Tegna Inc (NYSE: TGNA), a leading broadcaster of local news and entertainment, saw its shares surge 5.07% in pre-market trading on Friday, following the company's impressive fourth quarter and full year 2024 results.
The media conglomerate reported a 20% year-over-year increase in total revenue for Q4 2024, driven primarily by robust political advertising revenue during the election cycle. For the full year, total revenue grew 7%, fueled by the strength of Tegna's high-quality broadcast assets in key markets and successful execution.
Despite facing headwinds such as softness in national advertising and higher programming expenses, including local sports rights, Tegna remained focused on driving operational efficiencies. The company achieved approximately $50 million in annualized savings by the end of 2024, contributing to its goal of generating $90 million to $100 million in core non-programming annualized savings by the end of 2025.
Additionally, Tegna's efforts to grow digital revenue through its suite of digital products, including web solutions, mobile apps, and local connected TV advertising, yielded positive results. The company's digital advertising performance showed year-over-year growth, offsetting a slight decline in its Premion connected TV advertising platform's national advertising segment.
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