|
ý
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
¨
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Delaware
|
|
16-0442930
|
(State or other jurisdiction of incorporation or organization)
|
|
(I.R.S. Employer Identification No.)
|
|
|
|
7950 Jones Branch Drive, McLean, Virginia
|
|
22107-0150
|
(Address of principal executive offices)
|
|
(Zip Code)
|
Large Accelerated Filer
|
ý
|
Accelerated Filer
|
¨
|
|
|
|
|
Non-Accelerated Filer
|
¨
|
Smaller Reporting Company
|
¨
|
|
|
Sept. 27, 2015
|
|
Dec. 28, 2014
|
||||
|
(Unaudited)
|
|
|
||||
ASSETS
|
|
|
|
||||
Current assets
|
|
|
|
||||
Cash and cash equivalents
|
$
|
117,799
|
|
|
$
|
110,460
|
|
Trade receivables, less allowance for doubtful accounts (2015 - $12,273; 2014 - $10,710)
|
557,338
|
|
|
554,481
|
|
||
Other receivables
|
59,566
|
|
|
56,341
|
|
||
Deferred income taxes
|
41,592
|
|
|
156,851
|
|
||
Assets held for sale
|
187,913
|
|
|
51,564
|
|
||
Prepaid expenses and other current assets
|
101,711
|
|
|
83,621
|
|
||
Current discontinued operation assets
|
—
|
|
|
467,147
|
|
||
Total current assets
|
1,065,919
|
|
|
1,480,465
|
|
||
Property, plant and equipment
|
|
|
|
||||
Cost
|
999,987
|
|
|
1,311,710
|
|
||
Less accumulated depreciation
|
(549,745
|
)
|
|
(636,978
|
)
|
||
Net property, plant and equipment
|
450,242
|
|
|
674,732
|
|
||
Intangible and other assets
|
|
|
|
||||
Goodwill
|
3,966,517
|
|
|
3,955,582
|
|
||
Indefinite-lived and amortizable intangible assets, less accumulated amortization
|
3,107,582
|
|
|
3,189,478
|
|
||
Investments and other assets
|
284,483
|
|
|
249,483
|
|
||
Noncurrent discontinued operation assets
|
—
|
|
|
1,655,715
|
|
||
Total intangible and other assets
|
7,358,582
|
|
|
9,050,258
|
|
||
Total assets
(a)
|
$
|
8,874,743
|
|
|
$
|
11,205,455
|
|
|
Sept. 27, 2015
|
|
Dec. 28, 2014
|
||||
|
(Unaudited)
|
|
|
||||
LIABILITIES AND EQUITY
|
|
|
|
||||
Current liabilities
|
|
|
|
||||
Accounts payable and current portion of film contracts payable
|
$
|
157,950
|
|
|
$
|
155,896
|
|
Accrued expenses
|
316,593
|
|
|
371,731
|
|
||
Dividends payable
|
31,845
|
|
|
45,309
|
|
||
Income taxes
|
29,382
|
|
|
11,267
|
|
||
Deferred income
|
178,973
|
|
|
139,971
|
|
||
Current portion of long-term debt
|
7,854
|
|
|
7,854
|
|
||
Current discontinued operation liabilities
|
—
|
|
|
395,908
|
|
||
Total current liabilities
|
722,597
|
|
|
1,127,936
|
|
||
Noncurrent liabilities
|
|
|
|
||||
Income taxes
|
37,266
|
|
|
56,578
|
|
||
Deferred income taxes
|
898,588
|
|
|
848,047
|
|
||
Long-term debt
|
4,471,119
|
|
|
4,488,028
|
|
||
Pension liabilities
|
157,281
|
|
|
171,674
|
|
||
Other noncurrent liabilities
|
178,871
|
|
|
175,710
|
|
||
Noncurrent discontinued operation liabilities
|
—
|
|
|
827,739
|
|
||
Total noncurrent liabilities
|
5,743,125
|
|
|
6,567,776
|
|
||
Total liabilities
(a)
|
6,465,722
|
|
|
7,695,712
|
|
||
|
|
|
|
||||
Redeemable noncontrolling interests
|
25,002
|
|
|
20,470
|
|
||
|
|
|
|
||||
Commitments and contingent liabilities (See Note 13)
|
|
|
|
|
|
||
|
|
|
|
||||
Equity
|
|
|
|
||||
TEGNA Inc. shareholders’ equity
|
|
|
|
||||
Preferred stock of $1 par value per share, 2,000,000 shares authorized, none issued
|
—
|
|
|
—
|
|
||
Common stock of $1 par value per share, 800,000,000 shares authorized, 324,418,632 shares issued
|
324,419
|
|
|
324,419
|
|
||
Additional paid-in capital
|
528,111
|
|
|
546,406
|
|
||
Retained earnings
|
6,983,654
|
|
|
8,602,369
|
|
||
Accumulated other comprehensive loss
|
(118,800
|
)
|
|
(778,769
|
)
|
||
|
7,717,384
|
|
|
8,694,425
|
|
||
Less treasury stock, at cost (2015 - 102,726,022 shares; 2014 - 97,679,541 shares)
|
(5,584,482
|
)
|
|
(5,439,511
|
)
|
||
Total TEGNA Inc. shareholders’ equity
|
2,132,902
|
|
|
3,254,914
|
|
||
Noncontrolling interests
|
251,117
|
|
|
234,359
|
|
||
Total equity
|
2,384,019
|
|
|
3,489,273
|
|
||
Total liabilities, redeemable noncontrolling interests and equity
|
$
|
8,874,743
|
|
|
$
|
11,205,455
|
|
|
Thirteen Weeks Ended
|
|
Thirty-nine Weeks Ended
|
||||||||||||
|
Sept. 27, 2015
|
|
Sept. 28, 2014
|
|
Sept. 27, 2015
|
|
Sept. 28, 2014
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Net operating revenues:
|
|
|
|
|
|
|
|
||||||||
Media
|
$
|
406,445
|
|
|
$
|
416,509
|
|
|
$
|
1,219,911
|
|
|
$
|
1,197,035
|
|
Digital
|
351,072
|
|
|
204,560
|
|
|
1,025,770
|
|
|
587,060
|
|
||||
Other
|
49,569
|
|
|
59,916
|
|
|
155,556
|
|
|
185,332
|
|
||||
Total
|
807,086
|
|
|
680,985
|
|
|
2,401,237
|
|
|
1,969,427
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Operating expenses:
|
|
|
|
|
|
|
|
||||||||
Cost of sales and operating expenses, exclusive of depreciation
|
256,941
|
|
|
276,833
|
|
|
792,950
|
|
|
816,436
|
|
||||
Selling, general and administrative expenses, exclusive of depreciation
|
283,564
|
|
|
186,191
|
|
|
852,853
|
|
|
559,642
|
|
||||
Depreciation
|
21,723
|
|
|
21,294
|
|
|
71,360
|
|
|
61,141
|
|
||||
Amortization of intangible assets
|
28,501
|
|
|
11,433
|
|
|
86,155
|
|
|
36,659
|
|
||||
Facility consolidation and asset impairment charges
|
—
|
|
|
1,230
|
|
|
23,190
|
|
|
25,802
|
|
||||
Total
|
590,729
|
|
|
496,981
|
|
|
1,826,508
|
|
|
1,499,680
|
|
||||
Operating income
|
216,357
|
|
|
184,004
|
|
|
574,729
|
|
|
469,747
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Non-operating (expense) income:
|
|
|
|
|
|
|
|
||||||||
Equity income (loss) in unconsolidated investees, net
|
(1,013
|
)
|
|
(981
|
)
|
|
(4,123
|
)
|
|
156,792
|
|
||||
Interest expense
|
(66,949
|
)
|
|
(65,791
|
)
|
|
(206,871
|
)
|
|
(199,284
|
)
|
||||
Other non-operating items
|
(3,116
|
)
|
|
(15,326
|
)
|
|
(5,346
|
)
|
|
(39,762
|
)
|
||||
Total
|
(71,078
|
)
|
|
(82,098
|
)
|
|
(216,340
|
)
|
|
(82,254
|
)
|
||||
|
|
|
|
|
|
|
|
||||||||
Income before income taxes
|
145,279
|
|
|
101,906
|
|
|
358,389
|
|
|
387,493
|
|
||||
Provision for income taxes
|
37,178
|
|
|
29,782
|
|
|
119,157
|
|
|
145,731
|
|
||||
Income from continuing operations
|
108,101
|
|
|
72,124
|
|
|
239,232
|
|
|
241,762
|
|
||||
Income (loss) from discontinued operations, net of tax
|
(2,359
|
)
|
|
67,868
|
|
|
125,485
|
|
|
193,731
|
|
||||
Net income
|
105,742
|
|
|
139,992
|
|
|
364,717
|
|
|
435,493
|
|
||||
Net income attributable to noncontrolling interests
|
(17,487
|
)
|
|
(21,476
|
)
|
|
(47,700
|
)
|
|
(49,351
|
)
|
||||
Net income attributable to TEGNA Inc.
|
$
|
88,255
|
|
|
$
|
118,516
|
|
|
$
|
317,017
|
|
|
$
|
386,142
|
|
|
|
|
|
|
|
|
|
||||||||
Earnings from continuing operations per share - basic
|
$
|
0.40
|
|
|
$
|
0.22
|
|
|
$
|
0.85
|
|
|
$
|
0.85
|
|
Earnings (loss) from discontinued operations per share - basic
|
$
|
(0.01
|
)
|
|
$
|
0.30
|
|
|
$
|
0.55
|
|
|
$
|
0.86
|
|
Net income per share – basic
|
$
|
0.39
|
|
|
$
|
0.52
|
|
|
$
|
1.40
|
|
|
$
|
1.71
|
|
|
|
|
|
|
|
|
|
||||||||
Earnings from continuing operations per share - diluted
|
$
|
0.39
|
|
|
$
|
0.22
|
|
|
$
|
0.83
|
|
|
$
|
0.83
|
|
Earnings (loss) from discontinued operations per share - diluted
|
$
|
(0.01
|
)
|
|
$
|
0.29
|
|
|
$
|
0.54
|
|
|
$
|
0.83
|
|
Net income per share – diluted
|
$
|
0.38
|
|
|
$
|
0.51
|
|
|
$
|
1.37
|
|
|
$
|
1.66
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted average number of common shares outstanding:
|
|
|
|
|
|
|
|
||||||||
Basic shares
|
224,530
|
|
|
225,761
|
|
|
226,053
|
|
|
226,374
|
|
||||
Diluted shares
|
230,078
|
|
|
232,097
|
|
|
231,310
|
|
|
232,157
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Dividends declared per share
|
$
|
0.14
|
|
|
$
|
0.20
|
|
|
$
|
0.54
|
|
|
$
|
0.60
|
|
|
Thirteen Weeks Ended
|
|
Thirty-nine Weeks Ended
|
||||||||||||
|
Sept. 27, 2015
|
|
Sept. 28, 2014
|
|
Sept. 27, 2015
|
|
Sept. 28, 2014
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Net income
|
$
|
105,742
|
|
|
$
|
139,992
|
|
|
$
|
364,717
|
|
|
$
|
435,493
|
|
Redeemable noncontrolling interests (income not available to shareholders)
|
(310
|
)
|
|
(359
|
)
|
|
(1,595
|
)
|
|
(2,209
|
)
|
||||
Other comprehensive income (loss), before tax:
|
|
|
|
|
|
|
|
||||||||
Foreign currency translation adjustments
|
(5,033
|
)
|
|
(28,412
|
)
|
|
(4,639
|
)
|
|
(10,951
|
)
|
||||
Pension and other post-retirement benefit items:
|
|
|
|
|
|
|
|
||||||||
Amortization of prior service credit, net
|
76
|
|
|
(1,191
|
)
|
|
(1,160
|
)
|
|
(2,891
|
)
|
||||
Amortization of actuarial loss
|
3,742
|
|
|
11,668
|
|
|
35,150
|
|
|
34,901
|
|
||||
Actuarial loss arising during period
|
(14,631
|
)
|
|
—
|
|
|
(14,631
|
)
|
|
—
|
|
||||
Remeasurement of pension and other post-retirement benefits liabilities
|
79,184
|
|
|
—
|
|
|
79,184
|
|
|
33,907
|
|
||||
Other
|
—
|
|
|
18,068
|
|
|
(4,397
|
)
|
|
2,656
|
|
||||
Pension and other post-retirement benefit items
|
68,371
|
|
|
28,545
|
|
|
94,146
|
|
|
68,573
|
|
||||
Other
|
(518
|
)
|
|
(4,912
|
)
|
|
(518
|
)
|
|
(3,851
|
)
|
||||
Other comprehensive income (loss), before tax
|
62,820
|
|
|
(4,779
|
)
|
|
88,989
|
|
|
53,771
|
|
||||
Income tax effect related to components of other comprehensive income
|
(27,079
|
)
|
|
(4,945
|
)
|
|
(37,067
|
)
|
|
(26,921
|
)
|
||||
Other comprehensive income (loss), net of tax
|
35,741
|
|
|
(9,724
|
)
|
|
51,922
|
|
|
26,850
|
|
||||
Comprehensive income
|
141,173
|
|
|
129,909
|
|
|
415,044
|
|
|
460,134
|
|
||||
Comprehensive income attributable to noncontrolling interests, net of tax
|
(14,806
|
)
|
|
(16,205
|
)
|
|
(41,529
|
)
|
|
(43,291
|
)
|
||||
Comprehensive income attributable to TEGNA Inc.
|
$
|
126,367
|
|
|
$
|
113,704
|
|
|
$
|
373,515
|
|
|
$
|
416,843
|
|
|
Thirty-nine Weeks Ended
|
||||||
|
Sept. 27, 2015
|
|
Sept. 28, 2014
|
||||
|
|
|
|
||||
Cash flows from operating activities:
|
|
|
|
||||
Net income
|
$
|
364,717
|
|
|
$
|
435,493
|
|
Adjustments to reconcile net income to net cash flow from operating activities:
|
|
|
|
||||
Depreciation and amortization
|
214,066
|
|
|
183,403
|
|
||
Facility consolidation and asset impairment charges
|
33,179
|
|
|
51,210
|
|
||
Pension contributions, net of pension expense
|
(121,732
|
)
|
|
(100,983
|
)
|
||
Equity income in unconsolidated investees, net
|
(6,683
|
)
|
|
(166,787
|
)
|
||
Stock-based compensation – equity awards
|
17,112
|
|
|
25,133
|
|
||
Change in other assets and liabilities, net
|
(21,426
|
)
|
|
145,132
|
|
||
Net cash flow from operating activities
|
479,233
|
|
|
572,601
|
|
||
Cash flows from investing activities:
|
|
|
|
||||
Purchase of property, plant and equipment
|
(74,897
|
)
|
|
(91,559
|
)
|
||
Payments for acquisitions, net of cash acquired
|
(53,654
|
)
|
|
(202,724
|
)
|
||
Payments for investments
|
(30,293
|
)
|
|
(5,318
|
)
|
||
Proceeds from investments
|
12,402
|
|
|
166,251
|
|
||
Proceeds from sale of certain assets
|
110,524
|
|
|
303,539
|
|
||
Net cash flow from (used for) investing activities
|
(35,918
|
)
|
|
170,189
|
|
||
Cash flows from financing activities:
|
|
|
|
||||
Proceeds from borrowings under revolving credit agreements
|
120,000
|
|
|
—
|
|
||
Proceeds from unsecured fixed rate notes
|
—
|
|
|
666,732
|
|
||
Proceeds from unsecured floating rate term loans
|
200,000
|
|
|
—
|
|
||
Payments of unsecured floating rate term loans
|
(29,590
|
)
|
|
(27,627
|
)
|
||
Payments of unsecured fixed rate notes
|
(316,568
|
)
|
|
(250,000
|
)
|
||
Payments of debt issuance and financing costs
|
(6,980
|
)
|
|
(10,005
|
)
|
||
Dividends paid
|
(136,163
|
)
|
|
(136,059
|
)
|
||
Cost of common shares repurchased
|
(200,569
|
)
|
|
(75,815
|
)
|
||
Proceeds from issuance of common stock upon settlement of stock awards
|
23,154
|
|
|
11,915
|
|
||
Distribution to noncontrolling interests
|
(24,783
|
)
|
|
(877
|
)
|
||
Deferred payments for acquisitions
|
(9,136
|
)
|
|
(15,687
|
)
|
||
Cash transferred to the Gannett Co., Inc. business
|
(63,365
|
)
|
|
—
|
|
||
Net cash flow from (used for) financing activities
|
(444,000
|
)
|
|
162,577
|
|
||
Effect of currency exchange rate change on cash
|
—
|
|
|
(55
|
)
|
||
Increase (decrease) in cash and cash equivalents
|
(685
|
)
|
|
905,312
|
|
||
Balance of cash and cash equivalents at beginning of period
|
118,484
|
|
|
469,203
|
|
||
Balance of cash and cash equivalents at end of period
|
$
|
117,799
|
|
|
$
|
1,374,515
|
|
|
|
|
|
||||
Supplemental cash flow information:
|
|
|
|
||||
Cash paid for taxes, net of refunds
|
$
|
59,394
|
|
|
$
|
112,802
|
|
Cash paid for interest
|
$
|
183,239
|
|
|
$
|
167,513
|
|
Non-cash investing and financing activities:
|
|
|
|
||||
Payment for acquisition (non-monetary exchange of investment)
|
$
|
(34,403
|
)
|
|
$
|
—
|
|
Assets held for sale proceeds
|
$
|
—
|
|
|
$
|
146,428
|
|
Escrow deposit disbursement related to London Broadcasting Company television stations acquisition
|
$
|
—
|
|
|
$
|
(134,908
|
)
|
Capital expenditures
|
$
|
—
|
|
|
$
|
(11,520
|
)
|
In thousands
|
Sept. 27, 2015
|
|
Dec. 28, 2014
|
||||
|
|
|
|
||||
Current assets
|
$
|
20,653
|
|
|
$
|
20,541
|
|
Plant, property and equipment, net
|
9,743
|
|
|
10,084
|
|
||
Intangible and other assets
|
28,848
|
|
|
29,412
|
|
||
Total assets
|
$
|
59,244
|
|
|
$
|
60,037
|
|
|
|
|
|
||||
Current liabilities
|
$
|
11,745
|
|
|
$
|
11,635
|
|
Noncurrent liabilities
|
20,091
|
|
|
26,028
|
|
||
Total liabilities
|
$
|
31,836
|
|
|
$
|
37,663
|
|
In thousands
|
Sept. 27, 2015
|
|
Dec. 28, 2014
|
||||||||||||
|
Gross
|
|
Accumulated Amortization
|
|
Gross
|
|
Accumulated Amortization
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Goodwill
|
$
|
3,966,517
|
|
|
$
|
—
|
|
|
$
|
3,955,582
|
|
|
$
|
—
|
|
Indefinite-lived intangibles:
|
|
|
|
|
|
|
|
||||||||
Television station FCC licenses
|
1,191,950
|
|
|
—
|
|
|
1,191,950
|
|
|
—
|
|
||||
Mastheads and trade names
|
938,350
|
|
|
—
|
|
|
938,349
|
|
|
—
|
|
||||
Amortizable intangible assets:
|
|
|
|
|
|
|
|
||||||||
Customer relationships
|
905,551
|
|
|
128,127
|
|
|
845,525
|
|
|
23,216
|
|
||||
Other
|
269,490
|
|
|
69,632
|
|
|
253,435
|
|
|
16,565
|
|
In thousands
|
Media
|
|
Digital
|
|
Other
|
|
Total
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Balance at Dec. 28, 2014:
|
|
|
|
|
|
|
|
||||||||
Goodwill
|
$
|
2,578,601
|
|
|
$
|
1,503,140
|
|
|
$
|
289,122
|
|
|
$
|
4,370,863
|
|
Accumulated impairment losses
|
—
|
|
|
(166,971
|
)
|
|
(248,310
|
)
|
|
(415,281
|
)
|
||||
Net balance at Dec. 28, 2014
|
2,578,601
|
|
|
1,336,169
|
|
|
40,812
|
|
|
3,955,582
|
|
||||
Activity during the period:
|
|
|
|
|
|
|
|
||||||||
Acquisitions and adjustments
|
817
|
|
|
25,576
|
|
|
—
|
|
|
26,393
|
|
||||
Impairment
|
—
|
|
|
—
|
|
|
(5,940
|
)
|
|
(5,940
|
)
|
||||
Foreign currency exchange rate changes
|
—
|
|
|
(9,517
|
)
|
|
—
|
|
|
(9,517
|
)
|
||||
Total
|
817
|
|
|
16,059
|
|
|
(5,940
|
)
|
|
10,936
|
|
||||
Balance at Sept. 27, 2015:
|
|
|
|
|
|
|
|
||||||||
Goodwill
|
2,579,418
|
|
|
1,519,199
|
|
|
289,120
|
|
|
4,387,737
|
|
||||
Accumulated impairment losses
|
—
|
|
|
(166,971
|
)
|
|
(254,249
|
)
|
|
(421,220
|
)
|
||||
Net balance at Sept. 27, 2015
|
$
|
2,579,418
|
|
|
$
|
1,352,228
|
|
|
$
|
34,871
|
|
|
$
|
3,966,517
|
|
In thousands
|
Sept. 27, 2015
|
|
Dec. 28, 2014
|
||||
|
|
|
|
||||
Unsecured floating rate term loan due quarterly through August 2018
|
$
|
99,500
|
|
|
$
|
123,200
|
|
VIE unsecured floating rate term loans due quarterly through December 2018
|
27,489
|
|
|
33,379
|
|
||
Unsecured notes bearing fixed rate interest at 10% due June 2015
|
—
|
|
|
66,568
|
|
||
Unsecured notes bearing fixed rate interest at 6.375% due September 2015
|
—
|
|
|
250,000
|
|
||
Unsecured notes bearing fixed rate interest at 10% due April 2016
|
193,429
|
|
|
193,429
|
|
||
Borrowings under revolving credit agreement expiring June 2020
|
760,000
|
|
|
640,000
|
|
||
Unsecured notes bearing fixed rate interest at 7.125% due September 2018
|
250,000
|
|
|
250,000
|
|
||
Unsecured notes bearing fixed rate interest at 5.125% due October 2019
|
600,000
|
|
|
600,000
|
|
||
Unsecured floating rate term loan due quarterly through June 2020
|
200,000
|
|
|
—
|
|
||
Unsecured notes bearing fixed rate interest at 5.125% due July 2020
|
600,000
|
|
|
600,000
|
|
||
Unsecured notes bearing fixed rate interest at 4.875% due September 2021
|
350,000
|
|
|
350,000
|
|
||
Unsecured notes bearing fixed rate interest at 6.375% due October 2023
|
650,000
|
|
|
650,000
|
|
||
Unsecured notes bearing fixed rate interest at 5.50% due September 2024
|
325,000
|
|
|
325,000
|
|
||
Unsecured notes bearing fixed rate interest at 7.75% due June 2027
|
200,000
|
|
|
200,000
|
|
||
Unsecured notes bearing fixed rate interest at 7.25% due September 2027
|
240,000
|
|
|
240,000
|
|
||
Total principal long-term debt
|
4,495,418
|
|
|
4,521,576
|
|
||
Other (fair market value adjustments and discounts)
|
(16,445
|
)
|
|
(25,694
|
)
|
||
Total long-term debt
|
4,478,973
|
|
|
4,495,882
|
|
||
Less current portion of long-term debt maturities of VIE loans
|
7,854
|
|
|
7,854
|
|
||
Long-term debt, net of current portion
|
$
|
4,471,119
|
|
|
$
|
4,488,028
|
|
In thousands
|
Thirteen Weeks Ended
|
|
Thirty-nine Weeks Ended
|
||||||||||||
|
Sept. 27, 2015
|
|
Sept. 28, 2014
|
|
Sept. 27, 2015
|
|
Sept. 28, 2014
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Service cost-benefits earned during the period
|
$
|
97
|
|
|
$
|
1,358
|
|
|
$
|
2,771
|
|
|
$
|
4,066
|
|
Interest cost on benefit obligation
|
5,898
|
|
|
42,391
|
|
|
82,687
|
|
|
127,129
|
|
||||
Expected return on plan assets
|
(8,169
|
)
|
|
(58,902
|
)
|
|
(120,490
|
)
|
|
(176,650
|
)
|
||||
Amortization of prior service cost
|
206
|
|
|
1,892
|
|
|
3,970
|
|
|
5,675
|
|
||||
Amortization of actuarial loss
|
3,652
|
|
|
11,455
|
|
|
34,260
|
|
|
34,356
|
|
||||
Expense (credit) for company-sponsored retirement plans
|
$
|
1,684
|
|
|
$
|
(1,806
|
)
|
|
$
|
3,198
|
|
|
$
|
(5,424
|
)
|
In thousands
|
Thirteen Weeks Ended
|
|
Thirty-nine Weeks Ended
|
||||||||||||
|
Sept. 27, 2015
|
|
Sept. 28, 2014
|
|
Sept. 27, 2015
|
|
Sept. 28, 2014
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Service cost (credit)-benefits earned during the period
|
$
|
(58
|
)
|
|
$
|
92
|
|
|
$
|
154
|
|
|
$
|
278
|
|
Interest cost on net benefit obligation
|
171
|
|
|
1,098
|
|
|
2,157
|
|
|
3,613
|
|
||||
Amortization of prior service credit
|
(130
|
)
|
|
(3,083
|
)
|
|
(5,130
|
)
|
|
(8,566
|
)
|
||||
Amortization of actuarial loss
|
90
|
|
|
213
|
|
|
890
|
|
|
545
|
|
||||
Net periodic post-retirement benefit credit
|
$
|
73
|
|
|
$
|
(1,680
|
)
|
|
$
|
(1,929
|
)
|
|
$
|
(4,130
|
)
|
In thousands
|
TEGNA Inc. Shareholders’ Equity
|
|
Noncontrolling Interests
|
|
Total Equity
|
||||||
|
|
|
|
|
|
||||||
Balance at Dec. 28, 2014
|
$
|
3,254,914
|
|
|
$
|
234,359
|
|
|
$
|
3,489,273
|
|
Comprehensive income:
|
|
|
|
|
|
||||||
Net income
|
317,017
|
|
|
47,700
|
|
|
364,717
|
|
|||
Redeemable noncontrolling interests (income not available to shareholders)
|
—
|
|
|
(1,595
|
)
|
|
(1,595
|
)
|
|||
Other comprehensive income (loss)
|
56,498
|
|
|
(4,576
|
)
|
|
51,922
|
|
|||
Total comprehensive income
|
373,515
|
|
|
41,529
|
|
|
415,044
|
|
|||
Dividends declared
|
(122,480
|
)
|
|
—
|
|
|
(122,480
|
)
|
|||
Stock-based compensation
|
17,112
|
|
|
—
|
|
|
17,112
|
|
|||
Treasury shares acquired
|
(200,569
|
)
|
|
—
|
|
|
(200,569
|
)
|
|||
Spin-off of Publishing businesses
|
(1,209,782
|
)
|
|
—
|
|
|
(1,209,782
|
)
|
|||
Other activity
|
20,192
|
|
|
(24,771
|
)
|
|
(4,579
|
)
|
|||
Balance at Sept. 27, 2015
|
$
|
2,132,902
|
|
|
$
|
251,117
|
|
|
$
|
2,384,019
|
|
|
|
|
|
|
|
||||||
Balance at Dec. 29, 2013
|
$
|
2,693,098
|
|
|
$
|
201,695
|
|
|
$
|
2,894,793
|
|
Comprehensive income:
|
|
|
|
|
|
||||||
Net income
|
386,142
|
|
|
49,351
|
|
|
435,493
|
|
|||
Redeemable noncontrolling interests (income not available to shareholders)
|
—
|
|
|
(2,209
|
)
|
|
(2,209
|
)
|
|||
Other comprehensive income (loss)
|
30,701
|
|
|
(3,851
|
)
|
|
26,850
|
|
|||
Total comprehensive income
|
416,843
|
|
|
43,291
|
|
|
460,134
|
|
|||
Dividends declared
|
(135,513
|
)
|
|
—
|
|
|
(135,513
|
)
|
|||
Stock-based compensation
|
25,133
|
|
|
—
|
|
|
25,133
|
|
|||
Treasury shares acquired
|
(75,815
|
)
|
|
—
|
|
|
(75,815
|
)
|
|||
Other activity
|
11,621
|
|
|
(2,518
|
)
|
|
9,103
|
|
|||
Balance at Sept. 28, 2014
|
$
|
2,935,367
|
|
|
$
|
242,468
|
|
|
$
|
3,177,835
|
|
In thousands
|
Retirement Plans
|
|
Foreign Currency Translation
|
|
Other
|
|
Total
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Thirteen Weeks:
|
|
|
|
|
|
|
|
||||||||
Balance at Jun. 28, 2015
|
$
|
(1,154,095
|
)
|
|
$
|
393,712
|
|
|
$
|
—
|
|
|
$
|
(760,383
|
)
|
Other comprehensive income (loss) before reclassifications
|
38,984
|
|
|
(2,663
|
)
|
|
(518
|
)
|
|
35,803
|
|
||||
Amounts reclassified from accumulated other comprehensive income
|
2,310
|
|
|
—
|
|
|
—
|
|
|
2,310
|
|
||||
Other comprehensive income (loss)
|
41,294
|
|
|
(2,663
|
)
|
|
(518
|
)
|
|
38,113
|
|
||||
Spin-off publishing businesses
|
1,012,745
|
|
|
(409,275
|
)
|
|
—
|
|
|
603,470
|
|
||||
Balance at Sept. 27, 2015
|
$
|
(100,056
|
)
|
|
$
|
(18,226
|
)
|
|
$
|
(518
|
)
|
|
$
|
(118,800
|
)
|
|
|
|
|
|
|
|
|
||||||||
Balance at Jun. 29, 2014
|
$
|
(903,180
|
)
|
|
$
|
444,638
|
|
|
$
|
—
|
|
|
$
|
(458,542
|
)
|
Other comprehensive income (loss) before reclassifications
|
16,783
|
|
|
(28,412
|
)
|
|
—
|
|
|
(11,629
|
)
|
||||
Amounts reclassified from accumulated other comprehensive income
|
6,817
|
|
|
—
|
|
|
—
|
|
|
6,817
|
|
||||
Other comprehensive income (loss)
|
23,600
|
|
|
(28,412
|
)
|
|
—
|
|
|
(4,812
|
)
|
||||
Balance at Sept. 28, 2014
|
$
|
(879,580
|
)
|
|
$
|
416,226
|
|
|
$
|
—
|
|
|
$
|
(463,354
|
)
|
|
|
|
|
|
|
|
|
||||||||
Thirty-nine Weeks:
|
|
|
|
|
|
|
|
||||||||
Balance at Dec. 28, 2014
|
$
|
(1,169,882
|
)
|
|
$
|
391,113
|
|
|
$
|
—
|
|
|
$
|
(778,769
|
)
|
Other comprehensive income (loss) before reclassifications
|
35,466
|
|
|
(64
|
)
|
|
(518
|
)
|
|
34,884
|
|
||||
Amounts reclassified from accumulated other comprehensive income
|
21,615
|
|
|
—
|
|
|
—
|
|
|
21,615
|
|
||||
Other comprehensive income (loss)
|
57,081
|
|
|
(64
|
)
|
|
(518
|
)
|
|
56,499
|
|
||||
Spin-off publishing businesses
|
1,012,745
|
|
|
(409,275
|
)
|
|
—
|
|
|
603,470
|
|
||||
Balance at Sept. 27, 2015
|
$
|
(100,056
|
)
|
|
$
|
(18,226
|
)
|
|
$
|
(518
|
)
|
|
$
|
(118,800
|
)
|
|
|
|
|
|
|
|
|
||||||||
Balance at Dec. 29, 2013
|
$
|
(921,232
|
)
|
|
$
|
427,177
|
|
|
$
|
—
|
|
|
$
|
(494,055
|
)
|
Other comprehensive income before reclassifications
|
20,845
|
|
|
(10,951
|
)
|
|
—
|
|
|
9,894
|
|
||||
Amounts reclassified from accumulated other comprehensive income
|
20,807
|
|
|
—
|
|
|
—
|
|
|
20,807
|
|
||||
Other comprehensive income (loss)
|
41,652
|
|
|
(10,951
|
)
|
|
—
|
|
|
30,701
|
|
||||
Balance at Sept. 28, 2014
|
$
|
(879,580
|
)
|
|
$
|
416,226
|
|
|
$
|
—
|
|
|
$
|
(463,354
|
)
|
In thousands
|
Thirteen Weeks Ended
|
|
Thirty-nine Weeks Ended
|
||||||||||||
|
Sept. 27, 2015
|
|
Sept. 28, 2014
|
|
Sept. 27, 2015
|
|
Sept. 28, 2014
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Amortization of prior service credit
|
$
|
76
|
|
|
$
|
(1,191
|
)
|
|
$
|
(1,160
|
)
|
|
$
|
(2,891
|
)
|
Amortization of actuarial loss
|
3,742
|
|
|
11,668
|
|
|
35,150
|
|
|
34,901
|
|
||||
Total reclassifications, before tax
|
3,818
|
|
|
10,477
|
|
|
33,990
|
|
|
32,010
|
|
||||
Income tax effect
|
(1,508
|
)
|
|
(3,660
|
)
|
|
(12,375
|
)
|
|
(11,203
|
)
|
||||
Total reclassifications, net of tax
|
$
|
2,310
|
|
|
$
|
6,817
|
|
|
$
|
21,615
|
|
|
$
|
20,807
|
|
In thousands
|
Fair Value Measurements as of Sept. 27, 2015
|
||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Employee compensation related investments
|
$
|
42,188
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
42,188
|
|
Sundry investments
|
59,217
|
|
|
—
|
|
|
—
|
|
|
59,217
|
|
||||
Total assets
|
$
|
101,405
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
101,405
|
|
|
|
|
|
|
|
|
|
||||||||
Contingent consideration payable
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
533
|
|
|
$
|
533
|
|
Total liabilities
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
533
|
|
|
$
|
533
|
|
In thousands
|
Fair Value Measurements as of Dec. 28, 2014
|
||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Employee compensation related investments
|
$
|
41,017
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
41,017
|
|
Sundry investments
|
36,641
|
|
|
—
|
|
|
—
|
|
|
36,641
|
|
||||
Total assets
|
$
|
77,658
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
77,658
|
|
|
|
|
|
|
|
|
|
||||||||
Contingent consideration payable
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
9,912
|
|
|
$
|
9,912
|
|
Total liabilities
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
9,912
|
|
|
$
|
9,912
|
|
In thousands
|
Thirteen Weeks Ended
|
|
Thirty-nine Weeks Ended
|
||||||||||||
|
Sept. 27, 2015
|
|
Sept. 28, 2014
|
|
Sept. 27, 2015
|
|
Sept. 28, 2014
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Net Operating Revenues:
|
|
|
|
|
|
|
|
||||||||
Media
|
$
|
406,445
|
|
|
$
|
416,509
|
|
|
$
|
1,219,911
|
|
|
$
|
1,197,035
|
|
Digital
|
351,072
|
|
|
204,560
|
|
|
1,025,770
|
|
|
587,060
|
|
||||
Other
|
49,569
|
|
|
59,916
|
|
|
155,556
|
|
|
185,332
|
|
||||
Total
|
$
|
807,086
|
|
|
$
|
680,985
|
|
|
$
|
2,401,237
|
|
|
$
|
1,969,427
|
|
|
|
|
|
|
|
|
|
||||||||
Operating Income (net of depreciation, amortization and facility consolidation and asset impairment charges):
|
|
|
|
|
|
|
|
||||||||
Media
|
$
|
158,595
|
|
|
$
|
177,970
|
|
|
$
|
513,557
|
|
|
$
|
503,841
|
|
Digital
|
72,445
|
|
|
41,249
|
|
|
175,462
|
|
|
89,003
|
|
||||
Other
|
(1,744
|
)
|
|
1,230
|
|
|
(11,000
|
)
|
|
(10,527
|
)
|
||||
Corporate
|
(12,939
|
)
|
|
(18,219
|
)
|
|
(50,817
|
)
|
|
(53,340
|
)
|
||||
Unallocated
|
—
|
|
|
(18,226
|
)
|
|
(52,473
|
)
|
|
(59,230
|
)
|
||||
Total
|
$
|
216,357
|
|
|
$
|
184,004
|
|
|
$
|
574,729
|
|
|
$
|
469,747
|
|
|
|
|
|
|
|
|
|
||||||||
Depreciation, amortization and facility consolidation and asset impairment charges:
|
|
|
|
|
|
|
|
||||||||
Media
|
$
|
18,406
|
|
|
$
|
20,307
|
|
|
$
|
61,492
|
|
|
$
|
68,122
|
|
Digital
|
31,073
|
|
|
10,529
|
|
|
106,050
|
|
|
29,667
|
|
||||
Other
|
205
|
|
|
253
|
|
|
6,718
|
|
|
17,134
|
|
||||
Corporate
|
540
|
|
|
2,868
|
|
|
6,445
|
|
|
8,679
|
|
||||
Total
|
$
|
50,224
|
|
|
$
|
33,957
|
|
|
$
|
180,705
|
|
|
$
|
123,602
|
|
In thousands, except per share data
|
Thirteen Weeks Ended
|
|
Thirty-nine Weeks Ended
|
||||||||||||
|
Sept. 27, 2015
|
|
Sept. 28, 2014
|
|
Sept. 27, 2015
|
|
Sept. 28, 2014
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Income from continuing operations attributable to
TEGNA Inc.
|
$
|
90,614
|
|
|
$
|
50,648
|
|
|
$
|
191,532
|
|
|
$
|
192,411
|
|
Income (loss) from discontinued operations, net of tax
|
(2,359
|
)
|
|
67,868
|
|
|
125,485
|
|
|
193,731
|
|
||||
Net income attributable to TEGNA Inc.
|
$
|
88,255
|
|
|
$
|
118,516
|
|
|
$
|
317,017
|
|
|
$
|
386,142
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted average number of common shares outstanding - basic
|
224,530
|
|
|
225,761
|
|
|
226,053
|
|
|
226,374
|
|
||||
Effect of dilutive securities:
|
|
|
|
|
|
|
|
||||||||
Restricted stock
|
2,694
|
|
|
2,900
|
|
|
2,436
|
|
|
2,809
|
|
||||
Performance share units
|
1,819
|
|
|
2,424
|
|
|
1,907
|
|
|
1,958
|
|
||||
Stock options
|
1,035
|
|
|
1,012
|
|
|
914
|
|
|
1,016
|
|
||||
Weighted average number of common shares outstanding - diluted
|
230,078
|
|
|
232,097
|
|
|
231,310
|
|
|
232,157
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Earnings from continuing operations per share - basic
|
$
|
0.40
|
|
|
$
|
0.22
|
|
|
$
|
0.85
|
|
|
$
|
0.85
|
|
Earnings (loss) from discontinued operations per share - basic
|
$
|
(0.01
|
)
|
|
$
|
0.30
|
|
|
$
|
0.55
|
|
|
$
|
0.86
|
|
Net income per share - basic
|
$
|
0.39
|
|
|
$
|
0.52
|
|
|
$
|
1.40
|
|
|
$
|
1.71
|
|
|
|
|
|
|
|
|
|
||||||||
Earnings from continuing operations per share - diluted
|
$
|
0.39
|
|
|
$
|
0.22
|
|
|
$
|
0.83
|
|
|
$
|
0.83
|
|
Earnings (loss) from discontinued operations per share - diluted
|
$
|
(0.01
|
)
|
|
$
|
0.29
|
|
|
$
|
0.54
|
|
|
$
|
0.83
|
|
Net income per share - diluted
|
$
|
0.38
|
|
|
$
|
0.51
|
|
|
$
|
1.37
|
|
|
$
|
1.66
|
|
|
|
|
|
|
|
|
|
In thousands
|
|
Dec. 28, 2014
|
||
ASSETS
|
|
|
||
Current Assets
|
|
|
||
Cash and cash equivalents
|
|
$
|
8,024
|
|
Trade receivables, less allowance for doubtful receivables
|
|
357,523
|
|
|
Other receivables
|
|
16,339
|
|
|
Inventories
|
|
38,944
|
|
|
Deferred income taxes
|
|
1,797
|
|
|
Assets held for sale
|
|
18,434
|
|
|
Prepaid expenses and other current assets
|
|
26,086
|
|
|
Total current assets
|
|
467,147
|
|
|
Property, plant and equipment
|
|
|
||
Cost
|
|
2,590,159
|
|
|
Less accumulated depreciation
|
|
(1,655,676
|
)
|
|
Net property, plant and equipment
|
|
934,483
|
|
|
Intangible and other assets
|
|
|
||
Goodwill
|
|
544,345
|
|
|
Indefinite-lived and amortizable intangible assets less accumulated amortization
|
|
50,115
|
|
|
Deferred income taxes
|
|
63,647
|
|
|
Investments and other assets
|
|
63,125
|
|
|
Total intangible and other assets
|
|
721,232
|
|
|
Total noncurrent assets
|
|
1,655,715
|
|
|
Total assets
|
|
$
|
2,122,862
|
|
|
|
|
||
LIABILITIES AND EQUITY
|
|
|
||
Current liabilities
|
|
|
||
Accounts payable
|
|
$
|
125,888
|
|
Compensation
|
|
77,606
|
|
|
Taxes
|
|
26,195
|
|
|
Other
|
|
89,096
|
|
|
Deferred income
|
|
77,123
|
|
|
Total current liabilities
|
|
395,908
|
|
|
Pension liabilities
|
|
770,041
|
|
|
Other noncurrent liabilities
|
|
57,698
|
|
|
Total noncurrent liabilities
|
|
827,739
|
|
|
Total liabilities
|
|
$
|
1,223,647
|
|
In thousands
|
|
Thirteen Weeks Ended
|
|
Thirty-nine Weeks Ended
|
||||||||||||
|
|
Sept. 27, 2015
|
|
Sept. 28, 2014
|
|
Sept. 27, 2015
|
|
Sept. 28, 2014
|
||||||||
Revenues
|
|
$
|
—
|
|
|
$
|
762,152
|
|
|
$
|
1,435,069
|
|
|
$
|
2,337,780
|
|
Operating Expenses:
|
|
|
|
|
|
|
|
|
||||||||
Operating expenses, exclusive of depreciation and amortization
|
|
3,500
|
|
|
641,400
|
|
|
1,231,107
|
|
|
1,980,497
|
|
||||
Depreciation
|
|
—
|
|
|
25,387
|
|
|
49,542
|
|
|
75,154
|
|
||||
Amortization of intangible assets
|
|
—
|
|
|
3,461
|
|
|
7,008
|
|
|
10,449
|
|
||||
Facility consolidation and asset impairment charges
|
|
—
|
|
|
5,391
|
|
|
9,989
|
|
|
24,414
|
|
||||
Total
|
|
3,500
|
|
|
675,639
|
|
|
1,297,646
|
|
|
2,090,514
|
|
||||
Operating income (loss)
|
|
(3,500
|
)
|
|
86,513
|
|
|
137,423
|
|
|
247,266
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Non-operating (expense) income:
|
|
|
|
|
|
|
|
|
||||||||
Equity income in unconsolidated investees, net
|
|
—
|
|
|
2,737
|
|
|
10,807
|
|
|
9,995
|
|
||||
Interest Expense
|
|
—
|
|
|
(140
|
)
|
|
(178
|
)
|
|
(443
|
)
|
||||
Other non-operating items
|
|
—
|
|
|
(2,124
|
)
|
|
21,168
|
|
|
(1,418
|
)
|
||||
Total
|
|
—
|
|
|
473
|
|
|
31,797
|
|
|
8,134
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Income (loss) from discontinued operations, before income taxes
|
|
(3,500
|
)
|
|
86,986
|
|
|
169,220
|
|
|
255,400
|
|
||||
Provision for income taxes
|
|
(1,141
|
)
|
|
19,118
|
|
|
43,735
|
|
|
61,669
|
|
||||
Income (loss) from discontinued operations, net of tax
|
|
$
|
(2,359
|
)
|
|
$
|
67,868
|
|
|
$
|
125,485
|
|
|
$
|
193,731
|
|
In thousands
|
|
Thirty-nine Weeks Ended
|
||||
|
|
Sept. 27, 2015
|
|
Sept. 28, 2014
|
||
Depreciation
|
|
49,542
|
|
|
75,154
|
|
Amortization
|
|
7,008
|
|
|
10,449
|
|
Capital expenditures
|
|
(20,617
|
)
|
|
(51,579
|
)
|
Payments for acquisitions, net of cash acquired
|
|
(28,668
|
)
|
|
—
|
|
Payments for investments
|
|
(2,000
|
)
|
|
(1,500
|
)
|
Proceeds from investments
|
|
12,402
|
|
|
11,615
|
|
In thousands
|
Third Quarter
|
|
Year-to-Date
|
||||||||||||||||||
|
2015
|
|
2014
|
|
Change
|
|
2015
|
|
2014
|
|
Change
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating revenues
|
$
|
406,445
|
|
|
$
|
416,509
|
|
|
(2
|
%)
|
|
$
|
1,219,911
|
|
|
$
|
1,197,035
|
|
|
2
|
%
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating expenses, exclusive of depreciation
|
229,444
|
|
|
218,232
|
|
|
5
|
%
|
|
644,863
|
|
|
625,072
|
|
|
3
|
%
|
||||
Depreciation
|
12,915
|
|
|
12,629
|
|
|
2
|
%
|
|
39,455
|
|
|
35,953
|
|
|
10
|
%
|
||||
Amortization
|
5,491
|
|
|
6,448
|
|
|
(15
|
%)
|
|
16,964
|
|
|
22,554
|
|
|
(25
|
%)
|
||||
Transformation items
|
—
|
|
|
1,230
|
|
|
***
|
|
|
5,072
|
|
|
9,615
|
|
|
(47
|
%)
|
||||
Total operating expenses
|
247,850
|
|
|
238,539
|
|
|
4
|
%
|
|
706,354
|
|
|
693,194
|
|
|
2
|
%
|
||||
Operating income
|
$
|
158,595
|
|
|
$
|
177,970
|
|
|
(11
|
%)
|
|
$
|
513,557
|
|
|
$
|
503,841
|
|
|
2
|
%
|
In thousands
|
Third Quarter
|
|
Year-to-Date
|
||||||||||||||||||
|
2015
|
|
2014
|
|
Change
|
|
2015
|
|
2014
|
|
Change
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating revenues
|
$
|
351,072
|
|
|
$
|
204,560
|
|
|
72
|
%
|
|
$
|
1,025,770
|
|
|
$
|
587,060
|
|
|
75
|
%
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating expenses, exclusive of depreciation
|
247,554
|
|
|
152,782
|
|
|
62
|
%
|
|
744,258
|
|
|
468,390
|
|
|
59
|
%
|
||||
Depreciation
|
8,063
|
|
|
5,544
|
|
|
45
|
%
|
|
24,852
|
|
|
15,764
|
|
|
58
|
%
|
||||
Amortization
|
23,010
|
|
|
4,985
|
|
|
***
|
|
|
69,191
|
|
|
13,903
|
|
|
***
|
|
||||
Transformation costs
|
—
|
|
|
—
|
|
|
***
|
|
|
12,007
|
|
|
—
|
|
|
***
|
|
||||
Total operating expenses
|
278,627
|
|
|
163,311
|
|
|
71
|
%
|
|
850,308
|
|
|
498,057
|
|
|
71
|
%
|
||||
Operating income
|
$
|
72,445
|
|
|
$
|
41,249
|
|
|
76
|
%
|
|
$
|
175,462
|
|
|
$
|
89,003
|
|
|
97
|
%
|
In thousands
|
Third Quarter
|
|
Year-to-Date
|
||||||||||||||||||
|
2015
|
|
2014
|
|
Change
|
|
2015
|
|
2014
|
|
Change
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating revenues
|
$
|
49,569
|
|
|
$
|
59,916
|
|
|
(17
|
%)
|
|
$
|
155,556
|
|
|
$
|
185,332
|
|
|
(16
|
%)
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating expenses, exclusive of depreciation
|
51,108
|
|
|
58,433
|
|
|
(13
|
%)
|
|
165,948
|
|
|
194,912
|
|
|
(15
|
%)
|
||||
Depreciation
|
205
|
|
|
253
|
|
|
(19
|
%)
|
|
608
|
|
|
745
|
|
|
(18
|
%)
|
||||
Amortization
|
—
|
|
|
—
|
|
|
***
|
|
|
—
|
|
|
202
|
|
|
***
|
|
||||
Total operating expenses
|
51,313
|
|
|
58,686
|
|
|
(13
|
%)
|
|
166,556
|
|
|
195,859
|
|
|
(15
|
%)
|
||||
Operating income
|
$
|
(1,744
|
)
|
|
$
|
1,230
|
|
|
***
|
|
|
$
|
(11,000
|
)
|
|
$
|
(10,527
|
)
|
|
4
|
%
|
•
|
Costs associated with workforce restructuring;
|
•
|
Transformation items;
|
•
|
Non-cash asset impairment charges;
|
•
|
Costs related to the spin-off of our publishing businesses;
|
•
|
Other non-operating gain of $44 million related to the sale of Gannett Healthcare Group;
|
•
|
Special tax charge primarily related to the restructuring of our legal entities in advance of the spin-off of our publishing businesses; and
|
•
|
Special tax benefit related to the spin-off of our publishing businesses.
|
•
|
Costs associated with workforce restructuring;
|
•
|
Transformation costs;
|
•
|
Non-cash asset impairment charges;
|
•
|
Costs related to the spin-off of our publishing businesses;
|
•
|
Other non-operating charges;
|
•
|
Non-operating gain of $148 million related to the sale of Apartments.com;
|
•
|
A tax charge related to the sale of our interest in KMOV-TV;
|
•
|
Charges related to the acquisition of six London Media television stations; and
|
•
|
Charges related to the acquisition of the remaining stake in Classified Ventures LLC.
|
In thousands, except share data
|
Third Quarter
|
|
Year-to-Date
|
||||||||||||||||||
|
2015
|
|
2014
|
|
Change
|
|
2015
|
|
2014
|
|
Change
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating revenues
|
$
|
807,086
|
|
|
$
|
680,985
|
|
|
19
|
%
|
|
$
|
2,401,237
|
|
|
$
|
1,969,427
|
|
|
22
|
%
|
Adjusted operating expenses
|
590,729
|
|
|
495,631
|
|
|
19
|
%
|
|
1,813,212
|
|
|
1,467,017
|
|
|
24
|
%
|
||||
Adjusted operating income
|
$
|
216,357
|
|
|
$
|
185,354
|
|
|
17
|
%
|
|
$
|
588,025
|
|
|
$
|
502,410
|
|
|
17
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted net income attributable to TEGNA Inc.
|
$
|
84,598
|
|
|
$
|
68,179
|
|
|
24
|
%
|
|
$
|
208,201
|
|
|
$
|
175,178
|
|
|
19
|
%
|
Adjusted diluted earnings per share
|
$
|
0.37
|
|
|
$
|
0.29
|
|
|
28
|
%
|
|
$
|
0.90
|
|
|
$
|
0.75
|
|
|
20
|
%
|
In thousands
|
Third Quarter
|
|
Year-to-Date
|
||||||||||||||||||
|
2015
|
|
2014
|
|
Change
|
|
2015
|
|
2014
|
|
Change
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating expenses (GAAP basis)
|
$
|
590,729
|
|
|
$
|
496,981
|
|
|
19
|
%
|
|
$
|
1,826,508
|
|
|
$
|
1,499,680
|
|
|
22
|
%
|
Remove special items:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Workforce restructuring
|
—
|
|
|
(120
|
)
|
|
***
|
|
|
(2,815
|
)
|
|
(2,381
|
)
|
|
18
|
%
|
||||
Transformation items
|
—
|
|
|
(1,230
|
)
|
|
***
|
|
|
(3,641
|
)
|
|
(14,095
|
)
|
|
(74
|
%)
|
||||
Asset impairment charges
|
—
|
|
|
—
|
|
|
***
|
|
|
(6,840
|
)
|
|
(16,187
|
)
|
|
(58
|
%)
|
||||
As adjusted (non-GAAP basis)
|
$
|
590,729
|
|
|
$
|
495,631
|
|
|
19
|
%
|
|
$
|
1,813,212
|
|
|
$
|
1,467,017
|
|
|
24
|
%
|
In thousands
|
Third Quarter
|
|
Year-to-Date
|
||||||||||||||||||
|
2015
|
|
2014
|
|
Change
|
|
2015
|
|
2014
|
|
Change
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating income (GAAP basis)
|
$
|
216,357
|
|
|
$
|
184,004
|
|
|
18
|
%
|
|
$
|
574,729
|
|
|
$
|
469,747
|
|
|
22
|
%
|
Remove special items:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Workforce restructuring
|
—
|
|
|
120
|
|
|
***
|
|
|
2,815
|
|
|
2,381
|
|
|
18
|
%
|
||||
Transformation items
|
—
|
|
|
1,230
|
|
|
***
|
|
|
3,641
|
|
|
14,095
|
|
|
(74
|
%)
|
||||
Asset impairment charges
|
—
|
|
|
—
|
|
|
***
|
|
|
6,840
|
|
|
16,187
|
|
|
(58
|
%)
|
||||
As adjusted (non-GAAP basis)
|
$
|
216,357
|
|
|
$
|
185,354
|
|
|
17
|
%
|
|
$
|
588,025
|
|
|
$
|
502,410
|
|
|
17
|
%
|
In thousands, except share data
|
Third Quarter
|
|
Year-to-Date
|
||||||||||||||||||
|
2015
|
|
2014
|
|
Change
|
|
2015
|
|
2014
|
|
Change
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total non-operating income (expense) (GAAP basis)
|
$
|
(71,078
|
)
|
|
$
|
(82,098
|
)
|
|
(13
|
%)
|
|
$
|
(216,340
|
)
|
|
$
|
(82,254
|
)
|
|
***
|
|
Remove special items:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Non-operating items
|
—
|
|
|
20,478
|
|
|
***
|
|
|
1,453
|
|
|
(102,632
|
)
|
|
***
|
|
||||
As adjusted (non-GAAP basis)
|
$
|
(71,078
|
)
|
|
$
|
(61,620
|
)
|
|
15
|
%
|
|
$
|
(214,887
|
)
|
|
$
|
(184,886
|
)
|
|
16
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income from continuing operations attributable to TEGNA Inc. (GAAP basis)
|
$
|
90,614
|
|
|
$
|
50,648
|
|
|
79
|
%
|
|
$
|
191,532
|
|
|
$
|
192,411
|
|
|
—
|
%
|
Remove special items (net of tax):
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Workforce restructuring
|
—
|
|
|
76
|
|
|
***
|
|
|
2,090
|
|
|
1,496
|
|
|
40
|
%
|
||||
Transformation items
|
—
|
|
|
772
|
|
|
***
|
|
|
2,287
|
|
|
9,682
|
|
|
(76
|
%)
|
||||
Asset impairment charges
|
—
|
|
|
—
|
|
|
***
|
|
|
4,296
|
|
|
14,859
|
|
|
(71
|
%)
|
||||
Non-operating items
|
—
|
|
|
16,404
|
|
|
***
|
|
|
7,191
|
|
|
(62,553
|
)
|
|
***
|
|
||||
Special tax charge (credit)
|
(6,016
|
)
|
|
279
|
|
|
***
|
|
|
805
|
|
|
19,283
|
|
|
(96
|
%)
|
||||
As adjusted (non-GAAP basis)
|
$
|
84,598
|
|
|
$
|
68,179
|
|
|
24
|
%
|
|
$
|
208,201
|
|
|
$
|
175,178
|
|
|
19
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income from continuing operations per share - diluted
|
$
|
0.39
|
|
|
$
|
0.22
|
|
|
77
|
%
|
|
$
|
0.83
|
|
|
$
|
0.83
|
|
|
—
|
%
|
Remove special items (net of tax):
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Workforce restructuring
|
—
|
|
|
—
|
|
|
***
|
|
|
0.01
|
|
|
0.01
|
|
|
—
|
%
|
||||
Transformation items
|
—
|
|
|
—
|
|
|
***
|
|
|
0.01
|
|
|
0.04
|
|
|
(75
|
%)
|
||||
Asset impairment charges
|
—
|
|
|
—
|
|
|
***
|
|
|
0.02
|
|
|
0.06
|
|
|
(67
|
%)
|
||||
Non-operating items
|
—
|
|
|
0.07
|
|
|
***
|
|
|
0.03
|
|
|
(0.27
|
)
|
|
***
|
|
||||
Special tax charge (credit)
|
(0.02
|
)
|
|
—
|
|
|
***
|
|
|
—
|
|
|
0.08
|
|
|
***
|
|
||||
As adjusted (non-GAAP basis)
|
$
|
0.37
|
|
|
$
|
0.29
|
|
|
28
|
%
|
|
$
|
0.90
|
|
|
$
|
0.75
|
|
|
20
|
%
|
In thousands
|
Third Quarter
|
|
Year-to-Date
|
||||||||||||||||||
|
2015
|
|
2014
|
|
Change
|
|
2015
|
|
2014
|
|
Change
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income from continuing operations attributable to TEGNA Inc.(GAAP basis)
|
$
|
90,614
|
|
|
$
|
50,648
|
|
|
79
|
%
|
|
$
|
191,532
|
|
|
$
|
192,411
|
|
|
—
|
%
|
Net income attributable to noncontrolling interests
|
17,487
|
|
|
21,476
|
|
|
(19
|
%)
|
|
47,700
|
|
|
49,351
|
|
|
(3
|
%)
|
||||
Provision for income taxes
|
37,178
|
|
|
29,782
|
|
|
25
|
%
|
|
119,157
|
|
|
145,731
|
|
|
(18
|
%)
|
||||
Interest expense
|
66,949
|
|
|
65,791
|
|
|
2
|
%
|
|
206,871
|
|
|
199,284
|
|
|
4
|
%
|
||||
Equity loss in unconsolidated investees, net
|
1,013
|
|
|
981
|
|
|
3
|
%
|
|
4,123
|
|
|
(156,792
|
)
|
|
***
|
|
||||
Other non-operating items
|
3,116
|
|
|
15,326
|
|
|
(80
|
%)
|
|
5,346
|
|
|
39,762
|
|
|
***
|
|
||||
Operating income (GAAP basis)
|
216,357
|
|
|
184,004
|
|
|
18
|
%
|
|
574,729
|
|
|
469,747
|
|
|
22
|
%
|
||||
Workforce restructuring
|
—
|
|
|
120
|
|
|
***
|
|
|
2,815
|
|
|
2,381
|
|
|
18
|
%
|
||||
Transformation items
|
—
|
|
|
1,230
|
|
|
***
|
|
|
3,641
|
|
|
14,095
|
|
|
(74
|
%)
|
||||
Asset impairment charges
|
—
|
|
|
—
|
|
|
***
|
|
|
6,840
|
|
|
16,187
|
|
|
(58
|
%)
|
||||
Adjusted operating income (non-GAAP basis)
|
216,357
|
|
|
185,354
|
|
|
17
|
%
|
|
588,025
|
|
|
502,410
|
|
|
17
|
%
|
||||
Depreciation
|
21,723
|
|
|
21,294
|
|
|
2
|
%
|
|
71,360
|
|
|
61,141
|
|
|
17
|
%
|
||||
Adjusted amortization (non-GAAP basis)
|
28,501
|
|
|
11,433
|
|
|
***
|
|
|
86,155
|
|
|
32,179
|
|
|
***
|
|
||||
Adjusted EBITDA (non-GAAP basis)
|
$
|
266,581
|
|
|
$
|
218,081
|
|
|
22
|
%
|
|
$
|
745,540
|
|
|
$
|
595,730
|
|
|
25
|
%
|
In thousands
|
Third Quarter
|
|
Year-to-Date
|
||||||||||||||||||
|
2015
|
|
2014
|
|
Change
|
|
2015
|
|
2014
|
|
Change
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Media Segment operating expenses (GAAP basis)
|
$
|
247,850
|
|
|
$
|
238,539
|
|
|
4
|
%
|
|
$
|
706,354
|
|
|
$
|
693,194
|
|
|
2
|
%
|
Remove special items:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Workforce Restructuring
|
—
|
|
|
(120
|
)
|
|
***
|
|
|
(348
|
)
|
|
(2,381
|
)
|
|
(85
|
%)
|
||||
Transformation items
|
—
|
|
|
(1,230
|
)
|
|
***
|
|
|
7,637
|
|
|
(14,095
|
)
|
|
***
|
|
||||
As adjusted (non-GAAP basis)
|
$
|
247,850
|
|
|
$
|
237,189
|
|
|
4
|
%
|
|
$
|
713,643
|
|
|
$
|
676,718
|
|
|
5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Media Segment operating income (GAAP basis)
|
$
|
158,595
|
|
|
$
|
177,970
|
|
|
(11
|
%)
|
|
$
|
513,557
|
|
|
$
|
503,841
|
|
|
2
|
%
|
Remove special items:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Workforce Restructuring
|
—
|
|
|
120
|
|
|
***
|
|
|
348
|
|
|
2,381
|
|
|
(85
|
%)
|
||||
Transformation items
|
—
|
|
|
1,230
|
|
|
***
|
|
|
(7,637
|
)
|
|
14,095
|
|
|
***
|
|
||||
As adjusted (non-GAAP basis)
|
$
|
158,595
|
|
|
$
|
179,320
|
|
|
(12
|
%)
|
|
$
|
506,268
|
|
|
$
|
520,317
|
|
|
(3
|
%)
|
In thousands
|
Third Quarter
|
|
Year-to-Date
|
||||||||||||||||||
|
2015
|
|
2014
|
|
Change
|
|
2015
|
|
2014
|
|
Change
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Digital Segment operating expenses (GAAP basis)
|
$
|
278,627
|
|
|
$
|
163,311
|
|
|
71
|
%
|
|
$
|
850,308
|
|
|
$
|
498,057
|
|
|
71
|
%
|
Remove special items:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Workforce Restructuring
|
—
|
|
|
—
|
|
|
***
|
|
|
(2,167
|
)
|
|
—
|
|
|
***
|
|
||||
Transformation items
|
—
|
|
|
—
|
|
|
***
|
|
|
(12,007
|
)
|
|
—
|
|
|
***
|
|
||||
As adjusted (non-GAAP basis)
|
$
|
278,627
|
|
|
$
|
163,311
|
|
|
71
|
%
|
|
$
|
836,134
|
|
|
$
|
498,057
|
|
|
68
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Digital Segment operating income (GAAP basis)
|
$
|
72,445
|
|
|
$
|
41,249
|
|
|
76
|
%
|
|
$
|
175,462
|
|
|
$
|
89,003
|
|
|
97
|
%
|
Remove special items:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Workforce Restructuring
|
—
|
|
|
—
|
|
|
***
|
|
|
2,167
|
|
|
—
|
|
|
***
|
|
||||
Transformation items
|
—
|
|
|
—
|
|
|
***
|
|
|
12,007
|
|
|
—
|
|
|
***
|
|
||||
As adjusted (non-GAAP basis)
|
$
|
72,445
|
|
|
$
|
41,249
|
|
|
76
|
%
|
|
$
|
189,636
|
|
|
$
|
89,003
|
|
|
***
|
|
In thousands
|
Third Quarter
|
|
Year-to-Date
|
||||||||||||
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Income before income taxes as reported
|
$
|
145,279
|
|
|
$
|
101,906
|
|
|
$
|
358,389
|
|
|
$
|
387,493
|
|
Net income attributable to noncontrolling interests
|
(17,487
|
)
|
|
(21,476
|
)
|
|
(47,700
|
)
|
|
(49,351
|
)
|
||||
TEGNA pretax income (GAAP basis)
|
127,792
|
|
|
80,430
|
|
|
310,689
|
|
|
338,142
|
|
||||
Remove special items:
|
|
|
|
|
|
|
|
||||||||
Workforce restructuring
|
—
|
|
|
120
|
|
|
2,815
|
|
|
2,381
|
|
||||
Transformation items
|
—
|
|
|
1,230
|
|
|
3,641
|
|
|
14,095
|
|
||||
Asset impairment charges
|
—
|
|
|
—
|
|
|
6,840
|
|
|
16,187
|
|
||||
Non-operating items
|
—
|
|
|
20,478
|
|
|
1,453
|
|
|
(102,632
|
)
|
||||
As adjusted (non-GAAP basis)
|
$
|
127,792
|
|
|
$
|
102,258
|
|
|
$
|
325,438
|
|
|
$
|
268,173
|
|
|
|
|
|
|
|
|
|
||||||||
Provision for income taxes as reported (GAAP basis)
|
$
|
37,178
|
|
|
$
|
29,782
|
|
|
$
|
119,157
|
|
|
$
|
145,731
|
|
Remove special items:
|
|
|
|
|
|
|
|
||||||||
Workforce restructuring
|
—
|
|
|
44
|
|
|
725
|
|
|
885
|
|
||||
Transformation items
|
—
|
|
|
458
|
|
|
1,354
|
|
|
4,413
|
|
||||
Asset impairment charges
|
—
|
|
|
—
|
|
|
2,544
|
|
|
1,328
|
|
||||
Non-operating items
|
—
|
|
|
4,074
|
|
|
(5,738
|
)
|
|
(40,079
|
)
|
||||
Special tax credit (charge)
|
6,016
|
|
|
(279
|
)
|
|
(805
|
)
|
|
(19,283
|
)
|
||||
As adjusted (non-GAAP basis)
|
$
|
43,194
|
|
|
$
|
34,079
|
|
|
$
|
117,237
|
|
|
$
|
92,995
|
|
|
|
|
|
|
|
|
|
||||||||
Effective tax rate (GAAP basis)
|
29.1
|
%
|
|
37.0
|
%
|
|
38.4
|
%
|
|
43.1
|
%
|
||||
As adjusted effective tax rate (non-GAAP basis)
|
33.8
|
%
|
|
33.3
|
%
|
|
36.0
|
%
|
|
34.7
|
%
|
•
|
2015 fiscal calendar
- In connection with the spin-off of our publishing businesses, we will align our calendar with the Gregorian calendar by extending our fourth quarter four days to December 31, 2015. Our results in the fourth quarter, particularly for the Media Segment, will be impacted by the extra four days. Beginning January 1, 2016, our quarterly results will be for the three month periods ending March 31, June 30, September 30 and December 31. We do not intend to restate historical results in connection with this change but will highlight the impact of the four days in our fourth quarter 2015 result comparisons.
|
•
|
Media Segment revenues
- Media Segment revenues will be impacted by challenging year-over-year comparisons, due to record political revenues of $92 million realized during the fourth quarter of last year. Based on current trends, we expect the percentage decrease in total television revenues for the fourth quarter of 2015, compared to the same quarter in 2014, to be down in the mid- to high-single digits based on our current fiscal year ending on December 27th.
|
•
|
Acquisition of remaining 73% interest in Classified Ventures LLC
- On October 1, 2014, we acquired the remaining 73% interest in Classified Ventures, LLC, which owned Cars.com, for $1.8 billion. At the time of the acquisition, rates charged by Cars.com to its former owner affiliates were increased substantially. For the first nine months of 2015, affiliate revenues were up 58% on a pro forma basis compared to 2014. These rate increases will cycle on the anniversary of the acquisition.
|
•
|
CareerBuilder investment
- CareerBuilder has accelerated its de-emphasis on lower margin sourcing and screening transactional businesses to focus on broader software as a service offerings which provide for higher margins and longer-term relationships with clients as valued partners. This transition has and will continue to impact CareerBuilder growth rates over the balance of the year.
|
•
|
Partial redemption of 2018 Notes
- Early in the fourth quarter, we sold our corporate headquarters facility in McLean, VA for $270 million. Our intended use of proceeds from this transaction include an increased share repurchase program of $75 million over three years. We intend to use the balance in the fourth quarter to redeem up to $180 million of our 7.125% Senior Notes due 2018. As a result, interest expense will decrease prospectively from the date of the redemption.
|
•
|
Recurring income tax rate
- We anticipate a recurring tax rate to be in the mid-30%’s, given the loss of the lower U.K. statutory tax rate on U.K. earnings due to the spin-off of our publishing businesses there.
|
•
|
Sale of Gannett Healthcare Group
- On December 29, 2014, we sold Gannett Healthcare Group to OnCourse Learning, an online education and training provider. Revenue and expense for Gannett Healthcare are reflected in the Other Segment. As a result, revenue comparisons between 2015 and 2014 will be impacted by the absence of approximately $29 million due to this sale.
|
In thousands
|
Third Quarter
|
|
Year-to-Date
|
||||||||||||
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Net cash flow from operating activities
|
$
|
183,825
|
|
|
$
|
217,662
|
|
|
$
|
479,233
|
|
|
$
|
572,601
|
|
Purchase of property, plant and equipment
|
(19,876
|
)
|
|
(34,654
|
)
|
|
(74,897
|
)
|
|
(91,559
|
)
|
||||
Voluntary pension employer contributions
|
—
|
|
|
—
|
|
|
100,000
|
|
|
—
|
|
||||
Tax benefit for voluntary pension employer contributions
|
—
|
|
|
—
|
|
|
(37,200
|
)
|
|
—
|
|
||||
Free cash flow
|
$
|
163,949
|
|
|
$
|
183,008
|
|
|
$
|
467,136
|
|
|
$
|
481,042
|
|
Period
|
|
(a) Total Number of Shares Purchased
|
|
(b) Average Price Paid per Share
|
|
(c) Total Number of Shares Purchased as Part of Publicly Announced Program
|
|
(d) Approximate Dollar Value of Shares that May Yet Be Purchased Under the Program
|
||||||
|
|
|
|
|
|
|
|
|
||||||
6/29/15 – 8/2/15
|
|
1,458,830
|
|
|
$
|
29.84
|
|
|
1,458,830
|
|
|
$
|
706,472,495
|
|
8/3/15 – 8/30/15
|
|
888,745
|
|
|
$
|
25.70
|
|
|
888,745
|
|
|
$
|
683,633,786
|
|
8/31/15 – 9/27/15
|
|
2,525,000
|
|
|
$
|
23.41
|
|
|
2,525,000
|
|
|
$
|
624,521,257
|
|
Total Third Quarter 2015
|
|
4,872,575
|
|
|
$
|
25.75
|
|
|
4,872,575
|
|
|
$
|
624,521,257
|
|
Date: November 6, 2015
|
TEGNA INC.
|
|
|
|
/s/ Clifton A. McClelland III
|
|
Clifton A. McClelland III
|
|
Vice President and Controller
|
|
(on behalf of Registrant and Chief Accounting Officer)
|
Exhibit
Number
|
|
Exhibit
|
|
Location
|
|
|
|
|
|
3-1
|
|
Third Restated Certificate of Incorporation of TEGNA Inc.
|
|
Incorporated by reference to Exhibit 3.1 to TEGNA Inc.’s Form 10-Q for the fiscal quarter ended April 1, 2007.
|
|
|
|
|
|
3-1-1
|
|
Amendment to Third Restated Certificate of Incorporation of TEGNA Inc.
|
|
Incorporated by reference to Exhibit 3.1 to TEGNA Inc.’s Form 8-K dated April 29, 2015 and filed on May 1, 2015.
|
|
|
|
|
|
3-1-2
|
|
Amendment to Third Restated Certificate of Incorporation of TEGNA Inc.
|
|
Incorporated by reference to Exhibit 3.1 to TEGNA Inc.’s Form 8-K dated and filed on July 2, 2015.
|
|
|
|
|
|
3-2
|
|
Amended by-laws of TEGNA Inc.
|
|
Incorporated by reference to Exhibit 3.2 to TEGNA Inc.’s Form 8-K dated July 29, 2014 and filed on August 1, 2014.
|
|
|
|
|
|
4-1
|
|
Specimen Certificate for TEGNA Inc.’s common stock, par value $1.00 per share.
|
|
Incorporated by reference to Exhibit 2 to TEGNA Inc.’s Form 8-B filed on June 14, 1972.
|
|
|
|
|
|
10-1
|
|
Increased Facility Activation Notice, dated as of September 23, 2015, pursuant to the Amended and Restated Competitive Advance and Revolving Credit Agreement, dated as of August 5, 2013, by and among TEGNA Inc., JPMorgan Chase Bank N.A., as administrative agent, and the several banks and other financial institutions from time to time parties thereto.
|
|
Attached.
|
|
|
|
|
|
10-2
|
|
Eighth Amendment, dated as of June 29, 2015, to the Amended and Restated Competitive Advance and Revolving Credit Agreement, dated as of December 13, 2004 and effective as of January 5, 2005, as amended and restated as of August 5, 2013, and as further amended by the Seventh Amendment thereto dated as of February 13, 2015, and the Sixth Amendment thereto dated September 24, 2013, among TEGNA Inc., JPMorgan Chase Bank, N.A., as administrative agent, and the several banks and other financial institutions from time to time parties thereto, as set forth on Exhibit A to the Eighth Amendment.
|
|
Incorporated by reference to Exhibit 10.1 to TEGNA Inc.’s Form 10-Q dated and filed on August 5, 2015.
|
|
|
|
|
|
10-3
|
|
Purchase and Sale Agreement, dated as of June 24, 2015, by and between GTMP Holdings, LLC and Tamares Tysons Corner LLC.
|
|
Attached.
|
|
|
|
|
|
10-4
|
|
First Amendment to Purchase and Sale Agreement, dated as of July 2, 2015, by and between GTMP Holdings, LLC and Tamares Tysons Corner LLC.
|
|
Attached.
|
|
|
|
|
|
10-5
|
|
Second Amendment to Purchase and Sale Agreement, dated as of July 14, 2015, by and between GTMP Holdings, LLC and Tamares Tysons Corner LLC.
|
|
Attached.
|
|
|
|
|
|
10-6
|
|
Separation and Distribution Agreement, dated as of June 26, 2015, by and between TEGNA Inc. and Gannett Co., Inc., formerly known as Gannett SpinCo, Inc.
|
|
Incorporated by reference to Exhibit 2.1 to TEGNA Inc.’s Form 8-K dated and filed on July 2, 2015.
|
|
|
|
|
|
10-7
|
|
Transition Services Agreement, dated as of June 26, 2015, by and between TEGNA Inc. and Gannett Co., Inc., formerly known as Gannett SpinCo. Inc.
|
|
Incorporated by reference to Exhibit 10.1 to TEGNA Inc.’s Form 8-K dated and filed on July 2, 2015.
|
|
|
|
|
|
10-8
|
|
Tax Matters Agreement, dated as of June 26, 2015, by and between TEGNA Inc. and Gannett Co., Inc., formerly known as Gannett SpinCo, Inc.
|
|
Incorporated by reference to Exhibit 10.2 to TEGNA Inc.’s Form 8-K dated and filed on July 2, 2015.
|
|
|
|
|
|
10-9
|
|
Employee Matters Agreement, dated as of June 26, 2015, by and between TEGNA Inc. and Gannett Co., Inc., formerly known as Gannett SpinCo, Inc.
|
|
Incorporated by reference to Exhibit 10.3 to TEGNA Inc.’s Form 8-K dated and filed on July 2, 2015.
|
|
|
|
|
|
10-10
|
|
Amendment No. 2 to the TEGNA Inc. Supplemental Executive Medical Plan dated as of June 26, 2015.*
|
|
Incorporated by reference to Exhibit 10.6 to TEGNA Inc.’s Form 10-Q dated and filed on August 5, 2015.
|
|
|
|
|
|
10-11
|
|
Amendment No. 1 to the TEGNA Inc. Supplemental Executive Medical Plan for Retired Executives dated as of June, 26, 2015.*
|
|
Incorporated by reference to Exhibit 10.7 to TEGNA Inc.’s Form 10-Q dated and filed on August 5, 2015.
|
|
|
|
|
|
10-12
|
|
Amendment No. 3 to the TEGNA Inc. Supplemental Retirement Plan Restatement dated June 26, 2015.*
|
|
Incorporated by reference to Exhibit 10.8 to TEGNA Inc.’s Form 10-Q dated and filed on August 5, 2015.
|
|
|
|
|
|
10-13
|
|
Amendment to the TEGNA Inc. Deferred Compensation Plan Restatement Rules for Pre-2005 Deferrals dated as of June 26, 2015.*
|
|
Incorporated by reference to Exhibit 10.9 to TEGNA Inc.’s Form 10-Q dated and filed on August 5, 2015.
|
|
|
|
|
|
10-14
|
|
Amendment No. 5 to the TEGNA Inc. Deferred Compensation Plan Rules for Post-2004 Deferrals dated as of June 26, 2015.*
|
|
Incorporated by reference to Exhibit 10.10 to TEGNA Inc.’s Form 10-Q dated and filed on August 5, 2015.
|
|
|
|
|
|
10-15
|
|
Amendment No. 3 to the TEGNA Inc. Transitional Compensation Plan Restatement dated as of June 26, 2015.*
|
|
Incorporated by reference to Exhibit 10.11 to TEGNA Inc.’s Form 10-Q dated and filed on August 5, 2015.
|
|
|
|
|
|
10-16
|
|
Amendment No. 2 to the TEGNA Inc. 2001 Omnibus Incentive Compensation Plan dated as of June 26, 2015.*
|
|
Incorporated by reference to Exhibit 10.12 to TEGNA Inc.’s Form 10-Q dated and filed on August 5, 2015.
|
|
|
|
|
|
10-17
|
|
Amendment No. 1 to the TEGNA Inc. Executive Life Insurance Plan Document dated as of June 26, 2015.*
|
|
Incorporated by reference to Exhibit 10.13 to TEGNA Inc.’s Form 10-Q dated and filed on August 5, 2015.
|
|
|
|
|
|
10-18
|
|
Amendment No. 1 to the TEGNA Inc. Key Executive Life Insurance Plan dated as of June 26, 2015.*
|
|
Incorporated by reference to Exhibit 10.14 to TEGNA Inc.’s Form 10-Q dated and filed on August 5, 2015.
|
|
|
|
|
|
10-19
|
|
Description of TEGNA Inc.’s Non-Employee Director Compensation.*
|
|
Incorporated by reference to Exhibit 10.15 to TEGNA Inc.’s Form 10-Q dated and filed on August 5, 2015.
|
|
|
|
|
|
10-20
|
|
Form of Director Restricted Stock Unit Award Agreement.*
|
|
Attached.
|
|
|
|
|
|
10-21
|
|
Form of Executive Officer Restricted Stock Unit Award Agreement.*
|
|
Attached.
|
|
|
|
|
|
31-1
|
|
Rule 13a-14(a) Certification of CEO.
|
|
Attached.
|
|
|
|
|
|
31-2
|
|
Rule 13a-14(a) Certification of CFO.
|
|
Attached.
|
|
|
|
|
|
32-1
|
|
Section 1350 Certification of CEO.
|
|
Attached.
|
|
|
|
|
|
32-2
|
|
Section 1350 Certification of CFO.
|
|
Attached.
|
|
|
|
|
|
101
|
|
The following financial information from TEGNA Inc. Quarterly Report on Form 10-Q for the quarter ended September 27, 2015, formatted in XBRL includes: (i) Condensed Consolidated Balance Sheets at September 27, 2015 and December 28, 2014, (ii) Condensed Consolidated Statements of Income for the fiscal quarter and year-to-date periods ended September 27, 2015 and September 28, 2014, (iii) Condensed Consolidated Statements of Comprehensive Income for the fiscal quarter and year-to-date periods ended September 27, 2015 and September 28, 2014, (iv) Condensed Consolidated Cash Flow Statements for the fiscal year-to-date periods ended September 27, 2015 and September 28, 2014, and (v) the Notes to Condensed Consolidated Financial Statements.
|
|
Attached.
|
1.
|
The Lender party hereto agrees to provide commitments in the form of an increase in the existing Five-Year Facility (such commitment increase, the “
Incremental Facility
”) in the amount set forth under such Lender’s name on the signature page hereof under the caption “Increase in Five-Year Commitments”.
|
2.
|
The Facility to be increased is the Five-Year Facility.
|
3.
|
The Incremental Facility Closing Date is September 23, 2015.
|
4.
|
The aggregate principal amount of the Incremental Facility contemplated hereby is $80,000,000.
|
5.
|
The Incremental Facility Maturity Date for the Incremental Facility contemplated hereby is the 2020 Extended Termination Date.
|
6.
|
The Applicable Margin for the Incremental Facility shall be the same as the Applicable Margin for the Five-Year Facility. The Commitment Fees shall be paid in respect of the increased Five-Year Facility in the same manner as the existing Five-Year Facility.
|
7.
|
The agreement of the Lender party hereto to make available the Incremental Facility on the Increased Facility Closing Date is subject to the satisfaction of the following conditions precedent:
|
(a)
|
The Administrative Agent shall have received this notice, executed and delivered by the Borrower and the Lender party hereto.
|
(b)
|
In the case of Incremental Loans that are an increase of an existing Facility, such Incremental Loans shall have the same terms as the existing Loans under such Facility in all respects.
|
(c)
|
After giving effect to the making of the Incremental Facility contemplated hereby on the Increased Facility Closing Date, (i) each of the representations
|
Title:
|
Vice President & Treasurer
|
Title:
|
Managing Director
|
Title:
|
Managing Director
|
1.
|
The reference to “July 2, 2015” set forth in Section 3(b) of the Purchase Agreement is hereby deleted and replaced with “July 14, 2015”.
|
2.
|
Both references to “July 2, 2015” set forth in Section 4(c) of the Purchase Agreement are hereby deleted and replaced with “July 14, 2015”.
|
3.
|
The reference to “July 2, 2015” set forth in Section 4(d) of the Purchase Agreement is hereby deleted and replaced with “July 14, 2015”.
|
4.
|
The reference to “August 3, 2015” set forth in Section 9(a) of the Purchase Agreement is hereby deleted and replaced with “August 10, 2015”.
|
5.
|
The penultimate sentence in Section 9(a) of the Purchase Agreement is hereby deleted and replaced with the following:
|
6.
|
The reference to “July 2, 2015” set forth in Section 18 of the Purchase Agreement, together with each corresponding reference to “July 2, 2015” set forth on
Exhibit B-1
and
Exhibit B-2
to the Purchase Agreement, are hereby deleted and replaced with “July 14, 2015”.
|
7.
|
Seller and Buyer acknowledge that the parties have agreed to all terms and conditions of the SpinCo Lease Amendment (as defined in Section 19 of the Purchase Agreement), a copy of which is attached hereto as
Exhibit “1”
. Accordingly, the contingency set forth in Section 19 of the Purchase Agreement has been satisfied.
|
8.
|
The terms and provisions of the Purchase Agreement as hereby amended are hereby ratified and confirmed in all respects. In the event of a conflict between the terms and conditions of this Amendment and the Purchase Agreement, this Amendment shall govern and control.
|
9.
|
This Amendment may be executed in counterparts, and transmitted by e-mail or telecopy by and to each of the parties, and each such counterpart shall be deemed an original, and all of them together shall constitute a single instrument.
|
1.
|
The following language is hereby deleted from clause (v) set forth in Section 2(a) of the Purchase Agreement: “, which list will be amended in accordance with Section 18…”.
|
2.
|
The reference to “
Exhibit C
” set forth in clause (d) of Section 2 of the Purchase Agreement is hereby deleted and replaced with “
Exhibit C-1
”.
|
3.
|
By executing this Second Amendment, (i) Buyer hereby confirms that it has elected to proceed with the transaction contemplated under the Purchase Agreement pursuant to the terms and conditions thereof, as modified pursuant to this Second Amendment, (ii) Seller confirms timely receipt of Borrower’s Title Objection notice dated July 13, 2015 and received by Seller on July 14, 2015 in accordance with Section 3(b) of the Purchase Agreement and (iii) Seller and Buyer each confirms that Seller has until July 20, 2015 to notify Buyer as to Seller’s decision to elect to either cure or not to cure the Title Objections in accordance with Section 3(b) of the Purchase Agreement. Accordingly, Buyer and Seller hereby acknowledge and agree that Buyer is deemed to have delivered the Due Diligence Satisfaction Notice to Seller in accordance with Section 4(c) of the Purchase Agreement and the Title Objection notice in accordance with Section 3(b) of the Purchase Agreement, and the Deposit has become non-refundable, except as otherwise expressly provided in the Purchase Agreement, as modified by this Second Amendment.
|
4.
|
Section 4(d) of the Purchase Agreement is hereby deleted and replaced with the following:
|
5.
|
Section 9(a) of the Purchase Agreement is hereby deleted in its entirety and replaced with the following:
|
(i)
|
Buyer may extend the Closing Date to September 30, 2015, upon giving written notice thereof to Seller on or before August 6, 2015 (the “
First Closing Date Extension Notice
”), accompanied by depositing with Escrow Agent simultaneously with the First Closing Date Extension Notice, an additional non-refundable deposit (to be applied to the Purchase Price at Closing), in the sum of Five Million and 00/100 Dollars ($5,000,000.00) for such extension (the “
First Extension Deposit
”). Thereafter, the term “
Deposit
” shall refer to the $27,000,000.00 deposited with the Escrow Agent pursuant to Section 6 above and the First Extension Deposit, together with any interest earned thereon.
|
(ii)
|
Buyer may further extend the Closing Date to October 30, 2015, upon giving written notice thereof to Seller on or before September 25, 2015 (the “
Second Closing Date Extension Notice
”, which along with the First Closing Date Extension Notice are each referred to as, a “
Closing Date Extension Notice
”), accompanied by depositing with Escrow Agent simultaneously with the Second Closing Date Extension Notice, an additional non-refundable deposit (to be applied to the Purchase Price at Closing), in the sum of Five Million and 00/100 Dollars ($5,000,000.00) for such extension (the “
Second Extension Deposit
”). Thereafter, the term “
Deposit
” shall refer to the $32,000,000.00 previously deposited with the Escrow Agent pursuant to Sections 6 and 9(a)(i) above and the Second Extension Deposit, together with any interest earned thereon.
|
6.
|
Subsection 9(b) is hereby deleted in its entirety and replaced with the following:
|
7.
|
Subsection 9(b)(iii) is hereby deleted in its entirety and replaced with the following:
|
8.
|
Subsection 9(b)(vi) is hereby deleted in its entirety and replaced with the following:
|
9.
|
Subsection 9(c)(ii) is hereby deleted in its entirety and replaced with the following:
|
10.
|
Subsection 9(c)(v) is hereby deleted in its entirety and replaced with the following:
|
11.
|
The reference to “
Exhibit C
” set forth in the first sentence of Section 13(d) of the Purchase Agreement is hereby deleted and replaced with “
Exhibit C-2
”.
|
12.
|
The following language is hereby deleted from clause (iv) set forth in Section 14(a) of the Purchase Agreement: “pursuant to Section 18”.
|
13.
|
The reference to “July 9, 2015” set forth in Section 14(f) of the Purchase Agreement is hereby deleted and replaced with “thirty (30) days prior to the Closing Date”.
|
14.
|
The reference to “July 29, 2015” set forth at the end of the fifth sentence in Section 14 of the Purchase Agreement is hereby deleted and replaced with “thirty (30) days prior to the Closing Date”.
|
15.
|
Section 18 is hereby deleted in its entirety and replaced with the following:
|
16.
|
“
Exhibit B-1
” and “
Exhibit B-2
” to the Purchase Agreement are hereby deleted in their entirety and replaced with
Attachment “3”
attached hereto.
|
17.
|
“
Exhibit C
” to the Purchase Agreement is hereby deleted in its entirety and replaced with
Attachment “4”
attached hereto.
|
18.
|
All matters relating to or arising out of this Second Amendment or any transaction contemplated hereby, and the rights of the parties (whether sounding in contract, tort or otherwise), will be governed by and construed and interpreted under the laws of the State where the Real Property is located without regard to conflicts of laws principles that would require the application of any other law.
|
19.
|
The terms and provisions of the Purchase Agreement as hereby amended are hereby ratified and confirmed in all respects. In the event of a conflict between the terms and conditions of this Second Amendment and the Purchase Agreement, this Second Amendment shall govern and control. All capitalized terms used but not defined in this Second Amendment shall have the same meanings given to such terms in the Purchase Agreement.
|
20.
|
This Second Amendment may be executed in counterparts, and transmitted by e-mail or telecopy by and to each of the parties, and each such counterpart shall be deemed an original, and all of them together shall constitute a single instrument.
|
21.
|
Seller and Buyer hereby jointly instruct Escrow Agent that the word “may” in the third line of Section 9 of the Escrow Agreement is revised to read “shall”.
|
Stock Unit Vesting Schedule:
|
25% of the Stock Units shall vest on August 1, 20__ [year of Grant Date]
|
|
|
|
TEGNA Inc.
|
|
|
|
|
|
|
By:
|
|
Director's Signature
|
|
|
Kevin E. Lord
|
|
|
|
Senior Vice President/Human Resources
|
Stock Unit Vesting Schedule:
|
25% of the Stock Units shall vest on 12/31/15*
|
|
|
|
TEGNA Inc.
|
|
|
|
|
|
|
By:
|
|
Director's Signature
|
|
|
Kevin E. Lord
|
|
|
|
Senior Vice President/Human Resources
|
I,
|
Gracia C. Martore, certify that:
|
1.
|
I have reviewed this quarterly report on Form 10-Q of TEGNA Inc.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and we have:
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date: November 6, 2015
|
|
/s/ Gracia C. Martore
|
Gracia C. Martore
|
President and Chief Executive Officer
|
(principal executive officer)
|
I,
|
Victoria D. Harker, certify that:
|
1.
|
I have reviewed this quarterly report on Form 10-Q of TEGNA Inc.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and we have:
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date: November 6, 2015
|
|
/s/ Victoria D. Harker
|
Victoria D. Harker
|
Chief Financial Officer (principal financial officer)
|
(1)
|
the Report fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934; and
|
(2)
|
the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of TEGNA.
|
/s/ Gracia C. Martore
|
Gracia C. Martore
|
President and Chief Executive Officer
|
(principal executive officer)
|
November 6, 2015
|
(1)
|
the Report fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934; and
|
(2)
|
the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of TEGNA.
|
/s/ Victoria D. Harker
|
Victoria D. Harker
|
Chief Financial Officer (principal financial officer)
|
November 6, 2015
|