Tegna 4Q Revenue Climbs 18%

Tegna this morning released fourth quarter 2022 results that included total revenue of $917 million, up 18% year-over-year, driven by strong growth in political revenue despite advertising and marketing services revenue declines resulting from “political displacement and macroeconomic headwinds.”

Subscription revenue was a 4Q record $372 million, up 11% year-over-year due to rate increases and partially offset by subscriber declines.

Advertising and marketing services (AMS) revenue was $353 million, down 12% year-over-year due to “displacement driven by the strong political revenue, continued macroeconomic headwinds and reduced sports betting advertising with fewer new market launches this year versus the prior year.”

Political revenue was $179 million up 9% from 2018, the last nonpresidential election year, on a pro forma basis.

Net income was $219 million on a GAAP basis, or $221 million on a non-GAAP basis.

Total company adjusted EBITDA was $361 million, representing an increase of 47% compared to the same quarter of 2021.

GAAP operating expenses were $589 million, up 54 year-over-year, and non-GAAP operating expenses were $587 million, up 4% year-over-year, with the increases predominantly driven by investments in Premion’s growth and programming costs.

Free cash flow was $297 million for the quarter.

Total cash at the end of the quarter was $552 million.

On Feb. 22, 2022, Tegna and Standard General announced that Tegna will be acquired by an affiliate of Standard General for $24 per share in cash. Tegna stockholders voted to approve the transaction at the special meeting of stockholders held on May 17. The closing of the transaction is subject to regulatory approvals and other customary closing conditions.

Read the company’s report here.

Also, Tegna declared a regular quarterly dividend of 9.5 cents per share, payable on April 3 to stockholders of record as of the close of business on March 10.