TYSONS, Va. - TEGNA Inc. (NYSE:TGNA), a prominent local broadcast and digital media company, announced today that Lynn Beall, its executive vice president and chief operating officer of media operations, will leave the company in mid-2025. Beall's planned departure comes after a lengthy tenure with the company, starting when it was Gannett Broadcasting in 1988. During her time, she has seen the company grow from 12 to 64 television stations.
Beall, who has been in her current role since 2017, has been instrumental in overseeing the company's expansive portfolio of stations, as well as its news and content strategy, revenue growth, and network relationships. Her leadership has been recognized within the industry, as she currently serves as vice chair of the National Association of Broadcasters Television Board and is a member of the CBS Television Affiliates Association Board's executive committee.
TEGNA's CEO, Mike Steib, expressed his gratitude for Beall's contributions, highlighting her advocacy for the company's stations and partners. Beall herself remarked on the growth of TEGNA and her commitment to working with the team during the transition period to capitalize on future opportunities for audience and customer engagement.
This announcement marks the beginning of a significant transition for TEGNA as the company prepares to evolve its strategic approach. The departure timeline allows for a substantial period for leadership transition, aiming to maintain continuity and leverage Beall's experience during this phase.
TEGNA, headquartered in Tysons, Virginia, is known as the largest independent station group of major network affiliates in the top 25 U.S. markets. The company reaches approximately 39 percent of all U.S. television households and owns multicast networks such as True Crime Network (LON:NETW) and Quest. It also provides innovative advertising solutions through platforms like Premion, its OTT advertising service.
The information in this article is based on a press release statement from TEGNA Inc.
In other recent news, TEGNA Inc. has made several significant announcements. The company reported a decrease in total company revenue for Q2 2024, primarily due to subscriber losses and a weaker national advertising market. However, TEGNA's local advertising sector, especially its connected TV sales platform, Premion, showed resilience. The company expects an increase in third-quarter revenue due to political ads and the Olympics, and maintains its adjusted free cash flow guidance of $900 million to $1.1 billion for 2024-2025.
TEGNA also announced a new multi-year broadcast rights agreement with the Dallas Mavericks, expanding the team's television reach to an estimated 10 million people in Texas. This deal will increase the number of households able to watch the Mavericks play, nearly tripling the current reach within the state.
In terms of executive changes, TEGNA announced the upcoming departure of Senior Vice President and Chief Legal Officer Lauren S. Fisher, effective September 6, 2024. Simultaneously, the company appointed Jim Kizer as president and general manager of its Des Moines, Iowa stations WOI and KCWI. These recent developments reflect ongoing strategic initiatives within TEGNA Inc.
InvestingPro Insights
As TEGNA Inc. (NYSE:TGNA) prepares for the strategic transition following Lynn Beall's planned departure, the company's financial health and shareholder value remain key points of interest for investors. An InvestingPro analysis reveals several noteworthy aspects of TEGNA's financial performance and market position.
TEGNA boasts a strong record of shareholder returns, highlighted by a high shareholder yield and consistent dividend payments. The company has not only maintained dividend payments for an impressive 54 consecutive years but has also raised its dividend for the last three years, showcasing a commitment to returning value to its shareholders. This is further supported by the management's aggressive share buyback strategy, underscoring confidence in the company's value proposition.
InvestingPro data indicates a market capitalization of $2.48 billion, with a price-to-earnings (P/E) ratio of 6.15, reflecting an attractive valuation compared to industry peers. The adjusted P/E ratio for the last twelve months as of Q2 2024 stands at 7.9, while the company's price/book value is at a modest 0.89, suggesting that the stock may be undervalued.
Despite a decrease in revenue growth by 10.29% in the last twelve months as of Q2 2024, TEGNA's gross profit margin remains strong at 39.86%, indicating effective cost management and a solid business model. The company's operating income margin of 19.7% further attests to its operational efficiency.
For investors seeking additional insights, there are over 9 InvestingPro Tips available for TEGNA, including further analysis on earnings revisions, free cash flow yield, and liquidity position. These tips can be found at https://www.investing.com/pro/TGNA, offering a comprehensive view of the company's financial health and future prospects.
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