0000950170-24-092846 | 10-Q | XBRL Viewer

Basis of presentation and accounting policies - Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Total revenues	$ 710,363	$ 731,506	$ 1,424,615	$ 1,471,833
Subscription
Disaggregation of Revenue [Line Items]
Total revenues	367,025	396,126	742,349	810,406
Advertising & Marketing Services
Disaggregation of Revenue [Line Items]
Total revenues	300,977	317,726	599,669	625,571
Political
Disaggregation of Revenue [Line Items]
Total revenues	31,643	5,991	59,471	11,282
Other
Disaggregation of Revenue [Line Items]
Total revenues	$ 10,718	$ 11,663	$ 23,126	$ 24,574

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Investments and other assets

6 Months Ended

Jun. 30, 2024

Investments, All Other Investments [Abstract]

Investments and other assets

NOTE 3 – Investments and other assets

Our investments and other assets consisted of the following as of June 30, 2024 and December 31, 2023 (in thousands):


	June 30, 2024		Dec. 31, 2023

Cash value life insurance	$	51,644	$	50,865
Equity method investments		16,904		16,195
Other equity investments		20,972		19,526
Deferred financing costs		6,898		—
Prepaid assets		7,973		9,878
Other long-term assets		20,225		17,057
Total	$	124,616	$	113,521

Cash value life insurance: We are the beneficiary of life insurance policies on the lives of certain employees/retirees, which are recorded at their cash surrender value as determined by the insurance carrier. These policies are utilized as a partial funding source for deferred compensation and other non-qualified employee retirement plans. Gains and losses on these investments are included in “Other non-operating items, net” within our Consolidated Statements of Income and were not material for all periods presented.

Equity method investments: These are investments in entities in which we have significant influence, but do not have a controlling financial interest. Our share of net earnings and losses from these ventures is included in “Other non-operating items, net” in the Consolidated Statements of Income.

Other equity investments: Represents investments in non-public businesses that do not have readily determinable pricing, and for which we do not have control and do not exert significant influence. These investments are recorded at cost less impairments, if any, plus or minus changes in observable prices for those investments.

In the first quarter of 2024 we received $152.9 million of pre-tax cash proceeds upon the completion of the previously announced sale of Broadcast Music, Inc. (BMI) to a private equity firm. The pre-tax gain of $152.9 million associated with this sale is included in “Other non-operating items, net” in the Consolidated Statements of Income. Following this sale we no longer have any ownership interest in BMI.

Deferred financing costs: These costs consist of amounts paid to lenders related to our revolving credit facility. On January 25, 2024, we entered into an amendment of our credit facility that resulted in the capitalization of $6.4 million of fees paid to lenders under the new amendment. Additionally, we reclassified approximately $1.1 million of fees under the previous credit facility as non-current deferred financing costs. See Note 4 for additional details of the revolving credit facility amendment. Financing costs paid for our unsecured notes are accounted for as a reduction in the debt obligation.

Prepaid assets: These amounts primarily consist of an asset related to a long-term services agreement for IT security.

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2024	Jul. 31, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	1-6961
Entity Registrant Name	TEGNA INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	16-0442930
Entity Address, Address Line One	8350 Broad Street, Suite 2000
Entity Address, City or Town	Tysons
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	22102-5151
City Area Code	(703)
Local Phone Number	873-6600
Title of 12(b) Security	Common Stock
Trading Symbol	TGNA
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock Shares Outstanding		165,432,173
Entity Central Index Key	0000039899
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31

Share repurchase program (Details) - USD ($) $ / shares in Units, shares in Millions					1 Months Ended	3 Months Ended		6 Months Ended
	Feb. 22, 2024	Nov. 13, 2023	Nov. 09, 2023	Jun. 02, 2023	Dec. 31, 2023	Jun. 30, 2024	Sep. 30, 2023	Jun. 30, 2024
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Shares repurchased under share repurchase program (in shares)								10.8
Shares repurchased value under share repurchase program								$ 154,700,000
Treasury stock, value, acquired, cost method								154,700,000
Dividends								40,900,000
Return of capital to shareholders								$ 195,600,000
Number of shares repurchased (in shares)								10.8
300 Million First Accelerated Share Repurchase Program
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Shares approved to be repurchased under share repurchase program, amount (up to)				$ 300,000,000
Shares repurchased under share repurchase program (in shares)				15.2			3.1
Shares repurchased value under share repurchase program				$ 240,000,000
Treasury stock, value, acquired, cost method				$ 240,000,000
Stock repurchase program, percent repurchased				80.00%
Number of shares repurchased (in shares)				15.2			3.1
325 Million Second Accelerated Share Repurchase
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Shares approved to be repurchased under share repurchase program, amount (up to)			$ 325,000,000
Shares repurchased under share repurchase program (in shares)	4.0	17.3	17.3
Shares repurchased value under share repurchase program		$ 260,000,000
Treasury stock, value, acquired, cost method		$ 260,000,000
Stock repurchase program, percent repurchased		80.00%
Number of shares repurchased (in shares)	4.0	17.3	17.3
December2023 Share Repurchase Program
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Shares approved to be repurchased under share repurchase program, amount (up to)					$ 650,000,000
Shares repurchased under share repurchase program (in shares)						5.1		10.9
Shares repurchased value under share repurchase program						$ 71,300,000		$ 155,800,000
Treasury stock value acquired not yet have been paid								$ 1,100,000
Average price paid per share (in dollar per share)						$ 14.05		$ 14.29
Treasury stock, value, acquired, cost method						$ 71,300,000		$ 155,800,000
Share repurchase program expiration date					Dec. 31, 2025
Number of shares repurchased (in shares)						5.1		10.9

Fair value measurement (Details) - USD ($) $ in Millions	6 Months Ended
Fair value measurement (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Earnout consideration, fair value	$ 12.8
Level 3 \| Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Maximum value of earnouts	14.0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of total long-term debt	$ 2,860.0	$ 2,930.0

Retirement plans

6 Months Ended

Jun. 30, 2024

Retirement Benefits [Abstract]

Retirement plans

NOTE 5 – Retirement plans

We have various defined benefit retirement plans. Our principal defined benefit pension plan is the TEGNA Retirement Plan (TRP). The total net pension obligations, including both current and non-current liabilities, as of June 30, 2024, were $73.7 million, of which $5.8 million is recorded as a current obligation within accrued liabilities on the Condensed Consolidated Balance Sheets.

Pension costs (income), which primarily include costs for the qualified TRP and the non-qualified TEGNA Supplemental Retirement Plan (SERP), are presented in the following table (in thousands):


	Quarters ended June 30,						Six months ended June 30,
	2024			2023			2024			2023

Interest cost on benefit obligation	$	5,697		$	6,116		$	11,372		$	12,266
Expected return on plan assets		(5,533	)		(5,245	)		(11,033	)		(10,470	)
Amortization of prior service cost (credit)		20			(107	)		45			(232	)
Amortization of actuarial loss		1,475			1,434			2,950			3,009
Expense for company-sponsored retirement plans	$	1,659		$	2,198		$	3,334		$	4,573

Benefits no longer accrue for TRP and SERP participants as a result of amendments to the plans in past years, and as such we no longer incur a service cost component of pension expense. All other components of our pension expense presented above are included within the “Other non-operating items, net” line item of the Consolidated Statements of Income.

During the six months ended June 30, 2024 and 2023 we made cash contributions to the TRP of $1.0 million and $0.0 million, respectively. We made benefit payments to participants of the SERP of $1.9 million during both of the six month periods ended June 30, 2024 and 2023. Based on actuarial projections and funding levels, we expect to make additional cash payments of $2.8 million to the TRP in 2024. We expect to make additional cash payments of $3.0 million to our SERP participants during the remainder of 2024.

- Definition

The entire disclosure for retirement benefits.

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+ Details

Fair value measurement

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Fair value measurement

NOTE 8 – Fair value measurement

We measure and record certain assets and liabilities at fair value in the accompanying condensed consolidated financial statements. U.S. GAAP establishes a hierarchy for those instruments measured at fair value that distinguishes between market data (observable inputs) and our own assumptions (unobservable inputs). The hierarchy consists of three levels:

Level 1 – Quoted market prices in active markets for identical assets or liabilities;

Level 2 – Inputs other than Level 1 inputs that are either directly or indirectly observable; and

Level 3 – Unobservable inputs developed using our own estimates and assumptions, which reflect those that a market participant would use.

We also hold other financial instruments including cash and cash equivalents, receivables, accounts payable, contingent consideration and debt. The carrying amounts for cash and cash equivalents, receivables and accounts payable approximated their fair values. The fair value of our total debt, based on the bid and ask quotes for the related debt (Level 2), totaled $2.86 billion on June 30, 2024, and $2.93 billion on December 31, 2023.

As described in Note 2, in connection with the Octillion acquisition, the sellers may be entitled to earn additional consideration in the form of earnouts depending on the achievement of certain technological and financial milestones. The maximum value of these earnouts is $14.0 million and we currently estimate their fair value to be $12.8 million. The estimated fair value is based on unobservable inputs and is therefore a Level 3 fair value. The Company’s valuation was based on an income approach, which utilized Monte Carlo simulations that included expected payoff estimates calculated based on various discounted cash flow valuations.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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+ Details

Goodwill and other intangible assets

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and other intangible assets

NOTE 2 – Goodwill and other intangible assets

The following table displays goodwill, indefinite-lived intangible assets, and amortizable intangible assets as of June 30, 2024 and December 31, 2023 (in thousands):


	June 30, 2024					Dec. 31, 2023
	Gross		Accumulated Amortization			Gross		Accumulated Amortization

Goodwill	$	3,015,973	$	-		$	2,981,587	$	-

Indefinite-lived intangibles:
Television and radio station FCC broadcast licenses		2,124,731					2,124,731
Amortizable intangible assets:
Retransmission agreements		101,423		(92,951	)		113,621		(95,619	)
Network affiliation agreements		275,524		(121,623	)		309,502		(144,834	)
Other		104,198		(55,253	)		71,067		(49,496	)
Total indefinite-lived and amortizable intangible assets	$	2,605,876	$	(269,827	)	$	2,618,921	$	(289,949	)

Our retransmission agreements and network affiliation agreements are amortized on a straight-line basis over their estimated useful lives. Other intangibles primarily include distribution agreements from our multicast networks acquisition, which are also amortized on a straight-line basis over their useful lives. In the first six months of 2024, gross intangible assets and associated accumulated amortization decreased by $47.4 million, due to certain intangible assets reaching the end of their useful lives.

On January 31, 2024, Premion, LLC acquired substantially all the assets of Octillion Media, a next-generation, demand-side platform focused on Local Connected TV(CTV)/Over-the-Top (OTT) advertising. The acquisition expands Premion’s capabilities in the growing CTV marketplace by combining Octillion’s technology with Premion’s local CTV/OTT advertising solution.

The base purchase price of the acquisition was $56.0 million plus an adjustment for working capital and a maximum earnout of $14.0 million that the sellers will be entitled to receive if the Octillion Media business achieves certain technological and financial milestones during a defined period following the closing. During the six months ended June 30, 2024, $52.8 million of the purchase price had been paid.

The acquisition was funded with available cash on hand.

We are accounting for the acquisition as a business combination, which requires us to record the assets acquired and liabilities assumed at fair value. The amount by which the purchase price exceeds the fair value of the net assets acquired is recorded as goodwill. We have commenced the appraisals necessary to assess the fair values of the tangible and intangible assets acquired and liabilities assumed and the amount of goodwill to be recognized. Based on preliminary valuations we have recorded $34.4 million of intangible assets related to acquired technology and customer relationships. We also recorded an additional $34.4 million as goodwill, which represents the future economic benefits expected to arise from the acquisition that do not qualify for separate recognition, including assembled workforce, as well as future synergies that we expect to generate. The goodwill and intangible assets are expected to be deductible for tax purposes.

The amounts recorded for acquired assets and liabilities are preliminary in nature and are subject to adjustment as additional information is obtained about the facts and circumstances that existed as of the acquisition date.

Long-term debt (Tables)

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

Our long-term debt is summarized below (in thousands):


	June 30, 2024			Dec. 31, 2023

Unsecured notes bearing fixed rate interest at 4.75% due March 2026	$	550,000		$	550,000
Unsecured notes bearing fixed rate interest at 7.75% due June 2027		200,000			200,000
Unsecured notes bearing fixed rate interest at 7.25% due September 2027		240,000			240,000
Unsecured notes bearing fixed rate interest at 4.625% due March 2028		1,000,000			1,000,000
Unsecured notes bearing fixed rate interest at 5.00% due September 2029		1,100,000			1,100,000
Total principal long-term debt		3,090,000			3,090,000
Deferred financing costs		(19,805	)		(22,226	)
Unamortized premiums and discounts, net		4,397			5,027
Total long-term debt	$	3,074,592		$	3,072,801

Earnings per share - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Net Income	$ 82,029	$ 200,093	$ 271,291	$ 304,097
Net loss attributable to the noncontrolling interest	115	12	413	311
Adjustment of redeemable noncontrolling interest to redemption value	(496)	(364)	(1,156)	(999)
Earnings available to common shareholders, basic	81,648	199,741	270,548	303,409
Earnings available to common shareholders, diluted	$ 81,648	$ 199,741	$ 270,548	$ 303,409
Weighted average number of common shares outstanding - basic (in shares)	169,512	217,830	173,668	221,168
Effect of dilutive securities:
Weighted average number of common shares outstanding - diluted (in shares)	169,880	217,979	174,158	221,391
Net income per share - basic (in dollars per share)	$ 0.48	$ 0.92	$ 1.56	$ 1.37
Net income per share - diluted (in dollars per share)	$ 0.48	$ 0.92	$ 1.55	$ 1.37
Restricted stock units
Effect of dilutive securities:
Effect of dilutive securities (in shares)	250	64	344	126
Performance shares
Effect of dilutive securities:
Effect of dilutive securities (in shares)	118	85	146	97

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net Income	$ 82,029	$ 200,093	$ 271,291	$ 304,097
Recognition of previously deferred post-retirement benefit plan costs	1,495	1,327	2,995	2,777
Income tax effect related to components of other comprehensive income	(385)	(339)	(774)	(711)
Other comprehensive income, net of tax	1,110	988	2,221	2,066
Comprehensive income	83,139	201,081	273,512	306,163
Comprehensive loss attributable to redeemable noncontrolling interest	115	12	413	311
Comprehensive income attributable to TEGNA Inc.	$ 83,254	$ 201,093	$ 273,925	$ 306,474

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+ Details

Investments and other assets - Narrative (Details) - USD ($) $ in Millions		3 Months Ended
	Jan. 25, 2024	Mar. 31, 2024
Debt Securities, Available-for-sale [Line Items]
Capitalization of fees paid to lenders	$ 6.4
Reclassification of fees under previous credit facility agreement	$ 1.1
Broadcast Music Inc
Debt Securities, Available-for-sale [Line Items]
Proceeds from sale of equity method investment		$ 152.9
Pre-tax gain on sale of equity method investment		$ 152.9

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Earnings per share - Narrative (Details) - shares shares in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024
RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Diluted earnings per share amounts exclude the effects of stock awards	400	500

CONSOLIDATED STATEMENTS OF EQUITY AND REDEEMABLE NONCONTROLLING INTEREST (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Stockholders' Equity [Abstract]
Dividends declared per share (in dollars per share)	$ 0.125	$ 0.095	$ 0.23875	$ 0.19

Other matters

6 Months Ended

Jun. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Other matters

NOTE 10 – Other matters

Litigation

Antitrust matters

In the third quarter of 2018, certain national media outlets reported the existence of a confidential investigation by the United States Department of Justice Antitrust Division (DOJ) into the local television advertising sales practices of station owners. We received a Civil Investigative Demand (CID) in connection with the DOJ’s investigation. On November 13 and December 13, 2018, the DOJ and seven other broadcasters settled a DOJ complaint alleging the exchange of certain competitively sensitive information in the broadcast television industry. In June 2019, we and four other broadcasters entered into a substantially identical agreement with DOJ, which was entered by the court on December 3, 2019. The settlement contains no finding of wrongdoing or liability and carries no penalty. It prohibits us and the other settling entities from sharing certain confidential business information as alleged by the DOJ, or using such information pertaining to other broadcasters, except under limited circumstances. The settlement also requires the settling parties to make certain enhancements to their antitrust compliance programs, to continue to cooperate with the DOJ’s investigation, and to permit DOJ to verify compliance. The costs of compliance have not been material, nor do we expect future compliance costs to be material.

Since the national media reports, numerous putative class action lawsuits were filed against owners of television stations (the Advertising Cases) in different jurisdictions. Plaintiffs are a class consisting of all persons and entities in the United States who paid for all or a portion of advertisement time on local television provided by the defendants. The Advertising Cases assert antitrust and other claims and seek monetary damages, attorneys’ fees, costs and interest, as well as injunctions against the allegedly wrongful conduct.

These cases were consolidated into a single proceeding in the United States District Court for the Northern District of Illinois, captioned In re: Local TV Advertising Antitrust Litigation on October 3, 2018. At the court’s direction, plaintiffs filed an amended complaint on April 3, 2019, that superseded the original complaints. Although we were named as a defendant in sixteen of the original complaints, the amended complaint did not name TEGNA as a defendant. After TEGNA and four other broadcasters entered into the consent decrees with the DOJ in June 2019, the plaintiffs sought leave from the court to further amend the complaint to add TEGNA and the other settling broadcasters to the proceeding. The court granted the plaintiffs’ motion, and the plaintiffs filed the second amended complaint on September 9, 2019. On October 8, 2019, the defendants jointly filed a motion to dismiss the matter. On November 6, 2020, the court denied the motion to dismiss. On March 16, 2022, the plaintiffs filed a third amended complaint, which, among other things, added ShareBuilders, Inc., as a named defendant. ShareBuilders filed a motion to dismiss on April 15, 2022, which was granted by the court without prejudice on August 29, 2022. TEGNA has filed its answer to the third amended complaint denying any violation of law and asserting various affirmative defenses.

On May 26, 2023, plaintiffs moved for preliminary approval of settlements with four co-defendants – CBS Corp (n/k/a Paramount Global), Fox Corp., certain Cox entities (including Cox Media Group, LLC, Cox Enterprises, Inc., CMG Media Corporation and Cox Reps, Inc.) and ShareBuilders, Inc. Although ShareBuilders prevailed on its motion to dismiss the case, as noted above, because the court had dismissed the claims without prejudice, ShareBuilders entered into a zero-dollar settlement with the plaintiffs in order to ensure that the plaintiffs do not re-file the claims in the future. In exchange for a release of plaintiffs’ claims against them, the settling defendants, among other things, collectively agreed to pay $48 million, while expressly denying any liability or wrongdoing. The court approved the settlements in December 2023.

Discovery in the Advertising Cases is ongoing. We believe that the claims asserted in the Advertising Cases are without merit and intend to defend vigorously against them.

Other litigation matters

We, along with a number of our subsidiaries, also are defendants in other judicial and administrative proceedings involving matters incidental to our business. We do not believe that any material liability will be imposed as a result of any of the foregoing matters.

Related Party Transactions

We have an equity investment in MadHive, Inc. (MadHive) which is a related party of TEGNA. We also have commercial agreements with MadHive, under which MadHive supports our Premion business in acquiring over-the-top advertising inventory and delivering corresponding advertising impressions. In the second quarter and first six months of 2024, we incurred expenses of $23.0 million and $37.3 million, respectively, as a result of the commercial agreement with MadHive. In the second quarter and first six months of 2023, we incurred expenses of $24.0 million and $49.1 million, respectively, as a result of the commercial agreements with MadHive. As of June 30, 2024, and December 31, 2023, we had accounts payable and accrued liabilities associated with the MadHive commercial agreements of $7.8 million and $5.4 million, respectively.

CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2024

Jun. 30, 2023

Jun. 30, 2024

Jun. 30, 2023

Income Statement [Abstract]

Revenues

$ 710,363

$ 731,506

$ 1,424,615

$ 1,471,833

Operating expenses:

Cost of revenues

^[1]

432,044

430,528

862,611

857,460

Business units - Selling, general and administrative expenses

94,938

97,231

197,198

196,340

Corporate - General and administrative expenses

12,685

26,506

27,483

38,606

Depreciation

15,173

14,987

29,483

30,036

Amortization of intangible assets

13,663

13,296

27,323

26,878

Asset impairment and other

3,359

1,097

3,359

Merger termination fee

(136,000)

Total

568,503

449,907

1,145,195

1,016,679

Operating income

141,860

281,599

279,420

455,154

Non-operating (expense) income:

Interest expense

(41,748)

(42,797)

(84,116)

(85,703)

Interest income

5,873

8,536

11,446

16,109

Other non-operating items, net

(2,749)

(3,038)

147,009

(5,437)

Total

(38,624)

(37,299)

74,339

(75,031)

Income before income taxes

103,236

244,300

353,759

380,123

Provision for income taxes

21,207

44,207

82,468

76,026

Net Income

82,029

200,093

271,291

304,097

Net loss attributable to redeemable noncontrolling interest

115

413

311

Net income attributable to TEGNA Inc.

$ 82,144

$ 200,105

$ 271,704

$ 304,408

Earnings per share:

Basic (in dollars per share)

$ 0.48

$ 0.92

$ 1.56

$ 1.37

Diluted (in dollars per share)

$ 0.48

$ 0.92

$ 1.55

$ 1.37

Weighted average number of common shares outstanding:

Basic shares (in shares)

169,512

217,830

173,668

221,168

Diluted shares (in shares)

169,880

217,979

174,158

221,391

[1]	Cost of revenues exclude charges for depreciation and amortization expense, which are shown separately.

Retirement plans - Narrative (Details) - USD ($)	6 Months Ended
Retirement plans - Narrative (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023
TRP
Defined Benefit Plan Disclosure [Line Items]
Total net pension obligations	$ 73,700,000
Cash contributions	1,000,000	$ 0
Expected additional cash payments	2,800,000
TRP \| Accrued Liabilities
Defined Benefit Plan Disclosure [Line Items]
Total net pension obligations	5,800,000
SERP
Defined Benefit Plan Disclosure [Line Items]
Cash contributions	1,900,000	$ 1,900,000
Additional cash payments	$ 3,000,000

Accumulated other comprehensive loss

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Accumulated other comprehensive loss

NOTE 6 – Accumulated other comprehensive loss

The following table summarizes the components of, and the changes in, Accumulated Other Comprehensive Loss (AOCL), net of tax (in thousands):


	Retirement Plans			Foreign Currency		Total
Quarters ended:
Balance as of Mar. 31, 2024	$	(119,031	)	$	532	$	(118,499	)
Amounts reclassified from AOCL		1,110			—		1,110
Total other comprehensive income		1,110			—		1,110
Balance as of June 30, 2024	$	(117,921	)	$	532	$	(117,389	)

Balance as of Mar. 31, 2023	$	(124,987	)	$	532	$	(124,455	)
Amounts reclassified from AOCL		988			—		988
Total other comprehensive income		988			—		988
Balance as of June 30, 2023	$	(123,999	)	$	532	$	(123,467	)

Six Months Ended:
Balance as of Dec. 31, 2023	$	(120,142	)	$	532	$	(119,610	)
Amounts reclassified from AOCL		2,221			—		2,221
Total other comprehensive income		2,221			—		2,221
Balance as of June 30, 2024	$	(117,921	)	$	532	$	(117,389	)


Balance as of Dec. 31, 2022	$	(126,065	)	$	532	$	(125,533	)
Amounts reclassified from AOCL		2,066			—		2,066
Total other comprehensive income		2,066			—		2,066
Balance as of June 30, 2023	$	(123,999	)	$	532	$	(123,467	)

Reclassifications from AOCL to the Consolidated Statements of Income are comprised of pension and other post-retirement components. Pension and other post-retirement reclassifications are related to the amortization of prior service costs and actuarial losses. Amounts reclassified out of AOCL are summarized below (in thousands):


	Quarters ended June 30,						Six months ended June 30,
	2024			2023			2024			2023

Amortization of prior service cost (credit), net	$	20		$	(107	)	$	45		$	(232	)
Amortization of actuarial loss		1,475			1,434			2,950			3,009
Total reclassifications, before tax		1,495			1,327			2,995			2,777
Income tax effect		(385	)		(339	)		(774	)		(711	)
Total reclassifications, net of tax	$	1,110		$	988		$	2,221		$	2,066

Share repurchase program

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Share repurchase program

NOTE 9 – Share repurchase program

On June 2, 2023, we entered into our first accelerated share repurchase program (the first ASR) with JPMorgan Chase Bank, National Association (JPMorgan). Under the terms of the first ASR, we repurchased $300 million in TEGNA common stock from JPMorgan, with an initial delivery of approximately 15.2 million shares received on June 6, 2023, representing 80% ($240 million) of the value of the first ASR contract. The first ASR program was completed during the third quarter of 2023 at which time JPMorgan delivered an additional 3.1 million shares to us. The final share settlement was based on the average daily volume-weighted average price of TEGNA shares during the term of the first ASR program, less a discount, less the previously delivered 15.2 million shares.

On November 9, 2023, we entered into a second accelerated share repurchase (the second ASR) program with JPMorgan. Under the terms of the second ASR, we repurchased $325 million in TEGNA common stock from JPMorgan, with an initial delivery of approximately 17.3 million shares received on November 13, 2023, representing 80% ($260 million) of the value of the second ASR contract. The second ASR program was completed on February 22, 2024, shortly after which date JPMorgan delivered an additional 4.0 million shares to us. The final share settlement was based on the average daily volume-weighted average price of TEGNA shares during the term of the second ASR program, less a discount, less the previously delivered 17.3 million shares.

In December 2023, our Board of Directors authorized a new share repurchase program for up to $650.0 million of our common stock, which was in addition to the second ASR program. This new share repurchase program expires on December 31, 2025. In the second quarter of 2024, 5.1 million shares were repurchased under this program at an average share price of $14.05 for an aggregate cost of $71.3 million. In the first six months of 2024, 10.9 million shares were repurchased under this program at an average share price of $14.29 for an aggregate cost of $155.8 million. Of the shares repurchased in 2024, $1.1 million had not yet been paid for as of the end of the second quarter.

During the first six months of 2024, we returned $195.6 million of capital to shareholders with $154.7 million of share repurchases, representing 10.8 million shares, and paid $40.9 million in dividends.

Our capital allocation plan is subject to a variety of factors, including our strategic plans, market and economic conditions and the discretion of our Board of Directors.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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+ Details

Goodwill and other intangible assets - Narrative (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Indefinite-Lived Intangible Assets [Line Items]
Decrease in accumulated amortization	$ 47,400
Decrease in gross intangible assets	47,400
Goodwill	3,015,973	$ 2,981,587
Octillion Media
Indefinite-Lived Intangible Assets [Line Items]
Indefinite lived intangible assets	56,000
Payment of purchase price	52,800
Adjustment for working capital and maximum earnout	14,000
Intangible assets related to acquired technology and customer relationships	34,400
Goodwill	$ 34,400

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

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+ Details

Accumulated other comprehensive loss (Tables)

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Loss

The following table summarizes the components of, and the changes in, Accumulated Other Comprehensive Loss (AOCL), net of tax (in thousands):


	Retirement Plans			Foreign Currency		Total
Quarters ended:
Balance as of Mar. 31, 2024	$	(119,031	)	$	532	$	(118,499	)
Amounts reclassified from AOCL		1,110			—		1,110
Total other comprehensive income		1,110			—		1,110
Balance as of June 30, 2024	$	(117,921	)	$	532	$	(117,389	)

Balance as of Mar. 31, 2023	$	(124,987	)	$	532	$	(124,455	)
Amounts reclassified from AOCL		988			—		988
Total other comprehensive income		988			—		988
Balance as of June 30, 2023	$	(123,999	)	$	532	$	(123,467	)

Six Months Ended:
Balance as of Dec. 31, 2023	$	(120,142	)	$	532	$	(119,610	)
Amounts reclassified from AOCL		2,221			—		2,221
Total other comprehensive income		2,221			—		2,221
Balance as of June 30, 2024	$	(117,921	)	$	532	$	(117,389	)


Balance as of Dec. 31, 2022	$	(126,065	)	$	532	$	(125,533	)
Amounts reclassified from AOCL		2,066			—		2,066
Total other comprehensive income		2,066			—		2,066
Balance as of June 30, 2023	$	(123,999	)	$	532	$	(123,467	)

Schedule of Reclassification out of Accumulated Other Comprehensive Loss

Amounts reclassified out of AOCL are summarized below (in thousands):


	Quarters ended June 30,						Six months ended June 30,
	2024			2023			2024			2023

Amortization of prior service cost (credit), net	$	20		$	(107	)	$	45		$	(232	)
Amortization of actuarial loss		1,475			1,434			2,950			3,009
Total reclassifications, before tax		1,495			1,327			2,995			2,777
Income tax effect		(385	)		(339	)		(774	)		(711	)
Total reclassifications, net of tax	$	1,110		$	988		$	2,221		$	2,066

Other matters (Details)			1 Months Ended		3 Months Ended		6 Months Ended
Other matters (Details)	May 26, 2023 USD ($) Preliminaryapproval	Oct. 03, 2018 Defendant	Jun. 30, 2019 Defendant	Dec. 13, 2018 Defendant	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Business Acquisition [Line Items]
Corporate - General and administrative expenses					$ 12,685,000	$ 26,506,000	$ 27,483,000	$ 38,606,000
Equity And Debt Investment \| Related Party
Business Acquisition [Line Items]
Cost of revenues					23,000,000	$ 24,000,000	37,300,000	$ 49,100,000
Accounts payable					$ 7,800,000		$ 7,800,000		$ 5,400,000
Clay, Massey & Associates, P.C. v. Gray Television
Business Acquisition [Line Items]
Number of other broadcasters settling DOJ complaint (defendant) \| Defendant		16	4
Number of co defendants \| Preliminaryapproval	4
Settlement amount	$ 0
Loss contingency, damages sought, value	$ 48,000,000
Loss contigency, settlement agreement date, approved by court							Dec. 31, 2023
Settled Litigation
Business Acquisition [Line Items]
Number of other broadcasters settling DOJ complaint (defendant) \| Defendant			4	7

Accumulated other comprehensive loss - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Increase (Decrease) in Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning Balance			$ 2,704,872
Beginning balance	$ 2,797,889	$ 3,151,265	2,704,872	$ 3,071,722
Amounts reclassified from AOCL	1,110	988	2,221	2,066
Other comprehensive income, net of tax	1,110	988	2,221	2,066
Ending balance	2,801,100	2,904,158	2,801,100	2,904,158
Ending Balance	2,801,100		2,801,100
Total
Increase (Decrease) in Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning Balance	(118,499)	(124,455)	(119,610)	(125,533)
Beginning balance	(118,499)	(124,455)	(119,610)	(125,533)
Amounts reclassified from AOCL	1,110	988	2,221	2,066
Other comprehensive income, net of tax	1,110	988	2,221	2,066
Ending balance	(117,389)	(123,467)	(117,389)	(123,467)
Ending Balance	(117,389)	(123,467)	(117,389)	(123,467)
Retirement Plans
Increase (Decrease) in Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(119,031)	(124,987)	(120,142)	(126,065)
Amounts reclassified from AOCL	1,110	988	2,221	2,066
Other comprehensive income, net of tax	1,110	988	2,221	2,066
Ending balance	(117,921)	(123,999)	(117,921)	(123,999)
Foreign Currency
Increase (Decrease) in Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning Balance	532	532	532	532
Amounts reclassified from AOCL
Other comprehensive income, net of tax
Ending Balance	$ 532	$ 532	$ 532	$ 532

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

+ Details

- Definition

Amount after tax of reclassification adjustments of other comprehensive income (loss).

+ References + Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

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-Paragraph 3
-Subparagraph (SX 210.6-09(7))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 42: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 43: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 44: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 45: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 46: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481231/810-10-45-15

Reference 47: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 16
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481231/810-10-45-16

Reference 48: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4I
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481175/810-10-55-4I

Reference 49: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476166/350-60-65-1

+ Details

Earnings per share (Tables)

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

Our earnings per share (basic and diluted) are presented below (in thousands, except per share amounts):


	Quarters ended June 30,						Six months ended June 30,
	2024			2023			2024			2023

Net income	$	82,029		$	200,093		$	271,291		$	304,097
Net loss attributable to the noncontrolling interest		115			12			413			311
Adjustment of redeemable noncontrolling interest to redemption value		(496	)		(364	)		(1,156	)		(999	)
Earnings available to common shareholders	$	81,648		$	199,741		$	270,548		$	303,409

Weighted average number of common shares outstanding - basic		169,512			217,830			173,668			221,168
Effect of dilutive securities:
Restricted stock units		250			64			344			126
Performance share awards		118			85			146			97
Weighted average number of common shares outstanding - diluted		169,880			217,979			174,158			221,391

Net income per share - basic	$	0.48		$	0.92		$	1.56		$	1.37
Net income per share - diluted	$	0.48		$	0.92		$	1.55		$	1.37

Goodwill and other intangible assets - Intangible Assets and Goodwill (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Indefinite-lived Intangible Assets [Line Items]
Goodwill	$ 3,015,973	$ 2,981,587
Accumulated Amortization	(269,827)	(289,949)
Total indefinite-lived and amortizable intangible assets	2,605,876	2,618,921
Retransmission agreements
Indefinite-lived Intangible Assets [Line Items]
Gross	101,423	113,621
Accumulated Amortization	(92,951)	(95,619)
Network affiliation agreements
Indefinite-lived Intangible Assets [Line Items]
Gross	275,524	309,502
Accumulated Amortization	(121,623)	(144,834)
Other
Indefinite-lived Intangible Assets [Line Items]
Gross	104,198	71,067
Accumulated Amortization	(55,253)	(49,496)
Television and radio station FCC broadcast licenses
Indefinite-lived Intangible Assets [Line Items]
Television and radio station FCC broadcast licenses	$ 2,124,731	$ 2,124,731

Long-term debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total principal long-term debt	$ 3,090,000	$ 3,090,000
Deferred financing costs	(19,805)	(22,226)
Unamortized premiums and discounts, net	4,397	5,027
Total long-term debt	$ 3,074,592	$ 3,072,801
Unsecured notes bearing fixed rate interest at 4.75% due March 2026 \| Senior Notes
Debt Instrument [Line Items]
Stated interest rate (as a percent)	4.75%	4.75%
Total principal long-term debt	$ 550,000	$ 550,000
Unsecured notes bearing fixed rate interest at 7.75% due June 2027 \| Senior Notes
Debt Instrument [Line Items]
Stated interest rate (as a percent)	7.75%	7.75%
Total principal long-term debt	$ 200,000	$ 200,000
Unsecured notes bearing fixed rate interest at 7.25% due September 2027 \| Senior Notes
Debt Instrument [Line Items]
Stated interest rate (as a percent)	7.25%	7.25%
Total principal long-term debt	$ 240,000	$ 240,000
Unsecured notes bearing fixed rate interest at 4.625% due March 2028 \| Senior Notes
Debt Instrument [Line Items]
Stated interest rate (as a percent)	4.625%	4.625%
Total principal long-term debt	$ 1,000,000	$ 1,000,000
Unsecured notes bearing fixed rate interest at 5.00% due September 2029 \| Senior Notes
Debt Instrument [Line Items]
Stated interest rate (as a percent)	5.00%	5.00%
Total principal long-term debt	$ 1,100,000	$ 1,100,000

Basis of presentation and accounting policies - Narrative (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($) Station Market Segment RadioStation	Dec. 31, 2023 USD ($)
Disaggregation of Revenue [Line Items]
Number of operating segments	1
Number of reportable segments	1
Number of television stations \| Station	64
Number of radio stations \| RadioStation	2
Number of markets in which entity operates \| Market	51
Allowance for doubtful accounts receivable \| $	$ 4,170	$ 2,845

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Investments and other assets (Tables)

6 Months Ended

Jun. 30, 2024

Investments, All Other Investments [Abstract]

Schedule of Other Assets

Our investments and other assets consisted of the following as of June 30, 2024 and December 31, 2023 (in thousands):


	June 30, 2024		Dec. 31, 2023

Cash value life insurance	$	51,644	$	50,865
Equity method investments		16,904		16,195
Other equity investments		20,972		19,526
Deferred financing costs		6,898		—
Prepaid assets		7,973		9,878
Other long-term assets		20,225		17,057
Total	$	124,616	$	113,521

Retirement plans (Tables)

6 Months Ended

Jun. 30, 2024

Retirement Benefits [Abstract]

Schedule of Pension Costs (Income)

Pension costs (income), which primarily include costs for the qualified TRP and the non-qualified TEGNA Supplemental Retirement Plan (SERP), are presented in the following table (in thousands):


	Quarters ended June 30,						Six months ended June 30,
	2024			2023			2024			2023

Interest cost on benefit obligation	$	5,697		$	6,116		$	11,372		$	12,266
Expected return on plan assets		(5,533	)		(5,245	)		(11,033	)		(10,470	)
Amortization of prior service cost (credit)		20			(107	)		45			(232	)
Amortization of actuarial loss		1,475			1,434			2,950			3,009
Expense for company-sponsored retirement plans	$	1,659		$	2,198		$	3,334		$	4,573

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net Income	$ 271,291	$ 304,097
Adjustments to reconcile net income to net cash flow from operating activities:
Depreciation and amortization	56,806	56,914
Employee stock-based compensation expenses	20,070	8,845
Company stock 401(k) match contributions	10,216	10,226
Gain on investment sales	(153,626)	0
Equity loss in unconsolidated investments, net	604	520
Merger termination fee	0	(136,000)
Pension expense, net of employer contributions	436	2,655
Change in operating assets and liabilities, net of acquisitions:
Decrease in trade receivables	19,830	64,356
(Decrease) increase in accounts payable	(35,820)	2,576
Increase in interest and taxes payable	33,194	1,100
Increase in deferred revenue	50	861
Changes in other assets and liabilities, net	2,108	(8,665)
Net cash flow from operating activities	225,159	307,485
Cash flows from investing activities:
Purchase of property and equipment	(20,883)	(14,491)
Payments for acquisitions of businesses and assets, net of cash acquired	(52,799)	(1,150)
Payments for investments	(9,789)	(328)
Proceeds from investments	155,037	23
Proceeds from sale of assets	64	39
Net cash flow provided by (used for) investing activities	71,630	(15,907)
Cash flows from financing activities:
Repurchase of common stock	(154,699)	(300,000)
Dividends paid	(40,914)	(40,489)
Payments for financing costs	(6,448)	0
Other, net	(10,035)	(13,397)
Net cash flow used for financing activities	(212,096)	(353,886)
Increase (decrease) in cash and cash equivalents	84,693	(62,308)
Balance of cash and cash equivalents at beginning of period	361,036	551,681
Balance of cash and cash equivalents at end of period	445,729	489,373
Supplemental cash flow information:
Cash paid for income taxes, net of refunds	48,091	74,372
Cash paid for interest	$ 82,619	$ 83,058

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Allowance for doubtful accounts receivable	$ 4,170	$ 2,845
Accumulated amortization	$ 269,827	$ 289,949
Common stock, per value (in dollars per share)	$ 1	$ 1
Common stock, authorized shares (in shares)	800,000,000	800,000,000
Common stock, issued shares (in shares)	324,418,632	324,418,632
Treasury stock, shares (in shares)	157,538,421	144,502,338

Basis of presentation and accounting policies (Policies)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation: Our (or TEGNA’s) accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial reporting, the instructions for Form 10-Q and Article 10 of the U.S. Securities and Exchange Commission (SEC) Regulation S-X. Accordingly, they do not include all information and footnotes which are normally included in the Form 10-K and annual report to shareholders. In our opinion, the condensed consolidated financial statements reflect all adjustments of a normal recurring nature necessary for a fair statement of the results for the interim periods presented. The condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2023.
Use of estimates	The preparation of these condensed consolidated financial statements requires us to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. We use the best information available in developing significant estimates inherent in our financial statements. Actual results could differ from these estimates, and these differences resulting from changes in facts and circumstances could be material. Significant estimates include, but are not limited to, evaluation of goodwill and other intangible assets for impairment, allocation of purchase price to assets and liabilities in business combinations, fair value measurements, post-retirement benefit plans, income taxes including deferred taxes, and contingencies.
Consolidation	The condensed consolidated financial statements include the accounts of subsidiaries we control. We eliminate all intercompany balances, transactions, and profits in consolidation. Investments in entities over which we have significant influence, but do not have control, are accounted for under the equity method. Our share of net earnings and losses from these ventures were previously included in “Equity loss in unconsolidated investments, net” in the Consolidated Statements of Income, however beginning in the first quarter of 2024 such amounts are now included in “Other non-operating items, net”. Additionally, we now present interest income separately within the Non-operating income (expense) section of our Consolidated Statements of Income. We have recast the prior year amounts to conform to these new presentations.
Segment presentation	We operate one operating and reportable segment, which primarily consists of our 64 television stations and two radio stations operating in 51 markets, providing high-quality television programming and digital content. Our reportable segment determination is based on our management and internal reporting structure, the nature of products and services we offer, and the financial information that is evaluated regularly by our chief operating decision maker.
Accounting guidance adopted in 2024 and New accounting guidance not yet adopted	Accounting guidance adopted in 2024: We did not adopt any new accounting guidance in 2024 that had a material impact on our condensed consolidated financial statements or disclosures. New accounting guidance not yet adopted: In November 2023, the Financial Accounting Standards Board (FASB) issued new guidance that changes required disclosures related to segment reporting. The guidance will require entities to disclose on a quarterly and annual basis the significant segment expense items that are regularly provided to the entity’s chief operating decision maker (CODM). Entities will also be required to disclose the title and position of their CODM. The new guidance is effective for us beginning in 2024 on an annual basis and the first quarter of 2025 on a quarterly basis, and is to be applied on a retrospective basis. Early adoption of the guidance is permitted. We are currently evaluating the effect this new guidance will have on our disclosures. In December 2023, the FASB issued new guidance that changes certain disclosures related to income taxes. The guidance requires entities to disclose additional quantitative and qualitative information about the reconciliation between their statutory and effective tax rates. Specifically, the guidance requires disaggregation of the reconciling items using standardized categories. This guidance also requires additional disclosure of income taxes paid to now include disaggregation on a federal, state and foreign basis and to specifically include the amount of income taxes paid to individual jurisdictions when they represent five percent or more of total income tax payments. The new guidance is effective for us beginning in 2025 annual reporting and may be applied on either a prospective or retrospective basis. Early adoption of the guidance is permitted. We are currently evaluating the effect this new guidance will have on our disclosures.
Trade receivables and allowances for doubtful accounts	Trade receivables and allowances for doubtful accounts: Trade receivables are recorded at invoiced amounts and generally do not bear interest. The allowance for doubtful accounts reflects our estimate of credit exposure, determined principally on the basis of our collection experience, aging of our receivables and any specific reserves needed for certain customers based on their credit risk. Our allowance also takes into account expected future trends which may impact our customers’ ability to pay, such as economic growth (or declines), unemployment and demand for our products and services. We monitor the credit quality of our customers and their ability to pay through the use of analytics and communication with individual customers.
Redeemable Noncontrolling interest	Redeemable Noncontrolling interest: Our Premion business operates an advertising network for over-the-top (OTT) streaming and connected television platforms. In March 2020, we sold a minority interest in Premion to an affiliate of Gray Television (Gray) and entered into a commercial reselling agreement with the affiliate. Gray’s investment allows it to sell its interest to Premion if there is a change in control of TEGNA or if the commercial agreement terminates. Since redemption of the minority ownership interest is outside our control, Gray’s equity interest is presented outside of the Equity section on the Condensed Consolidated Balance Sheets in the caption “Redeemable noncontrolling interest.” When the redemption or carrying value (the acquisition date fair value adjusted for the noncontrolling interest’s share of net income (loss) and dividends) is less than the recorded redemption value, we adjust the redeemable noncontrolling interest to equal the redemption value with changes recognized as an adjustment to retained earnings. Any such adjustment, when necessary, will be performed as of the applicable balance sheet date.
Treasury Stock	Treasury Stock: We account for treasury stock under the cost method. When treasury stock is re-issued at a price higher than its cost, the difference is recorded as a component of additional paid-in-capital (APIC) in our Condensed Consolidated Balance Sheets. When treasury stock is re-issued at a price lower than its cost, the difference is recorded as a component of APIC to the extent that there are previously recorded gains to offset the losses. If there are no accumulated gains in APIC, the losses upon re-issuance of treasury stock are recorded as a reduction of retained earnings in our Condensed Consolidated Balance Sheets.
Revenue recognition	Revenue recognition: Revenue is recognized upon the transfer of control of promised services to our customers in an amount that reflects the consideration we expect to receive in exchange for those services. Revenue is recognized net of any taxes collected from customers, which are subsequently remitted to governmental authorities. Amounts received from customers in advance of providing services to our customers are recorded as deferred revenue. The primary sources of our revenues are: 1) subscription revenues, reflecting fees paid by satellite, cable, OTT (companies that deliver video content to consumers over the Internet) and telecommunications providers to carry our television signals on their systems; 2) advertising & marketing services revenues, which include local and national non-political television advertising, digital marketing services (including Premion), advertising on the stations’ websites, tablet and mobile products, and OTT apps; 3) political advertising revenues, which are driven by even-year election cycles at the local and national level (e.g. 2022, 2024, etc.) and particularly in the second half of those years; and 4) other services, such as production of programming, tower rentals and distribution of our local news content.

Earnings per share

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Earnings per share

NOTE 7 – Earnings per share

Our earnings per share (basic and diluted) are presented below (in thousands, except per share amounts):


	Quarters ended June 30,						Six months ended June 30,
	2024			2023			2024			2023

Net income	$	82,029		$	200,093		$	271,291		$	304,097
Net loss attributable to the noncontrolling interest		115			12			413			311
Adjustment of redeemable noncontrolling interest to redemption value		(496	)		(364	)		(1,156	)		(999	)
Earnings available to common shareholders	$	81,648		$	199,741		$	270,548		$	303,409

Weighted average number of common shares outstanding - basic		169,512			217,830			173,668			221,168
Effect of dilutive securities:
Restricted stock units		250			64			344			126
Performance share awards		118			85			146			97
Weighted average number of common shares outstanding - diluted		169,880			217,979			174,158			221,391

Net income per share - basic	$	0.48		$	0.92		$	1.56		$	1.37
Net income per share - diluted	$	0.48		$	0.92		$	1.55		$	1.37

Our calculation of diluted earnings per share includes the dilutive effects for the assumed vesting of outstanding restricted stock units and performance share awards. The diluted earnings per share amounts exclude the effects of approximately 400 thousand and 500 thousand stock awards for the three and six months ended June 30, 2024, respectively, as their inclusion would be accretive to earnings per share.

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 445,729	$ 361,036
Accounts receivable, net of allowances of $4,170 and $2,845, respectively	605,226	624,445
Other receivables	10,812	9,299
Syndicated programming rights	10,969	31,530
Prepaid expenses and other current assets	26,277	24,008
Total current assets	1,099,013	1,050,318
Property and equipment
Cost	1,079,620	1,078,209
Less accumulated depreciation	(634,024)	(626,029)
Net property and equipment	445,596	452,180
Intangible and other assets
Goodwill	3,015,973	2,981,587
Indefinite-lived and amortizable intangible assets, less accumulated amortization of $269,827 and $289,949, respectively	2,336,049	2,328,972
Right-of-use assets for operating leases	68,084	73,479
Investments and other assets	124,616	113,521
Total intangible and other assets	5,544,722	5,497,559
Total assets	7,089,331	7,000,057
Current liabilities
Accounts payable	79,130	114,950
Accrued liabilities
Compensation	43,869	54,929
Interest	43,977	45,144
Contracts payable for programming rights	121,629	119,562
Other	93,394	82,782
Income taxes payable	43,778	6,005
Total current liabilities	425,777	423,372
Noncurrent liabilities
Deferred income tax liability	577,334	578,219
Long-term debt	3,074,592	3,072,801
Pension liabilities	67,885	70,483
Operating lease liabilities	68,050	73,733
Other noncurrent liabilities	55,038	57,765
Total noncurrent liabilities	3,842,899	3,853,001
Total liabilities	4,268,676	4,276,373
Commitments and contingent liabilities (see Note 10)
Redeemable noncontrolling interest (see Note 1)	19,555	18,812
Shareholders' equity
Common stock of $1 per value per share, 800,000,000 shares authorized, 324,418,632 shares issued	324,419	324,419
Additional paid-in capital	27,941	27,941
Retained earnings	8,281,037	8,091,245
Accumulated other comprehensive loss	(117,389)	(119,610)
Less treasury stock at cost, 157,538,421 shares and 144,502,338 shares, respectively	(5,714,908)	(5,619,123)
Total equity	2,801,100	2,704,872
Total liabilities, redeemable noncontrolling interest and equity	$ 7,089,331	$ 7,000,057

Long-term debt

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Long-term debt

NOTE 4 – Long-term debt

Our long-term debt is summarized below (in thousands):


	June 30, 2024			Dec. 31, 2023

Unsecured notes bearing fixed rate interest at 4.75% due March 2026	$	550,000		$	550,000
Unsecured notes bearing fixed rate interest at 7.75% due June 2027		200,000			200,000
Unsecured notes bearing fixed rate interest at 7.25% due September 2027		240,000			240,000
Unsecured notes bearing fixed rate interest at 4.625% due March 2028		1,000,000			1,000,000
Unsecured notes bearing fixed rate interest at 5.00% due September 2029		1,100,000			1,100,000
Total principal long-term debt		3,090,000			3,090,000
Deferred financing costs		(19,805	)		(22,226	)
Unamortized premiums and discounts, net		4,397			5,027
Total long-term debt	$	3,074,592		$	3,072,801

On January 25, 2024, we entered into an amendment to our revolving credit facility (the Credit Agreement). Among other things, the amendment amends the Credit Agreement to:

•

Reduce the Five-Year Commitments (as defined in the Credit Agreement) from $1.51 billion to $750 million;

•

Extend the term of such Five-Year Commitments from August 15, 2024 to January 25, 2029, subject to a 91-day springing maturity date if debt in excess of $300 million (subject to certain exceptions) were to mature before such date;

•

Add the right to obtain a temporary 0.5x step-up in the Total Leverage Ratio (as defined in the Credit Agreement) after consummating a Qualified Acquisition (as defined in the Credit Agreement);

•

Increase the amount of Unrestricted Cash (as defined in the Credit Agreement) to $600 million;

•

Amend the definition of Consolidated EBITDA to include an add-back for certain professional fees and expenses; and

•

Establish a $50 million swingline facility.

Under the amended Credit Agreement, the Company’s maximum Total Leverage Ratio (as defined in the Credit Agreement) will remain unchanged at 4.50x.

As of June 30, 2024, cash and cash equivalents totaled $445.7 million and we had $12.7 million of letters of credit outstanding and unused borrowing capacity of $737.3 million under our $750 million revolving credit facility, which expires in January 2029. We were in compliance with all covenants, including the leverage ratio (our one financial covenant) contained in our debt agreements and revolving credit facility. We believe, based on our current financial forecasts and trends, that we will remain compliant with all covenants for the foreseeable future.

Basis of presentation and accounting policies

6 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

Basis of presentation and accounting policies

NOTE 1 – Basis of presentation and accounting policies

Basis of presentation: Our (or TEGNA’s) accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial reporting, the instructions for Form 10-Q and Article 10 of the U.S. Securities and Exchange Commission (SEC) Regulation S-X. Accordingly, they do not include all information and footnotes which are normally included in the Form 10-K and annual report to shareholders. In our opinion, the condensed consolidated financial statements reflect all adjustments of a normal recurring nature necessary for a fair statement of the results for the interim periods presented. The condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2023.

The preparation of these condensed consolidated financial statements requires us to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. We use the best information available in developing significant estimates inherent in our financial statements. Actual results could differ from these estimates, and these differences resulting from changes in facts and circumstances could be material. Significant estimates include, but are not limited to, evaluation of goodwill and other intangible assets for impairment, allocation of purchase price to assets and liabilities in business combinations, fair value measurements, post-retirement benefit plans, income taxes including deferred taxes, and contingencies. The condensed consolidated financial statements include the accounts of subsidiaries we control. We eliminate all intercompany balances, transactions, and profits in consolidation. Investments in entities over which we have significant influence, but do not have control, are accounted for under the equity method. Our share of net earnings and losses from these ventures were previously included in “Equity loss in unconsolidated investments, net” in the Consolidated Statements of Income, however beginning in the first quarter of 2024 such amounts are now included in “Other non-operating items, net”. Additionally, we now present interest income separately within the Non-operating income (expense) section of our Consolidated Statements of Income. We have recast the prior year amounts to conform to these new presentations.

We operate one operating and reportable segment, which primarily consists of our 64 television stations and two radio stations operating in 51 markets, providing high-quality television programming and digital content. Our reportable segment determination is based on our management and internal reporting structure, the nature of products and services we offer, and the financial information that is evaluated regularly by our chief operating decision maker.

Accounting guidance adopted in 2024: We did not adopt any new accounting guidance in 2024 that had a material impact on our condensed consolidated financial statements or disclosures.

New accounting guidance not yet adopted: In November 2023, the Financial Accounting Standards Board (FASB) issued new guidance that changes required disclosures related to segment reporting. The guidance will require entities to disclose on a quarterly and annual basis the significant segment expense items that are regularly provided to the entity’s chief operating decision maker (CODM). Entities will also be required to disclose the title and position of their CODM. The new guidance is effective for us beginning in 2024 on an annual basis and the first quarter of 2025 on a quarterly basis, and is to be applied on a retrospective basis. Early adoption of the guidance is permitted. We are currently evaluating the effect this new guidance will have on our disclosures.

In December 2023, the FASB issued new guidance that changes certain disclosures related to income taxes. The guidance requires entities to disclose additional quantitative and qualitative information about the reconciliation between their statutory and effective tax rates. Specifically, the guidance requires disaggregation of the reconciling items using standardized categories. This guidance also requires additional disclosure of income taxes paid to now include disaggregation on a federal, state and foreign basis and to specifically include the amount of income taxes paid to individual jurisdictions when they represent five percent or more of total income tax payments. The new guidance is effective for us beginning in 2025 annual reporting and may be applied on either a prospective or retrospective basis. Early adoption of the guidance is permitted. We are currently evaluating the effect this new guidance will have on our disclosures.

Trade receivables and allowances for doubtful accounts: Trade receivables are recorded at invoiced amounts and generally do not bear interest. The allowance for doubtful accounts reflects our estimate of credit exposure, determined principally on the basis of our collection experience, aging of our receivables and any specific reserves needed for certain customers based on their credit risk. Our allowance also takes into account expected future trends which may impact our customers’ ability to pay, such as economic growth (or declines), unemployment and demand for our products and services. We monitor the credit quality of our customers and their ability to pay through the use of analytics and communication with individual customers. As of June 30, 2024, our allowance for doubtful accounts was $4.2 million as compared to $2.8 million as of December 31, 2023.

Redeemable Noncontrolling interest: Our Premion business operates an advertising network for over-the-top (OTT) streaming and connected television platforms. In March 2020, we sold a minority interest in Premion to an affiliate of Gray Television (Gray) and entered into a commercial reselling agreement with the affiliate. Gray’s investment allows it to sell its interest to Premion if there is a change in control of TEGNA or if the commercial agreement terminates. Since redemption of the minority ownership interest is outside our control, Gray’s equity interest is presented outside of the Equity section on the Condensed Consolidated Balance Sheets in the caption “Redeemable noncontrolling interest.” When the redemption or carrying value (the acquisition date fair value adjusted for the noncontrolling interest’s share of net income (loss) and dividends) is less than the recorded redemption value, we adjust the redeemable noncontrolling interest to equal the redemption value with changes recognized as an adjustment to retained earnings. Any such adjustment, when necessary, will be performed as of the applicable balance sheet date.

Treasury Stock: We account for treasury stock under the cost method. When treasury stock is re-issued at a price higher than its cost, the difference is recorded as a component of additional paid-in-capital (APIC) in our Condensed Consolidated Balance Sheets. When treasury stock is re-issued at a price lower than its cost, the difference is recorded as a component of APIC to the extent that there are previously recorded gains to offset the losses. If there are no accumulated gains in APIC, the losses upon re-issuance of treasury stock are recorded as a reduction of retained earnings in our Condensed Consolidated Balance Sheets.

Revenue recognition: Revenue is recognized upon the transfer of control of promised services to our customers in an amount that reflects the consideration we expect to receive in exchange for those services. Revenue is recognized net of any taxes collected from customers, which are subsequently remitted to governmental authorities. Amounts received from customers in advance of providing services to our customers are recorded as deferred revenue.

The primary sources of our revenues are: 1) subscription revenues, reflecting fees paid by satellite, cable, OTT (companies that deliver video content to consumers over the Internet) and telecommunications providers to carry our television signals on their systems; 2) advertising & marketing services revenues, which include local and national non-political television advertising, digital marketing services (including Premion), advertising on the stations’ websites, tablet and mobile products, and OTT apps; 3) political advertising revenues, which are driven by even-year election cycles at the local and national level (e.g. 2022, 2024, etc.) and particularly in the second half of those years; and 4) other services, such as production of programming, tower rentals and distribution of our local news content.

Revenue earned by these sources in the second quarter and first six months of 2024 and 2023 are shown below (amounts in thousands):


	Quarters ended June 30,				Six months ended June 30,
	2024		2023		2024		2023

Subscription	$	367,025	$	396,126	$	742,349	$	810,406
Advertising & Marketing Services		300,977		317,726		599,669		625,571
Political		31,643		5,991		59,471		11,282
Other		10,718		11,663		23,126		24,574
Total revenues	$	710,363	$	731,506	$	1,424,615	$	1,471,833

Goodwill and other intangible assets (Tables)

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets and Goodwill

The following table displays goodwill, indefinite-lived intangible assets, and amortizable intangible assets as of June 30, 2024 and December 31, 2023 (in thousands):


	June 30, 2024					Dec. 31, 2023
	Gross		Accumulated Amortization			Gross		Accumulated Amortization

Goodwill	$	3,015,973	$	-		$	2,981,587	$	-

Indefinite-lived intangibles:
Television and radio station FCC broadcast licenses		2,124,731					2,124,731
Amortizable intangible assets:
Retransmission agreements		101,423		(92,951	)		113,621		(95,619	)
Network affiliation agreements		275,524		(121,623	)		309,502		(144,834	)
Other		104,198		(55,253	)		71,067		(49,496	)
Total indefinite-lived and amortizable intangible assets	$	2,605,876	$	(269,827	)	$	2,618,921	$	(289,949	)

CONSOLIDATED STATEMENTS OF EQUITY AND REDEEMABLE NONCONTROLLING INTEREST - USD ($) $ in Thousands	Total	Common stock	Additional paid-in capital	Retained earnings	Accumulated other comprehensive loss	Treasury stock
Beginning balance at Dec. 31, 2022	$ 17,418
Redeemable noncontrolling interest
Net (loss) income	(311)
Adjustment of redeemable noncontrolling interest to redemption value	999
Ending balance at Jun. 30, 2023	18,106
Beginning balance at Dec. 31, 2022	3,071,722	$ 324,419	$ 27,941	$ 7,898,055	$ (125,533)	$ (5,053,160)
Total Equity
Net (loss) income	304,408			304,408
Other comprehensive income, net of tax	2,066				2,066
Comprehensive income attributable to TEGNA Inc.	306,474
Dividends declared	(40,489)			(40,489)
Company stock 401(k) match contributions	10,226		(1,536)	(27,188)		38,950
Stock-based awards activity	(13,397)		(3,609)	(88,695)		78,907
Employee stock-based compensation expenses	8,845		8,845
Repurchase of common stock	(438,744)		(4,220)	(55,780)		(378,744)
Adjustment of redeemable noncontrolling interest to redemption value	(999)			(999)
Other activity	520		520
Ending balance at Jun. 30, 2023	2,904,158	324,419	27,941	7,989,312	(123,467)	(5,314,047)
Beginning balance at Mar. 31, 2023	17,754
Redeemable noncontrolling interest
Net (loss) income	(12)
Adjustment of redeemable noncontrolling interest to redemption value	364
Ending balance at Jun. 30, 2023	18,106
Beginning balance at Mar. 31, 2023	3,151,265	324,419	27,941	7,879,619	(124,455)	(4,956,259)
Total Equity
Net (loss) income	200,105			200,105
Other comprehensive income, net of tax	988				988
Comprehensive income attributable to TEGNA Inc.	201,093
Dividends declared	(19,130)			(19,130)
Company stock 401(k) match contributions	4,662		(961)	(12,697)		18,320
Stock-based awards activity	11		(184)	(2,441)		2,636
Employee stock-based compensation expenses	5,157		5,157
Repurchase of common stock	(438,744)		(4,220)	(55,780)		(378,744)
Adjustment of redeemable noncontrolling interest to redemption value	(364)			(364)
Other activity	208		208
Ending balance at Jun. 30, 2023	2,904,158	324,419	27,941	7,989,312	(123,467)	(5,314,047)
Beginning balance at Dec. 31, 2023	18,812
Redeemable noncontrolling interest
Net (loss) income	(413)
Adjustment of redeemable noncontrolling interest to redemption value	1,156
Ending balance at Jun. 30, 2024	19,555
Beginning balance at Dec. 31, 2023	2,704,872	324,419	27,941	8,091,245	(119,610)	(5,619,123)
Total Equity
Net (loss) income	271,704			271,704
Other comprehensive income, net of tax	2,221				2,221
Comprehensive income attributable to TEGNA Inc.	273,925
Dividends declared	(40,914)			(40,914)
Company stock 401(k) match contributions	10,216		(19,704)	(15,165)		45,085
Stock-based awards activity	(10,035)		(59,128)	(24,677)		73,770
Employee stock-based compensation expenses	20,070		20,070
Repurchase of common stock	(156,611)		58,029			(214,640)
Adjustment of redeemable noncontrolling interest to redemption value	(1,156)			(1,156)
Other activity	733		733
Ending balance at Jun. 30, 2024	2,801,100	324,419	27,941	8,281,037	(117,389)	(5,714,908)
Beginning balance at Mar. 31, 2024	19,174
Redeemable noncontrolling interest
Net (loss) income	(115)
Adjustment of redeemable noncontrolling interest to redemption value	496
Ending balance at Jun. 30, 2024	19,555
Beginning balance at Mar. 31, 2024	2,797,889	324,419	27,941	8,248,066	(118,499)	(5,684,038)
Total Equity
Net (loss) income	82,144			82,144
Other comprehensive income, net of tax	1,110				1,110
Comprehensive income attributable to TEGNA Inc.	83,254
Dividends declared	(21,016)			(21,016)
Company stock 401(k) match contributions	4,787		(4,172)	(12,446)		21,405
Stock-based awards activity	(1,898)		(5,099)	(15,215)		18,416
Employee stock-based compensation expenses	8,938		8,938
Repurchase of common stock	(70,691)					(70,691)
Adjustment of redeemable noncontrolling interest to redemption value	(496)			(496)
Other activity	333		333
Ending balance at Jun. 30, 2024	$ 2,801,100	$ 324,419	$ 27,941	$ 8,281,037	$ (117,389)	$ (5,714,908)

Investments and other assets - Components of Investments and Other Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Investments, All Other Investments [Abstract]
Cash value life insurance	$ 51,644	$ 50,865
Equity method investments	16,904	16,195
Other equity investments	20,972	19,526
Deferred financing costs	6,898	0
Prepaid assets	7,973	9,878
Other long-term assets	20,225	17,057
Total	$ 124,616	$ 113,521

- Definition

This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.

+ References + Details

Basis of presentation and accounting policies (Tables)

6 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

Schedule of Disaggregation of Revenue

Revenue earned by these sources in the second quarter and first six months of 2024 and 2023 are shown below (amounts in thousands):


	Quarters ended June 30,				Six months ended June 30,
	2024		2023		2024		2023

Subscription	$	367,025	$	396,126	$	742,349	$	810,406
Advertising & Marketing Services		300,977		317,726		599,669		625,571
Political		31,643		5,991		59,471		11,282
Other		10,718		11,663		23,126		24,574
Total revenues	$	710,363	$	731,506	$	1,424,615	$	1,471,833

Accumulated other comprehensive loss - Reclassifications out of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total reclassifications, before tax	$ 1,495	$ 1,327	$ 2,995	$ 2,777
Income tax effect	(385)	(339)	(774)	(711)
Total reclassifications, net of tax	1,110	988	2,221	2,066
Amortization of prior service cost (credit), net
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total reclassifications, before tax	20	(107)	45	(232)
Amortization of actuarial loss
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total reclassifications, before tax	$ 1,475	$ 1,434	$ 2,950	$ 3,009

- Definition

Amount after tax of reclassification adjustments of other comprehensive income (loss).

+ References + Details

Retirement plans - Benefit Costs (Income) (Details) - TRP - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Defined Benefit Plan Disclosure [Line Items]
Interest cost on benefit obligation	$ 5,697	$ 6,116	$ 11,372	$ 12,266
Expected return on plan assets	(5,533)	(5,245)	(11,033)	(10,470)
Amortization of prior service cost (credit)	20	(107)	45	(232)
Amortization of actuarial loss	1,475	1,434	2,950	3,009
Expense for company-sponsored retirement plans	$ 1,659	$ 2,198	$ 3,334	$ 4,573

Long-term debt - Narrative (Details)		6 Months Ended
Long-term debt - Narrative (Details)	Jan. 25, 2024 USD ($)	Jun. 30, 2024 USD ($) Covenant	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Cash and cash equivalents		$ 445,729,000	$ 361,036,000
Number of covenants \| Covenant		1
Line of Credit \| Bridge Loan
Debt Instrument [Line Items]
Maximum borrowing capacity under credit facility	$ 50,000,000
Amended and Restated Competitive Advance and Revolving Credit Agreement \| Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Unused borrowing capacity		$ 737,300,000
Maximum borrowing capacity under credit facility	$ 750,000,000	$ 750,000,000	$ 1,510,000,000
Debt instrument, term	5 years
Leverage ratio, step-up	0.5
Restricted cash amount requirement	$ 600,000,000
Debt instrument covenant consolidated leverage ratio	4.5
Line of credit facility, expiration date		Jan. 31, 2029
Amended and Restated Competitive Advance and Revolving Credit Agreement \| Line of Credit \| Letter of Credit
Debt Instrument [Line Items]
Current borrowing capacity under credit facility		$ 12,700,000
Springing maturity, term	91 days
Springing maturity threshold	$ 300,000,000