BREAKING! The Tegna Email

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Here is the internal email sent to the staff at Tegna.

" Team –

Moments ago, we officially shared some exciting news: we have entered into an agreement to create a new combined company with Nexstar – a move I believe will accelerate our mission to build a sustainable future for local news for generations to come. 

As we’ve discussed this past year, our fight to secure the future of local news – and win against Big Tech – is built on three core pillars:  

  1. Winning local with leading local journalism and sales execution. 

  2. Supercharging our newsrooms with the tools to better serve our communities. 

  3. Reaching and monetizing audiences everywhere with indispensable digital products across every screen. 

I’m proud of your relentless execution of our strategy, and our record-breaking growth in streaming audiences and revenue is proof that it is working. I've always said we’d consider M&A if it could expedite our ability to deploy our digital transformation at scale. That’s exactly why we engaged with Nexstar – this is the right opportunity at the right time. 

Many of you know Perry Sook, Nexstar’s CEO & Chairman. Perry is a true industry legend – a visionary who built Nexstar station-by-station into the powerhouse it is today. His leadership has reshaped our industry and ensured its financial viability, from pioneering retrans fees to expanding local news nationwide. Perry is a firm believer that best-in-class local journalism is the key to winning audiences and fueling growth – a belief we share completely. 

One of our priorities in exploring any transformative deal was ensuring we weren’t taking on heavy debt. By bringing together TEGNA and Nexstar, we’re uniting two of the strongest balance sheets in the business. In today’s competitive environment, this positions us to forge ahead on journalistic excellence and invest in innovation, all to keep local news strong and widely accessible with great financial strength and resilience.  

 So, what happens next? Today’s announcement is just the first step in the regulatory approval process. So, for now, nothing changes – we keep doing what we do best: executing our strategy and OKRs, winning audiences, and growing revenue across all platforms. We serve 51 communities that count on us daily for vital news and information, and that work remains our focus. Until the deal closes, we remain two separate companies and must operate as such. 

 We’ve scheduled an All-Hands meeting for 12 p.m. ET today where I will share more about why we made the decision and cover the questions that are on your mind.

 Thank you all again for your ongoing hard work and commitment to our mission. You’ve already accomplished more in the past year than many companies see in a decade, and I’m proud of the way you’ve risen to meet every opportunity. This is a big moment for TEGNA and for local news – I’m excited for what comes next. "