TEGNA Inc. has reported its financial results for the first quarter of 2025. The company experienced a decline in total company GAAP revenue, which fell by 4% to 7%. Adjusted EBITDA decreased by 22% to $136 million, primarily due to lower political advertising and AMS revenue, though this was partially offset by cost-saving initiatives. GAAP operating expenses decreased by 1% to $571 million, while non-GAAP operating expenses remained flat. The company's GAAP net income attributable to TEGNA Inc. was $59 million, with non-GAAP net income at $61 million. Earnings per diluted share were $0.36 on a GAAP basis and $0.37 on a non-GAAP basis. TEGNA's AMS revenue decreased 3% to $286 million, influenced by the Super Bowl airing on FOX, the company's smallest affiliate group, and ongoing macroeconomic challenges. However, local sports rights revenue growth helped offset these impacts. When excluding the Super Bowl effect, AMS revenue was stable. The company reported net cash flow from operations at $60 million and adjusted free cash flow at $62 million. TEGNA returned $20 million to shareholders through dividends during the first quarter. Cash and cash equivalents stood at $717 million at the end of the quarter, with net leverage at 2.8x. CEO Mike Steib emphasized the company's focus on executing key initiatives to adapt to the volatile macro environment and leverage opportunities in both linear TV and digital.