12 Best Broadcasting Stocks to Buy Right Now

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6. TEGNA Inc. (NYSE:TGNA)

Number of Hedge Fund Holders: 24

TEGNA Inc. (NYSE:TGNA) is a US-based media company that focuses on local news and entertainment. It operates a portfolio of television stations, which offer news content across various platforms. It also owns and operates multicast networks, produces original content, and provides advertising solutions to businesses.

In the third quarter of 2024, the total company revenue surged 13% year-over-year to $807 million. This performance was primarily driven by a record-breaking quarter for political advertising and a substantial increase in core linear advertising. It was fueled by the success of the Summer Olympics across the company’s NBC stations. This positive momentum is expected to continue into the fourth quarter, with total company GAAP revenue projected to increase by 19% to 21% year-over-year.

Beyond revenue growth, TEGNA Inc. (NYSE:TGNA) is pursuing strategies to enhance growth within its broadcasting segment. This includes the ongoing efforts to reduce costs in legacy operations. The company is focusing on expanding its reach and better serving users through digital channels. This includes exploring opportunities to deepen user engagement. It’s also using AI to drive efficiency.

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