TEGNA (TGNA) Extends NBC Affiliation With Latest Agreement
TEGNA TGNA is keeping no stone unturned to expand its partner base. The company recently announced the renewal of the broadcast station affiliation agreement with Comcast’s CMCSA subsidiary network, National Broadcasting Company (NBC).
TEGNA is the largest independent owner of NBC-affiliated stations. The company has an extensive record of providing premium network content to local communities around the United States through its long-term affiliation with NBC.
The multi-year agreement renews station affiliation agreements for 20 TEGNA markets, which cover nearly 17% of the total number of U.S. TV households.
The agreement aims to allow TEGNA to continue providing consumers and advertisers with premium network content such as TODAY, Sunday Night Football, NBC Nightly News with Lester Holt, The Voice, The Tonight Show Starring Jimmy Fallon, and the Summer and Winter Olympic Games alongside local news, weather, and sports updates.
The agreement also includes renewals for some other TEGNA-owned NBC affiliates, WXIA in Atlanta, GA, KPNX/KNAZ in Phoenix, AZ, KING in Seattle, WA, KARE in Minneapolis, MN, KUSA in Denver, CO, WKYC in Cleveland, OH, KGW in Portland, OR and others.
TEGNA Inc. Price and Consensus
TEGNA Inc. price-consensus-chart | TEGNA Inc. Quote
TEGNA’s Strong Partner Base Aids Growth Prospects
This Zacks Rank #3 (Hold) company is riding on a strong partner base to continuously provide innovative content for its customers through different platforms like Roku, Amazon Fire TV, Apple TV, and others. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The company has several network partnerships with major broadcast television networks like CBS, ABC, and FOX.
Recently, TEGNA renewed a multiyear deal with Disney’s DIS flagship network, American Broadcasting Company (ABC).
The agreement with Disney's ABC network renews affiliations in 13 markets across the United States, accounting for approximately 9% of all TV households in the country. The partnership combines ABC's popular entertainment sports and news program with TEGNA’s local stations and large audiences.
TEGNA’s partnership deal with Gray Television GTN is noteworthy. Gray Television partnered with TEGNA to serve as a reseller of TEGNA’s over-the-top (OTT) advertising business, Premion’s services across its113 television markets.
In the ever-evolving advertising industry, TEGNA is continuously investing in developing new ways of connecting with local audiences and enhancing its digital capabilities. The rising competition in the advertisement space from cable companies like Comcast and Charter, as well as Internet platforms, including Google, Facebook, and YouTube, has also boosted TEGNA’s will to attract larger audiences by providing innovative premium content.
In the past three months, TEGNA’s shares have returned 9.9% compared with the Zacks Consumer Discretionary sector’s 14.8% rise.
The Zacks Consensus Estimate for TEGNA’s revenues for 2023 is pegged at $2.95 billion, indicating a decrease of 10.1% year over year. The decline can be attributed to the absence of high-margin political revenues from mid-term elections and an increase in programming expenses.
The consensus mark for earnings has declined by a penny over the past 30 days to 51 cents per share.
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