Tegna Inc.

Tegna Inc. (stylized in all caps as TEGNA) is an American publicly traded broadcast, digital media and marketing services company headquartered in Tysons Corner, Virginia. It was created on June 29, 2015, when the Gannett Company split into two publicly traded companies. Tegna comprised the more profitable broadcast television and digital media divisions of the old Gannett, while Gannett's publishing interests were spun off as a "new" company that retained the Gannett name. Tegna owns or operates 68 television stations in 54 markets, and holds properties in digital media. In terms of audience reach, Tegna is the largest group owner of NBC-affiliated stations, ahead of Hearst Television and Sinclair Broadcast Group, and the fourth-largest group owner of ABC affiliates, behind Hearst, the E. W. Scripps Company, and Sinclair. Tegna also owns three digital multicast networks (True Crime Network, Quest, and Twist). History In June 2015, Gannett spun off its broadcasting division. Robert Dickey – who led Gannett's newspaper group – would continue as CEO of the company as a sole newspaper publisher, leaving the former broadcasting and digital operations under the leadership of Gracia Martore. In a statement, she explained that the split plans were "significant next steps in our ongoing initiatives to increase shareholder value by building scale, increasing cash flow, sharpening management focus, and strengthening all of our businesses to compete effectively in today's increasingly digital landscape." Additionally, the company announced that it would buy out the remainder of Classified Ventures (a joint venture between Tegna and several other media companies) for $1.8 billion, giving it full ownership of properties such as Cars.com. As part of the separation, the company announced that the broadcasting and digital company would be named Tegna—a partial anagram of "Gannett". The spin-out was structured so that "old" Gannett changed its name to Tegna, Inc., then spun off its newspaper holdings into a "new" Gannett. The split was completed on June 29, 2015. Tegna retained "old" Gannett's stock price history, though it trades under a new ticker symbol, TGNA. The "new" Gannett inherited old Gannett's longtime ticker symbol, GCI. The two companies, however, continued to share a headquarters complex.