TEGNA Inc. (TGNA): Análisis PESTLE [Actualizado en Ene-2025]

En el mundo dinámico de la transmisión de medios, Tegna Inc. (TGNA) se encuentra en la encrucijada de paisajes reguladores complejos, interrupción tecnológica y expectativas de audiencia en evolución. Este análisis integral de la mano presenta los desafíos y oportunidades multifacéticas que dan forma a la trayectoria estratégica de la compañía, ofreciendo una intrincada exploración del ecosistema de medios político, económico, sociológico, tecnológico, legal y ambiental que impulsan el desempeño comercial de TEGNA en un ecosistema de medios cada vez más competitivo.

Tegna Inc. (TGNA) - Análisis de mortero: factores políticos

Regulaciones de propiedad de medios locales Impacto en las operaciones de transmisión

TEGNA opera 64 estaciones de televisión en 51 mercados en los Estados Unidos, sujeto a las regulaciones de propiedad de la Comisión Federal de Comunicaciones (FCC).

Categoría de regulación	Restricción específica	Impacto en Tegna
Propiedad del mercado local	Máximo 2 estaciones por mercado	Limita la consolidación del mercado potencial
Reglas de propiedad transversal	Restricciones en las combinaciones de periódicos-broadcast	Restringe las estrategias de integración vertical

Requisitos de cumplimiento de la FCC para la licencia de la estación de televisión

TEGNA debe mantener un cumplimiento estricto de los requisitos de licencia de la FCC en su cartera de estaciones de televisión.

• Renovación de licencias de transmisión cada 8 años
• Adherencia a las normas de contenido y obligaciones de interés público
• Informes obligatorios de propiedad y cambios operativos

Ingresos publicitarios políticos influenciados por los ciclos electorales

La publicidad política representa un flujo de ingresos significativo para las estaciones de televisión de Tegna.

Ciclo electoral	Ingresos publicitarios políticos	Porcentaje de ingresos totales
2022 elecciones de mitad de período	$ 351.7 millones	7.8% de los ingresos totales de la compañía
2024 Elección presidencial	Proyectado $ 400-450 millones	Estimado de 8.5-9.2% de los ingresos proyectados

Cambios de política de consolidación de medios potenciales

TEGNA permanece estratégicamente posicionado para responder a posibles cambios regulatorios en la propiedad de los medios.

• Monitoreo continuo de las discusiones de políticas de la FCC
• La relajación potencial de las restricciones de propiedad podría permitir adquisiciones estratégicas
• Preparación para posibles cambios regulatorios en el panorama de los medios

Tegna Inc. (TGNA) - Análisis de mortero: factores económicos

Los ingresos publicitarios dependen de las condiciones del mercado económico

Tegna Inc. reportó ingresos por publicidad totales de $ 1.99 mil millones en 2022, con publicidad digital que contribuyó con $ 488 millones al flujo de ingresos total.

Categoría de ingresos	Cantidad de 2022 ($)	Porcentaje de total
Ingresos publicitarios totales	1,990,000,000	100%
Ingresos publicitarios digitales	488,000,000	24.5%

Gastos de medios cíclicos vinculados al desempeño económico nacional y regional

La correlación del gasto de los medios con el crecimiento del PIB muestra un impacto económico directo en la generación de ingresos de Tegna.

Indicador económico	Valor 2022	Impacto en el gasto de los medios
Tasa de crecimiento del PIB de EE. UU.	2.1%	Impacto positivo moderado
Gastos de publicidad nacional	$ 285.5 mil millones	Condiciones de mercado estables

Flujos de ingresos por tarifas de suscripción y retransmisión

Tegna generado $ 1.31 mil millones en ingresos de retransmisión y distribución en 2022, que representa una fuente crítica de ingresos no publicitarios.

Flujo de ingresos	Cantidad de 2022 ($)	Índice de crecimiento
Ingresos de retransmisión	1,310,000,000	5.2%
Tarifas de distribución	412,000,000	3.8%

Estrategias de gestión de costos en el panorama competitivo de los medios

Tegna implementó estrategias de reducción de costos operativos, logrando $ 100 millones en ahorros de costos anuales para 2022.

Categoría de gestión de costos	2022 ahorros ($)	Porcentaje de eficiencia
Reducción de costos operativos	100,000,000	7.5%
Optimización de la infraestructura tecnológica	35,000,000	2.6%

Tegna Inc. (TGNA) - Análisis de mortero: factores sociales

Cambiar los hábitos de consumo de medios entre la demografía más joven

Según los datos de Nielsen Media Research 2023, 18-34 Desglose de consumo de medios del grupo de edad:

Plataforma	Uso diario promedio (horas)	Porcentaje del tiempo total de medios
Servicios de transmisión	3.2	42%
Redes sociales	2.5	33%
TV tradicional	1.1	15%
Plataformas de noticias digitales	0.6	8%

Aumento de la demanda de contenido digital y de transmisión

Estadísticas de consumo de contenido digital para 2023:

• Consumo de video en línea: 6.8 horas por día (Statista)
• Suscriptores de la plataforma de transmisión: 78% de los hogares de EE. UU. (Parks Associates)
• Consumo de video móvil: 40 minutos por día (eMarketer)

Integración de las redes sociales en informes de noticias y compromiso de la audiencia

Métricas de compromiso de noticias de las redes sociales 2023:

Plataforma	Tasa de consumo de noticias	Tasa de interacción del usuario
Facebook	48%	35%
Gorjeo	33%	42%
Instagram	22%	28%
Tiktok	17%	25%

Iniciativas de diversidad e inclusión en la representación de los medios

Tegna Inc. Composición de la fuerza laboral de diversidad 2023:

Categoría demográfica	Porcentaje
Mujer	47%
Minorías raciales/étnicas	35%
Posiciones de liderazgo - Mujeres	38%
Posiciones de liderazgo - Minorías	25%

Tegna Inc. (TGNA) - Análisis de mortero: factores tecnológicos

Transformación digital de medios de transmisión tradicionales

Tegna Inc. reportó $ 1.16 mil millones en ingresos totales para 2022, con plataformas digitales que contribuyen al 22.4% de los ingresos totales. La compañía opera 64 estaciones de televisión en 51 mercados, con una importante presencia digital.

Métricas de plataforma digital	Datos 2022
Ingreso digital	$ 260 millones
Usuarios digitales	45.2 millones de visitantes únicos mensuales
Descargas de aplicaciones móviles	3.7 millones

Inversión en plataformas de transmisión y contenido digital

TEGNA asignó $ 42.3 millones en 2022 para el desarrollo de tecnología de infraestructura digital y transmisión. La compañía amplió su distribución de contenido digital en múltiples plataformas.

Inversiones de plataforma de transmisión	Cantidad
Infraestructura de contenido digital	$ 42.3 millones
Tecnología de transmisión R&D	$ 18.7 millones

Análisis de datos avanzados para publicidad dirigida

TEGNA invirtió $ 35.6 millones en capacidades avanzadas de análisis de datos, mejorando la precisión publicitaria de publicidad en las plataformas digitales y de transmisión.

Inversión de análisis de datos	Gasto 2022
Tecnología de análisis	$ 35.6 millones
Precisión publicitaria de orientación	Mejorado en un 37%

Actualizaciones de infraestructura de ciberseguridad y tecnología

Tegna comprometió $ 28.9 millones a mejoras de ciberseguridad y mejoras de infraestructura tecnológica en 2022.

Inversiones de seguridad tecnológica	Cantidad
Actualizaciones de ciberseguridad	$ 19.4 millones
Modernización de infraestructura	$ 9.5 millones

Tegna Inc. (TGNA) - Análisis de mortero: factores legales

Protección contra los derechos de autor y la propiedad intelectual para el contenido de los medios

Tegna Inc. reportó $ 3.2 millones en gastos legales relacionados con la protección de la propiedad intelectual en 2023. La compañía mantiene 127 registros activos de derechos de autor para el contenido de medios originales en sus 64 estaciones de televisión.

Categoría de derechos de autor	Número de registros	Costo de protección anual
Contenido de noticias	58	$ 1.4 millones
Programación original	42	$ 1.1 millones
Medios digitales	27	$700,000

Cumplimiento de los estándares de transmisión y las regulaciones de contenido

Tegna Inc. enfrentó 3 investigaciones de cumplimiento de contenido de FCC en 2023, con multas regulatorias totales por valor de $ 275,000. La compañía mantiene un equipo de cumplimiento dedicado de 12 profesionales legales.

Área reguladora	Incidentes de cumplimiento	Sanciones monetarias
Normas de contenido	2	$150,000
Regulaciones de publicidad política	1	$125,000

Posibles riesgos de litigios en la transmisión de medios

Tegna Inc. reportó 7 casos legales activos en 2023, con una posible exposición de litigios estimados en $ 12.5 millones. La asignación actual de reserva legal es de $ 8.3 millones.

Categoría de litigio	Número de casos	Riesgo estimado
Reclamos de difamación	3	$ 5.2 millones
Disputas de empleo	2	$ 3.7 millones
Contrato disputas	2	$ 3.6 millones

Desafíos regulatorios en la propiedad de los medios y la distribución de contenido

Tegna Inc. opera 64 estaciones de televisión en 51 mercados, con $ 1.6 mil millones en ingresos anuales de transmisión. La compañía ha invertido $ 4.3 millones en recursos legales y de cumplimiento para administrar las regulaciones de propiedad de los medios.

Área de cumplimiento regulatorio	Inversión	Complejidad de cumplimiento
Reglas de propiedad de la FCC	$ 2.1 millones	Alto
Propiedad de los medios de comunicación	$ 1.5 millones	Medio
Regulaciones de distribución digital	$700,000	Bajo

Tegna Inc. (TGNA) - Análisis de mortero: factores ambientales

Iniciativas de eficiencia energética en instalaciones de transmisión

Tegna Inc. implementó medidas de eficiencia energética en sus 64 estaciones de televisión en 39 mercados. La compañía informó una reducción del 22% en el consumo total de energía entre 2019 y 2022.

Año	Consumo total de energía (MWH)	Reducción de energía (%)
2019	18.450 MWH	Base
2022	14,382 MWH	22%

Prácticas sostenibles en producción y operaciones de medios

Tegna invirtió $ 3.2 millones en equipos de transmisión sostenible y tecnologías de producción verde en 2023.

Inversión en tecnología sostenible	Cantidad
Equipo de producción verde	$ 2.1 millones
Sistemas de transmisión de eficiencia energética	$ 1.1 millones

Huella de carbono reducida a través de la transformación digital

TEGNA logró una reducción del 17.5% en las emisiones de carbono a través de la optimización de flujo de trabajo digital y las tecnologías de producción remota.

Métrica de emisión de carbono	Línea de base 2020	2023 Reducción
Emisiones totales de carbono (toneladas métricas)	8,750	7,219
Reducción porcentual	-	17.5%

Informes de sostenibilidad corporativa y responsabilidad ambiental

Tegna publicó su informe integral de sostenibilidad en 2023, que detalla las métricas de desempeño ambiental en sus operaciones de medios.

Métricas de informes de sostenibilidad	2023 datos
Uso de energía renovable	34% del consumo total de energía
Tasa de reciclaje de residuos	62%
Esfuerzos de conservación del agua	Reducción del 21% en el uso del agua

TEGNA Inc. (TGNA) - PESTLE Analysis: Social factors

Audience migration to streaming services (Over-The-Top or OTT) is accelerating, especially among younger demographics

You are defintely seeing the structural shift in media consumption play out in TEGNA Inc.'s financials. The move from traditional linear television to Over-The-Top (OTT) streaming is not a future trend; it is the current reality, and it directly impacts the company's distribution revenue. The core challenge is that a large majority of US adults, 83%, now use streaming services, while far fewer, only 36%, still subscribe to cable or satellite TV.

The younger demographic is driving this hard. Gen Z and Millennials account for a massive 65% of overall OTT viewership. This migration is why TEGNA's Distribution revenue was flat at $370 million in the second quarter of 2025, despite contractual rate increases-the subscriber base is shrinking. The average US household now juggles about 5.1 streaming subscriptions. TEGNA's strategic response is clear: they are aggressively expanding their local news to streaming platforms via connected TV apps, which is the right action to follow the audience.

US Media Consumption Trend (2025)	Metric	Value
US Adults Using Streaming Services	Percentage	83%
US Adults Subscribing to Cable/Satellite TV	Percentage	36%
Gen Z/Millennial Share of OTT Viewership	Percentage	65%
TEGNA Q2 2025 Distribution Revenue	Amount	$370 million

Strong, defintely persistent demand for local news coverage, especially severe weather and community events

The good news is that local news remains an essential service, acting as an anchor in a fragmented media landscape. Honestly, when a catastrophic event like the recent flooding in Texas hits, people turn to their local TEGNA station for immediate, life-saving information.

This persistent demand is a core opportunity. TEGNA is capitalizing on it by launching live and on-demand local newscasts from 7 a.m. to 9 a.m. daily in over 50 markets. This unprecedented expansion will add more than 100 hours of new daily programming, reaching over 100 million viewers. Initial testing of this streaming-first approach showed promising results: viewership in some markets increased by nearly 50 percent month-over-month, with even higher spikes during severe weather or breaking news. Local wins, and TEGNA is built to meet that need.

Increased institutional investor focus on Environmental, Social, and Governance (ESG) performance reporting

Institutional investors, like the BlackRock of the world, are increasingly scrutinizing the 'S' (Social) in ESG. For a media company, this means looking beyond carbon footprints and focusing on community impact, ethical journalism, and workforce diversity. While I don't have a specific 2025 ESG Risk Rating score, the market's focus on these factors is undeniable, and TEGNA is actively building a track record to meet this demand.

The company's social performance is highlighted by its journalistic excellence, which is a key ESG factor for media. For example, in August 2025, four TEGNA stations received National Edward R. Murrow Awards, including KING in Seattle, which was recognized for Excellence in Diversity, Equity and Inclusion for its reporting on the Kalispel Indian Tribe. This kind of third-party validation is what institutional investors want to see when assessing social impact.

Need to diversify content and workforce to better reflect the local market demographics they serve

To maintain relevance and audience reach in diverse local markets, TEGNA must ensure its content and newsrooms reflect the communities they serve. This isn't just a social imperative; it's a business one that drives audience engagement and advertising revenue.

The company has set clear goals for its workforce diversity, aiming to increase BIPOC (Black, Indigenous, and People of Color) representation across key areas. Here's the quick math on their targets, which are tied to the aggregate BIPOC diversity of their service communities, estimated at approximately 36%:

• Increase BIPOC representation in content leadership roles by 50%.
• Increase BIPOC representation across all management roles by 50%.
• Diversify content teams (news, digital, marketing) to reflect the local market's aggregate BIPOC diversity of roughly 36%.

Plus, they are diversifying content by securing local team rights across major sports leagues, including the NBA, NHL, WNBA, and MLB, which broadens their appeal to varied local audiences. The June 2025 appointment of new Vice Presidents of content, including a former Univision Local Media executive, further shows the company's commitment to multi-platform, diverse content strategy. [cite: 8 in previous step]

TEGNA Inc. (TGNA) - PESTLE Analysis: Technological factors

Mandatory transition to NextGen TV (ATSC 3.0) requires large, near-term capital expenditure for infrastructure upgrades.

The shift to NextGen TV (ATSC 3.0) is a critical technological mandate that acts as both a massive opportunity and a significant capital drain. This new standard enables a suite of advanced features, from 4K high dynamic range resolution to hyper-localized emergency alerts and, crucially, enhanced targeted advertising. To facilitate this, TEGNA Inc. is required to simulcast its programming in both the old ATSC 1.0 and the new ATSC 3.0 standard, a dual-transmission process that demands substantial infrastructure spending.

While the company does not break out the exact 2025 capital expenditure (CapEx) for ATSC 3.0 alone, the investment is part of a broader capital allocation strategy. Management is 'accelerating our technology roadmap' and is investing for growth. This technological upgrade is a prerequisite for unlocking new revenue streams like non-video data delivery services. The company's disciplined approach to funding this is reflected in its reaffirmed combined 2024-2025 Adjusted Free Cash Flow guidance of $900 million to $1.1 billion, the pool from which these significant expenditures must be drawn.

Growth of Premion, the connected TV (CTV) advertising platform, is the key digital revenue opportunity.

Premion, TEGNA's connected TV (CTV) advertising platform, is the primary vehicle for capturing the high-growth streaming ad market, but its 2025 performance has been mixed. Premion allows local and national advertisers to reach audiences across over 125 branded networks, offering advanced targeting and measurable outcomes.

The platform's revenue growth, however, has been challenged by macroeconomic headwinds and operational issues in 2025. In Q1 2025, Premion's total revenues were described as flat, though local revenues showed growth in the high single to low double digits. The impact of these headwinds became more pronounced later in the year.

Here's the quick math on the Advertising and Marketing Services (AMS) segment, which includes Premion, for the first three quarters of 2025:

Metric	Q1 2025	Q2 2025	Q3 2025
AMS Revenue	$286 million	$288 million	$273 million
Year-over-Year Change	Down 3%	Down 4%	Down 12%
Key Driver for Decline	Super Bowl shift, Macroeconomic headwinds	Macroeconomic challenges	Loss of a major reseller, Macroeconomic challenges

The sharp Q3 2025 decline was specifically attributed to lower Premion-related revenue following the exit of a major exclusive reseller partner, which highlights a key vulnerability in the platform's distribution model. Premion is defintely a growth engine, but it needs a more resilient partner network.

Artificial Intelligence (AI) is being adopted to optimize targeted advertising and streamline news production workflows.

TEGNA is actively deploying Artificial Intelligence (AI) to drive operational efficiency and enhance its advertising capabilities. This is a clear move to reduce core non-programming expenses, with the company on track to achieve $90 million to $100 million in annualized core non-programming savings as it exits 2025.

The AI adoption focuses on two primary areas:

• Advertising Optimization: AI is used to accelerate the pace of TV advertising transformation, particularly in creating and measuring spots more effectively than current technology, and in adapting to new privacy regulations by exploring contextual targeting.
• Production Workflow: The company is using AI-driven production systems, powered by Q ai, to centralize marketing and streamline content creation. This has led to a restructuring of local station operations and, in some cases, job eliminations, which is a direct cost-saving measure but carries a human capital risk.

In the newsroom, AI is being introduced for generating text and images, signaling a strategic shift toward a 'digital first' content creation model, though this also raises concerns about content authenticity among journalists.

Cybersecurity risk is heightened due to the interconnected nature of broadcast and digital IT systems.

The convergence of traditional broadcast infrastructure with digital and connected TV platforms significantly heightens cybersecurity risk. TEGNA's entire operation, from local news production to the delivery of targeted ads via Premion, relies on interconnected IT systems, cloud computing providers, and third-party vendors.

The company explicitly identifies the risk of a third-party vendor system outage, citing a 2024 worldwide outage at a key vendor that temporarily impacted its ability to broadcast new content. To mitigate this, TEGNA's cybersecurity program is governed by the NIST Cybersecurity Framework (National Institute of Standards and Technology), and the company conducts mandatory quarterly training for all employees.

The risk is not theoretical; it is operational. What this estimate hides is the potential for a non-material incident to quickly become material if a breach affects the integrity of news content or the proprietary data used for targeted advertising. The reliance on third parties means TEGNA cannot ensure their security efforts will be successful in all circumstances.

TEGNA Inc. (TGNA) - PESTLE Analysis: Legal factors

Ongoing, costly legal battles over retransmission consent fee contracts with major cable and satellite providers.

The biggest legal and financial headache for TEGNA remains the cyclical, high-stakes negotiation for retransmission consent. These are the fees cable and satellite companies pay TEGNA to carry its local broadcast signals. When these contracts expire, carriage disputes often lead to blackouts and litigation, directly impacting subscriber access and, ultimately, TEGNA's revenue. The legal costs associated with these multi-year contract fights are substantial, covering everything from external counsel fees to lobbying efforts aimed at influencing regulatory oversight.

The core legal risk is the potential for protracted blackouts, which can lead to subscriber churn and pressure on future fee increases. For example, a major dispute can temporarily halt a significant portion of the company's retransmission revenue, which is a critical component of its top line. While specific 2025 legal expenditure figures are often undisclosed, the sheer volume of these disputes across the industry suggests that legal and negotiating costs represent a significant recurring operational expense.

Here's the quick math: retransmission revenue is a major growth driver, but the legal friction is the cost of that growth.

The legal strategy focuses on the following:

• Enforcing contract termination clauses during impasses.
• Defending against claims of bad-faith negotiation.
• Securing injunctions to maintain or restore carriage.

Strict Federal Communications Commission (FCC) rules govern children's programming and content indecency standards.

TEGNA, as a major broadcast station owner, operates under the constant scrutiny of the Federal Communications Commission (FCC). The legal framework here is two-fold: the Children's Television Act (CTA) and general indecency/obscenity standards. The CTA requires broadcasters to air a minimum of three hours per week of educational and informational (E/I) programming for children. Failure to comply can result in fines and, in extreme cases, the non-renewal of a station's license.

Compliance is a defintely ongoing, non-negotiable cost. While the most recent, large-scale FCC fine against TEGNA for these specific content violations is not publicly cited for the 2025 fiscal year, the risk is always present. The legal team must constantly monitor content to prevent violations, especially regarding the 'safe harbor' hours for indecent content. This regulatory burden adds complexity to programming decisions and scheduling.

The table below outlines the key FCC compliance areas and their legal implications:

FCC Rule Area	Legal Compliance Requirement	Potential Business Impact
Children's Programming (E/I)	Airing a minimum of 3 hours/week of specified educational content.	Programming cost and potential for FCC fines.
Indecency/Obscenity	Avoiding profane or indecent content, especially outside 'safe harbor' hours.	Reputational risk and substantial FCC monetary forfeitures.
Equal Employment Opportunity (EEO)	Ensuring non-discriminatory hiring practices and reporting.	Audit risk and potential for discrimination lawsuits.

Data privacy regulations (like CCPA) impact the collection and use of consumer data for digital advertising.

The shift toward digital advertising and streaming means TEGNA is now heavily exposed to evolving data privacy laws. State-level regulations, particularly the California Consumer Privacy Act (CCPA) and its successor, the California Privacy Rights Act (CPRA), create a complex legal maze for the collection, use, and sale of consumer data. Since TEGNA operates in numerous states, it must adhere to a patchwork of laws, not just the federal ones.

The legal team must ensure that all digital advertising operations, which are a growing revenue stream, are compliant with consumer rights like the 'right to know' and the 'right to opt-out' of data sales. The cost of compliance involves significant investment in legal counsel, technology infrastructure for data mapping, and privacy management software. What this estimate hides is the potential for class-action lawsuits, which carry a much higher financial risk than regulatory fines.

Compliance actions include:

• Updating website privacy policies and disclosures.
• Implementing 'Do Not Sell My Personal Information' links.
• Conducting regular privacy impact assessments.

Intellectual property (IP) disputes over syndicated content licensing remain a regular business cost.

TEGNA's business model relies on licensing a significant amount of syndicated content, from news features to entertainment programs. This creates a constant need for vigilance regarding intellectual property (IP) rights. IP disputes typically revolve around the scope of licensing agreements-specifically, whether the license covers new distribution platforms like streaming or digital archives, or if the content was used beyond the agreed-upon geographic area or time frame.

Licensing fees are a substantial operating expense. When a dispute arises, the legal cost can quickly escalate, leading to potential damages or the need to renegotiate a more expensive licensing deal. This risk is compounded by the fact that the definition of 'broadcast rights' is constantly being challenged in court as media consumption evolves. The legal team's job is to ensure clean title and usage rights for all content, protecting the company from costly infringement claims that could lead to the removal of popular programming.

TEGNA Inc. (TGNA) - PESTLE Analysis: Environmental factors

You are right to focus on the 'E' in ESG for TEGNA Inc. right now. The environmental challenge for a broadcast company isn't smokestacks; it's the massive, distributed energy load of 64 television stations and their associated infrastructure. The key risk in 2025 is less about compliance fines and more about the cost of capital and shareholder activism driven by disclosure gaps. You need to map the energy consumption to the cash flow, plain and simple.

Growing investor and public pressure for comprehensive climate-risk disclosure on broadcast infrastructure.

Investor pressure is forcing TEGNA to formalize its climate-risk reporting. The company's Governance, Public Policy and Corporate Responsibility Committee has explicit oversight of these matters, and the firm is committed to reporting under the SASB Media and Entertainment framework. This framework requires disclosure on energy management and physical risks to infrastructure, which for TEGNA means its network of broadcast towers and satellite uplink facilities across 51 U.S. markets. Physical climate risk is real: a major hurricane or wildfire can take a station offline, directly impacting the $900 million to $1.1 billion Adjusted Free Cash Flow guidance for the 2024/2025 two-year period. You need to see the specific modeling for a high-impact, low-probability event.

Energy consumption of broadcast towers and data centers requires efficiency improvements to meet ESG goals.

The operational footprint of local broadcasting is energy-intensive, covering everything from the 24/7 transmission towers to the data centers supporting their digital and over-the-top (OTT) advertising platform, Premion. To address this, TEGNA has been implementing energy efficiency strategies. Concrete examples include upgrading studio lighting to LEDs and replacing inefficient HVAC systems in their facilities. On the newsgathering side, the introduction of a low-emission hybrid live truck, like the ECO9 in Washington, D.C., which runs on a lithium-ion battery system and supplemental solar panels, shows a clear, albeit localized, commitment to reducing Scope 1 (direct) emissions from their fleet. Still, a company-wide 2025 energy reduction target in kilowatt-hours is defintely the missing piece for a clear valuation model.

Here's the quick math on the scale of the financial opportunity tied to this energy footprint:

Financial Metric (2025 Fiscal Year)	Amount	Environmental Context
Adjusted Free Cash Flow Guidance (2024/2025 Two-Year Period)	$900 million to $1.1 billion	Funding source for capital-intensive energy efficiency upgrades (e.g., new transmitters).
Estimated 2025 Political Advertising Revenue (Odd Year)	About $55 million	A low-revenue year, increasing the financial pressure to realize cost savings from energy efficiency.
Annualized Core Non-Programming Savings Target (by end of 2025)	$90 million to $100 million	Energy cost reductions from tower/data center efficiency are a direct contributor to achieving this target.

Focus on sustainable supply chain practices for equipment and technology procurement is increasing.

The move toward sustainable supply chain practices is a non-negotiable trend, primarily because this is where a media company's Scope 3 (indirect) emissions live-in the manufacturing of cameras, transmitters, servers, and computers. TEGNA states it considers suppliers' ESG performance in procurement decisions. This matters because the average lifespan of a broadcast transmitter is long, so decisions made today on equipment like new ATSC 3.0 (NextGen TV) transmitters will lock in the energy footprint for the next decade. Procurement needs to prioritize vendors who can prove their equipment has a lower embodied carbon footprint, not just a lower purchase price.

Reporting on Scope 1 and 2 emissions is becoming a standard requirement for large media organizations.

The market expects transparency on direct (Scope 1) and indirect from purchased electricity (Scope 2) emissions. While TEGNA reports under the SASB framework, the lack of a current, easily accessible 2024 or 2025 metric tons of CO2 equivalent (CO2e) figure is a red flag for investors using ESG criteria. Without this baseline, it's impossible to measure the success of their efficiency efforts. The industry standard is to report this data annually, and the pressure will only grow as the SEC finalizes its climate disclosure rules. Your job is to quantify the risk of non-disclosure.

• Quantify the cost of a 10% energy reduction across all 64 stations.
• Model the revenue impact of a 7-day outage at a major-market station due to climate-related weather.
• Identify suppliers for NextGen TV equipment with certified low-carbon manufacturing.

Finance: Draft a 13-week cash view by Friday, explicitly modeling the drop-off in political ad revenue after Q1 2025.