TEGNA appoints Jim Kizer to lead Iowa stations

TYSONS, Va. - TEGNA Inc. (NYSE:TGNA), a major media company, has announced the appointment of Jim Kizer as president and general manager of its Des Moines, Iowa stations WOI and KCWI, effective immediately. Kizer will retain his current role as president and general manager of WQAD, which serves the Quad Cities area of Iowa and Illinois.

With over a decade of leadership at WQAD, Kizer brings extensive experience in the broadcast and media industry to his new position. His career has included various executive roles, such as general manager at WLUC-TV in Marquette, Mich., and WSTM-TV in Syracuse, N.Y., as well as chief operating officer at Federal Broadcasting.

Paul Trelstad, senior vice president of media operations at TEGNA, praised Kizer's leadership qualities and his deep understanding of the Iowa market, expressing confidence in Kizer's ability to drive the Des Moines stations to new heights.

Kizer himself expressed enthusiasm for the opportunity to work with the Des Moines team on a permanent basis, emphasizing his commitment to building on the stations' successes and fostering further growth.

This move is part of TEGNA's broader strategy to strengthen its leadership team across its network, which includes 64 television stations in 51 U.S. markets, making it the largest owner of top 4 network affiliates in the top 25 markets among independent station groups.

In other recent news, TEGNA Inc. experienced a decline in total company revenue for Q2 2024, primarily due to subscriber losses and a weaker national advertising market. Despite this, the company saw a resilient local advertising sector, especially from small and medium-sized businesses. TEGNA's connected TV sales platform, Premion, continued to show positive growth, and the acquisition of Octillion is expected to boost this further. Notably, the company anticipates increased advertising revenue from the Paris Olympics and political advertising in key swing states.

Additionally, TEGNA has returned substantial capital to shareholders, with $196 million in the first half of 2024 and repurchased $72 million in common stock during Q2. The company also projects a rise in third-quarter revenue due to political ads and the Olympics. TEGNA reaffirms its adjusted free cash flow guidance of $900 million to $1.1 billion for 2024-2025.

InvestingPro Insights

TEGNA Inc. (NYSE:TGNA), amidst its executive shifts aimed at bolstering its leadership, also presents an interesting profile from a financial perspective. According to InvestingPro data, TEGNA has a market capitalization of $2.22 billion, indicating its significant presence in the media sector. The company's P/E ratio, a measure of its current share price relative to its per-share earnings, stands at a modest 5.6, suggesting that investors may find the stock to be attractively valued compared to industry peers.

InvestingPro Tips highlight that TEGNA has been demonstrating a commitment to shareholder returns. Notably, the company has increased its dividend for three consecutive years and has maintained dividend payments for an impressive 54 consecutive years. This consistent return to shareholders could be particularly appealing for income-focused investors. Additionally, management's aggressive share buyback strategy signals confidence in the company's value and prospects.

From a profitability standpoint, analysts anticipate TEGNA to be profitable in the current year, supported by a strong free cash flow yield as implied by its valuation. These financial indicators, along with the company's operational performance, provide a comprehensive view of TEGNA's stability and potential for growth.

For readers looking to delve deeper into TEGNA's financial health and future outlook, InvestingPro offers additional tips and metrics. As of the latest update, there are six more InvestingPro Tips available that could provide further insights into the company's strategic and financial positioning.

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