Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2024 | Apr. 30, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
Document Transition Report | false | |
Entity File Number | 1-6961 | |
Entity Registrant Name | TEGNA INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 16-0442930 | |
Entity Address, Address Line One | 8350 Broad Street, Suite 2000 | |
Entity Address, City or Town | Tysons | |
Entity Address, State or Province | VA | |
Entity Address, Postal Zip Code | 22102-5151 | |
City Area Code | (703) | |
Local Phone Number | 873-6600 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | TGNA | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock Shares Outstanding | 169,605,246 | |
Entity Central Index Key | 0000039899 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | --12-31 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Current assets | ||
Cash and cash equivalents | $ 430,764 | $ 361,036 |
Accounts receivable, net of allowances of $2,535 and $2,845, respectively | 604,537 | 624,445 |
Other receivables | 11,023 | 9,299 |
Syndicated programming rights | 21,281 | 31,530 |
Prepaid expenses and other current assets | 28,386 | 24,008 |
Total current assets | 1,095,991 | 1,050,318 |
Property and equipment | ||
Cost | 1,082,848 | 1,078,209 |
Less accumulated depreciation | (640,149) | (626,029) |
Net property and equipment | 442,699 | 452,180 |
Intangible and other assets | ||
Goodwill | 3,015,973 | 2,981,587 |
Indefinite-lived and amortizable intangible assets, less accumulated amortization of $257,433 and $289,949, respectively | 2,349,712 | 2,328,972 |
Right-of-use assets for operating leases | 70,897 | 73,479 |
Investments and other assets | 129,388 | 113,521 |
Total intangible and other assets | 5,565,970 | 5,497,559 |
Total assets | 7,104,660 | 7,000,057 |
Current liabilities | ||
Accounts payable | 80,001 | 114,950 |
Accrued liabilities | ||
Compensation | 48,271 | 54,929 |
Interest | 11,891 | 45,144 |
Contracts payable for programming rights | 130,298 | 119,562 |
Other | 97,064 | 82,782 |
Income taxes payable | 66,453 | 6,005 |
Total current liabilities | 433,978 | 423,372 |
Noncurrent liabilities | ||
Deferred income tax liability | 578,244 | 578,219 |
Long-term debt | 3,073,692 | 3,072,801 |
Pension liabilities | 69,706 | 70,483 |
Operating lease liabilities | 70,937 | 73,733 |
Other noncurrent liabilities | 61,040 | 57,765 |
Total noncurrent liabilities | 3,853,619 | 3,853,001 |
Total liabilities | 4,287,597 | 4,276,373 |
Commitments and contingent liabilities (see Note 10) | ||
Redeemable noncontrolling interest (see Note 1) | 19,174 | 18,812 |
Shareholders' equity | ||
Common stock of $1 per value per share, 800,000,000 shares authorized, 324,418,632 shares issued | 324,419 | 324,419 |
Additional paid-in capital | 27,941 | 27,941 |
Retained earnings | 8,248,066 | 8,091,245 |
Accumulated other comprehensive loss | (118,499) | (119,610) |
Less treasury stock at cost, 153,095,072 shares and 144,502,338 shares, respectively | (5,684,038) | (5,619,123) |
Total equity | 2,797,889 | 2,704,872 |
Total liabilities, redeemable noncontrolling interest and equity | $ 7,104,660 | $ 7,000,057 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts receivable | $ 2,535 | $ 2,845 |
Accumulated amortization | $ 257,433 | $ 289,949 |
Common stock, per value (in dollars per share) | $ 1 | $ 1 |
Common stock, authorized shares (in shares) | 800,000,000 | 800,000,000 |
Common stock, issued shares (in shares) | 324,418,632 | 324,418,632 |
Treasury stock, shares (in shares) | 153,095,072 | 144,502,338 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
Income Statement [Abstract] | |||
Revenues | $ 714,252 | $ 740,327 | |
Operating expenses: | |||
Cost of revenues | [1] | 430,567 | 426,932 |
Business units - Selling, general and administrative expenses | 102,260 | 99,109 | |
Corporate - General and administrative expenses | 14,798 | 12,100 | |
Depreciation | 14,310 | 15,049 | |
Amortization of intangible assets | 13,660 | 13,582 | |
Asset impairment and other | 1,097 | ||
Total | 576,692 | 566,772 | |
Operating income | 137,560 | 173,555 | |
Non-operating (expense) income: | |||
Interest expense | (42,368) | (42,906) | |
Interest income | 5,573 | 7,573 | |
Other non-operating items, net | 149,758 | (2,399) | |
Total | 112,963 | (37,732) | |
Income before income taxes | 250,523 | 135,823 | |
Provision for income taxes | 61,261 | 31,819 | |
Net Income | 189,262 | 104,004 | |
Net loss attributable to redeemable noncontrolling interest | 298 | 299 | |
Net income attributable to TEGNA Inc. | $ 189,560 | $ 104,303 | |
Earnings per share: | |||
Basic (in dollars per share) | $ 1.06 | $ 0.46 | |
Diluted (in dollars per share) | $ 1.06 | $ 0.46 | |
Weighted average number of common shares outstanding: | |||
Basic shares (in shares) | 177,823 | 224,544 | |
Diluted shares (in shares) | 178,437 | 224,839 | |
[1] Cost of revenues exclude charges for depreciation and amortization expense, which are shown separately. |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Comprehensive Income [Abstract] | ||
Net Income | $ 189,262 | $ 104,004 |
Recognition of previously deferred post-retirement benefit plan costs | 1,500 | 1,450 |
Income tax effect related to components of other comprehensive income | (389) | (372) |
Other comprehensive income, net of tax | 1,111 | 1,078 |
Comprehensive income | 190,373 | 105,082 |
Comprehensive loss attributable to redeemable noncontrolling interest | 298 | 299 |
Comprehensive income attributable to TEGNA Inc. | $ 190,671 | $ 105,381 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash flows from operating activities: | ||
Net Income | $ 189,262 | $ 104,004 |
Adjustments to reconcile net income to net cash flow from operating activities: | ||
Depreciation and amortization | 27,970 | 28,631 |
Employee stock-based compensation awards | 11,132 | 3,688 |
Company stock 401(k) match contributions | 5,429 | 5,564 |
Gain on investment sale | (152,867) | 0 |
Equity loss in unconsolidated investments, net | 234 | 237 |
Pension expense, net of employer contributions | 742 | 1,416 |
Change in operating assets and liabilities, net of acquisitions: | ||
Decrease in trade receivables | 22,153 | 20,615 |
(Decrease) increase in accounts payable | (34,950) | 12,100 |
Increase (decrease) in interest and taxes payable | 26,958 | (1,627) |
(Decrease) increase in deferred revenue | (533) | 1,797 |
Changes in other assets and liabilities, net | 4,850 | (6,038) |
Net cash flow from operating activities | 100,380 | 170,387 |
Cash flows from investing activities: | ||
Purchase of property and equipment | (4,911) | (2,845) |
Payments for acquisitions of businesses and assets, net of cash acquired | (52,799) | (1,150) |
Payments for investments | (8,985) | (163) |
Proceeds from investments | 152,867 | 23 |
Proceeds from sale of assets | 52 | 13 |
Net cash flow provided by (used for) investing activities | 86,224 | (4,122) |
Cash flows from financing activities: | ||
Repurchase of common stock | (82,394) | 0 |
Dividends paid | (19,898) | (21,360) |
Payments for debt issuance costs | (6,448) | 0 |
Other, net | (8,136) | (13,407) |
Net cash flow used for financing activities | (116,876) | (34,767) |
Increase in cash and cash equivalents | 69,728 | 131,498 |
Balance of cash and cash equivalents at beginning of period | 361,036 | 551,681 |
Balance of cash and cash equivalents at end of period | 430,764 | 683,179 |
Supplemental cash flow information: | ||
Cash paid for income taxes, net of refunds | 1,044 | 914 |
Cash paid for interest | $ 74,240 | $ 73,862 |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY AND REDEEMABLE NONCONTROLLING INTEREST - USD ($) $ in Thousands | Total | Common stock | Additional paid-in capital | Retained earnings | Accumulated other comprehensive loss | Treasury stock |
Beginning balance at Dec. 31, 2022 | $ 17,418 | |||||
Redeemable noncontrolling interest | ||||||
Net (loss) income | (299) | |||||
Adjustment of redeemable noncontrolling interest to redemption value | 635 | |||||
Ending balance at Mar. 31, 2023 | 17,754 | |||||
Beginning balance at Dec. 31, 2022 | 3,071,722 | $ 324,419 | $ 27,941 | $ 7,898,055 | $ (125,533) | $ (5,053,160) |
Total Equity | ||||||
Net Income (Loss) | 104,303 | 104,303 | ||||
Other comprehensive income, net of tax | 1,078 | 1,078 | ||||
Comprehensive income attributable to TEGNA Inc. | 105,381 | |||||
Dividends declared | (21,360) | (21,360) | ||||
Company stock 401(k) match contributions | 5,564 | (575) | (14,491) | 20,630 | ||
Stock-based awards activity | (13,407) | (3,425) | (86,253) | 76,271 | ||
Employee stock-based compensation awards | 3,688 | 3,688 | ||||
Adjustment of redeemable noncontrolling interest to redemption value | (635) | (635) | ||||
Other activity | 312 | 312 | ||||
Ending balance at Mar. 31, 2023 | 3,151,265 | 324,419 | 27,941 | 7,879,619 | (124,455) | (4,956,259) |
Beginning balance at Dec. 31, 2023 | 18,812 | |||||
Redeemable noncontrolling interest | ||||||
Net (loss) income | (298) | |||||
Adjustment of redeemable noncontrolling interest to redemption value | 660 | |||||
Ending balance at Mar. 31, 2024 | 19,174 | |||||
Beginning balance at Dec. 31, 2023 | 2,704,872 | 324,419 | 27,941 | 8,091,245 | (119,610) | (5,619,123) |
Total Equity | ||||||
Net Income (Loss) | 189,560 | 189,560 | ||||
Other comprehensive income, net of tax | 1,111 | 1,111 | ||||
Comprehensive income attributable to TEGNA Inc. | 190,671 | |||||
Dividends declared | (19,898) | (19,898) | ||||
Company stock 401(k) match contributions | 5,429 | (15,532) | (2,719) | 23,680 | ||
Stock-based awards activity | (8,137) | (54,029) | (9,462) | 55,354 | ||
Employee stock-based compensation awards | 11,132 | 11,132 | ||||
Repurchase of common stock | (85,920) | 58,029 | (143,949) | |||
Adjustment of redeemable noncontrolling interest to redemption value | (660) | (660) | ||||
Other activity | 400 | 400 | ||||
Ending balance at Mar. 31, 2024 | $ 2,797,889 | $ 324,419 | $ 27,941 | $ 8,248,066 | $ (118,499) | $ (5,684,038) |
CONSOLIDATED STATEMENTS OF EQ_2
CONSOLIDATED STATEMENTS OF EQUITY AND REDEEMABLE NONCONTROLLING INTEREST (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Stockholders' Equity [Abstract] | ||
Dividends declared per share (in dollars per share) | $ 0.11375 | $ 0.095 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pay vs Performance Disclosure | ||
Net Income (Loss) | $ 189,560 | $ 104,303 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 shares | |
Trading Arrangements, by Individual | |
Material Terms of Trading Arrangement | Rule 10b5-1 Trading Plans On March 7, 2024, Lynn Beall (Trelstad) , Executive Vice President and Chief Operating Officer , entered into a Rule 10b5-1 trading arrangement (as defined in Item 408 of Regulation S-K of the Exchange Act) with the intent of selling up to 75,000 shares of the Company’s common stock for diversification purposes. The plan expires upon the earlier of O ctober 31 , 2024 , or the completion of all authorized transactions under the plan. The adoption of this trading plan occurred during an open insider trading window and is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Securities Exchange Act of 1934, as amended. |
Rule 10b5-1 Arrangement Terminated | false |
Lynn Beall (Trelstad) | |
Trading Arrangements, by Individual | |
Name | Lynn Beall (Trelstad) |
Title | Executive Vice President and Chief Operating Officer |
Rule 10b5-1 Arrangement Adopted | true |
Arrangement Duration | 238 days |
Aggregate Available | 75,000 |
Basis of presentation and accou
Basis of presentation and accounting policies | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Basis of presentation and accounting policies | NOTE 1 – Basis of presentation and accounting policies Basis of presentation: Our (or TEGNA’s) accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial reporting, the instructions for Form 10-Q and Article 10 of the U.S. Securities and Exchange Commission (SEC) Regulation S-X. Accordingly, they do not include all information and footnotes which are normally included in the Form 10-K and annual report to shareholders. In our opinion, the condensed consolidated financial statements reflect all adjustments of a normal recurring nature necessary for a fair statement of the results for the interim periods presented. The condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2023 . The preparation of these condensed consolidated financial statements requires us to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. We use the best information available in developing significant estimates inherent in our financial statements. Actual results could differ from these estimates, and these differences resulting from changes in facts and circumstances could be material. Significant estimates include, but are not limited to, evaluation of goodwill and other intangible assets for impairment, allocation of purchase price to assets and liabilities in business combinations, fair value measurements, post-retirement benefit plans, income taxes including deferred taxes, and contingencies. The condensed consolidated financial statements include the accounts of subsidiaries we control. We eliminate all intercompany balances, transactions, and profits in consolidation. Investments in entities over which we have significant influence, but do not have control, are accounted for under the equity method. Our share of net earnings and losses from these ventures were previously included in “Equity loss in unconsolidated investments, net” in the Consolidated Statements of Income, however beginning in the first quarter of 2024 such amounts are now included in “Other non-operating items, net”. Additionally, we now present interest income separately within the Non-operating income (expense) section of our Consolidated Statements of Income. We have recast the prior year amounts to conform to these new presentations. We operate one operating and reportable segment, which primarily consists of our 64 television stations and two radio stations operating in 51 markets, providing high-quality television programming and digital content. Our reportable segment determination is based on our management and internal reporting structure, the nature of products and services we offer, and the financial information that is evaluated regularly by our chief operating decision maker. Accounting guidance adopted in 2024: We did not adopt any new accounting guidance in 2024 that had a material impact on our condensed consolidated financial statements or disclosures. New accounting guidance not yet adopted: In November 2023, the Financial Accounting Standards Board (FASB) issued new guidance that changes required disclosures related to segment reporting. The guidance will require entities to disclose on a quarterly and annual basis the significant segment expense items that are regularly provided to the entity’s chief operating decision maker (CODM). Entities will also be required to disclose the title and position of their CODM. The new guidance is effective for us beginning in 2024 on an annual basis and the first quarter of 2025 on a quarterly basis, and is to be applied on a retrospective basis. Early adoption of the guidance is permitted. We are currently evaluating the effect this new guidance will have on our disclosures. In December 2023, the FASB issued new guidance that changes certain disclosures related to income taxes. The guidance requires entities to disclose additional quantitative and qualitative information about the reconciliation between their statutory and effective tax rates. Specifically, the guidance requires disaggregation of the reconciling items using standardized categories. This guidance also requires additional disclosure of income taxes paid to now include disaggregation on a federal, state and foreign basis and to specifically include the amount of income taxes paid to individual jurisdictions when they represent five percent or more of total income tax payments. The new guidance is effective for us beginning in 2025 and may be applied on either a prospective or retrospective basis. Early adoption of the guidance is permitted. We are currently evaluating the effect this new guidance will have on our disclosures. In March 2024, the U.S. Securities and Exchange Commission (“SEC”) adopted the final rule under SEC Release No. 33-11275, The Enhancement and Standardization of Climate-Related Disclosures for Investors. This rule will require companies to make disclosures about climate-related matters, specifically, it will require the disclosure of: • Climate-related risks that are reasonably likely to have a material impact on a company’s business strategy, results of operations or financial condition; • The nature and extent of management’s role in assessing and managing climate-related risks and the board of directors’ oversight of such risks, whether and how climate-related risks are integrated into the company’s overall risk management processes, and any transition plans to manage material transition risks that are part of the company’s risk management strategy; • The processes for identifying, assessing, and managing climate-related risks; • Any climate-related target or goal that has materially affected or is reasonably likely to materially affect the registrant’s business, results of operations, or financial condition; and • Measures related to greenhouse gas emissions. On April 4, 2024, the SEC stayed these rules due to pending legal challenges. We are currently evaluating the final rule to determine its impact on our future disclosures. Trade receivables and allowances for doubtful accounts: Trade receivables are recorded at invoiced amounts and generally do not bear interest. The allowance for doubtful accounts reflects our estimate of credit exposure, determined principally on the basis of our collection experience, aging of our receivables and any specific reserves needed for certain customers based on their credit risk. Our allowance also takes into account expected future trends which may impact our customers’ ability to pay, such as economic growth (or declines), unemployment and demand for our products and services. We monitor the credit quality of our customers and their ability to pay through the use of analytics and communication with individual customers. As of March 31, 2024, our allowance for doubtful accounts was $ 2.5 million as compared to $ 2.8 million as of December 31, 2023. Redeemable Noncontrolling interest: Our Premion business operates an advertising network for over-the-top (OTT) streaming and connected television platforms. In March 2020, we sold a minority interest in Premion to an affiliate of Gray Television (Gray) and entered into a commercial reselling agreement with the affiliate. During the first quarter of 2023, we entered into a multi-year extension of the reselling agreement with Gray. Gray’s investment allows it to sell its interest to Premion if there is a change in control of TEGNA or if the commercial agreement terminates. Since redemption of the minority ownership interest is outside our control, Gray’s equity interest is presented outside of the Equity section on the Condensed Consolidated Balance Sheets in the caption “Redeemable noncontrolling interest.” When the redemption or carrying value (the acquisition date fair value adjusted for the noncontrolling interest’s share of net income (loss) and dividends) is less than the recorded redemption value, we adjust the redeemable noncontrolling interest to equal the redemption value with changes recognized as an adjustment to retained earnings. Any such adjustment, when necessary, will be performed as of the applicable balance sheet date. Treasury Stock: We account for treasury stock under the cost method. When treasury stock is re-issued at a price higher than its cost, the difference is recorded as a component of additional paid-in-capital (APIC) in our Condensed Consolidated Balance Sheets. When treasury stock is re-issued at a price lower than its cost, the difference is recorded as a component of APIC to the extent that there are previously recorded gains to offset the losses. If there are no accumulated gains in APIC, the losses upon re-issuance of treasury stock are recorded as a reduction of retained earnings in our Condensed Consolidated Balance Sheets. Revenue recognition: Revenue is recognized upon the transfer of control of promised services to our customers in an amount that reflects the consideration we expect to receive in exchange for those services. Revenue is recognized net of any taxes collected from customers, which are subsequently remitted to governmental authorities. Amounts received from customers in advance of providing services to our customers are recorded as deferred revenue. The primary sources of our revenues are: 1) subscription revenues, reflecting fees paid by satellite, cable, OTT (companies that deliver video content to consumers over the Internet) and telecommunications providers to carry our television signals on their systems; 2) advertising & marketing services revenues, which include local and national non-political television advertising, digital marketing services (including Premion), advertising on the stations’ websites, tablet and mobile products, and OTT apps; 3) political advertising revenues, which are driven by even-year election cycles at the local and national level (e.g. 2022, 2024, etc.) and particularly in the second half of those years; and 4) other services, such as production of programming, tower rentals and distribution of our local news content. Revenue earned by these sources in the first quarter of 2024 and 2023 are shown below (amounts in thousands): Quarter ended Mar. 31, 2024 2023 Subscription $ 375,324 $ 414,280 Advertising & Marketing Services 298,692 307,845 Political 27,828 5,291 Other 12,408 12,911 Total revenues $ 714,252 $ 740,327 |
Goodwill and other intangible a
Goodwill and other intangible assets | 3 Months Ended |
Mar. 31, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and other intangible assets | NOTE 2 – Goodwill and other intangible assets The following table displays goodwill, indefinite-lived intangible assets, and amortizable intangible assets as of March 31, 2024 and December 31, 2023 (in thousands): Mar. 31, 2024 Dec. 31, 2023 Gross Accumulated Amortization Gross Accumulated Amortization Goodwill $ 3,015,973 $ — $ 2,981,587 $ — Indefinite-lived intangibles: Television and radio station FCC broadcast licenses 2,124,731 2,124,731 Amortizable intangible assets: Retransmission agreements 101,423 ( 88,477 ) 113,621 ( 95,619 ) Network affiliation agreements 275,524 ( 116,239 ) 309,502 ( 144,834 ) Other 105,467 ( 52,717 ) 71,067 ( 49,496 ) Total indefinite-lived and amortizable intangible assets $ 2,607,145 $ ( 257,433 ) $ 2,618,921 $ ( 289,949 ) Our retransmission agreements and network affiliation agreements are amortized on a straight-line basis over their estimated useful lives. Other intangibles primarily include distribution agreements from our multicast networks acquisition, which are also amortized on a straight-line basis over their useful lives. In the first quarter of 2024, gross intangible assets and associated accumulated amortization decreased by $ 46.2 million, due to certain intangible assets reaching the end of their useful lives. On January 31, 2024, Premion, LLC acquired substantially all the assets of Octillion Media, a next-generation demand-side platform focused on Local Connected TV(CTV)/Over-the-Top (OTT) advertising. The acquisition will expand Premion’s capabilities in the growing CTV marketplace by combining Octillion’s technology with Premion’s local CTV/OTT advertising solution. The base purchase price of the acquisition was $ 56.0 million plus an adjustment for working capital and a maximum earnout of $ 14.0 million that the sellers will be entitled to receive if the Octillion Media business achieves certain technological and financial milestones during a defined period following the closing. Through the first quarter of 2024, $ 52.8 million of the purchase price had been paid. The acquisition was funded with available cash on hand. We are accounting for the acquisition as a business combination, which required us to record the assets acquired and liabilities assumed at fair value. The amount by which the purchase price exceeds the fair value of the net assets acquired was recorded as goodwill. We have commenced the appraisals necessary to assess the fair values of the tangible and intangible assets acquired and liabilities assumed and the amount of goodwill to be recognized. Based on preliminary valuations we have recorded $ 34.4 million of intangible assets related to acquired technology and customer relationships. We also recorded an additional $ 34.4 million as goodwill, which represents the future economic benefits expected to arise from the acquisition that do not qualify for separate recognition, including assembled workforce, as well as future synergies that we expect to generate. The goodwill and intangible assets are expected to be deductible for tax purposes. The amounts recorded for acquired assets and liabilities are preliminary in nature and are subject to adjustment as additional information is obtained about the facts and circumstances that existed as of the acquisition date. |
Investments and other assets
Investments and other assets | 3 Months Ended |
Mar. 31, 2024 | |
Investments, All Other Investments [Abstract] | |
Investments and other assets | NOTE 3 – Investments and other assets Our investments and other assets consisted of the following as of March 31, 2024 and December 31, 2023 (in thousands): Mar. 31, 2024 Dec. 31, 2023 Cash value life insurance $ 51,706 $ 50,865 Equity method investments 16,520 16,195 Other equity investments 22,454 19,526 Deferred debt issuance costs 7,274 — Prepaid assets 8,851 9,878 Other long-term assets 22,583 17,057 Total $ 129,388 $ 113,521 Cash value life insurance: We are the beneficiary of life insurance policies on the lives of certain employees/retirees, which are recorded at their cash surrender value as determined by the insurance carrier. These policies are utilized as a partial funding source for deferred compensation and other non-qualified employee retirement plans. Gains and losses on these investments are included in “Other non-operating items, net” within our Consolidated Statements of Income and were not material for all periods presented. Equity method investments: These are investments in entities in which we have significant influence, but do not have a controlling financial interest. Our share of net earnings and losses from these ventures is included in “Other non-operating items, net” in the Consolidated Statements of Income. Other equity investments : Represents investments in non-public businesses that do not have readily determinable pricing, and for which we do not have control and do not exert significant influence. These investments are recorded at cost less impairments, if any, plus or minus changes in observable prices for those investments. In the first quarter of 2024 we received $ 152.9 million of pre-tax cash proceeds upon the completion of the previously announced sale of Broadcast Music, Inc. (BMI) to a private equity firm. The gain associated with this sale is included in “Other non-operating items, net” in the Consolidated Statements of Income. Following this sale we no longer have any ownership interest in BMI. Deferred debt issuance costs : These costs consist of amounts paid to lenders related to our revolving credit facility. On January 25, 2024, we entered into an amendment of our credit facility which resulted in the capitalization of $ 6.4 million of fees paid to lenders under the new amendment. Additionally, we reclassified approximately $ 1.1 million of fees under the previous credit facility agreement as non-current deferred debt issuance costs. See Note 4 for additional details of the revolving credit facility amendment. Debt issuance costs paid for our unsecured notes are accounted for as a reduction in the debt obligation. Prepaid assets: These amounts primarily consist of an asset related to a long-term services agreement for IT security. |
Long-term debt
Long-term debt | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Long-term debt | NOTE 4 – Long-term debt Our long-term debt is summarized below (in thousands): Mar. 31, 2024 Dec. 31, 2023 Unsecured notes bearing fixed rate interest at 4.75 % due March 2026 $ 550,000 $ 550,000 Unsecured notes bearing fixed rate interest at 7.75 % due June 2027 200,000 200,000 Unsecured notes bearing fixed rate interest at 7.25 % due September 2027 240,000 240,000 Unsecured notes bearing fixed rate interest at 4.625 % due March 2028 1,000,000 1,000,000 Unsecured notes bearing fixed rate interest at 5.00 % due September 2029 1,100,000 1,100,000 Total principal long-term debt 3,090,000 3,090,000 Debt issuance costs ( 21,022 ) ( 22,226 ) Unamortized premiums and discounts, net 4,714 5,027 Total long-term debt $ 3,073,692 $ 3,072,801 On January 25, 2024, we entered into an amendment to our revolving credit facility (the Credit Agreement). Among other things, the amendment amends the revolving credit facility to: • Reduce the Five-Year Commitments (as defined in the Credit Agreement) from $ 1.51 billion to $ 750 million; • Extend the term of such Five-Year Commitments from August 15, 2024 to January 25, 2029, subject to a 91 -day springing maturity date if debt in excess of $ 300 million (subject to certain exceptions) were to mature before such date; • Add the right to obtain a temporary 0.5 x step-up in the Total Leverage Ratio (as defined in the Credit Agreement) after consummating a Qualified Acquisition (as defined in the Credit Agreement); • Increase the amount of Unrestricted Cash (as defined in the Credit Agreement) to $ 600 million; • Amend the definition of Consolidated EBITDA to include an add-back for certain professional fees and expenses; and • Establish a $ 50 million swingline facility. Under the amended Credit Agreement, the Company’s maximum Total Leverage Ratio (as defined in the Credit Agreement) will remain unchanged at 4.50 x. As of March 31, 2024, cash and cash equivalents totaled $ 430.8 million and we had $ 12.7 million of letters of credit outstanding and unused borrowing capacity of $ 737.3 million under our $ 750 million rev olving credit facility, which now expires in January 2029 . We were in compliance with all covenants, including the leverage ratio (our one financial covenant) contained in our debt agreements and revolving credit facility. We believe, based on our current financial forecasts and trends, that we will remain compliant with all covenants for the foreseeable future. |
Retirement plans
Retirement plans | 3 Months Ended |
Mar. 31, 2024 | |
Retirement Benefits [Abstract] | |
Retirement plans | NOTE 5 – Retirement plans We have various defined benefit retirement plans. Our principal defined benefit pension plan is the TEGNA Retirement Plan (TRP). The total net pension obligations, including both current and non-current liabilities, as of March 31, 2024, were $ 75.5 million , of which $ 5.8 million is recorded as a current obligation within accrued liabilities on the Condensed Consolidated Balance Sheet. Pension costs (income), which primarily include costs for the qualified TRP and the non-qualified TEGNA Supplemental Retirement Plan (SERP), are presented in the following table (in thousands): Quarter ended Mar. 31, 2024 2023 Interest cost on benefit obligation $ 5,675 $ 6,150 Expected return on plan assets ( 5,500 ) ( 5,225 ) Amortization of prior service cost (credit) 25 ( 125 ) Amortization of actuarial loss 1,475 1,575 Expense for company-sponsored retirement plans $ 1,675 $ 2,375 Benefits no longer accrue for TRP and SERP participants as a result of amendments to the plans in past years, and as such we no longer incur a service cost component of pension expense. All other components of our pension expense presented above are included within the “Other non-operating items, net” line item of the Consolidated Statements of Income. During the three months ended March 31, 2024 and 2023 , we did no t make any cash contributions to the TRP. We made benefit payments to participants of the SERP of $ 0.9 million during both of the three month periods ended March 31, 2024 and 2023 . Based on actuarial projections and funding levels, we expect to make cash payments of $ 6.9 million to the TRP in 2024 . We expect to make additional cash payments of $ 4.9 million to our SERP participants during the remainder of 2024 . |
Accumulated other comprehensive
Accumulated other comprehensive loss | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Accumulated other comprehensive loss | NOTE 6 – Accumulated other comprehensive loss The following table summarizes the components of, and the changes in, Accumulated Other Comprehensive Loss (AOCL), net of tax (in thousands): Retirement Foreign Total Quarters ended: Balance as of Dec. 31, 2023 $ ( 120,142 ) $ 532 $ ( 119,610 ) Amounts reclassified from AOCL 1,111 — 1,111 Total other comprehensive income 1,111 — 1,111 Balance as of Mar. 31, 2024 $ ( 119,031 ) $ 532 $ ( 118,499 ) Balance as of Dec. 31, 2022 $ ( 126,065 ) $ 532 $ ( 125,533 ) Amounts reclassified from AOCL 1,078 — 1,078 Total other comprehensive income 1,078 — 1,078 Balance as of Mar. 31, 2023 $ ( 124,987 ) $ 532 $ ( 124,455 ) Reclassifications from AOCL to the Consolidated Statements of Income are comprised of pension and other post-retirement components. Pension and other post-retirement reclassifications are related to the amortizations of prior service costs and actuarial losses. Amounts reclassified out of AOCL are summarized below (in thousands): Quarter ended Mar. 31, 2024 2023 Amortization of prior service cost (credit), net $ 25 $ ( 125 ) Amortization of actuarial loss 1,475 1,575 Total reclassifications, before tax 1,500 1,450 Income tax effect ( 389 ) ( 372 ) Total reclassifications, net of tax $ 1,111 $ 1,078 |
Earnings per share
Earnings per share | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Earnings per share | NOTE 7 – Earnings per share Our earnings per share (basic and diluted) are presented below (in thousands, except per share amounts): Quarter ended Mar. 31, 2024 2023 Net income $ 189,262 $ 104,004 Net loss attributable to the noncontrolling interest 298 299 Adjustment of redeemable noncontrolling interest to redemption value ( 660 ) ( 635 ) Earnings available to common shareholders $ 188,900 $ 103,668 Weighted average number of common shares outstanding - basic 177,823 224,544 Effect of dilutive securities: Restricted stock units 438 187 Performance share awards 176 108 Weighted average number of common shares outstanding - diluted 178,437 224,839 Net income per share - basic $ 1.06 $ 0.46 Net income per share - diluted $ 1.06 $ 0.46 Our calculation of diluted earnings per share includes the dilutive effects for the assumed vesting of outstanding restricted stock units and performance share awards. The diluted earnings per share amounts exclude the effects of approximately 500 thousand stock awards for the three months ended March 31, 2024 as their inclusion would be accretive to earnings per share. |
Fair value measurement
Fair value measurement | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair value measurement | NOTE 8 – Fair value measurement We measure and record certain assets and liabilities at fair value in the accompanying condensed consolidated financial statements. U.S. GAAP establishes a hierarchy for those instruments measured at fair value that distinguishes between market data (observable inputs) and our own assumptions (unobservable inputs). The hierarchy consists of three levels: Level 1 – Quoted market prices in active markets for identical assets or liabilities; Level 2 – Inputs other than Level 1 inputs that are either directly or indirectly observable; and Level 3 – Unobservable inputs developed using our own estimates and assumptions, which reflect those that a market participant would use. We also hold other financial instruments including cash and cash equivalents, receivables, accounts payable, contingent consideration and debt. The carrying amounts for cash and cash equivalents, receivables and accounts payable approximated their fair values. The fair value of our total debt, based on the bid and ask quotes for the related debt (Level 2), totaled $ 2.90 billion on March 31, 2024, and $ 2.93 billion on December 31, 2023. As described in Note 2, in connection with the Octillion acquisition, the sellers may be entitled to earn additional consideration in the form of earnouts depending on the achievement of certain technological and financial milestones. The maximum value of these earnouts is $ 14.0 million and we currently estimate their fair value to be $ 12.8 million. The estimated fair value is based on unobservable inputs and is therefore a Level 3 fair value. The Company’s valuation was based on an income approach, which utilized Monte Carlo simulations that included expected payoff estimates calculated based on various discounted cash flow valuations. |
Share repurchase program
Share repurchase program | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Share repurchase program | NOTE 9 – Share repurchase program On June 2, 2023, we entered into our first accelerated share repurchase program (the first ASR) with JPMorgan Chase Bank, National Association (JPMorgan). Under the terms of the first ASR, we repurchased $ 300 million in TEGNA common stock from JPMorgan, with an initial delivery of approximately 15.2 million shares received on June 6, 2023, representing 80 % ($ 240 million) of the value of the first ASR contract. The first ASR program was completed during the third quarter of 2023 at which time JPMorgan delivered an additional 3.1 million shares to us. The final share settlement was based on the average daily volume-weighted average price of TEGNA shares during the term of the first ASR program, less a discount, less the previously delivered 15.2 million shares. On November 9, 2023, we entered into a second accelerated share repurchase (the second ASR) program with JPMorgan. Under the terms of the second ASR, we repurchased $ 325 million in TEGNA common stock from JPMorgan, with an initial delivery of approximately 17.3 million shares received on November 13, 2023, representing 80 % ($ 260 million) of the value of the second ASR contract. The second ASR program was completed on February 22, 2024, shortly after which date JPMorgan delivered an additional 4.0 million shares to us. The final share settlement was based on the average daily volume-weighted average price of TEGNA shares during the term of the second ASR program, less a discount, less the previously delivered 17.3 million shares. In December 2023, our Board of Directors authorized a new share repurchase program for up to $ 650.0 million of our common stock, which was in addition to the second ASR program. This new share repurchase program expires on December 31, 2025 . In the first quarter of 2024, 5.8 million shares were repurchased under this program at an average share price of $ 14.50 for an aggregate cost of $ 84.5 million, of which $ 2.1 million had not yet been paid as of the end of the first quarter. During the first quarter of 2024, we returned $ 102.3 million of capital to shareholders with $ 82.4 million of share repurchases, representing 5.7 million shares, and paid $ 19.9 million in dividends. Excluded from this commitment are share repurchases completed under our previously announced accelerated share repurchase program which were completed during the quarter on February 27, 2024, including final settlement of approximately 4.0 million shares. Our capital allocation plan is subject to a variety of factors, including our strategic plans, market and economic conditions and the discretion of our Board of Directors. |
Other matters
Other matters | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Other matters | NOTE 10 – Other matters Litigation Antitrust matters In the third quarter of 2018, certain national media outlets reported the existence of a confidential investigation by the United States Department of Justice Antitrust Division (DOJ) into the local television advertising sales practices of station owners. We received a Civil Investigative Demand (CID) in connection with the DOJ’s investigation. On November 13 and December 13, 2018, the DOJ and seven other broadcasters settled a DOJ complaint alleging the exchange of certain competitively sensitive information in the broadcast television industry. In June 2019, we and four other broadcasters entered into a substantially identical agreement with DOJ, which was entered by the court on December 3, 2019. The settlement contains no finding of wrongdoing or liability and carries no penalty. It prohibits us and the other settling entities from sharing certain confidential business information as alleged by the DOJ, or using such information pertaining to other broadcasters, except under limited circumstances. The settlement also requires the settling parties to make certain enhancements to their antitrust compliance programs, to continue to cooperate with the DOJ’s investigation, and to permit DOJ to verify compliance. The costs of compliance have not been material, nor do we expect future compliance costs to be material. Since the national media reports, numerous putative class action lawsuits were filed against owners of television stations (the Advertising Cases) in different jurisdictions. Plaintiffs are a class consisting of all persons and entities in the United States who paid for all or a portion of advertisement time on local television provided by the defendants. The Advertising Cases assert antitrust and other claims and seek monetary damages, attorneys’ fees, costs and interest, as well as injunctions against the allegedly wrongful conduct. These cases were consolidated into a single proceeding in the United States District Court for the Northern District of Illinois, captioned In re: Local TV Advertising Antitrust Litigation on October 3, 2018. At the court’s direction, plaintiffs filed an amended complaint on April 3, 2019, that superseded the original complaints. Although we were named as a defendant in sixteen of the original complaints, the amended complaint did not name TEGNA as a defendant. After TEGNA and four other broadcasters entered into the consent decrees with the DOJ in June 2019, the plaintiffs sought leave from the court to further amend the complaint to add TEGNA and the other settling broadcasters to the proceeding. The court granted the plaintiffs’ motion, and the plaintiffs filed the second amended complaint on September 9, 2019. On October 8, 2019, the defendants jointly filed a motion to dismiss the matter. On November 6, 2020, the court denied the motion to dismiss. On March 16, 2022, the plaintiffs filed a third amended complaint, which, among other things, added ShareBuilders, Inc., as a named defendant. ShareBuilders filed a motion to dismiss on April 15, 2022, which was granted by the court without prejudice on August 29, 2022. TEGNA has filed its answer to the third amended complaint denying any violation of law and asserting various affirmative defenses. On May 26, 2023, plaintiffs moved for preliminary approval of settlements with four co-defendants – CBS Corp (n/k/a Paramount Global), Fox Corp., certain Cox entities (including Cox Media Group, LLC, Cox Enterprises, Inc., CMG Media Corporation and Cox Reps, Inc.) and ShareBuilders, Inc. Although ShareBuilders prevailed on its motion to dismiss the case, as noted above, because the court had dismissed the claims without prejudice, ShareBuilders entered into a zero -dollar settlement with the plaintiffs in order to ensure that the plaintiffs do not re-file the claims in the future. In exchange for a release of plaintiffs’ claims against them, the settling defendants, among other things, collectively agreed to pay $ 48 million, while expressly denying any liability or wrongdoing. The court approved the settlements in December 2023 . Discovery in the Advertising Cases is ongoing. We believe that the claims asserted in the Advertising Cases are without merit and intend to defend vigorously against them. Other litigation matters We, along with a number of our subsidiaries, also are defendants in other judicial and administrative proceedings involving matters incidental to our business. We do not believe that any material liability will be imposed as a result of any of the foregoing matters. Related Party Transactions We have an equity investment in MadHive, Inc. (MadHive) which is a related party of TEGNA. We also have commercial agreements with MadHive, under which MadHive supports our Premion business in acquiring over-the-top advertising inventory and delivering corresponding advertising impressions. In the first quarter 2024 and 2023, we incurred expenses of $ 14.3 million and $ 25.1 million, respectively, as a result of the commercial agreements with MadHive. As of March 31, 2024, and December 31, 2023, we had accounts payable and accrued liabilities associated with the MadHive commercial agreements of $ 4.9 million and $ 5.4 million, respectively. |
Basis of presentation and acc_2
Basis of presentation and accounting policies (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of presentation: Our (or TEGNA’s) accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial reporting, the instructions for Form 10-Q and Article 10 of the U.S. Securities and Exchange Commission (SEC) Regulation S-X. Accordingly, they do not include all information and footnotes which are normally included in the Form 10-K and annual report to shareholders. In our opinion, the condensed consolidated financial statements reflect all adjustments of a normal recurring nature necessary for a fair statement of the results for the interim periods presented. The condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2023 . |
Use of estimates | The preparation of these condensed consolidated financial statements requires us to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. We use the best information available in developing significant estimates inherent in our financial statements. Actual results could differ from these estimates, and these differences resulting from changes in facts and circumstances could be material. Significant estimates include, but are not limited to, evaluation of goodwill and other intangible assets for impairment, allocation of purchase price to assets and liabilities in business combinations, fair value measurements, post-retirement benefit plans, income taxes including deferred taxes, and contingencies. |
Consolidation | The condensed consolidated financial statements include the accounts of subsidiaries we control. We eliminate all intercompany balances, transactions, and profits in consolidation. Investments in entities over which we have significant influence, but do not have control, are accounted for under the equity method. Our share of net earnings and losses from these ventures were previously included in “Equity loss in unconsolidated investments, net” in the Consolidated Statements of Income, however beginning in the first quarter of 2024 such amounts are now included in “Other non-operating items, net”. Additionally, we now present interest income separately within the Non-operating income (expense) section of our Consolidated Statements of Income. We have recast the prior year amounts to conform to these new presentations. |
Segment presentation | We operate one operating and reportable segment, which primarily consists of our 64 television stations and two radio stations operating in 51 markets, providing high-quality television programming and digital content. Our reportable segment determination is based on our management and internal reporting structure, the nature of products and services we offer, and the financial information that is evaluated regularly by our chief operating decision maker. |
Accounting guidance adopted in 2024 and New accounting guidance not yet adopted | Accounting guidance adopted in 2024: We did not adopt any new accounting guidance in 2024 that had a material impact on our condensed consolidated financial statements or disclosures. New accounting guidance not yet adopted: In November 2023, the Financial Accounting Standards Board (FASB) issued new guidance that changes required disclosures related to segment reporting. The guidance will require entities to disclose on a quarterly and annual basis the significant segment expense items that are regularly provided to the entity’s chief operating decision maker (CODM). Entities will also be required to disclose the title and position of their CODM. The new guidance is effective for us beginning in 2024 on an annual basis and the first quarter of 2025 on a quarterly basis, and is to be applied on a retrospective basis. Early adoption of the guidance is permitted. We are currently evaluating the effect this new guidance will have on our disclosures. In December 2023, the FASB issued new guidance that changes certain disclosures related to income taxes. The guidance requires entities to disclose additional quantitative and qualitative information about the reconciliation between their statutory and effective tax rates. Specifically, the guidance requires disaggregation of the reconciling items using standardized categories. This guidance also requires additional disclosure of income taxes paid to now include disaggregation on a federal, state and foreign basis and to specifically include the amount of income taxes paid to individual jurisdictions when they represent five percent or more of total income tax payments. The new guidance is effective for us beginning in 2025 and may be applied on either a prospective or retrospective basis. Early adoption of the guidance is permitted. We are currently evaluating the effect this new guidance will have on our disclosures. In March 2024, the U.S. Securities and Exchange Commission (“SEC”) adopted the final rule under SEC Release No. 33-11275, The Enhancement and Standardization of Climate-Related Disclosures for Investors. This rule will require companies to make disclosures about climate-related matters, specifically, it will require the disclosure of: • Climate-related risks that are reasonably likely to have a material impact on a company’s business strategy, results of operations or financial condition; • The nature and extent of management’s role in assessing and managing climate-related risks and the board of directors’ oversight of such risks, whether and how climate-related risks are integrated into the company’s overall risk management processes, and any transition plans to manage material transition risks that are part of the company’s risk management strategy; • The processes for identifying, assessing, and managing climate-related risks; • Any climate-related target or goal that has materially affected or is reasonably likely to materially affect the registrant’s business, results of operations, or financial condition; and • Measures related to greenhouse gas emissions. On April 4, 2024, the SEC stayed these rules due to pending legal challenges. We are currently evaluating the final rule to determine its impact on our future disclosures. |
Trade receivables and allowances for doubtful accounts | Trade receivables and allowances for doubtful accounts: Trade receivables are recorded at invoiced amounts and generally do not bear interest. The allowance for doubtful accounts reflects our estimate of credit exposure, determined principally on the basis of our collection experience, aging of our receivables and any specific reserves needed for certain customers based on their credit risk. Our allowance also takes into account expected future trends which may impact our customers’ ability to pay, such as economic growth (or declines), unemployment and demand for our products and services. We monitor the credit quality of our customers and their ability to pay through the use of analytics and communication with individual customers. |
Redeemable Noncontrolling interest | Redeemable Noncontrolling interest: Our Premion business operates an advertising network for over-the-top (OTT) streaming and connected television platforms. In March 2020, we sold a minority interest in Premion to an affiliate of Gray Television (Gray) and entered into a commercial reselling agreement with the affiliate. During the first quarter of 2023, we entered into a multi-year extension of the reselling agreement with Gray. Gray’s investment allows it to sell its interest to Premion if there is a change in control of TEGNA or if the commercial agreement terminates. Since redemption of the minority ownership interest is outside our control, Gray’s equity interest is presented outside of the Equity section on the Condensed Consolidated Balance Sheets in the caption “Redeemable noncontrolling interest.” When the redemption or carrying value (the acquisition date fair value adjusted for the noncontrolling interest’s share of net income (loss) and dividends) is less than the recorded redemption value, we adjust the redeemable noncontrolling interest to equal the redemption value with changes recognized as an adjustment to retained earnings. Any such adjustment, when necessary, will be performed as of the applicable balance sheet date. |
Treasury Stock | Treasury Stock: We account for treasury stock under the cost method. When treasury stock is re-issued at a price higher than its cost, the difference is recorded as a component of additional paid-in-capital (APIC) in our Condensed Consolidated Balance Sheets. When treasury stock is re-issued at a price lower than its cost, the difference is recorded as a component of APIC to the extent that there are previously recorded gains to offset the losses. If there are no accumulated gains in APIC, the losses upon re-issuance of treasury stock are recorded as a reduction of retained earnings in our Condensed Consolidated Balance Sheets. |
Revenue recognition | Revenue recognition: Revenue is recognized upon the transfer of control of promised services to our customers in an amount that reflects the consideration we expect to receive in exchange for those services. Revenue is recognized net of any taxes collected from customers, which are subsequently remitted to governmental authorities. Amounts received from customers in advance of providing services to our customers are recorded as deferred revenue. The primary sources of our revenues are: 1) subscription revenues, reflecting fees paid by satellite, cable, OTT (companies that deliver video content to consumers over the Internet) and telecommunications providers to carry our television signals on their systems; 2) advertising & marketing services revenues, which include local and national non-political television advertising, digital marketing services (including Premion), advertising on the stations’ websites, tablet and mobile products, and OTT apps; 3) political advertising revenues, which are driven by even-year election cycles at the local and national level (e.g. 2022, 2024, etc.) and particularly in the second half of those years; and 4) other services, such as production of programming, tower rentals and distribution of our local news content. |
Basis of presentation and acc_3
Basis of presentation and accounting policies (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Schedule of Disaggregation of Revenue | Revenue earned by these sources in the first quarter of 2024 and 2023 are shown below (amounts in thousands): Quarter ended Mar. 31, 2024 2023 Subscription $ 375,324 $ 414,280 Advertising & Marketing Services 298,692 307,845 Political 27,828 5,291 Other 12,408 12,911 Total revenues $ 714,252 $ 740,327 |
Goodwill and other intangible_2
Goodwill and other intangible assets (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets and Goodwill | The following table displays goodwill, indefinite-lived intangible assets, and amortizable intangible assets as of March 31, 2024 and December 31, 2023 (in thousands): Mar. 31, 2024 Dec. 31, 2023 Gross Accumulated Amortization Gross Accumulated Amortization Goodwill $ 3,015,973 $ — $ 2,981,587 $ — Indefinite-lived intangibles: Television and radio station FCC broadcast licenses 2,124,731 2,124,731 Amortizable intangible assets: Retransmission agreements 101,423 ( 88,477 ) 113,621 ( 95,619 ) Network affiliation agreements 275,524 ( 116,239 ) 309,502 ( 144,834 ) Other 105,467 ( 52,717 ) 71,067 ( 49,496 ) Total indefinite-lived and amortizable intangible assets $ 2,607,145 $ ( 257,433 ) $ 2,618,921 $ ( 289,949 ) |
Investments and other assets (T
Investments and other assets (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Investments, All Other Investments [Abstract] | |
Schedule of Other Assets | Our investments and other assets consisted of the following as of March 31, 2024 and December 31, 2023 (in thousands): Mar. 31, 2024 Dec. 31, 2023 Cash value life insurance $ 51,706 $ 50,865 Equity method investments 16,520 16,195 Other equity investments 22,454 19,526 Deferred debt issuance costs 7,274 — Prepaid assets 8,851 9,878 Other long-term assets 22,583 17,057 Total $ 129,388 $ 113,521 |
Long-term debt (Tables)
Long-term debt (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt | Our long-term debt is summarized below (in thousands): Mar. 31, 2024 Dec. 31, 2023 Unsecured notes bearing fixed rate interest at 4.75 % due March 2026 $ 550,000 $ 550,000 Unsecured notes bearing fixed rate interest at 7.75 % due June 2027 200,000 200,000 Unsecured notes bearing fixed rate interest at 7.25 % due September 2027 240,000 240,000 Unsecured notes bearing fixed rate interest at 4.625 % due March 2028 1,000,000 1,000,000 Unsecured notes bearing fixed rate interest at 5.00 % due September 2029 1,100,000 1,100,000 Total principal long-term debt 3,090,000 3,090,000 Debt issuance costs ( 21,022 ) ( 22,226 ) Unamortized premiums and discounts, net 4,714 5,027 Total long-term debt $ 3,073,692 $ 3,072,801 |
Retirement plans (Tables)
Retirement plans (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Retirement Benefits [Abstract] | |
Schedule of Pension Costs (Income) | Pension costs (income), which primarily include costs for the qualified TRP and the non-qualified TEGNA Supplemental Retirement Plan (SERP), are presented in the following table (in thousands): Quarter ended Mar. 31, 2024 2023 Interest cost on benefit obligation $ 5,675 $ 6,150 Expected return on plan assets ( 5,500 ) ( 5,225 ) Amortization of prior service cost (credit) 25 ( 125 ) Amortization of actuarial loss 1,475 1,575 Expense for company-sponsored retirement plans $ 1,675 $ 2,375 |
Accumulated other comprehensi_2
Accumulated other comprehensive loss (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Loss | The following table summarizes the components of, and the changes in, Accumulated Other Comprehensive Loss (AOCL), net of tax (in thousands): Retirement Foreign Total Quarters ended: Balance as of Dec. 31, 2023 $ ( 120,142 ) $ 532 $ ( 119,610 ) Amounts reclassified from AOCL 1,111 — 1,111 Total other comprehensive income 1,111 — 1,111 Balance as of Mar. 31, 2024 $ ( 119,031 ) $ 532 $ ( 118,499 ) Balance as of Dec. 31, 2022 $ ( 126,065 ) $ 532 $ ( 125,533 ) Amounts reclassified from AOCL 1,078 — 1,078 Total other comprehensive income 1,078 — 1,078 Balance as of Mar. 31, 2023 $ ( 124,987 ) $ 532 $ ( 124,455 ) |
Schedule of Reclassification out of Accumulated Other Comprehensive Loss | Amounts reclassified out of AOCL are summarized below (in thousands): Quarter ended Mar. 31, 2024 2023 Amortization of prior service cost (credit), net $ 25 $ ( 125 ) Amortization of actuarial loss 1,475 1,575 Total reclassifications, before tax 1,500 1,450 Income tax effect ( 389 ) ( 372 ) Total reclassifications, net of tax $ 1,111 $ 1,078 |
Earnings per share (Tables)
Earnings per share (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | Our earnings per share (basic and diluted) are presented below (in thousands, except per share amounts): Quarter ended Mar. 31, 2024 2023 Net income $ 189,262 $ 104,004 Net loss attributable to the noncontrolling interest 298 299 Adjustment of redeemable noncontrolling interest to redemption value ( 660 ) ( 635 ) Earnings available to common shareholders $ 188,900 $ 103,668 Weighted average number of common shares outstanding - basic 177,823 224,544 Effect of dilutive securities: Restricted stock units 438 187 Performance share awards 176 108 Weighted average number of common shares outstanding - diluted 178,437 224,839 Net income per share - basic $ 1.06 $ 0.46 Net income per share - diluted $ 1.06 $ 0.46 |
Basis of presentation and acc_4
Basis of presentation and accounting policies - Narrative (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 USD ($) RadioStation Segment Market Station | Dec. 31, 2023 USD ($) | |
Disaggregation of Revenue [Line Items] | ||
Number of operating segments | 1 | |
Number of reportable segments | 1 | |
Number of television stations | Station | 64 | |
Number of radio stations | RadioStation | 2 | |
Number of markets in which entity operates | Market | 51 | |
Allowance for doubtful accounts receivable | $ | $ 2,535 | $ 2,845 |
Basis of presentation and acc_5
Basis of presentation and accounting policies - Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Disaggregation of Revenue [Line Items] | ||
Total revenues | $ 714,252 | $ 740,327 |
Subscription | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 375,324 | 414,280 |
Advertising & Marketing Services | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 298,692 | 307,845 |
Political | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 27,828 | 5,291 |
Other | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | $ 12,408 | $ 12,911 |
Goodwill and other intangible_3
Goodwill and other intangible assets - Intangible Assets and Goodwill (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Indefinite-lived Intangible Assets [Line Items] | ||
Goodwill | $ 3,015,973 | $ 2,981,587 |
Accumulated Amortization | (257,433) | (289,949) |
Total indefinite-lived and amortizable intangible assets | 2,607,145 | 2,618,921 |
Retransmission agreements | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Gross | 101,423 | 113,621 |
Accumulated Amortization | (88,477) | (95,619) |
Network affiliation agreements | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Gross | 275,524 | 309,502 |
Accumulated Amortization | (116,239) | (144,834) |
Other | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Gross | 105,467 | 71,067 |
Accumulated Amortization | (52,717) | (49,496) |
Television and radio station FCC broadcast licenses | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Television and radio station FCC broadcast licenses | $ 2,124,731 | $ 2,124,731 |
Goodwill and other intangible_4
Goodwill and other intangible assets - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
Indefinite-Lived Intangible Assets [Line Items] | ||
Decrease in accumulated amortization | $ 46,200 | |
Decrease in gross intangible assets | 46,200 | |
Goodwill | 3,015,973 | $ 2,981,587 |
Octillion Media | ||
Indefinite-Lived Intangible Assets [Line Items] | ||
Indefinite lived intangible assets | 56,000 | |
Payment of purchase price | 52,800 | |
Adjustment for working capital and maximum earnout | 14,000 | |
Intangible assets related to acquired technology and customer relationships | 34,400 | |
Goodwill | $ 34,400 |
Investments and other assets -
Investments and other assets - Components of Investments and Other Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Investments, All Other Investments [Abstract] | ||
Cash value life insurance | $ 51,706 | $ 50,865 |
Equity method investments | 16,520 | 16,195 |
Other equity investments | 22,454 | 19,526 |
Deferred debt issuance costs | 7,274 | |
Prepaid assets | 8,851 | 9,878 |
Other long-term assets | 22,583 | 17,057 |
Total | $ 129,388 | $ 113,521 |
Investments and other assets _2
Investments and other assets - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Jan. 25, 2024 | Mar. 31, 2024 | |
Debt Securities, Available-for-sale [Line Items] | ||
Capitalization of fees paid to lenders | $ 6.4 | |
Reclassification of fees under previous credit facility agreement | $ 1.1 | |
Broadcast Music Inc | ||
Debt Securities, Available-for-sale [Line Items] | ||
Proceeds from sale of equity method investment | $ 152.9 |
Long-term debt - Schedule of Lo
Long-term debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Debt Instrument [Line Items] | ||
Total principal long-term debt | $ 3,090,000 | $ 3,090,000 |
Debt issuance costs | (21,022) | (22,226) |
Unamortized premiums and discounts, net | 4,714 | 5,027 |
Total long-term debt | $ 3,073,692 | $ 3,072,801 |
Unsecured notes bearing fixed rate interest at 4.75% due March 2026 | Senior Notes | ||
Debt Instrument [Line Items] | ||
Stated interest rate (as a percent) | 4.75% | 4.75% |
Total principal long-term debt | $ 550,000 | $ 550,000 |
Unsecured notes bearing fixed rate interest at 7.75% due June 2027 | Senior Notes | ||
Debt Instrument [Line Items] | ||
Stated interest rate (as a percent) | 7.75% | 7.75% |
Total principal long-term debt | $ 200,000 | $ 200,000 |
Unsecured notes bearing fixed rate interest at 7.25% due September 2027 | Senior Notes | ||
Debt Instrument [Line Items] | ||
Stated interest rate (as a percent) | 7.25% | 7.25% |
Total principal long-term debt | $ 240,000 | $ 240,000 |
Unsecured notes bearing fixed rate interest at 4.625% due March 2028 | Senior Notes | ||
Debt Instrument [Line Items] | ||
Stated interest rate (as a percent) | 4.625% | 4.625% |
Total principal long-term debt | $ 1,000,000 | $ 1,000,000 |
Unsecured notes bearing fixed rate interest at 5.00% due September 2029 | Senior Notes | ||
Debt Instrument [Line Items] | ||
Stated interest rate (as a percent) | 5% | 5% |
Total principal long-term debt | $ 1,100,000 | $ 1,100,000 |
Long-term debt - Narrative (Det
Long-term debt - Narrative (Details) | 3 Months Ended | ||
Jan. 25, 2024 USD ($) | Mar. 31, 2024 USD ($) Covenant | Dec. 31, 2023 USD ($) | |
Debt Instrument [Line Items] | |||
Cash and cash equivalents | $ 430,764,000 | $ 361,036,000 | |
Number of covenants | Covenant | 1 | ||
Line of Credit | Bridge Loan | |||
Debt Instrument [Line Items] | |||
Maximum borrowing capacity under credit facility | $ 50,000,000 | ||
Amended and Restated Competitive Advance and Revolving Credit Agreement | Line of Credit | Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Unused borrowing capacity | $ 737,300,000 | ||
Maximum borrowing capacity under credit facility | $ 750,000,000 | $ 750,000,000 | $ 1,510,000,000 |
Debt instrument, term | 5 years | ||
Leverage ratio, step-up | 0.5 | ||
Restricted cash amount requirement | $ 600,000,000 | ||
Debt instrument covenant consolidated leverage ratio | 4.5 | ||
Line of credit facility, expiration date | Jan. 31, 2029 | ||
Amended and Restated Competitive Advance and Revolving Credit Agreement | Line of Credit | Letter of Credit | |||
Debt Instrument [Line Items] | |||
Current borrowing capacity under credit facility | $ 12,700,000 | ||
Springing maturity, term | 91 days | ||
Springing maturity threshold | $ 300,000,000 |
Retirement plans - Narrative (D
Retirement plans - Narrative (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
TRP | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total net pension obligations | $ 75,500,000 | |
Cash contributions | 0 | $ 0 |
Expected cash payments | 6,900,000 | |
TRP | Accrued Liabilities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total net pension obligations | 5,800,000 | |
SERP | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Cash contributions | 900,000 | $ 900,000 |
Additional cash payments | $ 4,900,000 |
Retirement plans - Benefit Cost
Retirement plans - Benefit Costs (Income) (Details) - TRP - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Interest cost on benefit obligation | $ 5,675 | $ 6,150 |
Expected return on plan assets | (5,500) | (5,225) |
Amortization of prior service cost (credit) | 25 | (125) |
Amortization of actuarial loss | 1,475 | 1,575 |
Expense for company-sponsored retirement plans | $ 1,675 | $ 2,375 |
Accumulated other comprehensi_3
Accumulated other comprehensive loss - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Increase (Decrease) in Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning Balance | $ 2,704,872 | |
Beginning balance | 2,704,872 | $ 3,071,722 |
Amounts reclassified from AOCL | 1,111 | 1,078 |
Other comprehensive income, net of tax | 1,111 | 1,078 |
Ending balance | 2,797,889 | 3,151,265 |
Ending Balance | 2,797,889 | |
Total | ||
Increase (Decrease) in Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning Balance | (119,610) | (125,533) |
Beginning balance | (119,610) | (125,533) |
Other comprehensive income, net of tax | 1,111 | 1,078 |
Ending balance | (118,499) | (124,455) |
Ending Balance | (118,499) | (124,455) |
Retirement Plans | ||
Increase (Decrease) in Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | (120,142) | (126,065) |
Amounts reclassified from AOCL | 1,111 | 1,078 |
Other comprehensive income, net of tax | 1,111 | 1,078 |
Ending balance | (119,031) | (124,987) |
Foreign Currency | ||
Increase (Decrease) in Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning Balance | 532 | 532 |
Amounts reclassified from AOCL | ||
Other comprehensive income, net of tax | ||
Ending Balance | $ 532 | $ 532 |
Accumulated other comprehensi_4
Accumulated other comprehensive loss - Reclassifications out of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Total reclassifications, before tax | $ 1,500 | $ 1,450 |
Income tax effect | (389) | (372) |
Total reclassifications, net of tax | 1,111 | 1,078 |
Amortization of prior service cost (credit), net | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Total reclassifications, before tax | 25 | (125) |
Amortization of actuarial loss | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Total reclassifications, before tax | $ 1,475 | $ 1,575 |
Earnings per share - Schedule o
Earnings per share - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Earnings Per Share [Abstract] | ||
Net Income | $ 189,262 | $ 104,004 |
Net loss attributable to the noncontrolling interest | 298 | 299 |
Adjustment of redeemable noncontrolling interest to redemption value | (660) | (635) |
Earnings available to common shareholders, basic | 188,900 | 103,668 |
Earnings available to common shareholders, diluted | $ 188,900 | $ 103,668 |
Weighted average number of common shares outstanding - basic (in shares) | 177,823 | 224,544 |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||
Weighted average number of common shares outstanding - diluted (in shares) | 178,437 | 224,839 |
Net income per share - basic (in dollars per share) | $ 1.06 | $ 0.46 |
Net income per share - diluted (in dollars per share) | $ 1.06 | $ 0.46 |
Restricted stock units | ||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||
Effect of dilutive securities (in shares) | 438 | 187 |
Performance shares | ||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||
Effect of dilutive securities (in shares) | 176 | 108 |
Earnings per share - Narrative
Earnings per share - Narrative (Details) shares in Thousands | 3 Months Ended |
Mar. 31, 2024 shares | |
Restricted stock units | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
Diluted earnings per share amounts exclude the effects of stock awards | 500 |
Performance shares | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
Diluted earnings per share amounts exclude the effects of stock awards | 500 |
Fair value measurement (Details
Fair value measurement (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Earnout consideration, fair value | $ 12.8 | |
Level 3 | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Maximum value of earnouts | 14 | |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of total long-term debt | $ 2,900 | $ 2,930 |
Share repurchase program (Detai
Share repurchase program (Details) - USD ($) $ / shares in Units, shares in Millions | 1 Months Ended | 3 Months Ended | |||||
Feb. 22, 2024 | Nov. 13, 2023 | Nov. 09, 2023 | Jun. 02, 2023 | Dec. 31, 2023 | Mar. 31, 2024 | Sep. 30, 2023 | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||||||
Shares repurchased under share repurchase program (in shares) | 5.7 | ||||||
Shares repurchased value under share repurchase program | $ 82,400,000 | ||||||
Treasury stock, value, acquired, cost method | 82,400,000 | ||||||
Dividends | 19,900,000 | ||||||
Return of capital to shareholders | $ 102,300,000 | ||||||
Number of shares repurchased (in shares) | 5.7 | ||||||
300 Million First Accelerated Share Repurchase Program | |||||||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||||||
Shares approved to be repurchased under share repurchase program, amount (up to) | $ 300,000,000 | ||||||
Shares repurchased under share repurchase program (in shares) | 15.2 | 3.1 | |||||
Shares repurchased value under share repurchase program | $ 240,000,000 | ||||||
Treasury stock, value, acquired, cost method | $ 240,000,000 | ||||||
Stock repurchase program, percent repurchased | 80% | ||||||
Number of shares repurchased (in shares) | 15.2 | 3.1 | |||||
325 Million Second Accelerated Share Repurchase | |||||||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||||||
Shares approved to be repurchased under share repurchase program, amount (up to) | $ 325,000,000 | ||||||
Shares repurchased under share repurchase program (in shares) | 4 | 17.3 | 17.3 | 4 | |||
Shares repurchased value under share repurchase program | $ 260,000,000 | ||||||
Treasury stock, value, acquired, cost method | $ 260,000,000 | ||||||
Stock repurchase program, percent repurchased | 80% | ||||||
Number of shares repurchased (in shares) | 4 | 17.3 | 17.3 | 4 | |||
December2023 Share Repurchase Program | |||||||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||||||
Shares approved to be repurchased under share repurchase program, amount (up to) | $ 650,000,000 | ||||||
Shares repurchased under share repurchase program (in shares) | 5.8 | ||||||
Shares repurchased value under share repurchase program | $ 84,500,000 | ||||||
Treasury stock value acquired not yet have been paid | $ 2,100,000 | ||||||
Average price paid per share (in dollar per share) | $ 14.5 | ||||||
Treasury stock, value, acquired, cost method | $ 84,500,000 | ||||||
Share repurchase program expiration date | Dec. 31, 2025 | ||||||
Number of shares repurchased (in shares) | 5.8 |
Other matters (Details)
Other matters (Details) | 1 Months Ended | 3 Months Ended | |||||
May 26, 2023 USD ($) Preliminaryapproval | Oct. 03, 2018 Defendant | Jun. 30, 2019 Defendant | Dec. 13, 2018 Defendant | Mar. 31, 2024 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | |
Business Acquisition [Line Items] | |||||||
Corporate - General and administrative expenses | $ 14,798,000 | $ 12,100,000 | |||||
Equity And Debt Investment | Related Party | |||||||
Business Acquisition [Line Items] | |||||||
Cost of revenues | 14,300,000 | $ 25,100,000 | |||||
Accounts payable | $ 4,900,000 | $ 5,400,000 | |||||
Clay, Massey & Associates, P.C. v. Gray Television | |||||||
Business Acquisition [Line Items] | |||||||
Number of other broadcasters settling DOJ complaint (defendant) | Defendant | 16 | 4 | |||||
Number of co defendants | Preliminaryapproval | 4 | ||||||
Settlement amount | $ 0 | ||||||
Loss contingency, damages sought, value | $ 48,000,000 | ||||||
Loss contigency, settlement agreement date, approved by court | December 2023 | ||||||
Settled Litigation | |||||||
Business Acquisition [Line Items] | |||||||
Number of other broadcasters settling DOJ complaint (defendant) | Defendant | 4 | 7 |