TEGNA ( TGNA Quick Quote TGNA - Free Report) and Comcast’s ( CMCSA Quick Quote CMCSA - Free Report) NBC recently announced the extension of their partnership by signing a multi-year deal to renew station affiliation agreements for 20 TEGNA markets in the United States. Notably, the media company’s 20 renewed markets nationwide comprise 10 of the top 25 markets for NBC, covering 17% of the U.S. audience and approximately 21 million households. Per the agreement, TEGNA’s stations will continue to provide NBC’s content such as TODAY, Sunday Night Football and the Tokyo Olympic Games to the viewers and advertisers. Additionally, the deal includes NBC broadcast network’s entire portfolio including content like NBC Nightly News with Lester Holt, the Summer and Winter Olympic Games, This Is Us, The Voice, The Tonight Show Starring Jimmy Fallon and more. TEGNA’s shares have declined 12.5% over the past year against the Zacks Broadcast Radio and Television industry’s growth of 33.6%. TEGNA Inc. Price, Consensus and EPS Surprise Rising Market Exposure of TEGNA Stations to Aid Growth
TEGNA’s recent multi-year deal with NBC adds to the string of deals struck by this Zacks Rank #4 (Sell) company to bolster the expansion of its stations in the local markets and fuel top-line growth over the long term.
Earlier, in December, the company signed a multi-year retransmission consent agreement with AT&T ( T Quick Quote T - Free Report) to provide 64 TEGNA-owned local broadcast stations to customers of AT&T’s video platforms. Additionally, TEGNA and comScore entered into a renewal agreement, per which the former’s stations will be provided in total 22 markets, including 18 local markets where comScore will be their exclusive local television currency. Also, the company will gain access to comScore’s Advanced Automotive and Political Audience segments. Moreover, TEGNA’s stations benefit from comScore’s recently introduced Quickscore ratings, which deliver local ratings 48 hours after the airing of a program. The agreement aids the extension of its local television and digital measurement partnership with comScore. Moreover, in November, the company completed an update of its stations’ over-the-top (OTT) streaming applications on Roku ( ROKU Quick Quote ROKU - Free Report) to enhance the viewer experience. It also revealed its intent to launch OTT streaming applications by the end of 2020, for its stations on Amazon Fire TV. On completion of the launch on Amazon Fire TV, TEGNA stations’ local news and other programming services will be provided to customers on the two leading OTT streaming media players, Roku and Amazon, which cover 70% of the U.S. market, thereby driving the expansion of TEGNA’s customer base. Notably, in third-quarter 2020, TEGNA reported that it is the largest independent owner of NBC affiliates and second-largest owner of CBS affiliates. Further, it operates 64 television stations in 51 U.S. markets, catering to 41.7 million or 39% of television households in the United States. You can see . the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here 5 Stocks Set to Double
Each was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2020. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth.
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor. Today, See These 5 Potential Home Runs >>