Tegna Inc. (TGNA): Analyse du pilon [Jan-2025 MISE À JOUR]

Dans le monde dynamique de la radiodiffusion médiatique, Tegna Inc. (TGNA) se tient au carrefour de paysages réglementaires complexes, de perturbation technologique et d'évolution des attentes du public. Cette analyse complète du pilon dévoile les défis et les opportunités à multiples facettes qui façonnent la trajectoire stratégique de l'entreprise, offrant une exploration complexe des facteurs politiques, économiques, sociologiques, technologiques, juridiques et environnementaux stimulant les performances commerciales de Tegna dans un écosystème médiatique de plus en plus compétitif.

TEGNA Inc. (TGNA) - Analyse du pilon: facteurs politiques

Règlement sur les médias locaux impact sur les opérations de diffusion

TEGNA exploite 64 stations de télévision sur 51 marchés aux États-Unis, sous réserve des réglementations de propriété fédérale de la Commission des communications (FCC).

Catégorie de réglementation	Contrainte spécifique	Impact sur Tegna
Propriété du marché local	Maximum 2 stations par marché	Limite la consolidation potentielle du marché
Règles de propriété multipliée	Restrictions sur les combinaisons de journaux-broadcast	Contrainte les stratégies d'intégration verticale

Exigences de conformité FCC pour les licences de station de télévision

TEGNA doit maintenir une conformité stricte aux exigences de licence FCC dans son portefeuille de chaînes de télévision.

• Renouvellement des licences de diffusion tous les 8 ans
• Adhésion aux normes de contenu et aux obligations d'intérêt public
• Rapports obligatoires de la propriété et des changements opérationnels

Revenus publicitaires politiques influencés par les cycles électoraux

La publicité politique représente une source de revenus importante pour les stations de télévision de Tegna.

Cycle électoral	Revenus publicitaires politiques	Pourcentage du total des revenus
2022 élections à mi-parcours	351,7 millions de dollars	7,8% du total des revenus de l'entreprise
2024 Élection présidentielle	Projeté 400 à 450 millions de dollars	8,5 à 9,2% des revenus prévus

Changements de politique de consolidation des médias potentiels

Tegna reste stratégiquement positionnée pour répondre aux changements de réglementation potentiels dans la propriété des médias.

• Suivi continu des discussions politiques de la FCC
• La relaxation potentielle des restrictions de propriété pourrait permettre des acquisitions stratégiques
• Préparation aux changements de réglementation potentiels dans le paysage des médias

TEGNA Inc. (TGNA) - Analyse du pilon: facteurs économiques

Les revenus publicitaires en fonction des conditions du marché économique

TEGNA Inc. a déclaré un chiffre d'affaires publicitaire total de 1,99 milliard de dollars en 2022, la publicité numérique contribuant à 488 millions de dollars à la source totale de revenus.

Catégorie de revenus	2022 Montant ($)	Pourcentage du total
Revenus publicitaires totaux	1,990,000,000	100%
Revenus publicitaires numériques	488,000,000	24.5%

Dépenses médiatiques cycliques liées à la performance économique nationale et régionale

La corrélation des dépenses médiatiques avec la croissance du PIB montre un impact économique direct sur la génération de revenus de Tegna.

Indicateur économique	Valeur 2022	Impact sur les dépenses des médias
Taux de croissance du PIB américain	2.1%	Impact positif modéré
Dépenses publicitaires nationales	285,5 milliards de dollars	Conditions de marché stables

Abonnement et frais de revenus des frais de retransmission

Tegna généré 1,31 milliard de dollars de revenus de retransmission et de distribution en 2022, représentant une source de revenu non advertisante critique.

Flux de revenus	2022 Montant ($)	Taux de croissance
Revenus de retransmission	1,310,000,000	5.2%
Frais de distribution	412,000,000	3.8%

Stratégies de gestion des coûts dans le paysage médiatique concurrentiel

TEGNA a mis en œuvre des stratégies de réduction des coûts opérationnelles, réalisant 100 millions de dollars d'économies annuelles d'ici 2022.

Catégorie de gestion des coûts	2022 Économies ($)	Pourcentage d'efficacité
Réduction des coûts opérationnels	100,000,000	7.5%
Optimisation des infrastructures technologiques	35,000,000	2.6%

TEGNA Inc. (TGNA) - Analyse du pilon: facteurs sociaux

Modification des habitudes de consommation des médias parmi les données démographiques plus jeunes

Selon Nielsen Media Research 2023 Data, 18-34 Group Group Media Consommation Breakdown:

Plate-forme	Utilisation quotidienne moyenne (heures)	Pourcentage du temps médiatique total
Services de streaming	3.2	42%
Réseaux sociaux	2.5	33%
Télévision traditionnelle	1.1	15%
Plateformes d'information numérique	0.6	8%

Demande croissante de contenu numérique et de streaming

Statistiques de consommation de contenu numérique pour 2023:

• Consommation vidéo en ligne: 6,8 heures par jour (Statista)
• Abonders de la plate-forme de streaming: 78% des ménages américains (Parcs Associates)
• Consommation vidéo mobile: 40 minutes par jour (eMarketer)

Intégration des médias sociaux dans les reportages et l'engagement du public

Métriques d'engagement des nouvelles sur les médias sociaux 2023:

Plate-forme	Taux de consommation de nouvelles	Taux d'interaction utilisateur
Facebook	48%	35%
Gazouillement	33%	42%
Instagram	22%	28%
Tiktok	17%	25%

Initiatives de diversité et d'inclusion dans la représentation des médias

TEGNA Inc. Composition de la main-d'œuvre de la diversité 2023:

Catégorie démographique	Pourcentage
Femmes	47%
Minorités raciales / ethniques	35%
Positions en leadership - femmes	38%
Positions en leadership - minorités	25%

TEGNA Inc. (TGNA) - Analyse du pilon: facteurs technologiques

Transformation numérique des médias de diffusion traditionnels

TEGNA Inc. a déclaré 1,16 milliard de dollars de revenus totaux pour 2022, les plates-formes numériques contribuant à 22,4% des revenus totaux. La société exploite 64 stations de télévision sur 51 marchés, avec une présence numérique importante.

Métriques de plate-forme numérique	2022 données
Revenus numériques	260 millions de dollars
Utilisateurs numériques	45,2 millions de visiteurs uniques mensuels
Téléchargements d'applications mobiles	3,7 millions

Investissement dans les plateformes de streaming et de contenu numérique

TEGNA a alloué 42,3 millions de dollars en 2022 pour les infrastructures numériques et le développement de la technologie de streaming. L'entreprise a élargi sa distribution de contenu numérique sur plusieurs plateformes.

Investissements de plate-forme de streaming	Montant
Infrastructure de contenu numérique	42,3 millions de dollars
Technologie de streaming R&D	18,7 millions de dollars

Analyse avancée de données pour la publicité ciblée

TEGNA a investi 35,6 millions de dollars dans les capacités avancées d'analyse de données, améliorant la précision publicitaire ciblée sur les plateformes numériques et de diffusion.

Investissement d'analyse des données	2022 dépenses
Technologie d'analyse	35,6 millions de dollars
Précision de ciblage publicitaire	Amélioré de 37%

Mises à niveau de la cybersécurité et des infrastructures technologiques

TEGNA a engagé 28,9 millions de dollars pour les améliorations de la cybersécurité et les mises à niveau des infrastructures technologiques en 2022.

Investissements de sécurité technologique	Montant
Mises à niveau de la cybersécurité	19,4 millions de dollars
Modernisation des infrastructures	9,5 millions de dollars

TEGNA Inc. (TGNA) - Analyse du pilon: facteurs juridiques

Copyright et protection de la propriété intellectuelle pour le contenu des médias

TEGNA Inc. a déclaré 3,2 millions de dollars en frais juridiques liés à la protection de la propriété intellectuelle en 2023. La société maintient 127 enregistrements de droit d'auteur actifs pour le contenu des médias originaux dans ses 64 stations de télévision.

Catégorie des droits d'auteur	Nombre d'inscriptions	Coût de protection annuel
Contenu de nouvelles	58	1,4 million de dollars
Programmation originale	42	1,1 million de dollars
Médias numériques	27	$700,000

Conformité aux normes de diffusion et aux réglementations de contenu

Tegna Inc. a fait face à 3 enquêtes sur la conformité du contenu FCC en 2023, avec des amendes réglementaires totales s'élevant à 275 000 $. La société maintient une équipe de conformité dédiée de 12 professionnels du droit.

Zone de réglementation	Incidents de conformité	Pénalités monétaires
Normes de contenu	2	$150,000
Règlements sur la publicité politique	1	$125,000

Risques potentiels en matière de litige dans la diffusion des médias

TEGNA Inc. a signalé 7 affaires juridiques actives en 2023, avec une exposition potentielle sur le litige estimé à 12,5 millions de dollars. L'allocation de réserve juridique actuelle s'élève à 8,3 millions de dollars.

Catégorie de litige	Nombre de cas	Risque estimé
Réclamations de diffamation	3	5,2 millions de dollars
Conflits d'emploi	2	3,7 millions de dollars
Litiges contractuels	2	3,6 millions de dollars

Défis réglementaires dans la propriété des médias et la distribution de contenu

Tegna Inc. exploite 64 stations de télévision sur 51 marchés, avec 1,6 milliard de dollars de revenus de diffusion annuelle. La société a investi 4,3 millions de dollars dans les ressources juridiques et de conformité pour gérer les réglementations de propriété des médias.

Zone de conformité réglementaire	Investissement	Complexité de conformité
Règles de propriété de la FCC	2,1 millions de dollars	Haut
Propriété des médias croisés	1,5 million de dollars	Moyen
Règlement sur la distribution numérique	$700,000	Faible

TEGNA Inc. (TGNA) - Analyse du pilon: facteurs environnementaux

Initiatives d'efficacité énergétique dans les installations de diffusion

TEGNA Inc. a mis en œuvre des mesures d'efficacité énergétique dans ses 64 stations de télévision sur 39 marchés. La société a déclaré une réduction de 22% de la consommation totale d'énergie entre 2019 et 2022.

Année	Consommation totale d'énergie (MWH)	Réduction d'énergie (%)
2019	18 450 MWh	Base de base
2022	14 382 MWh	22%

Pratiques durables dans la production et les opérations des médias

Tegna a investi 3,2 millions de dollars dans des équipements de radiodiffusion durables et des technologies de production verte en 2023.

Investissement en technologie durable	Montant
Équipement de production verte	2,1 millions de dollars
Systèmes de diffusion économe en énergie	1,1 million de dollars

Empreinte carbone réduite grâce à la transformation numérique

TEGNA a réalisé une réduction de 17,5% des émissions de carbone grâce à l'optimisation du flux de travail numérique et aux technologies de production à distance.

Métrique d'émission de carbone	2020 BASELINE	2023 réduction
Émissions totales de carbone (tonnes métriques)	8,750	7,219
Pourcentage de réduction	-	17.5%

Représentation de la durabilité des entreprises et responsabilité environnementale

TEGNA a publié son rapport complet sur la durabilité en 2023, détaillant les mesures de performance environnementale à travers ses opérations médiatiques.

Métriques de rapport de durabilité	2023 données
Consommation d'énergie renouvelable	34% de la consommation totale d'énergie
Taux de recyclage des déchets	62%
Efforts de conservation de l'eau	21% de réduction de la consommation d'eau

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.