Tegna, Inc.
Content that matters. Brands that deliver. (main)
Reach, Inspire, Inform. (end tags for TV newscasts) |
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| Public company | |
| Traded as | : TGNA S&P 500 Component |
| Predecessor | Gannett Company |
| Founded | June 29, 2015 |
| Headquarters | McLean, Virginia |
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Key people
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Gracia Martore (President & CEO) Marjorie Magner (chairman) Dave Lougee (President, Tegna Media) John Williams (President, Tegna Digital) |
| Products |
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| Website | tegna |
Tegna, Inc. (stylized as TEGNA) is an American publicly traded broadcast and digital media company headquartered in McLean, Virginia. It was created on June 29, 2015 when Gannett Company split into two publicly traded companies. Tegna comprises the more profitable broadcast television and digital media divisions of the old Gannett, while Gannett's publishing interests were spun off as a "new" company that retained the Gannett name. Tegna owns or operates 46 television stations (which, alongside those historically owned by Gannett/Tegna, includes stations that had recently been acquired by Tegna from Belo Corporation and the London Broadcasting Company), and is the largest group owner of stations affiliated with NBC and CBS, and properties in digital media.
On August 5, 2014, Gannett announced that it plans to split into two independent publicly traded companies, one focusing on its newspapers and publishing, which would retain the Gannett name, and one on broadcasting. Robert Dickey – who currently leads Gannett's newspaper group – would serve as CEO of the former company, leaving the remaining broadcasting and digital operations under the leadership of Gracia Martore. In a statement, she explained that the split plans were "significant next steps in our ongoing initiatives to increase shareholder value by building scale, increasing cash flow, sharpening management focus, and strengthening all of our businesses to compete effectively in today's increasingly digital landscape." Additionally, the company announced that it would buy out the remainder of Classified Ventures (a joint venture between Tegna and several other media companies) for $1.8 billion, giving it full ownership of properties such as Cars.com.
On April 21, 2015, the company announced that the broadcasting and digital company would be named Tegna—a partial anagram of "Gannett". The spin-out was structured so that Tegna is the legal successor to the "old" Gannett, while the "new" Gannett is legally considered a new company. The split was completed on June 29, 2015. Tegna retains "old" Gannett's stock price history, though it trades under a new ticker symbol, TGNA. The "new" Gannett inherited old Gannett's longtime ticker symbol, GCI.
As of June 2015, Tegna Media currently owns 46 television stations located in 38 markets (including seven duopolies). 18 of the company's stations are affiliated with NBC (including a semi-satellite of KCEN-TV and a digital subchannel of KBMT), ten are affiliated with CBS, nine are affiliated with ABC, and three are affiliated with Fox. In addition, the company owns two CW affiliates, three MyNetworkTV affiliates and one independent station.
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