Tegna Inc. reported third quarter 2025 GAAP operating expenses of $559.0 million, down 3% year-over-year, driven by cost-cutting initiatives in compensation and outside services, partially offset by higher M&A-related costs. Non-GAAP operating expenses decreased 4% to $544.0 million. GAAP operating income was $92.0 million and non-GAAP operating income was $107.0 million. GAAP net income attributable to Tegna was $37.0 million, while non-GAAP net income attributable to Tegna was $53.0 million. GAAP earnings per diluted share were $0.23, and non-GAAP earnings per diluted share were $0.33. Adjusted EBITDA declined 52% to $131.0 million, primarily due to lower political advertising and AMS revenue. Net cash flow from operations was $59.0 million, and adjusted free cash flow was $64.0 million. Tegna returned $20.0 million to shareholders through dividends during the quarter. Interest expense decreased 8% to $39.0 million, and cash and cash equivalents totaled $233.0 million at quarter end, with net leverage at 2.9x. During the period, Tegna redeemed $550.0 million of its 4.75% senior notes due March 2026. On August 19, 2025, Tegna and Nexstar Media Group announced a definitive agreement for Nexstar to acquire all outstanding shares of Tegna for $22.00 per share in a cash transaction valued at $6.2 billion, expected to close in the second half of 2026, subject to approvals.