Overview Key strengths Key risks The company's reach of approximately 39% of U.S. households positions it as one of the largest non-network-owned television station groups in the country. The proposed acquisition by Standard General will likely increase leverage. Retransmission revenue, around 45% of total revenue, provides revenue stability. A recession in 2023 will hurt advertising revenue, which is cyclical and represents roughly 45% of the company's revenue. Healthy free operating cash flow generation supports deleveraging. We are uncertain regarding the effect of secular shifts in advertising and subscriber revenue. TEGNA agreed in February 2022 to be acquired by an affiliate of Standard General L.P. for $24 per share in cash, which translates to a total enterprise valuation of $8.6 billion
