Tegna Inc. (TGNA): Canvas du modèle commercial [Jan-2025 MISE À JOUR]

Dans le paysage dynamique des médias et de la radiodiffusion, Tegna Inc. (TGNA) apparaît comme une puissance stratégique, tissant ensemble la narration locale avec une distribution numérique de pointe. Cette entreprise innovante transforme la diffusion de télévision traditionnelle en un écosystème médiatique multiplateforme, tirant parti des nouvelles locales, de la publicité ciblée et du contenu axé sur la communauté pour créer une proposition de valeur unique qui résonne avec les téléspectateurs et les annonceurs. En disséquant le canevas du modèle commercial de Tegna, nous découvrirons les mécanismes complexes qui stimulent le succès de ce géant des médias, révélant comment ils naviguent dans l'intersection complexe de la technologie, du journalisme et de l'engagement du public.

TEGNA Inc. (TGNA) - Modèle d'entreprise: partenariats clés

Affiliés de la station de télévision locale

TEGNA possède 64 stations de télévision sur 51 marchés aux États-Unis à partir de 2023. Les affiliations de réseau de la société comprennent:

Affiliation réseau	Nombre de stations
NBC	20
CBS	15
abc	12
RENARD	17

Fournisseurs de technologies de publicité numérique

TEGNA s'associe à plusieurs plateformes de technologie de publicité numérique pour maximiser le potentiel des revenus:

• Google AD Manager
• Vigilance
• Le commerce
• Spotx

Partenaires de syndication de contenu

Les partenariats de syndication de contenu de Tegna comprennent:

• Journal
• USA Today Network
• News YouTube

Sociétés locales de production de nouvelles et de médias

TEGNA collabore avec des sociétés de production locales sur divers marchés pour créer un contenu régional. La société a investi 42,3 millions de dollars dans la production de contenu en 2022.

Réseaux de publicité nationale

Réseau publicitaire	Contribution annuelle des revenus
Prémisse	232 millions de dollars (2022)
Ventes nationales de Tegna	187 millions de dollars (2022)

Le chiffre d'affaires total de la société en commandite de TEGNA a atteint 612 millions de dollars au cours de l'exercice 2022, ce qui représente 35% des revenus totaux de la société.

Tegna Inc. (TGNA) - Modèle d'entreprise: activités clés

Diffusion télévisée locale

TEGNA exploite 64 stations de télévision sur 51 marchés aux États-Unis à partir de 2023. La société diffuse sur plusieurs chaînes, notamment:

Type de station	Nombre de stations	Couverture du marché
Stations affiliées au réseau	64	51 marchés
Top 4 affiliations de réseau	ABC, CBS, NBC, FOX	Couvrant les principaux partenariats de réseau

Production de contenu médiatique numérique

TEGNA génère du contenu numérique sur plusieurs plateformes avec la portée numérique suivante:

• Visiteurs uniques mensuels numériques: 95,3 millions
• Vues vidéo numériques: 1,3 milliard par mois
• Abonnés des médias sociaux: plus de 50 millions sur toutes les plateformes

Ventes publicitaires et marketing

Flux de revenus	2022 chiffres
Revenus publicitaires totaux	2,1 milliards de dollars
Revenus publicitaires politiques	362 millions de dollars

Rassemblement et reportage

TEGNA maintient une infrastructure d'exploitation de nouvelles robuste:

• Personnel des nouvelles: environ 4 500 journalistes
• Les émissions de nouvelles: plusieurs cycles de nouvelles quotidiens
• Couverture d'information locale: 24/7 sur plusieurs plateformes

Gestion de contenu de plate-forme numérique

La gestion de la plate-forme numérique comprend:

Plate-forme numérique	Mesures clés
Plateformes numériques de Tegna	95,3 millions de visiteurs uniques mensuels
Services de streaming	Intégration des plates-formes télévisées connectées

TEGNA Inc. (TGNA) - Modèle d'entreprise: Ressources clés

Diffuser des licences de télévision

TEGNA exploite 64 stations de télévision sur 51 marchés aux États-Unis à partir de 2023. Ces stations sont distribuées dans 30 États et couvrent environ 39% de tous les ménages de télévision du pays.

Type de licence	Nombre de stations	Couverture du marché
Stations affiliées au réseau	64	39% des ménages TV

Équipes de rassemblement locales

Tegna emploie environ 3 500 professionnels de la nouvelle dans ses stations de télévision. La société maintient des opérations d'information locales solides avec des équipes de reportage dédiées.

• Total des nouvelles du personnel: 3 500 professionnels
• Taille moyenne de l'équipe de nouvelles par station: environ 55 employés

Infrastructure de technologie des médias numériques

L'infrastructure numérique de TEGNA prend en charge plusieurs plateformes avec une portée numérique importante.

Plate-forme numérique	Utilisateurs mensuels	Revenus numériques
Plateformes d'information numérique	52 millions d'utilisateurs mensuels	234 millions de dollars de revenus numériques en 2022

Studios de production de contenu

Tegna maintient plusieurs installations de production sur ses marchés télévisés, permettant la création de contenu local et national.

• Nombre de studios de production: 64 (colocalisé avec des stations de télévision)
• Investissement total d'équipement en studio: environ 45 millions de dollars en 2022

Forte présence de marque médiatique régionale

Les stations de Tegna ont une reconnaissance de marque importante sur leurs marchés respectifs.

Caractéristique du marché	Valeur statistique
Total du marché	30 États
Part de marché moyen par station	12-18% de l'audience de l'information locale

Tegna Inc. (TGNA) - Modèle d'entreprise: propositions de valeur

Nouvelles localisées et livraison de contenu

TEGNA exploite 64 stations de télévision sur 51 marchés aux États-Unis, atteignant environ 39% des ménages de télévision. En 2022, la société a généré 3,4 milliards de dollars de revenus totaux de la nouvelle locale et de la distribution de contenu.

Couverture du marché	Nombre de stations	Pénétration du marché
Stations de télévision	64	51 marchés
Portée du ménage	39%	Ménages télévisés américains

Distribution multi-plate-forme

Les plates-formes numériques de TEGNA génèrent un engagement significatif sur plusieurs canaux:

• Les plateformes numériques ont généré 621 millions de dollars de revenus en 2022
• 259 millions de visiteurs uniques numériques mensuels
• Plus de 75 plates-formes de streaming numériques

Solutions publicitaires ciblées

Les revenus publicitaires de TEGNA ont atteint 1,98 milliard de dollars en 2022, avec des capacités de ciblage sophistiquées sur les plateformes linéaires et numériques.

Revenus publicitaires	Publicité numérique	Publicité télévisée traditionnelle
1,98 milliard de dollars	621 millions de dollars	1,36 milliard de dollars

Services d'information axés sur la communauté

Tegna offre une couverture de nouvelles hyperlocales à travers:

• Émissions de nouvelles locales
• Contenu numérique spécifique à la communauté
• Plateformes de rapports d'enquête

Contenu multimédia diversifié sur les plateformes de télévision et numériques

La distribution du contenu comprend:

• Programmation des affiliés de réseau
• Nouvelles locales
• Contenu de streaming numérique
• Plates-formes d'applications mobiles

Plate-forme de contenu	Visiteurs uniques mensuels	Métriques d'engagement
Plates-formes numériques	259 millions	Moyenne 12,5 minutes par session
Applications mobiles	45 millions	Moyenne 8,3 minutes par session

TEGNA Inc. (TGNA) - Modèle d'entreprise: relations avec les clients

Engagement communautaire à travers les nouvelles locales

Tegna exploite 64 stations de télévision sur 51 marchés, atteignant environ 39% des ménages de télévision américains. Données locales de l'audience de l'information montre:

Métrique	Valeur
Téléspectateurs de nouvelles locaux moyens par station	225,000
Public de nouvelles locales hebdomadaires totales	14,4 millions de téléspectateurs

Interaction utilisateur de plate-forme numérique

Les plates-formes numériques de TEGNA génèrent un engagement important des utilisateurs:

• Visiteurs uniques numériques mensuels: 95,7 millions
• Temps moyen passé par session numérique: 4,2 minutes
• Utilisation de la plate-forme numérique mobile: 68% du trafic numérique total

Recommandations de contenu personnalisés

TEGNA utilise des algorithmes de recommandation de contenu avancés:

Fonctionnalité de recommandation	Métrique de performance
Précision de la personnalisation du contenu	73%
Engagement des utilisateurs grâce à des recommandations	41% de temps de vue accru

Support client publicitaire direct

Les revenus publicitaires de Tegna et les mesures de soutien:

• Revenus publicitaires totaux en 2023: 1,87 milliard de dollars
• Nombre de clients publicitaires actifs: 12 500
• Valeur du contrat publicitaire moyen: 149 000 $

Canaux de communication réactifs

Tegna maintient plusieurs plates-formes de communication:

Canal de communication	Interactions mensuelles
Engagement des médias sociaux	3,6 millions d'interactions
Commentaires / commentaires du site Web	287 000 interactions
Commentaires de l'application mobile	124 000 interactions

Tegna Inc. (TGNA) - Modèle d'entreprise: canaux

Réseaux de diffusion de télévision locaux

TEGNA exploite 64 stations de télévision sur 51 marchés aux États-Unis à partir de 2023. La société possède des stations sur 43 marchés avec 29 stations affiliées à NBC, 21 avec CBS, 9 avec ABC et 5 avec Fox.

Type de marché	Nombre de stations	Portée du marché
Top 25 marchés	31 stations	Environ 39,2% des ménages de télévision américains
Marchés de niveau intermédiaire	33 stations	Environ 27,5% des ménages de télévision américains

Plateformes de streaming numérique

La présence en streaming numérique de Tegna comprend plusieurs plates-formes avec 22,4 millions de visiteurs uniques numériques mensuels au quatrième trimestre 2022.

• Les plates-formes de streaming incluent le paon
• Les nouvelles locales diffusaient sur les sites Web de la station
• Applications télévisées connectées

Applications d'actualités mobiles

TEGNA exploite 64 applications mobiles locales avec 12,3 millions d'utilisateurs actifs mensuels en 2022.

Plateformes de médias sociaux

La portée des médias sociaux de Tegna comprend 43,2 millions de followers sur Facebook, Twitter et Instagram au quatrième trimestre 2022.

Plate-forme	Abonnés
Facebook	28,6 millions
Gazouillement	8,9 millions
Instagram	5,7 millions

Site Web de l'entreprise et portails en ligne

TEGNA exploite 64 sites Web de station locaux avec 22,4 millions de visiteurs numériques uniques mensuels en 2022.

• Les sites Web fournissent un contenu d'actualités local
• Plateformes de publicité numérique intégrée
• Contenu vidéo à la demande

TEGNA Inc. (TGNA) - Modèle d'entreprise: segments de clientèle

Téléspectateurs de télévision locaux

TEGNA exploite 64 stations de télévision sur 51 marchés aux États-Unis, atteignant environ 39% des ménages de télévision.

Segment de marché	Métriques de la téléspectateur
Les ménages télévisés totaux sont parvenus	39%
Nombre de stations de télévision	64
Nombre de marchés servis	51

Clients publicitaires régionaux

Les revenus publicitaires de TEGNA en 2022 étaient de 1,95 milliard de dollars, avec une partie importante dérivée des clients publicitaires régionaux.

• Publicité commerciale locale et régionale
• Publicité de la campagne politique
• Campagnes promotionnelles saisonnières

Consommateurs de médias numériques

Les plates-formes numériques de TEGNA génèrent environ 1,5 milliard de vues vidéo mensuelles sur les réseaux numériques et sociaux.

Métriques de plate-forme numérique	Performance mensuelle
Vues vidéo mensuelles	1,5 milliard
Revenus publicitaires numériques	292 millions de dollars (2022)

Demandeurs d'informations communautaires

TEGNA dessert les communautés locales par le biais d'actualités, de programmation des affaires publiques et de contenu axé sur la communauté.

Groupes d'audience spécifiques à la démographie

TEGNA cible divers segments démographiques sur plusieurs plateformes.

Segment démographique	Pourcentage
Adultes 25-54	45%
Adultes 18-49	38%
Utilisateurs de plate-forme numérique	32%

Tegna Inc. (TGNA) - Modèle d'entreprise: Structure des coûts

Dépenses de production de contenu

Pour l'exercice 2022, Tegna Inc. a déclaré des frais de production de contenu de 1,2 milliard de dollars. Ces coûts comprennent:

• Rassemblement et reportage
• Développement de programmation original
• Création de contenu vidéo

Catégorie de dépenses	Coût annuel (2022)
Production de contenu d'actualités	678 millions de dollars
Production de contenu numérique	342 millions de dollars
Sports et programmation spéciale	180 millions de dollars

Infrastructure technologique de diffusion

Tegna a investi 215 millions de dollars dans les infrastructures technologiques de diffusion en 2022, notamment:

• Équipement de transmission
• Mises à niveau de la technologie du studio
• Systèmes de diffusion numérique

Investissement technologique	Coût
Équipement de transmission	95 millions de dollars
Infrastructure numérique	82 millions de dollars
Technologie de studio	38 millions de dollars

Salaires et avantages sociaux des employés

La rémunération totale des employés pour TEGNA en 2022 était de 763 millions de dollars.

Catégorie des employés	Compensation annuelle
Personnel de presse	412 millions de dollars
Personnel technique	218 millions de dollars
Personnel administratif	133 millions de dollars

Coûts de marketing et de publicité

Tegna a dépensé 187 millions de dollars en marketing et en publicité en 2022.

Canal de marketing	Dépense
Marketing numérique	78 millions de dollars
Publicité traditionnelle	62 millions de dollars
Campagnes promotionnelles	47 millions de dollars

Maintenance de plate-forme numérique

Les coûts de maintenance des plateformes numériques pour TEGNA en 2022 ont totalisé 156 millions de dollars.

Composant de plate-forme numérique	Coût de maintenance
Sites Web	67 millions de dollars
Applications mobiles	45 millions de dollars
Plates-formes de streaming	44 millions de dollars

TEGNA Inc. (TGNA) - Modèle d'entreprise: Strots de revenus

Ventes de publicité télévisée locale

TEGNA a généré 1,28 milliard de dollars de revenus publicitaires totaux en 2022. La publicité télévisée locale représentait environ 45% des revenus totaux, représentant environ 576 millions de dollars.

Catégorie publicitaire	Montant des revenus (2022)
Publicité locale	576 millions de dollars
Publicité nationale	254 millions de dollars

Revenus publicitaires numériques

Les revenus publicitaires numériques de TEGNA ont atteint 352 millions de dollars en 2022, ce qui représente environ 27,5% des revenus totaux.

• Plateforme numérique publicitaire sur tous les sites Web
• Publicité d'application mobile
• Administration de la plate-forme de streaming

Frais de consentement de retransmission

TEGNA a récolté 674 millions de dollars en frais de consentement de retransmission en 2022, ce qui représente environ 52,6% des revenus totaux.

Accords de licence de contenu

Les licences de contenu ont généré environ 98 millions de dollars de revenus pour TEGNA en 2022.

Catégorie de licence	Montant des revenus (2022)
Licence de contenu d'actualités	62 millions de dollars
Licence de contenu de divertissement	36 millions de dollars

Contenu médiatique sponsorisé

Le contenu des médias sponsorisé a contribué environ 44 millions de dollars aux revenus de Tegna en 2022.

• Partenariats de contenu de marque
• Segments numériques sponsorisés
• Solutions de marketing intégrées

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.