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TEGNA Inc. (NYSE:TGNA), a broadcaster with strong financial health according to InvestingPro analysis, announced on Monday that Karen Grimes, a member of its Board of Directors, has decided to retire and will not seek re-election at the upcoming 2025 annual meeting of shareholders. Her departure from the board is set to take place at the annual meeting, concluding her current term.
Grimes’ decision to retire is not due to any disagreements with the company’s operations, policies, or practices, according to the statement released by TEGNA. The company expressed gratitude for Grimes’ contributions during her tenure on the board.
This transition comes as TEGNA, a Delaware-incorporated company headquartered in Tysons, Virginia, continues to operate in the television broadcasting industry under the SIC code 4833. The company, which was formerly known as Gannett Co (NYSE:GCI) Inc /DE/, has made no further announcements regarding a replacement for Grimes or changes to the board’s composition following her retirement.
Investors and stakeholders have been notified of this change through a filing with the Securities and Exchange Commission, ensuring transparency and adherence to regulatory requirements. The news is based on the company’s recent SEC filing and does not include any additional commentary or speculation on the impact of Grimes’ retirement on TEGNA’s governance or future direction.
In other recent news, TEGNA Inc., a U.S.-based media company, has announced a regular quarterly dividend of 12.5 cents per share, demonstrating its ongoing commitment to provide returns to its investors. This dividend is part of TEGNA’s capital allocation framework, which balances investment in growth with returning value to shareholders. On a separate but related note, Guggenheim has maintained its Buy rating on TEGNA, with a steady price target of $22.00. Despite a decrease in TEGNA’s revenue forecast for 2025 to $2.76 billion, Guggenheim’s outlook remains positive due to the company’s robust balance sheet. The firm anticipates TEGNA will execute $300 million in stock buybacks and pay out $79 million in dividends in 2025. TEGNA’s strategy to balance shareholder returns with maintaining a healthy leverage profile is a key aspect of the company’s financial planning as it navigates the evolving media environment. These are just a few of the recent developments in TEGNA’s financial strategy and performance.
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