Tegna Revenue Drops

Tegna reported their 3rd quarter earnings, and the company says that revenue dropped 11%.

The company reported total revenue of $713 million, down 11% year-over-year.

Dave Lougee, president-CEO, said: “Tegna is operating from a position of strength within the broadcast industry, and we are seeing positive momentum across our organization. Our management team and board are laser focused on generating shareholder value and building a track record of disciplined capital allocation as Tegna advances its strategy as a standalone company. We are pleased with our initial actions to return cash accumulated during the pendency of the merger process by retiring a significant amount of shares. Our balance sheet affords us the unique opportunity to pursue organic growth and bolt-on M&A opportunities while also offering shareholders our recently increased dividend, as well as share repurchases. We fully expect 2024 will be another strong year driven by our favorable portfolio of stations in key markets benefiting from a robust presidential election cycle, the Summer Olympic Games, and the Super Bowl.

Imagine how much better they could do if they got rid of all the levels of managers at their stations.