TEGNA Inc. (TGNA): Análise de Pestle [Jan-2025 Atualizada]

No mundo dinâmico da transmissão da mídia, a TEGNA Inc. (TGNA) fica na encruzilhada de paisagens regulatórias complexas, interrupção tecnológica e expectativas em evolução do público. Essa análise abrangente de pestles revela os desafios e oportunidades multifacetados que moldam a trajetória estratégica da empresa, oferecendo uma exploração intrincada do fatores políticos, econômicos, sociológicos, tecnológicos, legais e ambientais, impulsionando o desempenho comercial da Tegna em um ecossistema de mídia cada vez mais competitivo.

TEGNA Inc. (TGNA) - Análise de Pestle: Fatores Políticos

Os regulamentos de propriedade da mídia local impactam as operações de transmissão

A TEGNA opera 64 estações de televisão em 51 mercados nos Estados Unidos, sujeitos aos regulamentos de propriedade da Comissão Federal de Comunicações (FCC).

Categoria de regulamentação	Restrição específica	Impacto no Tegna
Propriedade local do mercado	Máximo 2 estações por mercado	Limita a consolidação potencial de mercado
Regras de propriedade cruzada	Restrições às combinações de broadcast do jornal	Restringe estratégias de integração vertical

Requisitos de conformidade da FCC para licenciamento da estação de televisão

A TEGNA deve manter a estrita conformidade com os requisitos de licenciamento da FCC em seu portfólio de estação de televisão.

• Renovação de licenças de transmissão a cada 8 anos
• Adesão aos padrões de conteúdo e obrigações de interesse público
• Relatórios obrigatórios de propriedade e mudanças operacionais

Receita de publicidade política influenciada por ciclos eleitorais

A publicidade política representa um fluxo de receita significativo para as estações de televisão da Tegna.

Ciclo eleitoral	Receita de anúncios políticos	Porcentagem da receita total
2022 Eleições de médio prazo	US $ 351,7 milhões	7,8% da receita total da empresa
2024 Eleição presidencial	Projetado US $ 400-450 milhões	Estimado 8,5-9,2% da receita projetada

Mudanças potenciais da política de consolidação de mídia

O TEGNA permanece estrategicamente posicionado para responder a possíveis mudanças regulatórias na propriedade da mídia.

• Monitoramento contínuo das discussões da política da FCC
• O relaxamento potencial das restrições de propriedade pode permitir aquisições estratégicas
• Preparação para possíveis mudanças regulatórias no cenário da mídia

TEGNA Inc. (TGNA) - Análise de pilão: Fatores econômicos

Receita de publicidade dependente das condições do mercado econômico

A TEGNA Inc. registrou uma receita total de publicidade de US $ 1,99 bilhão em 2022, com publicidade digital contribuindo com US $ 488 milhões para o fluxo total de receita.

Categoria de receita	2022 valor ($)	Porcentagem de total
Receita total de publicidade	1,990,000,000	100%
Receita de publicidade digital	488,000,000	24.5%

Gastos da mídia cíclica ligados ao desempenho econômico nacional e regional

A correlação de gastos com mídia com o crescimento do PIB mostra o impacto econômico direto na geração de receita da Tegna.

Indicador econômico	2022 Valor	Impacto nos gastos com mídia
Taxa de crescimento do PIB dos EUA	2.1%	Impacto positivo moderado
Gastos nacionais de publicidade	US $ 285,5 bilhões	Condições constantes de mercado

Fluxos de receita de taxas de assinatura e retransmissão

TEGNA gerado US $ 1,31 bilhão em receitas de retransmissão e distribuição Em 2022, representando uma fonte crítica de renda não advertida.

Fluxo de receita	2022 valor ($)	Taxa de crescimento
Receita de retransmissão	1,310,000,000	5.2%
Taxas de distribuição	412,000,000	3.8%

Estratégias de gerenciamento de custos no cenário da mídia competitiva

TEGNA implementou estratégias de redução de custos operacionais, alcançando US $ 100 milhões em economia anual de custos até 2022.

Categoria de gerenciamento de custos	2022 economia ($)	Porcentagem de eficiência
Redução de custos operacionais	100,000,000	7.5%
Otimização da infraestrutura de tecnologia	35,000,000	2.6%

TEGNA Inc. (TGNA) - Análise de pilão: Fatores sociais

Mudança de hábitos de consumo de mídia entre dados demográficos mais jovens

De acordo com os dados da Nielsen Media Research 2023, 18-34 Redução de consumo de mídia da faixa etária:

Plataforma	Uso médio diário (horas)	Porcentagem do tempo total de mídia
Serviços de streaming	3.2	42%
Mídia social	2.5	33%
TV tradicional	1.1	15%
Plataformas de notícias digitais	0.6	8%

Aumento da demanda por conteúdo digital e de streaming

Estatísticas de consumo de conteúdo digital para 2023:

• Consumo de vídeo online: 6,8 horas por dia (Statista)
• Assinantes de plataforma de streaming: 78% das famílias dos EUA (Parks Associates)
• Consumo de vídeo móvel: 40 minutos por dia (eMarketer)

Integração de mídia social em reportagens e engajamento do público

Métricas de engajamento de notícias de mídia social 2023:

Plataforma	Taxa de consumo de notícias	Taxa de interação do usuário
Facebook	48%	35%
Twitter	33%	42%
Instagram	22%	28%
Tiktok	17%	25%

Iniciativas de diversidade e inclusão na representação da mídia

TEGNA Inc. Composição da força de trabalho da diversidade 2023:

Categoria demográfica	Percentagem
Mulheres	47%
Minorias raciais/étnicas	35%
Posições de liderança - mulheres	38%
Posições de liderança - minorias	25%

TEGNA Inc. (TGNA) - Análise de pilão: Fatores tecnológicos

Transformação digital da mídia tradicional de transmissão

A TEGNA Inc. registrou US $ 1,16 bilhão em receita total em 2022, com plataformas digitais contribuindo com 22,4% da receita total. A empresa opera 64 estações de televisão em 51 mercados, com presença digital significativa.

Métricas de plataforma digital	2022 dados
Receita digital	US $ 260 milhões
Usuários digitais	45,2 milhões de visitantes únicos mensais
Downloads de aplicativos móveis	3,7 milhões

Investimento em plataformas de streaming e conteúdo digital

A TEGNA alocou US $ 42,3 milhões em 2022 para infraestrutura digital e desenvolvimento de tecnologia de streaming. A empresa expandiu sua distribuição de conteúdo digital em várias plataformas.

Investimentos da plataforma de streaming	Quantia
Infraestrutura de conteúdo digital	US $ 42,3 milhões
Tecnologia de streaming em P&D	US $ 18,7 milhões

Análise de dados avançada para publicidade direcionada

A TEGNA investiu US $ 35,6 milhões em recursos avançados de análise de dados, aprimorando a precisão da publicidade direcionada nas plataformas digitais e de transmissão.

Investimento de análise de dados	2022 Despesas
Analytics Technology	US $ 35,6 milhões
Precisão de segmentação por publicidade	Melhorado em 37%

Atualizações de infraestrutura de segurança cibernética e tecnologia

A TEGNA comprometeu US $ 28,9 milhões a aprimoramentos de segurança cibernética e atualizações de infraestrutura de tecnologia em 2022.

Investimentos de segurança em tecnologia	Quantia
Atualizações de segurança cibernética	US $ 19,4 milhões
Modernização da infraestrutura	US $ 9,5 milhões

TEGNA Inc. (TGNA) - Análise de Pestle: Fatores Legais

Direitos autorais e proteção de propriedade intelectual para conteúdo de mídia

A TEGNA Inc. reportou US $ 3,2 milhões em despesas legais relacionadas à proteção da propriedade intelectual em 2023. A Companhia mantém 127 registros ativos de direitos autorais para conteúdo original da mídia em suas 64 estações de televisão.

Categoria de direitos autorais	Número de registros	Custo de proteção anual
Conteúdo de notícias	58	US $ 1,4 milhão
Programação original	42	US $ 1,1 milhão
Mídia digital	27	$700,000

Conformidade com padrões de transmissão e regulamentos de conteúdo

A TEGNA Inc. enfrentou 3 investigações de conformidade com conteúdo da FCC em 2023, com multas regulatórias totais no valor de US $ 275.000. A empresa mantém uma equipe de conformidade dedicada de 12 profissionais do direito.

Área regulatória	Incidentes de conformidade	Penalidades monetárias
Padrões de conteúdo	2	$150,000
Regulamentos de publicidade política	1	$125,000

Riscos potenciais de litígios na transmissão da mídia

A TEGNA Inc. relatou 7 casos legais ativos em 2023, com potencial exposição a litígios estimados em US $ 12,5 milhões. A alocação de reserva legal atual é de US $ 8,3 milhões.

Categoria de litígio	Número de casos	Risco estimado
Reivindicações de difamação	3	US $ 5,2 milhões
Disputas de emprego	2	US $ 3,7 milhões
Disputas contratadas	2	US $ 3,6 milhões

Desafios regulatórios na propriedade da mídia e distribuição de conteúdo

A Tegna Inc. opera 64 estações de televisão em 51 mercados, com US $ 1,6 bilhão em receita anual de transmissão. A empresa investiu US $ 4,3 milhões em recursos legais e de conformidade para gerenciar os regulamentos de propriedade da mídia.

Área de conformidade regulatória	Investimento	Complexidade da conformidade
Regras de propriedade da FCC	US $ 2,1 milhões	Alto
Propriedade da mídia cruzada	US $ 1,5 milhão	Médio
Regulamentos de distribuição digital	$700,000	Baixo

TEGNA Inc. (TGNA) - Análise de Pestle: Fatores Ambientais

Iniciativas de eficiência energética em instalações de transmissão

A TEGNA Inc. implementou medidas de eficiência energética em suas 64 estações de televisão em 39 mercados. A empresa relatou uma redução de 22% no consumo total de energia entre 2019 e 2022.

Ano	Consumo total de energia (MWH)	Redução de energia (%)
2019	18.450 MWh	Linha de base
2022	14.382 MWh	22%

Práticas sustentáveis ​​na produção e operações da mídia

A TEGNA investiu US $ 3,2 milhões em equipamentos de transmissão sustentável e tecnologias de produção verde em 2023.

Investimento de tecnologia sustentável	Quantia
Equipamento de produção verde	US $ 2,1 milhões
Sistemas de transmissão com eficiência energética	US $ 1,1 milhão

Pegada de carbono reduzida através da transformação digital

A TEGNA alcançou uma redução de 17,5% nas emissões de carbono por meio de otimização de fluxo de trabalho digital e tecnologias de produção remota.

Métrica de emissão de carbono	2020 linha de base	2023 Redução
Emissões totais de carbono (toneladas métricas)	8,750	7,219
Redução percentual	-	17.5%

Relatórios de sustentabilidade corporativa e responsabilidade ambiental

A TEGNA publicou seu relatório abrangente de sustentabilidade em 2023, detalhando as métricas de desempenho ambiental em suas operações de mídia.

Métricas de relatórios de sustentabilidade	2023 dados
Uso de energia renovável	34% do consumo total de energia
Taxa de reciclagem de resíduos	62%
Esforços de conservação de água	Redução de 21% no uso de água

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.