TEGNA (TGNA) 10-Q10 May 232023 Q1 Quarterly reportFinancial data

Company Profile

Cover

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2023	Apr. 30, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	1-6961
Entity Registrant Name	TEGNA INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	16-0442930
Entity Address, Address Line One	8350 Broad Street, Suite 2000,
Entity Address, City or Town	Tysons,
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	22102-5151
City Area Code	(703)
Local Phone Number	873-6600
Title of 12(b) Security	Common Stock
Trading Symbol	TGNA
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock Shares Outstanding		225,028,376
Entity Central Index Key	0000039899
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 683,179	$ 551,681
Accounts receivable, net of allowances of $3,965 and $3,697, respectively	637,435	658,318
Other receivables	10,906	13,493
Syndicated programming rights	32,578	44,064
Prepaid expenses and other current assets	35,915	36,152
Total current assets	1,400,013	1,303,708
Property and equipment
Cost	1,068,582	1,067,191
Less accumulated depreciation	(623,452)	(610,138)
Net property and equipment	445,130	457,053
Intangible and other assets
Goodwill	2,981,587	2,981,587
Indefinite-lived and amortizable intangible assets, less accumulated amortization of $250,187 and $348,087, respectively	2,368,858	2,381,606
Right-of-use assets for operating leases	75,860	78,448
Investments and other assets	122,594	126,494
Total intangible and other assets	5,548,899	5,568,135
Total assets	7,394,042	7,328,896
Current liabilities
Accounts payable	88,312	76,212
Accrued liabilities
Compensation	40,647	50,339
Interest	12,798	45,480
Contracts payable for programming rights	111,318	117,743
Other	73,560	78,265
Income taxes payable	51,561	22,985
Total current liabilities	378,196	391,024
Noncurrent liabilities
Deferred income tax liability	557,387	556,131
Long-term debt	3,070,164	3,069,316
Pension liabilities	73,550	73,684
Operating lease liabilities	76,674	79,503
Other noncurrent liabilities	69,052	70,098
Total noncurrent liabilities	3,846,827	3,848,732
Total liabilities	4,225,023	4,239,756
Commitments and contingent liabilities (see Note 9)
Redeemable noncontrolling interest (see Note 1)	17,754	17,418
Shareholders’ equity
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	27,941	27,941
Retained earnings	7,879,619	7,898,055
Accumulated other comprehensive loss	(124,455)	(125,533)
Less treasury stock at cost, 99,471,855 shares and 100,970,426 shares, respectively	(4,956,259)	(5,053,160)
Total equity	3,151,265	3,071,722
Total liabilities, redeemable noncontrolling interest and equity	$ 7,394,042	$ 7,328,896

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Allowance for doubtful accounts receivable	$ 3,965	$ 3,697
Accumulated amortization	$ 250,187	$ 348,087
Common stock, par value (in dollars per share)	$ 1	$ 1
Common stock, authorized shares (in shares)	800,000,000	800,000,000
Common stock, issued shares (in shares)	324,418,632	324,418,632
Treasury stock, shares (in shares)	99,471,855	100,970,426

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
Revenues		$ 740,327	$ 774,123
Operating expenses:
Cost of revenues	[1]	426,932	411,450
Business units - Selling, general and administrative expenses		99,109	101,969
Corporate - General and administrative expenses		12,100	21,320
Depreciation		15,049	15,305
Amortization of intangible assets		13,582	15,000
Spectrum repacking reimbursements and other, net		0	(58)
Total		566,772	564,986
Operating income		173,555	209,137
Non-operating (expense) income:
Equity loss in unconsolidated investments, net		(237)	(3,811)
Interest expense		(42,906)	(43,620)
Other non-operating items, net		5,411	17,319
Total		(37,732)	(30,112)
Income before income taxes		135,823	179,025
Provision for income taxes		31,819	44,738
Net Income		104,004	134,287
Net loss (income) attributable to redeemable noncontrolling interest		299	(53)
Net income attributable to TEGNA Inc.		$ 104,303	$ 134,234
Earnings per share:
Basic (in dollars per share)		$ 0.46	$ 0.60
Diluted (in dollars per share)		$ 0.46	$ 0.60
Weighted average number of common shares outstanding:
Basic shares (in shares)		224,544	222,712
Diluted shares (in shares)		224,839	223,240

[1] 1 Cost of revenues exclude charges for depreciation and amortization expense, which are shown separately above.

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net Income	$ 104,004	$ 134,287
Other comprehensive income, before tax:
Foreign currency translation adjustments	0	142
Pension and other post retirement benefit items
Recognition of previously deferred post-retirement benefit plan costs	1,450	975
Realized gain on available-for-sale investment during the period	0	(20,800)
Other comprehensive income (loss), before tax	1,450	(19,683)
Income tax effect related to components of other comprehensive income	(372)	5,065
Other comprehensive income (loss), net of tax	1,078	(14,618)
Comprehensive income	105,082	119,669
Comprehensive loss (income) attributable to redeemable noncontrolling interest	299	(53)
Total comprehensive income	$ 105,381	$ 119,616

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities:
Net Income	$ 104,004	$ 134,287
Adjustments to reconcile net income to net cash flow from operating activities:
Depreciation and amortization	28,631	30,305
Stock-based compensation	3,688	10,495
Company stock 401(k) contribution	5,564	5,338
Gains on assets, net	0	(18,308)
Equity losses from unconsolidated investments, net	237	3,811
Pension expense, net of employer contributions	1,416	(585)
Change in other assets and liabilities, net of acquisitions:
Decrease (increase) in trade receivables	20,615	(120)
Increase in accounts payable	12,100	13,987
(Decrease) increase in interest and taxes payable, net	(1,627)	13,663
Increase in deferred revenue	1,797	2,298
Change in other assets and liabilities, net	(6,038)	1,089
Net cash flow from operating activities	170,387	196,260
Cash flows from investing activities:
Purchase of property and equipment	(2,845)	(5,538)
Reimbursements from spectrum repacking	0	58
Payments for acquisition of assets	(1,150)	0
Purchases of investments	(163)	(2,216)
Proceeds from investments	23	0
Proceeds from sale of assets	13	366
Net cash flow used for investing activities	(4,122)	(7,330)
Cash flows from financing activities:
Payments under revolving credit facilities, net	0	(166,000)
Dividends paid	(21,360)	(21,151)
Other, net	(13,407)	(15,452)
Net cash flow used for financing activities	(34,767)	(202,603)
Increase (decrease) in cash	131,498	(13,673)
Balance of cash, beginning of period	551,681	56,989
Balance of cash, end of period	683,179	43,316
Supplemental cash flow information:
Cash paid (received) for income taxes, net of refunds (payments)	914	(248)
Cash paid for interest	$ 73,862	$ 75,063

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY AND REDEEMABLE NONCONTROLLING INTEREST - USD ($) $ in Thousands	Total	Common stock	Additional paid-in capital	Retained earnings	Accumulated other comprehensive loss	Treasury stock
Beginning balance at Dec. 31, 2021	$ 16,129
Redeemable noncontrolling interest
Net (loss) income	53
Adjustment of redeemable noncontrolling interest to redemption value	248
Ending balance at Mar. 31, 2022	16,430
Beginning balance at Dec. 31, 2021	2,519,906	$ 324,419	$ 27,941	$ 7,459,380	$ (97,216)	$ (5,194,618)
Total Equity
Net (loss) income	134,234			134,234
Other comprehensive income, net of tax	(14,618)				(14,618)
Total comprehensive income	119,616
Dividends declared	(21,150)			(21,150)
Company stock 401(k) contribution	5,338		(1,322)	(11,275)		17,935
Stock-based awards activity	(15,452)		(9,517)	(81,146)		75,211
Stock-based compensation	10,495		10,495
Adjustment of redeemable noncontrolling interest to redemption value	(248)			(248)
Other activity	344		344
Ending balance at Mar. 31, 2022	2,618,849	324,419	27,941	7,479,795	(111,834)	(5,101,472)
Beginning balance at Dec. 31, 2022	17,418
Redeemable noncontrolling interest
Net (loss) income	(299)
Adjustment of redeemable noncontrolling interest to redemption value	635
Ending balance at Mar. 31, 2023	17,754
Beginning balance at Dec. 31, 2022	3,071,722	324,419	27,941	7,898,055	(125,533)	(5,053,160)
Total Equity
Net (loss) income	104,303			104,303
Other comprehensive income, net of tax	1,078				1,078
Total comprehensive income	105,381
Dividends declared	(21,360)			(21,360)
Company stock 401(k) contribution	5,564		(575)	(14,491)		20,630
Stock-based awards activity	(13,407)		(3,425)	(86,253)		76,271
Stock-based compensation	3,688		3,688
Adjustment of redeemable noncontrolling interest to redemption value	(635)			(635)
Other activity	312		312
Ending balance at Mar. 31, 2023	$ 3,151,265	$ 324,419	$ 27,941	$ 7,879,619	$ (124,455)	$ (4,956,259)

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY AND REDEEMABLE NONCONTROLLING INTEREST (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Stockholders' Equity [Abstract]
Dividends declared per share (in dollars per share)	$ 0.095	$ 0.095

Basis of presentation, merger a

Basis of presentation, merger agreement and accounting policies	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Basis of presentation, merger agreement and accounting policies	Basis of presentation, merger agreement and accounting policies Basis of presentation: Our accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial reporting, the instructions for Form 10-Q and Article 10 of the U.S. Securities and Exchange Commission (SEC) Regulation S-X. Accordingly, they do not include all information and footnotes which are normally included in the Form 10-K and annual report to shareholders. In our opinion, the condensed consolidated financial statements reflect all adjustments of a normal recurring nature necessary for a fair statement of the results for the interim periods presented. The condensed consolidated financial statements should be read in conjunction with our (or TEGNA’s) audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2022. The preparation of these condensed consolidated financial statements requires us to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. We use the best information available in developing significant estimates inherent in our financial statements. Actual results could differ from these estimates, and these differences resulting from changes in facts and circumstances could be material. Significant estimates include, but are not limited to, evaluation of goodwill and other intangible assets for impairment, fair value measurements, post-retirement benefit plans, income taxes including deferred taxes, and contingencies. The condensed consolidated financial statements include the accounts of subsidiaries we control. We eliminate all intercompany balances, transactions, and profits in consolidation. Investments in entities over which we have significant influence, but do not have control, are accounted for under the equity method. Our share of net earnings and losses from these ventures is included in “Equity loss in unconsolidated investments, net” in the Consolidated Statements of Income. We operate one operating and reportable segment, which primarily consists of our 64 television stations and two radio stations operating in 51 markets, providing high-quality television programming and digital content. Our reportable segment determination is based on our management and internal reporting structure, the nature of products and services we offer, and the financial information that is evaluated regularly by our chief operating decision maker. Merger Agreement : On February 22, 2022, we entered into an Agreement and Plan of Merger (as amended, the Merger Agreement), with Teton Parent Corp., a newly formed Delaware corporation (Parent), Teton Merger Corp., a newly formed Delaware corporation and an indirect wholly owned subsidiary of Parent (Merger Sub), and solely for purposes of certain provisions specified therein, other subsidiaries of Parent, certain affiliates of Standard General L.P., a Delaware limited partnership (Standard General) and CMG Media Corporation, a Delaware corporation (CMG), and certain of its subsidiaries. Parent, Merger Sub, th e other subsidiaries of Parent, those affiliates of Standard General, CMG and those subsidiaries of CMG, are collectively, referred to as the “Parent Restructuring Entities.” The Merger Agreement provides, among other things and subject to the terms and conditions set forth therein, that Merger Sub will be merged with and into TEGNA (the Merger), with TEGNA continuing as the surviving corporation and as an indirect wholly owned subsidiary of Parent. The Merger Agreement provides that each share of common stock, par value $1.00 per share, of TEGNA (the Common Stock) outstanding immediately prior to the effective time of the Merger (the Effective Time), other than certain excluded shares, will at the Effective Time automatically be converted into the right to receive (i) $24.00 per share of Common Stock in cash, without interest, plus (ii) additional amounts in cash, without interest, if the Merger does not close within a certain period of time after the date of the Merger Agreement. TEGNA shareholders will receive additional cash consideration in the form of a “ticking fee” of (a) if the Closing Date occurs after November 22, 2022 and before February 22, 2023, an amount in cash equal to (i) $0.00166667 multiplied by (ii) the number of calendar days elapsed after November 22, 2022 to and including the Closing Date, (b) if the Closing Date occurs on or after February 22, 2023 and before March 22, 2023, an amount in cash equal to (i) $0.15333333 plus (ii)(A) $0.0025 multiplied by (B) the number of calendar days elapsed after February 22, 2023 to and including the Closing Date, (c) if the Closing Date occurs on or after March 22, 2023 and before April 22, 2023, an amount in cash equal to (i) $0.22333333 plus (ii)(A) $0.00333333 multiplied by (B) the number of calendar days elapsed after March 22, 2023 to and including the Closing Date and (d) if the Closing Date occurs on or after April 22, 2023 and before May 22, 2023, an amount in cash equal to (i) $0.3266667 plus (ii)(A) $0.00416667 multiplied by (B) the number of calendar days elapsed after April 22, 2023 to and including the Closing Date. The Merger Agreement contains certain termination rights and provides that, upon termination of the Merger Agreement under certain specified circumstances, Parent will be required to pay TEGNA a termination fee of either $136.0 million or $272.0 million. TEGNA has made customary representations, warranties and covenants in the Merger Agreement. If the Merger is consummated, the Common Stock will be delisted from the New York Stock Exchange and deregistered under the Securities Exchange Act of 1934. On March 10, 2022, TEGNA, Parent, Merger Sub, and, solely for purposes of certain provisions specified therein, the other Parent Restructuring Entities, entered into an amendment to the Merger Agreement (the Amendment). The Amendment provides, among other things and subject to the terms and conditions set forth therein, that certain regulatory efforts covenants will apply with respect to certain station transfers from Parent or an affiliate of Parent to CMG or an affiliate of CMG that are contemplated to be consummated as of immediately following the Effective Time. On May 17, 2022 the stockholders of TEGNA voted to adopt the Merger Agreement. On February 21, 2023, TEGNA elected, pursuant to the terms of the Merger Agreement, to extend the Outside Date (as defined in the Merger Agreement) from 5:00 p.m. Eastern time on February 22, 2023 to 5:00 p.m. Eastern time on May 22, 2023. All waiting periods under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, applicable to the Merger and related transactions have expired. The closing of the Merger remains subject to the approval of the Federal Communications Commission (the “FCC”) and customary closing conditions. On February 24, 2023, the FCC issued a hearing designation order (the “HDO”) with respect to the transaction. On March 27, 2023, certain of the parties to the Merger Agreement filed a notice of appeal of the HDO and a petition for a writ of mandamus with the United States Court of Appeals for the District of Columbia Circuit (the “D.C. Court of Appeals”). On April 3, 2023, the D.C. Court of Appeals dismissed the appeal of the HDO. On April 21, 2023, the D.C. Court of Appeals denied the petition for a writ mandamus. TEGNA is currently evaluating its options. Accounting guidance adopted in 2023: We did not adopt any new accounting guidance in 2023 that had a material impact on our consolidated financial statements or disclosures. New accounting guidance not yet adopted: There is currently no pending accounting guidance that we expect to have a material impact on our consolidated financial statements or disclosures. Trade receivables and allowances for doubtful accounts: Trade receivables are recorded at invoiced amounts and generally do not bear interest. The allowance for doubtful accounts reflects our estimate of credit exposure, determined principally on the basis of our collection experience, aging of our receivables and any specific reserves needed for certain customers based on their credit risk. Our allowance also takes into account expected future trends which may impact our customers’ ability to pay, such as economic growth (or declines), unemployment and demand for our products and services. We monitor the credit quality of our customers and their ability to pay through the use of analytics and communication with individual customers. As of March 31, 2023, our allowance for doubtful accounts was $4.0 million as compared to $3.7 million as of December 31, 2022. Redeemable Noncontrolling interest: Our Premion business operates an advertising network for over-the-top (OTT) streaming and connected television platforms. In March 2020, we sold a minority interest in Premion to an affiliate of Gray Television (Gray) and entered into a commercial reselling agreement with the affiliate. During the first quarter of 2023, we entered into a multi-year extension of the reselling agreement with Gray. Gray’s investment allows it to sell its interest to Premion if there is a change in control of TEGNA or if the commercial agreement terminates. Since redemption of the minority ownership interest is outside our control, Gray’s equity interest is presented outside of the Equity section on the Condensed Consolidated Balance Sheet in the caption “Redeemable noncontrolling interest.” Treasury Stock: We account for treasury stock under the cost method. When treasury stock is re-issued at a price higher than its cost, the difference is recorded as a component of additional paid-in-capital (APIC) in our Condensed Consolidated Balance Sheets. When treasury stock is re-issued at a price lower than its cost, the difference is recorded as a component of APIC to the extent that there are previously recorded gains to offset the losses. If there are no treasury stock gains in APIC, the losses upon re-issuance of treasury stock are recorded as a reduction of retained earnings in our Condensed Consolidated Balance Sheets. Revenue recognition: Revenue is recognized upon the transfer of control of promised services to our customers in an amount that reflects the consideration we expect to receive in exchange for those services. Revenue is recognized net of any taxes collected from customers, which are subsequently remitted to governmental authorities. Amounts received from customers in advance of providing services to our customers are recorded as deferred revenue. The primary sources of our revenues are: 1) subscription revenues, reflecting fees paid by satellite, cable, OTT (companies that deliver video content to consumers over the Internet) and telecommunications providers to carry our television signals on their systems; 2) advertising & marketing services revenues, which include local and national non-political television advertising, digital marketing services (including Premion), advertising on the stations’ websites, tablet and mobile products, and OTT apps; 3) political advertising revenues, which are driven by even-year election cycles at the local and national level (e.g. 2024, 2022, etc.) and particularly in the second half of those years; and 4) other services, such as production of programming, tower rentals and distribution of our local news content. Revenue earned by these sources in the first quarter of 2023 and 2022 are shown below (amounts in thousands): Quarter ended Mar. 31, 2023 2022 Subscription $ 414,280 $ 391,654 Advertising & Marketing Services 307,845 354,467 Political 5,291 17,965 Other 12,911 10,037 Total revenues $ 740,327 $ 774,123

Goodwill and other intangible a

Goodwill and other intangible assets	3 Months Ended
Goodwill and other intangible assets	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and other intangible assets	Goodwill and other intangible assets The following table displays goodwill, indefinite-lived intangible assets, and amortizable intangible assets as of March 31, 2023 and December 31, 2022 (in thousands): Mar. 31, 2023 Dec. 31, 2022 Gross Accumulated Amortization Gross Accumulated Amortization Goodwill $ 2,981,587 $ — $ 2,981,587 $ — Indefinite-lived intangibles: Television and radio station FCC broadcast licenses 2,124,731 — 2,123,898 — Amortizable intangible assets: Retransmission agreements 113,621 (79,311) 224,827 (184,796) Network affiliation agreements 309,503 (127,457) 309,503 (121,664) Other 71,190 (43,419) 71,465 (41,627) Total indefinite-lived and amortizable intangible assets $ 2,619,045 $ (250,187) $ 2,729,693 $ (348,087)

Investments and other assets

Investments and other assets	3 Months Ended
Investments and other assets	Mar. 31, 2023
Investments, All Other Investments [Abstract]
Investments and other assets	Investments and other assets Our investments and other assets consisted of the following as of March 31, 2023 and December 31, 2022 (in thousands): Mar. 31, 2023 Dec. 31, 2022 Cash value insurance $ 49,552 $ 48,919 Equity method investments 16,928 17,003 Other equity investments 20,158 20,158 Deferred debt issuance costs 1,341 2,232 Long-term contract assets 12,925 14,135 Other long-term assets 21,690 24,047 Total $ 122,594 $ 126,494 Cash value life insurance: We are the beneficiary of life insurance policies on the lives of certain employees/retirees, which are recorded at their cash surrender value as determined by the insurance carrier. These policies are utilized as a partial funding source for deferred compensation and other non-qualified employee retirement plans. Gains and losses on these investments are included in “Other non-operating items, net” within our Consolidated Statement of Income and were not material for all periods presented. Other equity investments : Represents investments in non-public businesses that do not have readily determinable pricing, and for which we do not have control or do not exert significant influence. These investments are recorded at cost less impairments, if any, plus or minus changes in observable prices for those investments. Deferred debt issuance costs : These costs consist of amounts paid to lenders related to our revolving credit facility. Debt issuance costs paid for our unsecured notes are accounted for as a reduction in the debt obligation. Long-term contract assets: These amounts primarily consist of an asset related to a long-term services agreement for IT security and an asset representi ng the long-term portion of a contract asset related to favorable rates obtained on commercial agreements with Madhive. The contract asset was recognized in January 2022 and is being amortized over two years (through December 2023). See Note 9 for information regarding our related party transactions with MadHive.

Long-term debt

Long-term debt	3 Months Ended
Long-term debt	Mar. 31, 2023
Debt Disclosure [Abstract]
Long-term debt	Long-term debt Our long-term debt is summarized below (in thousands): Mar. 31, 2023 Dec. 31, 2022 Unsecured notes bearing fixed rate interest at 4.75% due March 2026 $ 550,000 $ 550,000 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 Unsecured notes bearing fixed rate interest at 4.625% due March 2028 1,000,000 1,000,000 Unsecured notes bearing fixed rate interest at 5.00% due September 2029 1,100,000 1,100,000 Total principal long-term debt 3,090,000 3,090,000 Debt issuance costs (25,774) (26,911) Unamortized premiums 5,938 6,227 Total long-term debt $ 3,070,164 $ 3,069,316 As of March 31, 2023, cash and cash equivalents totaled $683.2 million and we had unused borrowing capacity of $1.49 billion under our $1.51 billion revolving credit facility, which expires in August 2024. We were in compliance with all covenants, including the leverage ratio (our one financial covenant) contained in our debt agreements and revolving credit facility. We believe, based on our current financial forecasts and trends, that we will remain compliant with all covenants for the foreseeable future. Under our revolving credit facility we have the ability to draw loans based on two different interest rate indices, one of which is based on the London Interbank Offered Rate (LIBOR). We are able to draw LIBOR-based loans based on one month, three month, six month and twelve month durations originated through June 2023. We expect to amend our revolving credit facility in the second quarter of 2023 to replace the LIBOR-based interest rate index with a Secured Overnight Financing Rate (SOFR) based interest rate index. The transition from LIBOR is not expected to have a material impact on the Company.

Retirement plans

Retirement plans	3 Months Ended
Retirement plans	Mar. 31, 2023
Retirement Benefits [Abstract]
Retirement plans	Retirement plans We have various defined benefit retirement plans. Our principal defined benefit pension plan is the TEGNA Retirement Plan (TRP). The disclosure table below primarily includes the pension expenses of the TRP and the TEGNA Supplemental Retirement Plan (SERP). The total net pension obligations, including both current and non-current liabilities, as of March 31, 2023, were $79.1 million, of which $5.6 million is recorded as a current obligation within accrued liabilities on the Condensed Consolidated Balance Sheet. Pension costs (income), which primarily include costs for the qualified TRP and the non-qualified SERP, are presented in the following table (in thousands): Quarter ended Mar. 31, 2023 2022 Interest cost on benefit obligation $ 6,150 $ 4,300 Expected return on plan assets (5,225) (4,900) Amortization of prior service credit (125) (125) Amortization of actuarial loss 1,575 1,100 Expense from company-sponsored retirement plans $ 2,375 $ 375 Benefits no longer accrue for TRP and SERP participants as a result of amendments to the plans in past years, and as such we no longer incur a service cost component of pension expense. All other components of our pension expense presented above are included within the “Other non-operating items, net” line item of the Consolidated Statements of Income. During the three months ended March 31, 2023 and 2022, we did not make any cash contributions to the TRP. We made benefit payments to participants of the SERP of $0.9 million during both of the three month periods ended March 31, 2023 and 2022. Based on actuarial projections and funding levels, we do not expect to make any cash payments to the TRP in 2023 (as none are required based on our current funding levels). We expect to make additional cash payments of $4.6 million to our SERP participants during the remainder of 2023.

Accumulated other comprehensive

Accumulated other comprehensive loss	3 Months Ended
Accumulated other comprehensive loss	Mar. 31, 2023
Equity [Abstract]
Accumulated other comprehensive loss	Accumulated other comprehensive loss The following table summarizes the components of, and the changes in, Accumulated Other Comprehensive Loss (AOCL), net of tax (in thousands): Retirement Plans Foreign Currency Translation Available-For-Sale Investment Total Quarters ended: Balance at Dec. 31, 2022 $ (126,065) $ 532 $ — $ (125,533) Amounts reclassified from AOCL 1,078 — — 1,078 Total other comprehensive income 1,078 — — 1,078 Balance at Mar. 31, 2023 $ (124,987) $ 532 $ — $ (124,455) Balance at Dec. 31, 2021 $ (113,090) $ 455 $ 15,419 $ (97,216) Other comprehensive loss before reclassifications — 77 — 77 Amounts reclassified from AOCL 724 — (15,419) (14,695) Total other comprehensive income 724 77 (15,419) (14,618) Balance at Mar. 31, 2022 $ (112,366) $ 532 $ — $ (111,834) Reclassifications from AOCL to the Consolidated Statements of Income are comprised of recognition of a realized gain on an available-for-sale investment as well as pension and other post-retirement components. Pension and other post retirement reclassifications are related to the amortizations of prior service costs and actuarial losses. Amounts reclassified out of AOCL are summarized below (in thousands): Quarter ended Mar. 31, 2023 2022 Amortization of prior service credit, net $ (125) $ (125) Amortization of actuarial loss 1,575 1,100 Realized gain on available-for-sale investment — (20,800) Total reclassifications, before tax 1,450 (19,825) Income tax effect (372) 5,130 Total reclassifications, net of tax $ 1,078 $ (14,695)

Earnings per share

Earnings per share	3 Months Ended
Earnings per share	Mar. 31, 2023
Earnings Per Share [Abstract]
Earnings per share	Earnings per share Our earnings per share (basic and diluted) are presented below (in thousands, except per share amounts): Quarter ended Mar. 31, 2023 2022 Net Income $ 104,004 $ 134,287 Net loss (income) attributable to the noncontrolling interest 299 (53) Adjustment of redeemable noncontrolling interest to redemption value (635) (248) Earnings available to common shareholders $ 103,668 $ 133,986 Weighted average number of common shares outstanding - basic 224,544 222,712 Effect of dilutive securities: Restricted stock units 187 321 Performance shares 108 207 Weighted average number of common shares outstanding - diluted 224,839 223,240 Earnings per share - basic $ 0.46 $ 0.60 Earnings per share - diluted $ 0.46 $ 0.60 Our calculation of diluted earnings per share includes the dilutive effects for the assumed vesting of outstanding restricted stock units and performance shares.

Fair value measurement

Fair value measurement	3 Months Ended
Fair value measurement	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Fair value measurement	Fair value measurement We measure and record certain assets and liabilities at fair value in the accompanying condensed consolidated financial statements. U.S. GAAP establishes a hierarchy for those instruments measured at fair value that distinguishes between market data (observable inputs) and our own assumptions (unobservable inputs). The hierarchy consists of three levels: Level 1 - Quoted market prices in active markets for identical assets or liabilities; Level 2 - Inputs other than Level 1 inputs that are either directly or indirectly observable; and Level 3 - Unobservable inputs developed using our own estimates and assumptions, which reflect those that a market participant would use. In the first quarter of 2022, we recorded a $2.5 million impairment charge, in “Other non-operating items, net” within our Consolidated Statement of Income, due to the decline in the fair value of one of our investments. The fair value was determined using a market approach which was based on significant inputs not observable in the market, and thus represented a Level 3 fair value measurement. We also hold other financial instruments, including cash and cash equivalents, receivables, accounts payable and debt. The carrying amounts for cash and cash equivalents, receivables and accounts payable approximated their fair values. The fair value of our total debt, based on the bid and ask quotes for the related debt (Level 2), totaled $2.78 billion at March 31, 2023, and $2.95 billion at December 31, 2022.

Other matters

Other matters	3 Months Ended
Other matters	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Other matters	Other matters Litigation In the third quarter of 2018, certain national media outlets reported the existence of a confidential investigation by the United States Department of Justice Antitrust Division (DOJ) into the local television advertising sales practices of station owners. We received a Civil Investigative Demand (CID) in connection with the DOJ’s investigation. On November 13 and December 13, 2018, the DOJ and seven other broadcasters settled a DOJ complaint alleging the exchange of competitively sensitive information in the broadcast television industry. In June 2019, we and four other broadcasters entered into a substantially identical agreement with DOJ, which was entered by the court on December 3, 2019. The settlement contains no finding of wrongdoing or liability and carries no penalty. It prohibits us and the other settling entities from sharing certain confidential business information, or using such information pertaining to other broadcasters, except under limited circumstances. The settlement also requires the settling parties to make certain enhancements to their antitrust compliance programs, to continue to cooperate with the DOJ’s investigation, and to permit DOJ to verify compliance. The costs of compliance have not been material, nor do we expect future compliance costs to be material. Since the national media reports, numerous putative class action lawsuits were filed against owners of television stations (the Advertising Cases) in different jurisdictions. Plaintiffs are a class consisting of all persons and entities in the United States who paid for all or a portion of advertisement time on local television provided by the defendants. The Advertising Cases assert antitrust and other claims and seek monetary damages, attorneys’ fees, costs and interest, as well as injunctions against the allegedly wrongful conduct. These cases were consolidated into a single proceeding in the United States District Court for the Northern District of Illinois, captioned In re: Local TV Advertising Antitrust Litigation on October 3, 2018. At the court’s direction, plaintiffs filed an amended complaint on April 3, 2019, that superseded the original complaints. Although we were named as a defendant in sixteen of the original complaints, the amended complaint did not name TEGNA as a defendant. After TEGNA and four other broadcasters entered into consent decrees with the DOJ in June 2019, the plaintiffs sought leave from the court to further amend the complaint to add TEGNA and the other settling broadcasters to the proceeding. The court granted the plaintiffs’ motion, and the plaintiffs filed the second amended complaint on September 9, 2019. On October 8, 2019, the defendants jointly filed a motion to dismiss the matter. On November 6, 2020, the court denied the motion to dismiss. On March 16, 2022, the plaintiffs filed a third amended complaint, which, among other things, added ShareBuilders, Inc., as a named defendant. ShareBuilders filed a motion to dismiss on April 15, 2022, which was granted by the court without prejudice on August 29, 2022. TEGNA has filed its answer to the third amended complaint denying any violation of law and asserting various affirmative defenses. We believe that the claims asserted in the Advertising Cases are without merit, and intend to defend vigorously against them. Litigation Relating to the Merger As o f May 10, 2023, seven lawsuits have been filed by purported TEGNA stockholders in connection with the Merger. The lawsuits have been filed against TEGNA and the current members of the Board of Directors of TEGNA (the Board of Directors). The complaints generally allege that the preliminary proxy statement filed by TEGNA with the SEC on March 25, 2022 in connection with the Merger contained alleged material misstatements and/or omissions in violation of federal law. Plaintiffs in the complaints generally seek, among other things, to enjoin TEGNA from consummating the Merger, or in the alternative, rescission of the Merger and/or compensatory damages, as well as attorneys’ fees. As of May 10, 2023, all but one of those lawsuits have been voluntarily dismissed. In addition, as of May 10, 2023, TEGNA received four demand letters from purported TEGNA shareholders in connection with TEGNA’s filing of a definitive proxy statement with the SEC on April 13, 2022 relating to the Merger (the “definitive proxy statement”). Each letter alleged deficiencies in the definitive proxy statement that were similar to the deficiencies alleged in the complaints referenced above. We believe that the claims asserted in the complaints and letters described above are without merit and no additional disclosures were or are required under applicable law. However, to moot the unmeritorious disclosure claims, to avoid the risks of the actions described above delaying or adversely affecting the Merger and to minimize the costs, risks and uncertainties inherent in litigation, without admitting any liability or wrongdoing, TEGNA voluntarily made supplemental disclosures to the definitive proxy statement as described in the Form 8-K filed by TEGNA with the SEC on May 9, 2022. Additional lawsuits arising out of the Merger may also be filed in the future. We, along with a number of our subsidiaries, also are defendants in other judicial and administrative proceedings involving matters incidental to our business. We do not believe that any material liability will be imposed as a result of any of the foregoing matters. Related Party Transactions We have equity investments in MadHive which is a related party of TEGNA. We also have a commercial agreement with MadHive, under which MadHive supports our Premion business in acquiring over-the-top advertising inventory and delivering corresponding advertising impressions. In the first quarter of 2023 and 2022, we incurred expenses of $25.1 million and $26.0 million, respectively, as a result of the commercial agreement with MadHive. As of March 31, 2023, and December 31, 2022 we had accounts payable and accrued liabilities associated with the MadHive commercial agreements of $15.2 million an d $10.0 million, respectively. In December 2021, we renewed two commercial agreements with MadHive. Simultaneously with the commercial agreement renewals, we also amended the terms of our then outstanding available-for-sale convertible debt security investment. In exchange for the convertible debt modifications, we received favorable terms in our renewed commercial agreements. We estimated the fair value of our available-for-sale security at December 31, 2021 using a market fair value approach based on the cash we expect to receive upon maturity of the note and the estimated cash savings that the favorable contract terms will provide over the term of the commercial agreements. In January 2022, we recorded an intangible contract asset for $20.8 million (equal to the estimated cash savings), and are amortizing this asset on a straight-line basis over the noncancellable term of the commercial agreements of two years. This non-cash expense is recorded within “Cost of revenues,” within our Consolidated Statement of Income. The debt matured in June 2022 at which time the principal balance of $3.0 million plus accrued interest was paid to us.

Basis of presentation, merger_2

Basis of presentation, merger agreement and accounting policies (Policies)	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation: Our accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial reporting, the instructions for Form 10-Q and Article 10 of the U.S. Securities and Exchange Commission (SEC) Regulation S-X. Accordingly, they do not include all information and footnotes which are normally included in the Form 10-K and annual report to shareholders. In our opinion, the condensed consolidated financial statements reflect all adjustments of a normal recurring nature necessary for a fair statement of the results for the interim periods presented. The condensed consolidated financial statements should be read in conjunction with our (or TEGNA’s) audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2022.
Use of estimates	The preparation of these condensed consolidated financial statements requires us to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. We use the best information available in developing significant estimates inherent in our financial statements. Actual results could differ from these estimates, and these differences resulting from changes in facts and circumstances could be material. Significant estimates include, but are not limited to, evaluation of goodwill and other intangible assets for impairment, fair value measurements, post-retirement benefit plans, income taxes including deferred taxes, and contingencies.
Consolidation	The condensed consolidated financial statements include the accounts of subsidiaries we control. We eliminate all intercompany balances, transactions, and profits in consolidation. Investments in entities over which we have significant influence, but do not have control, are accounted for under the equity method. Our share of net earnings and losses from these ventures is included in “Equity loss in unconsolidated investments, net” in the Consolidated Statements of Income.
Merger Agreement	Merger Agreement : On February 22, 2022, we entered into an Agreement and Plan of Merger (as amended, the Merger Agreement), with Teton Parent Corp., a newly formed Delaware corporation (Parent), Teton Merger Corp., a newly formed Delaware corporation and an indirect wholly owned subsidiary of Parent (Merger Sub), and solely for purposes of certain provisions specified therein, other subsidiaries of Parent, certain affiliates of Standard General L.P., a Delaware limited partnership (Standard General) and CMG Media Corporation, a Delaware corporation (CMG), and certain of its subsidiaries. Parent, Merger Sub, th e other subsidiaries of Parent, those affiliates of Standard General, CMG and those subsidiaries of CMG, are collectively, referred to as the “Parent Restructuring Entities.”
Accounting guidance adopted in 2023 and New accounting guidance not yet adopted	Accounting guidance adopted in 2023: We did not adopt any new accounting guidance in 2023 that had a material impact on our consolidated financial statements or disclosures. New accounting guidance not yet adopted: There is currently no pending accounting guidance that we expect to have a material impact on our consolidated financial statements or disclosures.
Trade receivables and allowances for doubtful accounts	Trade receivables and allowances for doubtful accounts: Trade receivables are recorded at invoiced amounts and generally do not bear interest. The allowance for doubtful accounts reflects our estimate of credit exposure, determined principally on the basis of our collection experience, aging of our receivables and any specific reserves needed for certain customers based on their credit risk. Our allowance also takes into account expected future trends which may impact our customers’ ability to pay, such as economic growth (or declines), unemployment and demand for our products and services. We monitor the credit quality of our customers and their ability to pay through the use of analytics and communication with individual customers.
Redeemable Noncontrolling interest	Redeemable Noncontrolling interest: Our Premion business operates an advertising network for over-the-top (OTT) streaming and connected television platforms. In March 2020, we sold a minority interest in Premion to an affiliate of Gray Television (Gray) and entered into a commercial reselling agreement with the affiliate. During the first quarter of 2023, we entered into a multi-year extension of the reselling agreement with Gray. Gray’s investment allows it to sell its interest to Premion if there is a change in control of TEGNA or if the commercial agreement terminates. Since redemption of the minority ownership interest is outside our control, Gray’s equity interest is presented outside of the Equity section on the Condensed Consolidated Balance Sheet in the caption “Redeemable noncontrolling interest.”
Treasury Stock	Treasury Stock: We account for treasury stock under the cost method. When treasury stock is re-issued at a price higher than its cost, the difference is recorded as a component of additional paid-in-capital (APIC) in our Condensed Consolidated Balance Sheets. When treasury stock is re-issued at a price lower than its cost, the difference is recorded as a component of APIC to the extent that there are previously recorded gains to offset the losses. If there are no treasury stock gains in APIC, the losses upon re-issuance of treasury stock are recorded as a reduction of retained earnings in our Condensed Consolidated Balance Sheets.
Revenue recognition	Revenue recognition: Revenue is recognized upon the transfer of control of promised services to our customers in an amount that reflects the consideration we expect to receive in exchange for those services. Revenue is recognized net of any taxes collected from customers, which are subsequently remitted to governmental authorities. Amounts received from customers in advance of providing services to our customers are recorded as deferred revenue. The primary sources of our revenues are: 1) subscription revenues, reflecting fees paid by satellite, cable, OTT (companies that deliver video content to consumers over the Internet) and telecommunications providers to carry our television signals on their systems; 2) advertising & marketing services revenues, which include local and national non-political television advertising, digital marketing services (including Premion), advertising on the stations’ websites, tablet and mobile products, and OTT apps; 3) political advertising revenues, which are driven by even-year election cycles at the local and national level (e.g. 2024, 2022, etc.) and particularly in the second half of those years; and 4) other services, such as production of programming, tower rentals and distribution of our local news content.
Debt dpolicy	Under our revolving credit facility we have the ability to draw loans based on two different interest rate indices, one of which is based on the London Interbank Offered Rate (LIBOR). We are able to draw LIBOR-based loans based on one month, three month, six month and twelve month durations originated through June 2023. We expect to amend our revolving credit facility in the second quarter of 2023 to replace the LIBOR-based interest rate index with a Secured Overnight Financing Rate (SOFR) based interest rate index. The transition from LIBOR is not expected to have a material impact on the Company.

Basis of presentation, merger_3

Basis of presentation, merger agreement and accounting policies (Tables)	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Schedule of Disaggregation of Revenue	Revenue earned by these sources in the first quarter of 2023 and 2022 are shown below (amounts in thousands): Quarter ended Mar. 31, 2023 2022 Subscription $ 414,280 $ 391,654 Advertising & Marketing Services 307,845 354,467 Political 5,291 17,965 Other 12,911 10,037 Total revenues $ 740,327 $ 774,123

Goodwill and other intangible_2

Goodwill and other intangible assets (Tables)	3 Months Ended
Goodwill and other intangible assets (Tables)	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets and Goodwill	The following table displays goodwill, indefinite-lived intangible assets, and amortizable intangible assets as of March 31, 2023 and December 31, 2022 (in thousands): Mar. 31, 2023 Dec. 31, 2022 Gross Accumulated Amortization Gross Accumulated Amortization Goodwill $ 2,981,587 $ — $ 2,981,587 $ — Indefinite-lived intangibles: Television and radio station FCC broadcast licenses 2,124,731 — 2,123,898 — Amortizable intangible assets: Retransmission agreements 113,621 (79,311) 224,827 (184,796) Network affiliation agreements 309,503 (127,457) 309,503 (121,664) Other 71,190 (43,419) 71,465 (41,627) Total indefinite-lived and amortizable intangible assets $ 2,619,045 $ (250,187) $ 2,729,693 $ (348,087)

Investments and other assets (T

Investments and other assets (Tables)	3 Months Ended
Investments and other assets (Tables)	Mar. 31, 2023
Investments, All Other Investments [Abstract]
Schedule of Other Assets	Our investments and other assets consisted of the following as of March 31, 2023 and December 31, 2022 (in thousands): Mar. 31, 2023 Dec. 31, 2022 Cash value insurance $ 49,552 $ 48,919 Equity method investments 16,928 17,003 Other equity investments 20,158 20,158 Deferred debt issuance costs 1,341 2,232 Long-term contract assets 12,925 14,135 Other long-term assets 21,690 24,047 Total $ 122,594 $ 126,494

Long-term debt (Tables)

Long-term debt (Tables)	3 Months Ended
Long-term debt (Tables)	Mar. 31, 2023
Debt Disclosure [Abstract]
Schedule of Long-Term Debt	Our long-term debt is summarized below (in thousands): Mar. 31, 2023 Dec. 31, 2022 Unsecured notes bearing fixed rate interest at 4.75% due March 2026 $ 550,000 $ 550,000 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 Unsecured notes bearing fixed rate interest at 4.625% due March 2028 1,000,000 1,000,000 Unsecured notes bearing fixed rate interest at 5.00% due September 2029 1,100,000 1,100,000 Total principal long-term debt 3,090,000 3,090,000 Debt issuance costs (25,774) (26,911) Unamortized premiums 5,938 6,227 Total long-term debt $ 3,070,164 $ 3,069,316

Retirement plans (Tables)

Retirement plans (Tables)	3 Months Ended
Retirement plans (Tables)	Mar. 31, 2023
Retirement Benefits [Abstract]
Schedule of Benefit Costs (Income)	Pension costs (income), which primarily include costs for the qualified TRP and the non-qualified SERP, are presented in the following table (in thousands): Quarter ended Mar. 31, 2023 2022 Interest cost on benefit obligation $ 6,150 $ 4,300 Expected return on plan assets (5,225) (4,900) Amortization of prior service credit (125) (125) Amortization of actuarial loss 1,575 1,100 Expense from company-sponsored retirement plans $ 2,375 $ 375

Accumulated other comprehensi_2

Accumulated other comprehensive loss (Tables)	3 Months Ended
Accumulated other comprehensive loss (Tables)	Mar. 31, 2023
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Loss	The following table summarizes the components of, and the changes in, Accumulated Other Comprehensive Loss (AOCL), net of tax (in thousands): Retirement Plans Foreign Currency Translation Available-For-Sale Investment Total Quarters ended: Balance at Dec. 31, 2022 $ (126,065) $ 532 $ — $ (125,533) Amounts reclassified from AOCL 1,078 — — 1,078 Total other comprehensive income 1,078 — — 1,078 Balance at Mar. 31, 2023 $ (124,987) $ 532 $ — $ (124,455) Balance at Dec. 31, 2021 $ (113,090) $ 455 $ 15,419 $ (97,216) Other comprehensive loss before reclassifications — 77 — 77 Amounts reclassified from AOCL 724 — (15,419) (14,695) Total other comprehensive income 724 77 (15,419) (14,618) Balance at Mar. 31, 2022 $ (112,366) $ 532 $ — $ (111,834)
Schedule of Reclassification out of Accumulated Other Comprehensive Loss	Amounts reclassified out of AOCL are summarized below (in thousands): Quarter ended Mar. 31, 2023 2022 Amortization of prior service credit, net $ (125) $ (125) Amortization of actuarial loss 1,575 1,100 Realized gain on available-for-sale investment — (20,800) Total reclassifications, before tax 1,450 (19,825) Income tax effect (372) 5,130 Total reclassifications, net of tax $ 1,078 $ (14,695)

Earnings per share (Tables)

Earnings per share (Tables)	3 Months Ended
Earnings per share (Tables)	Mar. 31, 2023
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	Our earnings per share (basic and diluted) are presented below (in thousands, except per share amounts): Quarter ended Mar. 31, 2023 2022 Net Income $ 104,004 $ 134,287 Net loss (income) attributable to the noncontrolling interest 299 (53) Adjustment of redeemable noncontrolling interest to redemption value (635) (248) Earnings available to common shareholders $ 103,668 $ 133,986 Weighted average number of common shares outstanding - basic 224,544 222,712 Effect of dilutive securities: Restricted stock units 187 321 Performance shares 108 207 Weighted average number of common shares outstanding - diluted 224,839 223,240 Earnings per share - basic $ 0.46 $ 0.60 Earnings per share - diluted $ 0.46 $ 0.60

Basis of presentation, merger_4

Basis of presentation, merger agreement and accounting policies - Narrative (Details) $ / shares in Units, $ in Thousands		3 Months Ended
	Feb. 22, 2022 USD ($) $ / shares	Mar. 31, 2023 USD ($) segment station radioStation market $ / shares	Dec. 31, 2022 USD ($) $ / shares
Disaggregation of Revenue [Line Items]
Number of operating segments \| segment		1
Number of reportable segments \| segment		1
Number of television stations \| station		64
Number of radio stations \| radioStation		2
Number of markets in which entity operates \| market		51
Common stock, par value (in dollars per share)	$ 1	$ 1	$ 1
Allowance for doubtful accounts receivable \| $		$ 3,965	$ 3,697
Business Combination Termination Scenario One \| Teton Parent Corp
Disaggregation of Revenue [Line Items]
Termination fee \| $	$ 136,000
Business Combination Termination Scenario Two \| Teton Parent Corp
Disaggregation of Revenue [Line Items]
Termination fee \| $	$ 272,000
Teton Parent Corp
Disaggregation of Revenue [Line Items]
Conversion price (in dollars per share)	$ 24
Teton Parent Corp \| Closing Between November 22, 2022 and February 22, 2023
Disaggregation of Revenue [Line Items]
Ticking fee, per day ( in dollars per share)	0.00166667
Teton Parent Corp \| Closing Between February 22, 2023 and March 22, 2023
Disaggregation of Revenue [Line Items]
Ticking fee, per day ( in dollars per share)	0.0025
Ticking fee, per month ( in dollars per share)	0.15333333
Teton Parent Corp \| Closing Between March 22, 2023 and April 22, 2023
Disaggregation of Revenue [Line Items]
Ticking fee, per day ( in dollars per share)	0.00333333
Ticking fee, per month ( in dollars per share)	0.22333333
Teton Parent Corp \| Closing Between April 22, 2023 and May 22, 2023
Disaggregation of Revenue [Line Items]
Ticking fee, per day ( in dollars per share)	0.00416667
Ticking fee, per month ( in dollars per share)	$ 0.3266667

Basis of presentation, merger_5

Basis of presentation, merger agreement and accounting policies - Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Total revenues	$ 740,327	$ 774,123
Subscription
Disaggregation of Revenue [Line Items]
Total revenues	414,280	391,654
Advertising & Marketing Services
Disaggregation of Revenue [Line Items]
Total revenues	307,845	354,467
Political
Disaggregation of Revenue [Line Items]
Total revenues	5,291	17,965
Other
Disaggregation of Revenue [Line Items]
Total revenues	$ 12,911	$ 10,037

Goodwill and other intangible_3

Goodwill and other intangible assets - Intangible Assets and Goodwill (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 2,981,587	$ 2,981,587
Accumulated Amortization	0	0
Finite-Lived Intangible Assets [Line Items]
Accumulated Amortization	(250,187)	(348,087)
Total indefinite-lived and amortizable intangible assets	2,619,045	2,729,693
Television and radio station FCC broadcast licenses
Indefinite-lived Intangible Assets [Line Items]
Television and radio station FCC broadcast licenses	2,124,731	2,123,898
Retransmission agreements
Finite-Lived Intangible Assets [Line Items]
Gross	113,621	224,827
Accumulated Amortization	(79,311)	(184,796)
Network affiliation agreements
Finite-Lived Intangible Assets [Line Items]
Gross	309,503	309,503
Accumulated Amortization	(127,457)	(121,664)
Other
Finite-Lived Intangible Assets [Line Items]
Gross	71,190	71,465
Accumulated Amortization	$ (43,419)	$ (41,627)

Goodwill and other intangible_4

Goodwill and other intangible assets - Narrative (Details) - Retransmission agreements $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Finite-Lived Intangible Assets [Line Items]
Decrease in accumulated amortization	$ 111.2
Decrease in gross intangible assets	$ 111.2

Investments and other assets -

Investments and other assets - Components of Investments and Other Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Investments, All Other Investments [Abstract]
Cash value insurance	$ 49,552	$ 48,919
Equity method investments	16,928	17,003
Other equity investments	20,158	20,158
Deferred debt issuance costs	1,341	2,232
Long-term contract assets	12,925	14,135
Other long-term assets	21,690	24,047
Total	$ 122,594	$ 126,494

Investments and other assets _2

Investments and other assets - Narrative (Details)	Mar. 31, 2023
Commercial Agreement \| MadHive Inc \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01
Debt Securities, Available-for-sale [Line Items]
Amortization period	2 years

Long-term debt - Schedule of Lo

Long-term debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total principal long-term debt	$ 3,090,000	$ 3,090,000
Debt issuance costs	(25,774)	(26,911)
Unamortized premiums	5,938	6,227
Total long-term debt	$ 3,070,164	3,069,316
Unsecured notes bearing fixed rate interest at 4.75% due March 2026 \| Senior Notes
Debt Instrument [Line Items]
Stated interest rate (as a percent)	0.0475%
Total principal long-term debt	$ 550,000	550,000
Unsecured notes bearing fixed rate interest at 7.75% due June 2027 \| Senior Notes
Debt Instrument [Line Items]
Stated interest rate (as a percent)	0.0775%
Total principal long-term debt	$ 200,000	200,000
Unsecured notes bearing fixed rate interest at 7.25% due September 2027 \| Senior Notes
Debt Instrument [Line Items]
Stated interest rate (as a percent)	0.0725%
Total principal long-term debt	$ 240,000	240,000
Unsecured notes bearing fixed rate interest at 4.625% due March 2028 \| Senior Notes
Debt Instrument [Line Items]
Stated interest rate (as a percent)	0.04625%
Total principal long-term debt	$ 1,000,000	1,000,000
Unsecured notes bearing fixed rate interest at 5.00% due September 2029 \| Senior Notes
Debt Instrument [Line Items]
Stated interest rate (as a percent)	0.05%
Total principal long-term debt	$ 1,100,000	$ 1,100,000

Long-term debt - Narrative (Det

Long-term debt - Narrative (Details)	Mar. 31, 2023 USD ($) covenant	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Cash and cash equivalents	$ 683,179,000	$ 551,681,000
Number of covenants \| covenant	1
Amended and Restated Competitive Advance and Revolving Credit Agreement \| Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Unused borrowing capacity	$ 1,490,000,000
Maximum borrowing capacity under credit facility	$ 1,510,000,000

Retirement plans - Narrative (D

Retirement plans - Narrative (Details) - USD ($)	3 Months Ended
Retirement plans - Narrative (Details) - USD ($)	Mar. 31, 2023	Mar. 31, 2022
TRP
Defined Benefit Plan Disclosure [Line Items]
Total net pension obligations	$ 79,100,000
Cash contributions	0	$ 0
Mandatory payment	0
TRP \| Accrued liabilities
Defined Benefit Plan Disclosure [Line Items]
Total net pension obligations	5,600,000
SERP
Defined Benefit Plan Disclosure [Line Items]
Cash contributions	900,000	$ 900,000
Additional cash payments	$ 4,600,000

Retirement plans - Benefit Cost

Retirement plans - Benefit Costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Retirement Benefits [Abstract]
Interest cost on benefit obligation	$ 6,150	$ 4,300
Expected return on plan assets	(5,225)	(4,900)
Amortization of prior service credit	(125)	(125)
Amortization of actuarial loss	1,575	1,100
Expense from company-sponsored retirement plans	$ 2,375	$ 375

Accumulated other comprehensi_3

Accumulated other comprehensive loss - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Increase (Decrease) in Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	$ 3,071,722	$ 2,519,906
Other comprehensive loss before reclassifications		77
Amounts reclassified from AOCL	1,078	(14,695)
Total other comprehensive income	1,078	(14,618)
Ending balance	3,151,265	2,618,849
Retirement Plans
Increase (Decrease) in Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(126,065)	(113,090)
Other comprehensive loss before reclassifications		0
Amounts reclassified from AOCL	1,078	724
Total other comprehensive income	1,078	724
Ending balance	(124,987)	(112,366)
Foreign Currency Translation
Increase (Decrease) in Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	532	455
Other comprehensive loss before reclassifications		77
Amounts reclassified from AOCL	0	0
Total other comprehensive income	0	77
Ending balance	532	532
Available-For-Sale Investment
Increase (Decrease) in Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	0	15,419
Other comprehensive loss before reclassifications		0
Amounts reclassified from AOCL	0	(15,419)
Total other comprehensive income	0	(15,419)
Ending balance	0	0
Total
Increase (Decrease) in Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(125,533)	(97,216)
Total other comprehensive income	1,078	(14,618)
Ending balance	$ (124,455)	$ (111,834)

Accumulated other comprehensi_4

Accumulated other comprehensive loss - Reclassifications out of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total reclassifications, before tax	$ 1,450	$ (19,825)
Income tax effect	(372)	5,130
Total reclassifications, net of tax	1,078	(14,695)
Amortization of prior service credit, net
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total reclassifications, before tax	(125)	(125)
Amortization of actuarial loss
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total reclassifications, before tax	1,575	1,100
Realized gain on available-for-sale investment
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total reclassifications, before tax	$ 0	$ (20,800)

Earnings per share - Schedule o

Earnings per share - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Earnings Per Share [Abstract]
Net Income	$ 104,004	$ 134,287
Net loss (income) attributable to the noncontrolling interest	299	(53)
Adjustment of redeemable noncontrolling interest to redemption value	(635)	(248)
Earnings available to common shareholders, basic	103,668	133,986
Earnings available to common shareholders, diluted	$ 103,668	$ 133,986
Weighted average number of common shares outstanding - basic (in shares)	224,544	222,712
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Weighted average number of common shares outstanding - diluted (in shares)	224,839	223,240
Earnings per share – basic (in dollars per share)	$ 0.46	$ 0.60
Earnings per share – diluted (in dollars per share)	$ 0.46	$ 0.60
Restricted stock units
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Effect of dilutive securities (in shares)	187	321
Performance shares
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Effect of dilutive securities (in shares)	108	207

Fair value measurement (Details

Fair value measurement (Details) - USD ($) $ in Millions	3 Months Ended
Fair value measurement (Details) - USD ($) $ in Millions	Mar. 31, 2022	Mar. 31, 2023	Dec. 31, 2022
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of total long-term debt		$ 2,780	$ 2,950
Level 3 \| One Investment
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of other equity investments	$ 2.5

Other matters (Details)

Other matters (Details) $ in Millions			1 Months Ended					3 Months Ended
Other matters (Details) $ in Millions	May 10, 2023 letter lawsuit	Oct. 03, 2018 defendant	Jun. 30, 2022 USD ($)	Jan. 31, 2022 USD ($)	Dec. 31, 2021 agreement	Jun. 30, 2019 defendant	Dec. 13, 2018 defendant	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)
Business Acquisition [Line Items]
Proceeds from maturity of debt securities available for sale			$ 3
Intangible Contract Asset
Business Acquisition [Line Items]
Amount of intangible contract asset				$ 20.8
Intangible asset useful life				2 years
MadHive
Business Acquisition [Line Items]
Number of renewed existing commercial agreements \| agreement					2
Equity And Debt Investment \| Affiliated Entity
Business Acquisition [Line Items]
Expenses incurred with related party								$ 25.1	$ 26
Accounts payable and accrued liabilities with related party								$ 15.2		$ 10
Clay, Massey & Associates, P.C. v. Gray Television
Business Acquisition [Line Items]
Number of other broadcasters settling DOJ complaint (defendant) \| defendant		16				4
Settled litigation
Business Acquisition [Line Items]
Number of other broadcasters settling DOJ complaint (defendant) \| defendant						4	7
Pending Litigation \| Merger Related Lawsuits \| Subsequent Event
Business Acquisition [Line Items]
Number of lawsuit filed \| lawsuit	7
Number of lawsuits voluntarily dismissed \| lawsuit	1
Number of demand letter received \| letter	4