Operational Cost Efficiency
TEGNA achieved an 80% completion rate towards its target of $90 million to $100 million in annualized core non-programming savings by the end of 2025. They reported a 3% year-over-year decrease in non-GAAP expenses, driven by operational cost-cutting initiatives, primarily in compensation and outside services.
Strong Digital Growth
TEGNA reported strong double-digit growth year-over-year in its owned and operated digital products for the third consecutive quarter, highlighting the success of its digital strategy.
Positive Regulatory Developments
Significant progress is being made on the regulatory front, with the Eighth U.S. Circuit Court of Appeals vacating the FCC's top 4 prohibition rule. This development is seen as a step forward for TEGNA's strategic options in the broadcasting landscape.
Successful Capital Allocation
TEGNA remains committed to returning 40% to 60% of adjusted free cash flow to shareholders over 2024-2025. They executed a $250 million partial redemption of outstanding senior notes, which contributes to lowering interest expense guidance for 2025.