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TEGNA's (TGNA) Sports Portfolio Gets a Boost With New Deal
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TEGNA's (TGNA - Free Report) efforts to bolster its near-term growth on the back of its expanding portfolio of premium content have been a major growth driver.
Its shares have gained 3.5% in the past month, outperforming the Zacks Consumer Discretionary sector’s growth of 2%. The growth can be attributed to its growing focus on local content creation, which ultimately boosts subscription revenues from traditional cable and satellite operators and OTT providers.
The company currently operates more than 64 television stations and two radio stations in 51 U.S. markets. It caters to 39% of TV households in the United States, providing high-quality television programming and digital content.
TEGNA recently announced that its television station, WFAA, has collaborated with the Dallas Mavericks, an American professional basketball team, to bring 10 additional games of the National Basketball Association’s (NBA) teams to the WFAA broadcast schedule. The games will be aired free of cost.
The new partnership will bring 13 free over-the-air games to more than 3 million households and to more than 7 million people across Dallas-Fort Worth in a span of 11 weeks.
WFAA will broadcast these games live in North Texas via free over-the-air (OTA) broadcasts and through cable, satellite and streaming services.
The deal will strengthen TGNA's sports content portfolio. This, in turn, will allow TGNA to capitalize on growth opportunities present in the global sports content market.
TEGNA’s Expanding Clientele to Aid Top-Line Growth
TEGNA is riding on an expanding clientele and a strong portfolio of content through different station apps like Roku, Amazon Fire TV, and more. The company strives to capture a large viewing audience as the number of viewers directly maximizes subscription revenues.
In the third quarter of 2023, revenues from subscriptions accounted for 53% of total revenues.
TEGNA also owns and operates entertainment brands like True Crime Network, Quest and Twist, which capitalize on the rapidly growing OTA and OTT television platforms.
This Zacks Rank #3 (Hold) company also has a long-term affiliation agreement with network stations like NBC, CBS, ABC and FOX to continue getting programs from these stations and gain from commercial advertising spots. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Previously, TEGNA’s Station KENS also collaborated with San Antonio Spurs to air 11 Spur games. Nate Ryan, the evening sports anchor at KENS, was to provide halftime commentary for certain Spurs games and KENS also presented specials during the early and mid-season, focusing on the Spurs. This seems to have boosted TEGNA’s subscription revenues in the to-be-reported quarter.
The Zacks Consensus Estimate for TEGNA’s revenues for 2023 is pegged at $2.95 billion, indicating a decline of 10.1% year over year. Revenues from advertising and marketing services have been declining and are expected to affect total revenues.
The consensus mark for 2023 earnings is pegged at $1.81 per share, unchanged in the past 30 days.
Moreover, the latest moves to strengthen TEGNA's sports content portfolio will also aid the company's competitive position against industry peers like Paramount Global (PARA - Free Report) , Comcast (CMCSA - Free Report) and Charter Communications (CHTR - Free Report) , which are making continuous efforts to bolster their sports content portfolio.
Paramount Global’s launch of a free pop-up channel, namely NFL Super Bowl Classics, via its streaming television service, Pluto TV, remains noteworthy. The new channel, set to air between Jan 18 and Feb 21, brings an array of sports events to its streaming platform, including past Super Bowl games, NFL Films programming, Greatest Super Bowl Finishes, and MVP Rankings, to name a few.
Comcast’s Sky Sports also recently obtained broadcasting rights by entering into a 4-year deal broadcasting hundreds of additional English Premier League matches, starting in 2025. Sky Sports will broadcast 215 Premier League matches each season starting in 2025.
Recently, Charter Communication announced the availability of an ad-supported version of Disney+ Basic for Charter’s Spectrum TV select customers at no additional cost. In this regard, Charter also plans to include access to Disney’s ESPN+ and its large pool of exclusive, live sports events, including exclusive UFC events, NHL live games, college sports and more in the near term.
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TEGNA's (TGNA) Sports Portfolio Gets a Boost With New Deal
TEGNA's (TGNA - Free Report) efforts to bolster its near-term growth on the back of its expanding portfolio of premium content have been a major growth driver.
Its shares have gained 3.5% in the past month, outperforming the Zacks Consumer Discretionary sector’s growth of 2%. The growth can be attributed to its growing focus on local content creation, which ultimately boosts subscription revenues from traditional cable and satellite operators and OTT providers.
The company currently operates more than 64 television stations and two radio stations in 51 U.S. markets. It caters to 39% of TV households in the United States, providing high-quality television programming and digital content.
TEGNA recently announced that its television station, WFAA, has collaborated with the Dallas Mavericks, an American professional basketball team, to bring 10 additional games of the National Basketball Association’s (NBA) teams to the WFAA broadcast schedule. The games will be aired free of cost.
The new partnership will bring 13 free over-the-air games to more than 3 million households and to more than 7 million people across Dallas-Fort Worth in a span of 11 weeks.
WFAA will broadcast these games live in North Texas via free over-the-air (OTA) broadcasts and through cable, satellite and streaming services.
The deal will strengthen TGNA's sports content portfolio. This, in turn, will allow TGNA to capitalize on growth opportunities present in the global sports content market.
TEGNA Inc. Price and Consensus
TEGNA Inc. price-consensus-chart | TEGNA Inc. Quote
TEGNA’s Expanding Clientele to Aid Top-Line Growth
TEGNA is riding on an expanding clientele and a strong portfolio of content through different station apps like Roku, Amazon Fire TV, and more. The company strives to capture a large viewing audience as the number of viewers directly maximizes subscription revenues.
In the third quarter of 2023, revenues from subscriptions accounted for 53% of total revenues.
TEGNA also owns and operates entertainment brands like True Crime Network, Quest and Twist, which capitalize on the rapidly growing OTA and OTT television platforms.
This Zacks Rank #3 (Hold) company also has a long-term affiliation agreement with network stations like NBC, CBS, ABC and FOX to continue getting programs from these stations and gain from commercial advertising spots. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Previously, TEGNA’s Station KENS also collaborated with San Antonio Spurs to air 11 Spur games. Nate Ryan, the evening sports anchor at KENS, was to provide halftime commentary for certain Spurs games and KENS also presented specials during the early and mid-season, focusing on the Spurs. This seems to have boosted TEGNA’s subscription revenues in the to-be-reported quarter.
The Zacks Consensus Estimate for TEGNA’s revenues for 2023 is pegged at $2.95 billion, indicating a decline of 10.1% year over year. Revenues from advertising and marketing services have been declining and are expected to affect total revenues.
The consensus mark for 2023 earnings is pegged at $1.81 per share, unchanged in the past 30 days.
Moreover, the latest moves to strengthen TEGNA's sports content portfolio will also aid the company's competitive position against industry peers like Paramount Global (PARA - Free Report) , Comcast (CMCSA - Free Report) and Charter Communications (CHTR - Free Report) , which are making continuous efforts to bolster their sports content portfolio.
Paramount Global’s launch of a free pop-up channel, namely NFL Super Bowl Classics, via its streaming television service, Pluto TV, remains noteworthy. The new channel, set to air between Jan 18 and Feb 21, brings an array of sports events to its streaming platform, including past Super Bowl games, NFL Films programming, Greatest Super Bowl Finishes, and MVP Rankings, to name a few.
Comcast’s Sky Sports also recently obtained broadcasting rights by entering into a 4-year deal broadcasting hundreds of additional English Premier League matches, starting in 2025. Sky Sports will broadcast 215 Premier League matches each season starting in 2025.
Recently, Charter Communication announced the availability of an ad-supported version of Disney+ Basic for Charter’s Spectrum TV select customers at no additional cost. In this regard, Charter also plans to include access to Disney’s ESPN+ and its large pool of exclusive, live sports events, including exclusive UFC events, NHL live games, college sports and more in the near term.