TEGNA Inc. (NYSE:TGNA), a company specialized in television broadcasting, announced the upcoming departure of Senior Vice President and Chief Legal Officer Lauren S. Fisher. The Board of Directors confirmed on Monday that Fisher will leave her role effective September 6, 2024.
The company, headquartered in Tysons, Virginia, stated that Fisher's separation is without cause. She will receive severance pay in accordance with TEGNA's Executive Severance Plan, the details of which were outlined in the company's Proxy Statement filed on March 11, 2024.
The departure of Fisher comes as a significant change in TEGNA's executive team, though no further details regarding the reason for her departure or her successor were provided in the filing.
Investors and stakeholders of TEGNA, a Delaware-incorporated company with a fiscal year-end on December 31, may find the full details of the severance plan and other related documents filed with the SEC.
This development is part of the company's latest 8-K filing with the SEC, reflecting the internal movements within TEGNA's leadership structure. The company's stock, traded on the New York Stock Exchange under the ticker symbol TGNA, may see investor reaction to this executive transition in the coming days.
The information in this article is based on the most recent 8-K filing by TEGNA Inc. with the Securities and Exchange Commission.
In other recent news, TEGNA Inc. has announced some key developments. The media giant has named Jim Kizer as president and general manager of its Des Moines, Iowa stations WOI and KCWI, a move aimed at bolstering its leadership team. Kizer, an experienced industry figure, will continue to serve as president and general manager of WQAD in the Quad Cities area of Iowa and Illinois.
In financial highlights, TEGNA has reported a decline in total company revenue for Q2 2024, primarily due to subscriber losses and a weaker national advertising market. However, the company's local advertising sector has shown resilience, with positive growth noted in TEGNA's connected TV sales platform, Premion. The acquisition of Octillion is expected to further enhance this growth.
TEGNA has returned substantial capital to shareholders, with $196 million in the first half of 2024 and repurchased $72 million in common stock during Q2. The company projects a rise in third-quarter revenue due to political ads and the Olympics, and reaffirms its adjusted free cash flow guidance of $900 million to $1.1 billion for 2024-2025. These recent developments underscore TEGNA's strategic initiatives and financial performance.
InvestingPro Insights
In light of the recent executive change at TEGNA Inc., investors might consider a few key financial metrics and InvestingPro Tips to better understand the company's current position. TEGNA's market capitalization stands at approximately $2.28 billion, with a notably low price-to-earnings (P/E) ratio of 5.71. This valuation metric suggests that the company's shares could be undervalued, especially when considering the adjusted P/E ratio over the last twelve months as of Q2 2024, which is 7.28.
Additionally, TEGNA has demonstrated a commitment to returning value to shareholders, as evidenced by the company raising its dividend for three consecutive years and maintaining dividend payments for 54 consecutive years. The dividend yield as of the most recent data is 3.63%, coupled with a substantial dividend growth of 31.58% over the last twelve months as of Q2 2024. These factors are particularly relevant for income-focused investors.
On the operational side, TEGNA's gross profit margin stands strong at nearly 40%, indicating a solid grasp on cost management relative to revenue. However, it's worth noting that revenue has seen a contraction of 10.29% over the last twelve months as of Q2 2024, which may be a point of concern for growth-oriented investors.
For those interested in exploring further, InvestingPro provides additional insights with tips such as management's aggressive share buyback strategy and the company's profitability over the last twelve months. There are a total of 9 InvestingPro Tips available for TEGNA Inc., which can be found at https://www.investing.com/pro/TGNA, offering deeper analysis for a comprehensive investment decision-making process.
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