TEGNA Inc. (TGNA) saw its shares surge 5.23% in pre-market trading on Thursday, following the release of the company's fourth-quarter 2024 earnings results.
The broadcasting and digital media company reported better-than-expected earnings and revenue for the quarter, driven by strength in political advertising revenue. Key highlights from the Q4 results include:
TEGNA's strong performance in the fourth quarter was driven by robust political advertising demand and continued growth in its subscription business. The company successfully completed distributor renewals for approximately 20% of its traditional subscribers during the quarter, supporting its subscription revenue growth.
Looking ahead, TEGNA reaffirmed its 2024/2025 two-year Adjusted Free Cash Flow guidance of $900 million to $1.1 billion, highlighting its confidence in the company's financial outlook.
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