Another large investor in Tegna wants the station group to pursue a merger or sale, arguing a tie-up could be very valuable at a time the industry is facing a wave of consolidation, two people familiar with the matter said. Hedge fund HG Vora Capital Management, which owns about 4% of Tegna’s stock, is the third investor to push for changes at Tegna. Standard General has laid the groundwork for a proxy contest and Donerail also wants changes to be made.
It objects to the request from investor Standard Media that Standard’s Soo Kim and three others be added, citing “serious concerns about Mr. Kim’s prior business and board service, including a track record of endorsing and executing corporate actions in favor of his own investments to the detriment of other shareholders.”
The station group will work with First Draft to train its journalists to identify and verify false information online and help audiences spot misinformation. It will also expand its news fact-checking initiative Verify.
Tegna Inc. announced today that it intends to offer $1 billion of senior notes due 2028 in a private offering to persons reasonably believed to be “qualified institutional buyers” as defined in Rule 144A under the Securities Act of 1933.The notes will be guaranteed on a senior basis by certain subsidiaries of the company. Tegna […]
Wednesday evening at about 10:30 p.m. ET, Tegna said it “reached a multi-year agreement with Suddenlink with no interruption of service to viewers.” The previous retransmission consent contract was to expire at 11:59 p.m. ET. The agreement covers about 20 stations.
Tegna Inc. on Saturday released the following update on the status of negotiations with Suddenlink on a new retransmission consent agreement: “Tegna is working hard to reach a fair, market-based agreement with Suddenlink. While we hope a deal can be reached by 11:59 p.m. ET on Dec. 31 and avoid any interruption of service, we have a responsibility to inform our viewers of the current situation. We have begun notifying viewers of their options to continue watching our valuable local programming if the deadline passes without an agreement.”
News organizations are increasingly using breakthroughs in technology to allow journalists to remotely, yet quickly, deliver more content over multiple platforms. The advances range from improved cellular networks that speed transmission of content from the field to the newsroom and cameras capable of streaming and providing remote video, to a host of tools available for journalists to remotely edit and produce content while collaborating with their newsrooms. Above, Grass Valley’s new GV Alyve, released at this year’s IBC Show, gives reporters a “virtual control room in the cloud” for production and distribution of video and livestream content. (Source: Grass Valley)
Per-transaction fees and resistance by walled gardens are hampering the development of tools to streamline the complicated world of buying and selling spot TV advertising.
“We’re doing better in our larger markets, with local being specifically strong,” Tegna CEO Dave Lougee told analysts today, with good performances from insurance, media and telecom, medical, dental and services categories.
The increase to $552 million was driven by acquisitions and continued growth in subscription revenue and advertising and marketing services, which more than offset the absence of $60 million of political revenue in the same period last year.
Tegna moves up the executive news producer to oversee the station group’s ABC affiliate in Norfolk.
The multi-year deal renews station affiliation agreements for six Tegna markets in Texas, Penn., Conn. and Ariz.
Tegna Inc. today announced the launch of Amy Should Be Forty, a five-episode podcast series by Tegna’s Vault Studios that chronicles the kidnapping and murder of Amy Mihaljevic, a case that continues to draw national attention 30 years later. On Oct. 27, 1989, in the suburban Cleveland town of Bay Village, 10-year-old Amy Mihaljevic disappeared after […]
The broadcast group’s president-CEO will be honored by the Broadcasters Foundation of America at its annual gala in New York on March 4.
Tegna Inc. today declared a dividend of 7 cents per share, payable on Jan. 2, 2020, to stockholders of record as of the close of business on Dec. 6, 2019. “Tegna continues to create value for our shareholders through our operational excellence, rigorous financial discipline, and execution on key strategic initiatives,” said Victoria Harker, Tegna EVP-CFO.
Standard General LP, the hedge fund that once sold a collection of newspapers to Warren Buffett, is back in the media business with a stake in TV broadcaster Tegna Inc. and is on the hunt for a deal.
Charter Communication said Sunday that it reached a long-term retransmission consent deal with Tegna that will keep the broadcast group’s network affiliates available to the cable company’s subscribers. The new contract follows a week of extensions after the old agreement expired.
Five takeaways from newsrooms that are starting to re-invent local TV journalism.
Tegna President-CEO Dave Lougee says he will continue to look for stations that meet his performance and market criteria to the extent the FCC ownership limits allow. He also addresses the advantages of scale, automated spot buying, retrans threats, his decision to take national sales in-house, regulation, the weakness of auto spot, the strength of political spot and his hope for ATSC 3.0.
According to a statement released by the station group, Apollo has proposed first acquiring Tegna and later merging it with Cox Media Group. Apollo struck a deal to acquire Cox in February, but that deal has not yet closed.
The $535 million deal for WTHR Indianapolis and WBNS-AM-FM-TV Columbus, Ohio, closes.
CEO Dave Lougee said dropping Cox Reps to go in-house will increase automation of national spot sales and reduce the number of points of contact that the agencies have to deal with. “The response from the agencies to what we have announced has been tremendous,” he said. And he told analysts that retransmission consent revenues should account for about half of total revenues beginning in the 2020 cycle and continue to grow thereafter.
The increase to $537 million is powered by subscription revenues and an improvement in advertising and marketing services.
The Dispatch Broadcast Group executive will make the move once the sale of its stations to Tegna closes. He will be succeeded as president-GM of WTHR Indianapolis by Michael Brouder.
“This is a strategic change in how we go to market, and is aimed at taking advantage of our scale to deepen our relationships with national clients by embracing automation, and focusing our talented marketing executives on solutions that drive client results,” the station group said in a statement.
The dividend is payable on Oct. 1, 2019 to shareholders of record at the close of business on Sept. 6. “TEGNA’s strategic initiatives, operational excellence and financial discipline continue to deliver stable and growing free cash flow and value for our shareholders,” said Victoria Harker, EVP and CFO.
Broadcasters including Scripps, Tegna, CBS, Sinclair, Ion and Gray have been laying bigger bets in the multicasting business, acquiring some of the more popular diginets and partnering to develop new ones in a market showing signs of further expansion. CBS’s new diginet DABL, for instance, is bringing back the classic lifestyle programming of Martha Stewart and others in the fall.
Tegna’s KHOU surprised eight Houston area nonprofits with community grants of $11,000 each at the station. The representatives were there thinking they were to attend a meeting.
The first two episodes of the True Crime Chronicles podcast by Tegna’s Vault Studios dropped Monday. This is Vault Studios’ second offering, after its March debut of Bomber, which investigated the Austin serial bombings of 2018 and the manhunt that ensued. True Crime Chronicles is a weekly true crime podcast hosted by Emmy Award-winning Tegna […]
Tegna Inc. will be honored by the Women’s Forum of New York at its Breakfast of Corporate Champions on Nov. 7, which recognizes companies for achieving at least 30% female board representation. This biennial event brings together more than 600 thought leaders and change-makers including CEOs, board directors and government officials in support of gender […]
It closes on the $77 million purchase of the 85% of the two diginets it didn’t own. Tegna taps Brian Weiss, former president and general manager of Cooper Media, as their president.
The agreement with CBS, Cox, Scripps, Fox and Tegna requires them to “terminate and refrain from sharing revenue pacing information and other competitively sensitive information.”
In addition to the NBC affiliate in Indianapolis and CBS affiliate in Columbus, Ohio, it’s also getting WBNS-AM-FM in Columbus.
True Crime Chronicles to premiere June 24, followed by Bardstown later this summer.
Nearly 11 million television households across 11 markets are covered in the new multi-year deal.
Those looking for Justice’s decision on whether it has any antitrust issues with Tegna’s purchase of Nexstar spin-off stations will have to wait a little longer. That is because for the sixth business day in a row the Federal Trade Commission has issued no early termination notices on any deal, an unusual hiatus for such announcements.
The Dallas ABC affiliate’s current GM Brad Ramsey becomes Tegna senior vice president and Carolyn Mungo, executive news director is promoted to VP-station manager.
Tegna, Tribune, Scripps, Fox and Graham are among a growing number of TV broadcasters who are exploring adding audio content and advertising platforms. A study from the Interactive Advertising Bureau and PricewaterhouseCoopers puts podcast ad revenues at $313.9 million in 2017, and projects that it will more than double, to $659 million, by next year.
The revenue growth was “driven primarily by” subscription revenue growing 18% to $242 million that CEO Dave Lougee said was a “first quarter record,” along with growth in Tegna’s sales, digital and content operations.