What Does TEGNA (TGNA) Do? – Stock Outlook, Earnings, Market Cap, Related Stocks & Headquarters Guide
A U.S. regional broadcaster operating 64 TV stations and 2 radio stations, covering 51 markets. Currently under a court-ordered separation amid the Nexstar acquisition.
Subscribe🏢 What kind of company is TEGNA?
TEGNA Inc (TGNA) is a major U.S. broadcasting and digital media company that operates 64 TV stations across 51 markets and 2 radio stations. It maintains an extensive network reaching approximately 39% of U.S. TV households, generating revenue through distribution fees and advertising/marketing services. In March 2026, the company was acquired by Nexstar Media Group, but currently operates independently in accordance with a court ruling.
How does it make money?
| Business Segment | Revenue Share | Description |
|---|---|---|
| Distribution Revenue | About 55% | Carriage fees from cable and satellite providers |
| Advertising & Marketing Services (AMS) | About 43% | Local advertising and digital marketing services |
| Other | About 2% | Other ancillary services |
Full-year 2025 revenue was $2.7B, reflecting a shifting market environment. Q2 2025 total revenue was $675 million (a 5% decrease year-over-year), and Q3 2025 revenue was $651 million (a 19% decrease), with seasonal political advertising swings having a significant impact. Distribution revenue remained stable at $370 million, while the advertising & marketing services segment came in at $288 million (down 4%), showing weakness.
Market Cap and Company Scale
Market capitalization stands at $3.5B, with 5,500 people employees.
As a broadcaster, it holds an extensive regional network and programming assets. The completed merger with Nexstar (March 2026) created an integrated media company reaching 80% of U.S. TV households, but it currently operates independently under a court-ordered separation. The corporate structure could change depending on future legal outcomes.
📈 TEGNA Outlook and Stock Performance
1-Year Price Performance
Analyst Consensus
52-Week Price RangeThe broadcasting industry carries high cyclical sensitivity in advertising revenue and faces long-term challenges from the growth of streaming services. However, local news and regional broadcasting continue to enjoy strong viewer trust, and revenue volatility tied to the political election cycle is a defining feature. Cost savings and economies of scale from the Nexstar merger are positives, but resolving the current legal dispute remains a critical task. Depending on future court rulings, corporate strategy and financial structure could shift significantly.
⚔️ Key Competitive Strengths and Risks
An extensive broadcast network and strong local media footprint are strengths, but streaming competition, advertising revenue volatility, and the current legal uncertainty are the main risks.
💪 Key Competitive Strengths
⚠️ Key Risks
Major competitors in the broadcast media industry include regional broadcasters such as Nexstar Media Group (NXST), Gray Television (GTN), Emmis Communications, and Sinclair Broadcast Group. Large broadcasters such as Fox (FOXA), Disney (DIS), and Paramount (PARA) also compete in the space. Internet-based news and entertainment platforms (YouTube, Netflix, etc.) are indirect competitors as well.
Competitors| Ticker | Company | Price | Change | Market Cap | P/E | PBR | ROE | Dividend Yield |
|---|---|---|---|---|---|---|---|---|
 NXST | Nexstar Media Group Inc | $169.15 | -4.3% | $5.2B | 32.3 | 2.3 | 7.34% | 4.38% |
 GTN | Gray Media Inc | $4.77 | -3.6% | $498.6M | - | 0.2 | -0.94% | 6.71% |
 FOXA | Fox Corp | $65.26 | -0.2% | $25.9B | 17.0 | 2.4 | 14.29% | 0.89% |
 PARA | Banzai International Inc | $1.05 | +4.0% | $3.7M | - | 0.2 | -315.84% | - |
| DIS | Walt Disney Co | $105.06 | -0.2% | $181.4B | 21.7 | 1.6 | 7.85% | 1.31% |
Related stocks (beneficiaries)| Ticker | Company | Price | Change | Market Cap | P/E | PBR | ROE | Dividend Yield |
|---|---|---|---|---|---|---|---|---|
| CMCSA | Comcast Corp | $26.35 | -0.5% | $93.5B | 8.5 | 1.0 | 12% | 5.03% |
 CHTR | Charter Communications Inc | $145.74 | -4.1% | $25.5B | 3.8 | 1.0 | 29.7% | 0.04% |
✅ Investor Checkpoints
TEGNA is a major U.S. regional broadcaster with an extensive network and strong local media influence. The Nexstar merger (completed in March 2026) was a landmark transaction in the media industry, but it now carries legal uncertainty due to the current court-ordered separation. The progress of future legal proceedings will be the key variable determining the company's direction.
| Checkpoint | What to Check | Current Status |
|---|---|---|
| Legal Dispute Progress | Advancement of lawsuits related to the Nexstar-TEGNA merger and trends in court rulings | Legal outcomes are the key factor determining corporate strategy |
| Advertising Revenue Trends | Growth or decline trends in advertising revenue amid an economic slowdown | Assess the resilience of the advertising market |
| Ratings and Reach | Changes in traditional TV viewing time and network reach | Evaluate competitiveness in the streaming era |
| Nexstar Integration Preparation | Realization of cost savings and synergies after legal dispute resolution | Review the potential for merger value creation |
Intensifying streaming competition, cyclical sensitivity of advertising revenue, and current legal uncertainty are the main risks. In particular, if the court-ordered separation is prolonged, it may be difficult to realize the synergies from the Nexstar merger. Additionally, the cord-cutting trend poses a concern for the long-term decline of distribution revenue.
TEGNA is a major U.S. regional broadcaster with an extensive network. Although economies of scale were expected from the Nexstar merger, the company now faces uncertainty due to the current court-ordered separation. Future legal outcomes and the recovery of the advertising market are expected to determine investment performance.
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