TEGNA Inc. (TGNA): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de los medios y la transmisión, Tegna Inc. (TGNA) surge como una potencia estratégica, tejiendo la narración local con distribución digital de vanguardia. Esta empresa innovadora transforma la transmisión de televisión tradicional en un ecosistema de medios multiplataforma, aprovechando las noticias locales, la publicidad dirigida y el contenido centrado en la comunidad para crear una propuesta de valor única que resuene con los espectadores y anunciantes por igual. Al diseccionar el lienzo de modelo de negocio de Tegna, descubriremos los intrincados mecanismos que impulsan el éxito de este gigante de los medios, revelando cómo navegan por la compleja intersección de la tecnología, el periodismo y la participación de la audiencia.

Tegna Inc. (TGNA) - Modelo de negocio: asociaciones clave

Afiliados de la estación de televisión local

Tegna posee 64 estaciones de televisión en 51 mercados en los Estados Unidos a partir de 2023. Las afiliaciones de la red de la compañía incluyen:

Afiliación a la red	Número de estaciones
NBC	20
CBS	15
abecedario	12
ZORRO	17

Proveedores de tecnología de publicidad digital

TEGNA se asocia con múltiples plataformas de tecnología de publicidad digital para maximizar el potencial de ingresos:

• Administrador de anuncios de Google
• Magnite
• La mesa de comercio
• Spotx

Socios de sindicación de contenido

Las asociaciones de sindicación de contenido de Tegna incluyen:

• Periódico
• Network de USA Today
• Noticias de YouTube

Noticias locales y compañías de producción de medios

TEGNA colabora con compañías de producción locales en varios mercados para crear contenido regional. La compañía invirtió $ 42.3 millones en producción de contenido en 2022.

Redes de publicidad nacionales

Red publicitaria	Contribución anual de ingresos
Estrellarse	$ 232 millones (2022)
Ventas nacionales de Tegna	$ 187 millones (2022)

Los ingresos totales de la asociación de Tegna alcanzaron los $ 612 millones en el año fiscal 2022, lo que representa el 35% de los ingresos totales de la compañía.

Tegna Inc. (TGNA) - Modelo de negocio: actividades clave

Transmisión de televisión local

Tegna opera 64 estaciones de televisión en 51 mercados en los Estados Unidos a partir de 2023. La compañía transmite en múltiples canales que incluyen:

Tipo de estación	Número de estaciones	Cobertura del mercado
Estaciones afiliadas a la red	64	51 mercados
Afiliaciones de la red Top 4	ABC, CBS, NBC, Fox	Cubriendo las principales asociaciones de redes

Producción de contenido de medios digitales

TEGNA genera contenido digital en múltiples plataformas con el siguiente alcance digital:

• Visitantes únicos mensuales digitales: 95.3 millones
• Vistas de video digital: 1.300 millones por mes
• Seguidores de redes sociales: más de 50 millones en todas las plataformas

Ventas y marketing publicitarios

Flujo de ingresos	2022 cifras
Ingresos publicitarios totales	$ 2.1 mil millones
Ingresos de publicidad política	$ 362 millones

Reunión e informes de noticias

Tegna mantiene una robusta infraestructura de operaciones de noticias:

• Personal de noticias: aproximadamente 4,500 periodistas
• Broadcas de noticias: múltiples ciclos diarios de noticias
• Cobertura de noticias locales: 24/7 en múltiples plataformas

Gestión de contenido de plataforma digital

La gestión de la plataforma digital incluye:

Plataforma digital	Métricas clave
Plataformas digitales de Tegna	95.3 millones de visitantes únicos mensuales
Servicios de transmisión	Integración de plataformas de TV conectadas

Tegna Inc. (TGNA) - Modelo de negocio: recursos clave

Licencias de televisión de transmisión

Tegna opera 64 estaciones de televisión en 51 mercados en los Estados Unidos a partir de 2023. Estas estaciones se distribuyen en 30 estados y cubren aproximadamente el 39% de todos los hogares de televisión en el país.

Tipo de licencia	Número de estaciones	Cobertura del mercado
Estaciones afiliadas a la red	64	39% de los hogares de televisión

Equipos de recolección de noticias locales

Tegna emplea a aproximadamente 3.500 profesionales de noticias en sus estaciones de televisión. La compañía mantiene operaciones de noticias locales sólidas con equipos de informes dedicados.

• Personal de noticias totales: 3.500 profesionales
• Tamaño promedio del equipo de noticias por estación: aproximadamente 55 empleados

Infraestructura de tecnología de medios digitales

La infraestructura digital de Tegna admite múltiples plataformas con un alcance digital significativo.

Plataforma digital	Usuarios mensuales	Ingreso digital
Plataformas de noticias digitales	52 millones de usuarios mensuales	$ 234 millones de ingresos digitales en 2022

Estudios de producción de contenido

TEGNA mantiene múltiples instalaciones de producción en sus mercados de televisión, lo que permite la creación de contenido local y nacional.

• Número de estudios de producción: 64 (ubicado con estaciones de televisión)
• Inversión total de equipos de estudio: aproximadamente $ 45 millones en 2022

Strong Regional Media Brand Presence

Las estaciones de Tegna tienen un reconocimiento significativo de marca en sus respectivos mercados.

Característica del mercado	Valor estadístico
Alcance total del mercado	30 estados
Cuota de mercado promedio por estación	12-18% de audiencia de noticias locales

Tegna Inc. (TGNA) - Modelo de negocio: propuestas de valor

Entrega localizada de noticias y contenido

TEGNA opera 64 estaciones de televisión en 51 mercados en los Estados Unidos, llegando a aproximadamente el 39% de los hogares de televisión. En 2022, la compañía generó $ 3.4 mil millones en ingresos totales de noticias locales y distribución de contenido.

Cobertura del mercado	Número de estaciones	Penetración del mercado
Estaciones de televisión	64	51 mercados
Alcance del hogar	39%	Hogares de televisión estadounidense

Distribución de medios multiplataforma

Las plataformas digitales de TEGNA generan un compromiso significativo en múltiples canales:

• Las plataformas digitales generaron $ 621 millones en ingresos en 2022
• 259 millones de visitantes únicos digitales mensuales
• Más de 75 plataformas de transmisión digital

Soluciones publicitarias específicas

Los ingresos por publicidad de Tegna alcanzaron los $ 1.98 mil millones en 2022, con sofisticadas capacidades de orientación en plataformas lineales y digitales.

Ingresos publicitarios	Publicidad digital	Publicidad televisiva tradicional
$ 1.98 mil millones	$ 621 millones	$ 1.36 mil millones

Servicios de información centrados en la comunidad

Tegna ofrece cobertura de noticias hiperlocal a través de:

• Transmisiones de noticias locales
• Contenido digital específico de la comunidad
• Plataformas de informes de investigación

Contenido de medios diverso en TV y plataformas digitales

La distribución de contenido incluye:

• Programación afiliada a la red
• Noticias locales
• Contenido de transmisión digital
• Plataformas de aplicaciones móviles

Plataforma de contenido	Visitantes únicos mensuales	Métricas de compromiso
Plataformas digitales	259 millones	Promedio de 12.5 minutos por sesión
Aplicaciones móviles	45 millones	Promedio de 8.3 minutos por sesión

Tegna Inc. (TGNA) - Modelo de negocio: relaciones con los clientes

Compromiso comunitario a través de noticias locales

TEGNA opera 64 estaciones de televisión en 51 mercados, alcanzando aproximadamente el 39% de los hogares de televisión estadounidense. Los datos de la audiencia de las noticias locales muestran:

Métrico	Valor
Los espectadores de noticias locales promedio por estación	225,000
Audiencia de noticias locales semanales totales	14.4 millones de espectadores

Interacción del usuario de la plataforma digital

Las plataformas digitales de Tegna generan una participación significativa del usuario:

• Visitantes únicos digitales mensuales: 95.7 millones
• Tiempo promedio dedicado por sesión digital: 4.2 minutos
• Uso de la plataforma digital móvil: 68% del tráfico digital total

Recomendaciones de contenido personalizadas

TEGNA utiliza algoritmos de recomendación de contenido avanzado:

Característica de recomendación	Métrico de rendimiento
Precisión de personalización de contenido	73%
Participación del usuario a través de recomendaciones	41% aumenta el tiempo de vista

Atención al cliente de publicidad directa

Ingresos publicitarios de Tegna y métricas de soporte:

• Ingresos publicitarios totales en 2023: $ 1.87 mil millones
• Número de clientes de publicidad activa: 12,500
• Valor promedio del contrato publicitario: $ 149,000

Canales de comunicación del espectador receptivo

Tegna mantiene múltiples plataformas de comunicación:

Canal de comunicación	Interacciones mensuales
Compromiso de las redes sociales	3.6 millones de interacciones
Comentarios/comentarios del sitio web	287,000 interacciones
Comentarios de la aplicación móvil	124,000 interacciones

Tegna Inc. (TGNA) - Modelo de negocio: canales

Redes de transmisión de televisión local

TEGNA opera 64 estaciones de televisión en 51 mercados en los Estados Unidos a partir de 2023. La compañía posee estaciones en 43 mercados con 29 estaciones afiliadas a NBC, 21 con CBS, 9 con ABC y 5 con Fox.

Tipo de mercado	Número de estaciones	Alcance del mercado
Top 25 mercados	31 estaciones	Aproximadamente el 39.2% de los hogares de televisión estadounidense
Mercados de nivel medio	33 estaciones	Aproximadamente el 27.5% de los hogares de televisión estadounidense

Plataformas de transmisión digital

La presencia de transmisión digital de Tegna incluye múltiples plataformas con 22.4 millones de visitantes digitales mensuales únicos en el cuarto trimestre de 2022.

• Las plataformas de transmisión incluyen Peacock
• Transmisión de noticias locales a través de sitios web de la estación
• Aplicaciones de TV conectadas

Aplicaciones de noticias móviles

TEGNA opera 64 aplicaciones móviles de noticias locales con 12.3 millones de usuarios activos mensuales en 2022.

Plataformas de redes sociales

El alcance de las redes sociales de Tegna incluye 43.2 millones de seguidores en Facebook, Twitter e Instagram a partir del cuarto trimestre de 2022.

Plataforma	Seguidores
Facebook	28.6 millones
Gorjeo	8.9 millones
Instagram	5.7 millones

Sitio web de la empresa y portales en línea

Tegna opera 64 sitios web de la estación local con 22.4 millones de visitantes digitales únicos mensuales en 2022.

• Los sitios web proporcionan contenido de noticias locales
• Plataformas de publicidad digital integradas
• Contenido de video a pedido

Tegna Inc. (TGNA) - Modelo de negocio: segmentos de clientes

Avistadores de noticias de televisión locales

TEGNA opera 64 estaciones de televisión en 51 mercados en los Estados Unidos, llegando a aproximadamente el 39% de los hogares de televisión.

Segmento de mercado	Métricas del espectador
Total de los hogares de televisión alcanzados	39%
Número de estaciones de televisión	64
Número de mercados atendidos	51

Clientes de publicidad regional

Los ingresos por publicidad de Tegna en 2022 fueron de $ 1.95 mil millones, con una porción significativa derivada de clientes publicitarios regionales.

• Publicidad comercial local y regional
• Publicidad de campaña política
• Campañas promocionales estacionales

Consumidores de medios digitales

Las plataformas digitales de TEGNA generan aproximadamente 1.500 millones de visitas a videos mensuales en los canales de redes digitales y sociales.

Métricas de plataforma digital	Rendimiento mensual
Vistas de video mensuales	1.500 millones
Ingresos publicitarios digitales	$ 292 millones (2022)

Buscadores de información comunitaria

Tegna sirve a las comunidades locales a través de noticias, programación de asuntos públicos y contenido centrado en la comunidad.

Grupos de audiencia específicos de demografía

Tegna se dirige a diversos segmentos demográficos en múltiples plataformas.

Segmento demográfico	Porcentaje de alcance
Adultos 25-54	45%
Adultos 18-49	38%
Usuarios de plataforma digital	32%

Tegna Inc. (TGNA) - Modelo de negocio: Estructura de costos

Gastos de producción de contenido

Para el año fiscal 2022, Tegna Inc. reportó gastos de producción de contenido de $ 1.2 mil millones. Estos costos incluyen:

• Reunión e informes de noticias
• Desarrollo de programación original
• Creación de contenido de video

Categoría de gastos	Costo anual (2022)
Producción de contenido de noticias	$ 678 millones
Producción de contenido digital	$ 342 millones
Programación deportiva y especial	$ 180 millones

Infraestructura de tecnología de transmisión

Tegna invirtió $ 215 millones en infraestructura de tecnología de transmisión en 2022, que incluye:

• Equipo de transmisión
• Actualizaciones de tecnología de estudio
• Sistemas de transmisión digital

Inversión tecnológica	Costo
Equipo de transmisión	$ 95 millones
Infraestructura digital	$ 82 millones
Tecnología de estudio	$ 38 millones

Salarios y beneficios de los empleados

La compensación total de los empleados por TEGNA en 2022 fue de $ 763 millones.

Categoría de empleado	Compensación anual
Personal de noticias	$ 412 millones
Personal técnico	$ 218 millones
Personal administrativo	$ 133 millones

Costos de marketing y publicidad

Tegna gastó $ 187 millones en marketing y publicidad en 2022.

Canal de marketing	Gasto
Marketing digital	$ 78 millones
Publicidad tradicional	$ 62 millones
Campañas promocionales	$ 47 millones

Mantenimiento de la plataforma digital

Los costos de mantenimiento de la plataforma digital para TEGNA en 2022 totalizaron $ 156 millones.

Componente de plataforma digital	Costo de mantenimiento
Sitios web	$ 67 millones
Aplicaciones móviles	$ 45 millones
Plataformas de transmisión	$ 44 millones

Tegna Inc. (TGNA) - Modelo de negocio: flujos de ingresos

Ventas de publicidad televisiva local

TEGNA generó $ 1.28 mil millones en ingresos por publicidad total en 2022. La publicidad televisiva local representaba aproximadamente el 45% de los ingresos totales, representando aproximadamente $ 576 millones.

Categoría publicitaria	Monto de ingresos (2022)
Publicidad local	$ 576 millones
Publicidad nacional	$ 254 millones

Ingresos publicitarios digitales

Los ingresos por publicidad digital para TEGNA alcanzaron los $ 352 millones en 2022, lo que representa aproximadamente el 27.5% de los ingresos totales.

• Publicidad de plataforma digital en todos los sitios web
• Publicidad de aplicaciones móviles
• Publicidad de la plataforma de transmisión

Tarifas de consentimiento de retransmisión

TEGNA recaudó $ 674 millones en tarifas de consentimiento de retransmisión en 2022, que constituyó aproximadamente el 52.6% de los ingresos totales.

Acuerdos de licencia de contenido

La licencia de contenido generó aproximadamente $ 98 millones en ingresos para TEGNA en 2022.

Categoría de licencias	Monto de ingresos (2022)
Licencias de contenido de noticias	$ 62 millones
Licencias de contenido de entretenimiento	$ 36 millones

Contenido de medios patrocinado

El contenido de medios patrocinado contribuyó con aproximadamente $ 44 millones a los ingresos de Tegna en 2022.

• Asociaciones de contenido de marca
• Segmentos digitales patrocinados
• Soluciones de marketing integradas

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.