TEGNA owns and operates 64 local broadcast TV stations across 51 U.S. markets, reaching roughly 39% of U.S. TV households. TEGNA is the largest independent owner of top-four network affiliates (NBC, CBS, ABC, FOX) in the top 25 markets. The stations are centered on local news — TEGNA produces over 1,700 hours of local news per week — supplemented by network programming and local sports rights. TEGNA generates revenue through two main mechanisms. Distribution revenue (~55% of total) comes from fees paid by cable, satellite, and streaming distributors to carry TEGNA's stations; rates are set in multi-year contracts with escalators, though subscriber declines from cord-cutting largely offset rate increases. Advertising revenue is more cyclical, driven by local market conditions, ratings, and political election cycles — TEGNA generated $373M in political ad revenue in FY24, a figure that drops sharply in odd years. TEGNA also operates Premion, a CTV advertising platform that lets local and regional advertisers run campaigns across third-party streaming apps, extending TEGNA's local advertiser relationships beyond its own properties. On the cost side, management is targeting $90M–$100M in annualized savings through AI, automation, and real estate consolidation. In August 2025, TEGNA entered into a merger agreement to be acquired by Nexstar Media Group at $22.00 per share in cash, approved by shareholders in November 2025 and expected to close in the second half of 2026, pending FCC approval.