10 Best Broadcasting Stocks to Buy

2. Tegna Inc. (NYSE:TGNA)

Market Cap: $2.37 billion

Number of Hedge Fund Holders: 31

Tegna Inc. (NYSE:TGNA) is a broadcast, digital media, and marketing services company that provides local news and entertainment.

It has received 10 National 2024 Edward R. Murrow Awards. KARE, a television station of the company, was recognized for Overall Excellence for the 3rd consecutive year.

The company’s previously exhibited subscriber and national advertising declines continued in Q2 to accelerate, partially offset by political advertising. The drop in each was 7% and 3% respectively. These declines caused a year-over-year decline of $2.89%. However, it was still able to record a revenue of $710.36 million. The earnings per share were $0.50. This is mostly because local advertising remains strong, driven by small and medium businesses.

The company expects significant political ad spending due to the recent events in the Democratic primaries. By Q2, the company saw an increase in political advertising revenue to $31.6 million from $6 million in the previous year.

Premion, a CTV sales platform of the company, is well-positioned to capitalize on the growing local market adoption of CTV advertising. It is also capitalizing on the return of local sports content to broadcast, as shown by its recent deals with sports teams. Tegna Inc. (NYSE:TGNA) highlighted the early success of the Summer Olympics in Paris and the expanded distribution of WNBA Indiana Fever and NHL Seattle Kraken games in this context.

The company has been going through major leadership changes as of August with the appointment of a new President, CEO, and director, Mike Steib. Such changes show that the company is preparing itself for improvements where necessary for growth. Hence, it is a top broadcasting stock to buy.

The company is held by 31 hedge fund holders. As of June 30, AQR Capital Management is the biggest one, with a value of $48,585,722