TEGNA's Q4 2024: Contradictions in Advertising, Premion Growth, and Expense Management

These are the key contradictions discussed in TEGNA's latest 2024 Q4 earnings call, specifically including: Advertising Performance, Premion Growth, and Expenses Outlook:



Revenue Growth and Political Advertising:
- TEGNA reported total company revenue of $871 million for Q4 2024, up 20% year-over-year.
- The growth was primarily driven by strong political advertising revenue, which generated $373 million for the full year 2024, nearly matching the 2020 results despite having fewer competitive Senate races.

Digital Revenue and Strategic Focus:
- TEGNA's owned and operated digital products saw a year-over-year increase in revenue, offsetting a slight decline in Premion revenue.
- The company is focused on growing digital revenue by deepening engagement with its digital audience through strategic investments in digital product development.

Operational Cost Reduction and Efficiency:
- TEGNA achieved approximately $50 million in annualized savings by the end of 2024, representing around 50% of its goal to generate $90 million to $100 million in core non-programming annualized savings as it exits 2025.
- This was driven by resource sharing, technology deployment, and scrutinizing every dollar spent, contributing to cost-cutting initiatives.

Regulatory Environment and M&A Opportunities:
- Mike Steib highlighted the evolving regulatory landscape and the potential for deregulation, stating that TEGNA is positioned to be part of any value-creating opportunities.
- The company is focused on disciplined capital allocation and remains open to both buying and selling opportunities if they align with shareholder value.