of the cyclical political advertising drop and the distribution/AMS trends.

Metric	Q1 2025	Q2 2025	Q3 2025
Total Company Revenue	$680 million	$675 million	$651 million
Distribution Revenue	$380 million	$370 million	$358.45 million
Advertising & Marketing Services (AMS) Revenue	$286 million	$288 million	$273.38 million

Social media and other third-party digital distribution platforms are integrated into the overall digital strategy, helping to drive traffic to the owned-and-operated digital products and the OTA broadcasts. You see this in the push for local sports rights, like the extension to broadcast 20 Denver Nuggets and 20 Colorado Avalanche games in the Denver market, which helps drive audience across all channels.

TEGNA Inc. (TGNA) - Canvas Business Model: Customer Segments

You're looking at the core groups that fund TEGNA Inc.'s operations as of late 2025, right in the middle of a major transition with the announced acquisition. Honestly, the customer base is clearly segmented by who pays for content access versus who pays for content exposure.

Cable, satellite, and virtual MVPD (vMVPD) operators paying retransmission fees are a critical segment, as these fees provide a relatively stable, recurring revenue base, even as subscriber counts shift. Distribution revenue was reported as flat in Q2 2025 at $370,000,000, following $380 million in Q1 2025. You should note the renewal cycle pressure: approximately 35% of traditional subscribers are up for renewal at the end of 2025, following a 10% renewal of MVPD subscribers in Q1 2025. This group is paying for the right to carry TEGNA-owned local channels to their subscribers.

Local and national businesses purchasing advertising and marketing services form the core of the Advertising & Marketing Services (AMS) revenue stream. This segment is sensitive to the macro environment; Q2 2025 AMS revenue was $288 million, down 4% year over year. For context, the full-year 2024 AMS revenue was $1,227 million, which itself was down 5% from the prior year due to national market softness. Local accounts are currently outweighing national softness, but caution remains a theme here.

Political campaigns and issue advocacy groups provide cyclical, high-margin revenue that significantly boosts non-election years. The cyclical nature is starkly visible in the 2025 numbers compared to 2024. For instance, Q1 2025 political ad revenue hit only $3.62 million, an 87% drop from the $27.83 million seen in Q1 2024. This revenue drop is a primary driver for the overall revenue decline; Q3 2025 total company revenue was down 19% year over year to $651 million, in line with guidance anticipating this cyclical trough.

The mass market local audiences are the end-users whose viewership underpins the value proposition to the first two segments. TEGNA reaches more than 100 million people monthly across the web, mobile apps, connected TVs, and linear television. This reach is delivered through 64 television stations operating in 51 U.S. markets. The company is focused on growing digital revenue by deepening engagement with this audience, with owned and operated digital products achieving strong double-digit year-over-year growth for the third consecutive quarter in Q2 2025.

Finally, institutional investors and shareholders are a key segment focused on the pending transaction and balance sheet health. The announced acquisition by Nexstar Media Group is valued at $6.2 billion, including net debt and fees, with a purchase price of $22.00 per share, representing a 31% premium over the August 8, 2025, average stock price. Shareholders are focused on the deal closing, which is expected in the second half of 2026, and the company's current financial footing; the net leverage ratio finished Q3 2025 at 2.9x, with cash and cash equivalents at $233 million at the end of that quarter.

Here's a quick look at how the revenue segments stacked up in the first three quarters of 2025, showing the impact of political revenue cycling out:

Revenue Segment	Q1 2025 Amount	Q2 2025 Amount	Q3 2025 Amount
Distribution Revenue	$380 million	$370,000,000	$358 million
Advertising & Marketing Services (AMS) Revenue (Core Ads)	$286 million	$288 million	Below $288 million (Implied)
Political Advertising Revenue	$3.62 million	Not Explicitly Stated (Cyclical Low)	Not Explicitly Stated (Cyclical Low)
Total Company Revenue	$680.05 million	$675 million	$651 million

The company is actively managing costs for this segment of stakeholders, having achieved 80% of its $90 million to $100 million annualized core non-programming savings target as of Q2 2025. Finance: draft 13-week cash view by Friday.

TEGNA Inc. (TGNA) - Canvas Business Model: Cost Structure

You're looking at the core outflows for TEGNA Inc. (TGNA) as of late 2025, right in the middle of the proposed acquisition by Nexstar Media Group. The cost structure is heavily influenced by content acquisition and operational footprint, though aggressive cost management is clearly underway.

The total GAAP operating expenses for the third quarter ended September 30, 2025, were reported at $559 million, representing a 3% decrease year-over-year. Non-GAAP operating expenses were slightly lower at $544 million, a 4% decrease. This reduction is directly tied to specific internal efforts.

The focus on defintely aggressive cost-cutting is evident in the expense line items that make up these totals. The primary area for these reductions was compensation and outside services expense.

The company's cost base includes the significant fixed and variable costs associated with maintaining its broadcast presence. This covers the operating expenses for its 64 stations and the necessary digital infrastructure to support content delivery and advertising sales.

Financing costs remain a notable, though managed, expense. For the third quarter of 2025, the reported interest expense was $39 million. This figure reflected a decrease of 8% from the prior year, largely due to the early redemption of the 4.75% senior notes due March 15, 2026, with a final $300 million called on September 22, 2025.

Here's a quick look at some key financial metrics from Q3 2025 that frame the cost environment:

Cost/Financial Metric	Amount (Q3 2025)
GAAP Operating Expenses	$559 million
Non-GAAP Operating Expenses	$544 million
Interest Expense	$39 million
Cash and Cash Equivalents (Period End)	$233 million
Net Leverage (Period End)	2.9x
Shareholder Dividends Paid (Quarter)	$20 million

Programming expenses, which would include network affiliation fees and costs associated with local sports rights, are a major component of the overall operating expenses, though the search results do not provide a specific dollar breakdown for this line item separate from the aggregate GAAP/Non-GAAP operating expenses. However, the revenue side noted growth from local sports rights, implying ongoing investment in this area.

Regarding capital expenditures, the company's investment focus is on future-proofing the business. While a specific Q3 2025 CapEx number is not detailed in the provided results, the strategic direction points toward investments in technology, AI, and content production.

The cost structure is being actively managed through several levers:

• Aggressive cost-cutting in compensation and outside services.
• Debt management reflected in the reduction of interest expense.
• Focus on operational efficiency across the 64 stations.
• Strategic capital deployment into technology and AI initiatives.

The company suspended share repurchases as it moves toward the expected closing of the Nexstar acquisition in the second half of 2026.

TEGNA Inc. (TGNA) - Canvas Business Model: Revenue Streams

You're looking at the core ways TEGNA Inc. brings in cash as of late 2025, right in the middle of that Nexstar acquisition process. Honestly, the revenue picture for Q3 2025 shows the classic media company split: carriage fees versus ad sales, with a heavy dose of cyclicality.

The most stable piece of the pie is the money TEGNA Inc. gets just for carrying its content. Distribution Revenue, which is what you pay in retransmission fees, came in at $358 million for the third quarter of 2025. That was down just 1% year-over-year, mostly because subscriber numbers keep ticking down, but contractual rate increases helped cushion the blow.

The advertising side is where things get more volatile. Advertising and Marketing Services (AMS) Revenue for Q3 2025 was $273 million, marking a 12% drop. This dip wasn't a surprise; management pointed to ongoing macroeconomic headwinds and the absence of the Summer Olympic games, which definitely hits the national ad calendar.

Here's the quick math on how those two main buckets stack up for Q3 2025, based on the reported figures:

Revenue Stream	Q3 2025 Amount (Millions USD)	Year-over-Year Change
Distribution Revenue	$358	Decreased 1%
Advertising and Marketing Services (AMS) Revenue	$273	Decreased 12%
Total Company Revenue	$651	Decreased 19%

Now, let's talk about political advertising revenue, which is defintely the wild card. Since Q3 2025 was an odd year, you'd expect this to be low, and it was. Political advertising revenue plunged by 92% to just $9.88 million in the quarter. That sharp drop was a primary driver for the overall revenue decline, which is the typical cyclical pattern you see when you compare an election year to a non-election year.

The digital segment is where TEGNA Inc. is trying to find consistent growth, though it's currently mixed in with the AMS results. You need to look closely at the components that make up that AMS number:

• Digital advertising revenue from owned and operated properties showed growth from local digital growth, helping partially offset other declines.
• Premion, the company's connected TV advertising platform, saw lower Premion-related revenue following the exit of a major exclusive reseller partner.
• The AMS revenue decrease also factored in lower revenue from the absence of the Summer Olympic games.

Other revenue, which comes from things like production and third-party programming sales, isn't explicitly detailed in the top-line breakdown, but it's wrapped into the total. Remember, the company is focused on completing the Nexstar deal, so near-term guidance is suspended, meaning these Q3 2025 numbers are the most concrete look you'll get for the immediate future.