reports
- Blair Levin
Court Blocks NXST/TGNA Deal
The District Court has granted the States’ Attorneys Generals request for a Temporary Restraining Order (TRO) that in effect requires NXST to operate the assets it just purchased from TGNA as a separate entity, pending further proceedings. In this note, we address the implications of the ruling for investors in the broadcast and adjacent sectors.
Nexstar Media Group Inc : 11 directors
Eleven Directors at Nexstar Media Group Inc sold after exercising options/sold 15,993 shares at between 218.532USD and 226.000USD. The significance rating of the trade was 72/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary tra...
- Blair Levin
NXST/TGNA Closes while States, DTV, and Others Sue
In rapid order late last week, states and DirecTV sued to block the NXST/TGNA deal, NXST made commitments to the FCC, the FCC Media Bureau and DOJ approved the deal, the deal closed and a coalition petitioned the FCC (and soon the courts) to overturn the order. In this note we describe the actions, discuss what’s next, note how the events of last week shifted the risks from TGNA shareholders to NXST shareholders, and describe what those risks are.
- Blair Levin
NXST/TGNA Update: At the FCC, Utilizing the ‘No Courts’ Doctrine, Whil...
The FCC will likely approve the NXST/TGNA deal even though the deal violates the current FCC ownership rules. In this note, we describe how the FCC will likely do so, how it fits into FCC Chair’s strategy to wall off decisions from legal reviews, and how it creates some risk for the merged company several years from now. We also discuss the reports that States are preparing to act to block the deal.
TEGNA Inc. Reports Fourth Quarter and Full-Year 2025 Results
TEGNA Inc. Reports Fourth Quarter and Full-Year 2025 Results Achieves or exceeds all previously announced full-year 2025 guidance metrics On track to complete proposed acquisition by Nexstar Media Group by the second half of 2026, subject to regulatory approvals and customary closing conditions MCLEAN, Va., March 02, 2026 (GLOBE NEWSWIRE) -- TEGNA Inc. (NYSE: TGNA) today announced financial results for the fourth quarter and full-year 2025, ended December 31, 2025. FOURTH QUARTER FINANCIAL HIGHLIGHTS:All Year-Over-Year Comparisons Unless Otherwise Noted: Total company revenue was down...
TEGNA Announces Quarterly Dividend
TEGNA Announces Quarterly Dividend TYSONS, Va., Feb. 26, 2026 (GLOBE NEWSWIRE) -- TEGNA Inc.’s (NYSE: TGNA) Board of Directors declared a regular quarterly dividend of 12.5 cents per share, payable on April 1, 2026, to shareholders of record as of the close of business on March 10, 2026. About TEGNATEGNA Inc. (NYSE: TGNA) helps people thrive in their local communities by providing the trusted local news and services that matter most. With 64 television stations in 51 U.S. markets, TEGNA reaches more than 100 million people monthly across the web, mobile apps, connected TVs, and linear te...
- Blair Levin
Trump Backs NXST/TXGA, Clearing Way for Broader Broadcast Consolidatio...
Despite having previously criticized broadcast consolidation (in the context of CMSCA and DIS) and skepticism of NXST, President Trump endorsed NXST being able to acquire TGNA. In this note we discuss the implications for that transaction and broader media trends.
TEGNA Station WXIA Wins Prestigious 2026 Alfred I. duPont-Columbia Awa...
TEGNA Station WXIA Wins Prestigious 2026 Alfred I. duPont-Columbia Award for Groundbreaking Investigation, ‘Help that Harms’ TYSONS, Va., Jan. 29, 2026 (GLOBE NEWSWIRE) -- TEGNA Inc. (NYSE: TGNA) today announced that WXIA (11Alive), the local news and technology company’s NBC affiliate in Atlanta, has received a 2026 Alfred I. duPont‑Columbia University Award, which honors excellence in broadcast, online and documentary journalism. The station won for “,” a groundbreaking investigation exposing how families across Georgia were swept into devastating child abuse allegations when bringing i...
TEGNA Expands Local News Offering with First-of-Its-Kind Mobile App De...
TEGNA Expands Local News Offering with First-of-Its-Kind Mobile App Delivering Thousands of Original Mobile Videos Daily from Trusted Local Reporters & Weather Teams Launch markets show 10x increase in video consumption Powered by TEGNA’s 24/7 story-first newsrooms, the new mobile app provides real-time access to the most important local stories as they unfold TYSONS, Va., Jan. 28, 2026 (GLOBE NEWSWIRE) -- TEGNA, Inc. (NYSE: TGNA), a leading local news and technology company, announced today the launch of new mobile apps across 50 markets – delivering up-to-the-minute coverage of news ...
- Blair Levin
NXST/TGNA: How will Trump’s New Posts and the WBD Battle Affect the De...
Recently, President Trump posted something the market perceived as negative news for the NXST/TGNA deal, sending both stocks down. We published a note in which we laid out why we believed that the risk to the deal has risen but still thought the odds favored approval. Some have challenged our view, and Trump subsequently directly criticized Nexstar’s news programming. In addition, the battle about WBD media consolidation have dominated headlines. In this note, we address how Trump’s most rece...
TEGNA Announces Quarterly Dividend
TEGNA Announces Quarterly Dividend TYSONS, Va., Nov. 18, 2025 (GLOBE NEWSWIRE) -- TEGNA Inc.’s (NYSE: TGNA) Board of Directors declared a regular quarterly dividend of 12.5 cents per share, payable on January 2, 2026, to shareholders of record as of the close of business on December 5, 2025. About TEGNA TEGNA Inc. (NYSE: TGNA) helps people thrive in their local communities by providing the trusted local news and services that matter most. With 64 television stations in 51 U.S. markets, TEGNA reaches more than 100 million people monthly across the web, mobile apps, connected TVs, and lin...
TEGNA Shareholders Approve Merger Agreement with Nexstar Media Group
TEGNA Shareholders Approve Merger Agreement with Nexstar Media Group TYSONS, Va., Nov. 18, 2025 (GLOBE NEWSWIRE) -- TEGNA Inc. (NYSE: TGNA) announced that at a special meeting of shareholders held earlier today, its shareholders voted to adopt the Agreement and Plan of Merger, dated as of August 18, 2025 (the “Merger Agreement”), pursuant to which TEGNA will be acquired by Nexstar Media Group, Inc. (“Nexstar”). According to the preliminary results announced at the special meeting, subject to certification by the independent Inspector of Election, approximately 98% of the total shares of ...
TEGNA Inc. Reports Third Quarter 2025 Results
TEGNA Inc. Reports Third Quarter 2025 Results As previously announced on August 19, 2025, TEGNA Inc. and Nexstar Media Group entered into a definitive agreement, under which Nexstar will acquire all outstanding shares of TEGNA for $22.00 per share in a cash transaction valued at $6.2 billion Proposed transaction is expected to close by the second half of 2026, subject to customary closing conditions including TEGNA shareholder and regulatory approvals TYSONS, Va., Nov. 10, 2025 (GLOBE NEWSWIRE) -- TEGNA Inc. (NYSE: TGNA) today announced financial results for the third quarter ended Sept...
- Blair Levin
Will Newsmax Be Able to Kill the Nexstar/Tegna Deal?
Press reports indicate that Chris Ruddy, the CEO of Newsmax and close friend of the President, is leading a charge on Capitol Hill to kill the Nexstar-Tegna deal. In this note, we analyze the impact of that opposition on the prospects for government approval of the transaction.
- Blair Levin
- Blair Levin
Implications of Nexstar and Sinclair Capitulation on Media Policy
Nexstar and Sinclair both capitulated to ABC in that they agreed to run the Kimmel show without ABC or Kimmel apologizing or in other ways acceding to demands that Sinclair had made. In this note, we summarize the key lessons for investors from the last week as we head into a historic shift in broadcast ownership, a shift whose implications will filter throughout the media ecosystem.
- Blair Levin
Winners and Losers (in Capital Markets) in the Kimmel Saga
Now that Kimmel is back on the air, is the saga of his suspension over from a capital markets perspective? We think not. In this note, we outline what we think will be the effect as the media sector wrestles with technological, market, and policy changes, as well as who we think the winners and losers will be in the dynamics that emerge from the twists and turns of the last week.
Altitude Sports Extends Partnership with TEGNA Stations 9NEWS, My20 fo...
Altitude Sports Extends Partnership with TEGNA Stations 9NEWS, My20 for Second Consecutive Year, Bringing 20 Nuggets Games, 20 Avalanche Games Free to Denver Fans Altitude+ Continues to Offer Locally Broadcast Games DENVER and TYSONS, Va., Sept. 22, 2025 (GLOBE NEWSWIRE) -- Kroenke Sports & Entertainment (KSE) today announced the extension of its successful agreement with TEGNA (NYSE: TGNA) to broadcast 20 Denver Nuggets games and 20 Colorado Avalanche games for free over-the-air on Denver’s 9NEWS (KUSA-TV) and My20 (KTVD-TV). “We couldn’t be more excited to bring this fan-first partne...
- Blair Levin
Will FCC Revoke ABC Licenses?
In an interview, FCC Brendan Carr said ABC could lose its broadcast license due to comments Jimmy Kimmel made about Charlie Kirk. Shortly thereafter, ABC announced that it was suspending Kimmel “indefinitely,” and Trump also suggested license revocation was justified. In this note, we review the issues involved with and probabilities of the FCC successfully revoking ABC licenses or otherwise taking further action against ABC.
TEGNA Announces Quarterly Dividend
TEGNA Announces Quarterly Dividend TYSONS, Va., Aug. 26, 2025 (GLOBE NEWSWIRE) -- TEGNA Inc.’s (NYSE: TGNA) Board of Directors declared a regular quarterly dividend of 12.5 cents per share, payable on October 1, 2025, to stockholders of record as of the close of business on September 5, 2025. About TEGNA TEGNA Inc. (NYSE: TGNA) helps people thrive in their local communities by providing the trusted local news and services that matter most. With 64 television stations in 51 U.S. markets, TEGNA reaches more than 100 million people monthly across the web, mobile apps, connected TVs, and li...
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