TEGNA's (TGNA) KENS Collaborates With Spurs to Air 11 Games
TEGNA’s TGNA KENS has collaborated with the official television station for the San Antonio Spurs to exclusively broadcast 11 Spurs games in the 2023-2024 season.
These games will be accessible to more than 1 million San Antonio households on various platforms like KENS 5 TV, the KENS 5 streaming app and the official Spurs mobile app, and through partnerships with cable, satellite and streaming services offering live TV programming.
KENS 5 will commence its coverage of Spurs games with the match against the Los Angeles Clippers on Nov 20. Notable games, to be broadcasted on KENS, are one of the annual I-35 Series games in Austin, where the Spurs will face the defending NBA Champion Denver Nuggets at the Moody Center on Mar 15, 2024.
Nate Ryan, the evening sports anchor at KENS, will provide halftime commentary for certain Spurs games. Additionally, KENS will present specials during the early and mid-season, focusing on the Spurs. Furthermore, for specific games, this broadcasting platform will air the Spurs' pregame show from 7:00 to 7:30 p.m. Central Time. This is expected to boost revenue subscriptions in the upcoming quarters.
The Zacks Consensus Estimate for TGNA’s 2023 revenue subscriptions is pegged at $1.56 billion, indicating a year-over-year increase of 6.48%. The consensus mark for earnings is pegged at $1.71 per share, indicating a year-over-year decline of 39.58%.
TEGNA Inc. Price and Consensus
TEGNA Inc. price-consensus-chart | TEGNA Inc. Quote
TGNA Faces Tough Competition in the TV & Radio Broadcasting Market
The TV and Radio Broadcasting market involves sending audio or video signals via radio waves to a receiver, enabling people to access information and entertainment on a global scale. Through these mediums, individuals can tune in to news, sports, music, talk shows and various content.
According to a Report Linker report, the global TV and Radio Broadcasting market has reached $431.1 billion in 2023 from $407.41 billion in 2022 at a compound annual growth rate (CAGR) of 5.8%. It is expected to reach $523.64 billion by 2027 at a CAGR of 5%.
The market's expansion is driven by the growing desire for audio-visual content, higher disposable incomes and technological progress. Regarding the category, the TV broadcasting sector is expected to be the primary market driver in the forecast period due to its extensive use in both commercial and residential contexts.
Shares of this Zacks Rank #3 (Hold) company have decreased 32.8% year to date against the Zacks Consumer Discretionary sector’s rise of 5.8% due to stiff competition in the market from Comcast CMCSA, DISH Network DISH and AT&T T.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Comcast Corporation, established and based in Philadelphia, stands as the most significant multinational telecommunications and media conglomerate in the United States. It is also a prolific creator of feature films for theatres, television programming for both traditional broadcast and cable, and operates theme parks.
DISH Network Corporation is an American television service provider that possesses the direct-broadcast satellite service known as Dish Network and the over-the-top IPTV service called Sling TV. DISH offers an extensive range of high-definition programming at the local, regional and national levels. In addition, DISH provides Latino and international programming packages that enable subscribers to choose from a selection of over 300 channels presented in more than 20 languages.
Headquartered in Dallas, TX, AT&T ranks as the second-largest wireless service provider in North America and is a prominent global communications service provider. AT&T, through its subsidiary and affiliate network, provides a diverse array of communication and business solutions, encompassing wireless services, local and long-distance phone services, data and broadband, Internet access, video streaming, managed networking, wholesale offerings and cloud-based services.
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