TEGNA Inc. Annual Report 2021

FY2021 Annual Report · TEGNA Inc.

Loading PDF…

PERFORMANCE
WITH PURPOSE

2021 ANNUAL RE PORT

FORWARD-LOOKING STATEMENTS
Certain statements in this communication may constitute
“forward-looking statements” as defined in the Private Securities
Litigation Reform Action of 1995. Any forward-looking statements
contained herein are subject to a number of risks, trends and
uncertainties that could cause actual results of company actions
to differ materially from what is expressed or implied by these
statements, including risks related to the recently announced
transaction between TEGNA and affiliates of Standard General
L.P., such as (1) the timing, receipt and terms and conditions of any
required governmental or regulatory approvals of the proposed
transaction and the related transactions involving the parties that
could reduce the anticipated benefits of or cause the parties to
abandon the proposed transaction, (2) risks related to the
satisfaction of the conditions to closing the proposed transaction
(including the failure to obtain necessary regulatory approvals or
the approval of TEGNA’s stockholders), and the related
transactions involving the parties, in the anticipated timeframe or
at all, (3) the risk that any announcements relating to the proposed
transaction could have adverse effects on the market price of
TEGNA’s common stock, (4) disruption from the proposed
transaction making it more difficult to maintain business and
operational relationships, including retaining and hiring key
personnel and maintaining relationships with TEGNA’s customers,
vendors and others with whom it does business, (5) the
occurrence of any event, change or other circumstances that
could give rise to the termination of the merger agreement
entered into pursuant to the proposed transaction or of the
transactions involving the parties, (6) risks related to disruption of
management’s attention from TEGNA’s ongoing business
operations due to the proposed transaction, (7) significant
transaction costs, (8) the risk of litigation and/or regulatory actions
related to the proposed transaction or unfavorable results from
currently pending litigation and proceedings or litigation and
proceedings that could arise in the future, and risks relating to the
coronavirus (COVID-19) pandemic and its effect on our revenues,
particularly our nonpolitical advertising revenues. Potential
regulatory actions, changes in consumer behaviors and impacts
on and modifications to TEGNA’s operations and business relating
thereto and TEGNA’s ability to execute on its standalone plan can
also cause actual results to differ materially. Other economic,
competitive, governmental, technological and other factors and
risks that may affect TEGNA’s operations or financial results are

discussed in our Annual Report on Form 10-K and Quarterly
Reports on Form 10-Q. Any forward-looking statements in this
press release should be evaluated in light of these important risk
factors. TEGNA is not responsible for updating the information
contained in this press release beyond the published date, or for
changes made to this press release by wire service, Internet
service providers or other media.

ADDITIONAL INFORMATION AND WHERE TO FIND IT
In connection with the proposed transaction, the Company will file
relevant materials with the U.S. Securities and Exchange Commission
(the “SEC”), including a proxy statement on Schedule 14A. The
Company will mail to its stockholders a definitive proxy statement
in connection with the proposed transaction. THE COMPANY
URGES YOU TO READ THE DEFINITIVE PROXY STATEMENT AND
OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE
SEC CAREFULLY AS THEY BECOME AVAILABLE BECAUSE THEY
WILL CONTAIN IMPORTANT INFORMATION ABOUT THE COMPANY,
THE PROPOSED TRANSACTION AND RELATED MATTERS.
Investors will be able to obtain a free copy of the proxy statement
and other related documents (when available) filed by the
Company with the SEC at the website maintained by the SEC at
www.sec.gov. Investors also will be able to obtain a free copy of
the proxy statement and other documents (when available) filed
by the Company with the SEC by accessing the Investors section
of the Company’s website at http://tegna.com.

PARTICIPANTS IN THE SOLICITATION
The Company and certain of its directors, executive officers and
employees may be considered to be participants in the solicitation
of proxies from the Company’s stockholders in connection with
the proposed transaction. Information regarding the persons who
may, under the rules of the SEC, be deemed participants in the
solicitation of the stockholders of the Company in connection with
the proposed transaction, including a description of their respective
direct or indirect interests, by security holdings or otherwise, will
be included in the proxy statement when it is filed with the SEC. You
may also find additional information about the Company’s directors
and executive officers in the Company’s definitive proxy statement
for its 2021 annual meeting of stockholders, which was filed with
the SEC on March 26, 2021 and in subsequently filed Current
Reports on Form 8-K, Annual Reports on Form 10-K and Quarterly
Reports on Form 10-Q. You can obtain free copies of these
documents from the Company using the contact information above.

2021 RESULTS
$3.0B

TOTAL REVENUE1

2% growth
compared to 2020

30% growth
compared to 2019

$477M

GAAP NET INCOME1

down 1%
compared to 2020

67% growth
compared to 2019

$1.5B

SUBSCRIPTION REVENUE

14% growth
compared to 2020

46% growth
compared to 2019

$948M

IN ADJUSTED EBITDA1

down 7%
compared to 2020

34% growth
compared to 2019

(1) Our revenue and operating results are subject to significant fluctuations across yearly periods resulting from political advertising. In even numbered years,
political spending is usually significantly higher than in odd numbered years due to advertising for the local and national elections. Additionally, every
four years, we typically experience even greater increases in political advertising in connection with the presidential election (as was the case in 2020).

2021 Annual Report 1

COMPANY PROFILE

TEGNA Inc. is an innovative media company that serves the greater good of our communities. Across platforms,
TEGNA tells empowering stories, conducts impactful investigations and delivers innovative marketing solutions.
With 64 television stations in 51 U.S. markets, TEGNA is the largest owner of top four network affiliates in the top
25 markets among independent station groups, reaching approximately 39 percent of all television households
nationwide. TEGNA also owns leading multicast networks True Crime Network, Twist and Quest. TEGNA also
offers innovative solutions to help businesses reach consumers across television, digital and over-the-top (OTT)
platforms, including Premion, TEGNA’s OTT advertising service. For more information, visit www.TEGNA.com.

AWARD-WINNING JOURNALISM

2 TEGNA

86Received more awards than any other local broadcast television group, including six for Excellence in Diversity, Equity, and InclusionREGIONAL EDWARD R. MURROW AWARDS10TEGNA stations received more National Murrow Awards than any other local television broadcast groupNATIONAL EDWARD R. MURROW AWARDS63TEGNA stations received numerous National Press Photographers Association awards, including WFAA for Large Market Station of the YearNPPA AWARDS2Honoring investigative reporting for KXTV’s Fire-Power-Money and KARE’s Cruel & Unusual2022 ALFRED I. DUPONT-COLUMBIA UNIVERSITY AWARDS3Honoring WUSA and WVEC for their impactful work by the National Association of Black JournalistsNABJ SALUTE TO EXCELLENCE AWARDS6WUSA, WKYC, WCNC and WBIR won six Gracie Awards recognizing women in media who have made inspirational contributions to the industryALLIANCE FOR WOMEN IN MEDIA FOUNDATION GRACIE AWARDS1Honoring KPNX for exceptional reporting on systemic racism for The Work is Hard and Not Done: Being Black in the ValleyWALTER CRONKITEAWARD1Honoring KING 5 for Facing Race series that tackles the deep-rooted subject of racial inequality and racial privilegePEABODY AWARD1Honoring WXIA for Outstanding Regional News Story: Investigative Report for 911: Still Lost On The Line – ParklandNATIONAL ACADEMY OF TELEVISION ARTS & SCIENCES AWARDLETTER TO SHAREHOLDERS

Dear Fellow Shareholders,

We are incredibly proud of our team’s demonstrated commitment over the last year to fulfilling TEGNA’s purpose
of serving the greater good of our communities. Our journalists, producers, marketers, digital content creators
and photographers kept consumers informed with trusted, verifiable news and delivered impactful stories to
our audiences. We progressed on our value-creation strategy, Environment, Social and Governance (ESG) and
Diversity, Equity & Inclusion (DE&I) goals, and achieved a number of records across key financial metrics, all
supported by strong Board oversight and management execution.

On February 22, 2022, we announced with Standard
General L.P. that TEGNA and an affiliate of Standard
General entered into a definitive agreement under which
TEGNA will be acquired by the Standard General affiliate
in a transaction that is expected to close in the second half
of 2022. This followed the Board’s thorough review of
acquisition proposals received by the Company and
evaluation of this opportunity against TEGNA’s standalone
prospects and other strategic alternatives.

The transaction consideration of $24.00 per share
represents a premium of approximately 39 percent to
TEGNA’s unaffected closing share price on September 14,
2021, the last full trading day prior to media speculation
about a potential sale of TEGNA, and a premium of
approximately 11 percent to TEGNA’s all-time high closing
price since separation from the Gannett publishing
business in 2015.

The transaction was unanimously approved by the TEGNA
Board, who believes that this transaction maximizes value
for TEGNA shareholders, and serves as the next phase of
TEGNA’s evolution. As a private company, TEGNA will have
an enhanced ability to keep evolving our local news,
programming, and marketing solutions, building on our

strong positioning as a leading broadcast group serving
the greater good of the communities in which we operate.
We are gratified that TEGNA’s new owners and Deb
McDermott, who will become CEO after the close of the
transaction, value and embrace our purpose to serve the
greater good of our local communities.

We would like to share with you a few performance
highlights and our Board and management team’s key
focus areas for the past year.

ACHIEVED RECORD REVENUE RESULTS IN 2021
FOLLOWING HISTORICAL HIGH IN 2020
TEGNA achieved record full-year total company revenue,
subscription revenue and advertising and marketing
services (AMS) revenue and met or exceeded guidance
for all key 2021 financial metrics. Total company revenue
was a record $3.0 billion in 2021, up two percent year-
over-year, driven by record subscription and AMS
revenues more than offsetting the absence of $385 million
of incremental political revenue achieved in 2020. On a
two-year basis, total company revenue was up 30 percent
relative to 2019. Adjusted EBITDA was $948 million, an
odd (non-political) year record, resulting in an Adjusted
EBITDA margin of 32 percent. Premion1, our OTT

1 Following the closing of TEGNA’s acquisition by an affiliate of Standard General, Premion is expected to operate as a standalone business.

2021 Annual Report 3

advertising platform, also continued its strong growth,
achieving more than 40 percent growth in 2021 relative
to 2020.

support the movement for racial and social justice and
equality by making special grants and formalizing a
DE&I grantmaking initiative led by employees of color.

ACCELERATED AND ENHANCED OUR LONG-
STANDING COMMITMENT TO DE&I AND ESG
We remain committed to accelerating the pace of racial
diversity and inclusion across our company. Our Board
and management team have always prioritized fostering
a diverse and inclusive environment, and we enhanced
and accelerated this commitment in 2020 by establishing
aggressive, quantifiable five-year DE&I goals. We are
currently progressing at or above the rate of change
needed to achieve these ambitious goals, with double-
digit growth in Black, Indigenous and People of Color
representation in content teams, content leadership and
company leadership during 2021. To support these goals,
we continue to actively seek diverse talent through
recruiting, invest in our Inclusive Journalism program,
require unconscious and implicit bias training of all
employees, gather regular input from our 17-member
Diversity and Inclusion Working Group led by our Chief
Diversity Officer and champion LGBTQ equality.

Our Inclusive Journalism program and TEGNA Foundation
grants support training for journalists and racial and
social justice and equality. We completed diversity and
inclusion training and content audits across all 49
newsrooms as part of our Inclusive Journalism program.
We conducted content audits in partnership with an
independent research firm, which reviewed broadcast,
digital, and marketing content to measure diversity of
stations’ content compared to their markets and the
degree to which stories include representations of people
and communities of color. Additionally, the TEGNA
Foundation awarded 13 Media Grants to support trainings
for the next generation of diverse journalists, education
and development opportunities for journalists and other
professionals in the media field, and the protection of First
Amendment freedoms. In 2021, TEGNA continued to

We continued to invest in and support our workforce
through workforce engagement, talent development,
and employee well-being. Our objective is to attract,
retain and develop the highest caliber talent in our
industry. To achieve this, we regularly evaluate the policies
and programs in place across the company to help our
employees be the best versions of themselves. We
expanded our investments in wellness resources for
employees and their families throughout the COVID-19
pandemic, including extending mental health resources,
parental leave and enhancing fertility coverage in 2021.
We also implemented several trainings across TEGNA,
including for our journalists and news teams, such as
content leadership, inside-out sales training, and manager
training. Our entry-level Producer-in-Residence program
has become one of the industry’s largest programs for
developing broadcast and digital producers.

We intensified our evolutionary focus on being
responsible stewards of our resources, recognizing the
necessity for real progress on our planet’s environmental
and sustainability challenges. We enhanced our oversight,
reporting and accountability to further our commitment to
minimize our carbon footprint and to protect and preserve
the environment. In 2021, we completed a comprehensive
greenhouse gas (GHG) emissions inventory that included
our scope 1 and 2 GHG emissions from our direct
operations, as well as relevant indirect scope 3 GHG
emissions across our value chain.

You will find more information on our ESG strategy,
progress on diversity and inclusion and reporting aligned
with the SASB disclosure standards for the Media &
Entertainment industry in our 2021 ESG Report, which
can be viewed at tegna.com/social-responsibility.

4 TEGNA

OUR INNOVATIVE CONTENT, IMPACTFUL
NEWS COVERAGE AND REPORTING
INITIATIVES RESONATE WITH AUDIENCES
ACROSS PLATFORMS
TEGNA stations provided impactful, innovative content
through our reporting and investigative journalism. In
2021, TEGNA journalists continued to make a tangible
impact on our communities and provide trusted journalism
and content. KARE in Minneapolis led a multi-part
investigation into preventable inmate deaths in Minnesota
jails. KING in Seattle conducted a year-long investigation
into Washington state’s foster care system that sparked
change and a federal court order to stop housing children
in hotels, office buildings and cars. KUSA in Denver led an
18-month investigation that led to federal officers being
banned from using chokehold restraint techniques.
Stations also regularly reported on environmental climate
and sustainability issues that impact their communities,
including stories led by eight of our western stations to
investigate how drought, fire and smoke create significant
health issues for humans and wildlife.

We continued to grow our over-the-air (OTA) reach
with the introduction of new multicast networks. In April,
TEGNA expanded our multicast reach with the debut of
Twist, a new multicast entertainment network for women.
Twist joins the two multicast networks we acquired in
2019 – the True Crime Network and Quest – to bolster
our presence in the rapidly growing OTA market. Twist,
True Crime Network and Quest reach ~75, ~88 and
~82 percent of U.S. TV households, respectively. In
September, Quest furthered its reach through the launch
of a free, ad-supported streaming network for popular
streaming services.

TEGNA’s VERIFY reporting continued to fight
misinformation and disinformation, helping viewers and
users distinguish between true and false information. In
addition to its daily broadcast presence, in January, we
announced VERIFY’s expansion into a standalone national
brand through the launch of dedicated digital products and
growth of its franchise to other non-TEGNA social media

platforms. Consumer demand for VERIFY content surged
59 percent in 2021 on TEGNA stations’ websites and
averaged nearly 5 million monthly visitors across its
various platforms.

TEGNA’s acquisition of Locked On Sports Network
expanded our presence in the rapidly growing podcast
market and built on our overall sports footprint. In January
2021, we further capitalized on the growth in the sports
market through our acquisition of Locked On, a leading
sports podcasting network. Since the launch of the
network’s first YouTube channel last May, Locked On has
expanded to 118 active channels, now attracting more than
3 million views per month. Locked On also added new
content covering NCAA college football and basketball
programs, including podcasts that overlap with fan interest
in local TEGNA markets. Viewership grew 48 percent
year-over-year, finishing the year with a total audience
of more than 115 million podcast listens and views.

IN CLOSING
Our success in 2021 is attributable to our long-standing
ability to execute on our value-creation strategy and the
commitment of our team members to TEGNA’s purpose:
serving the greater good of our communities. TEGNA’s
acquisition by Standard General is the next step in our
evolution and recognizes the value of our portfolio of
leading broadcast assets and innovative digital brands.
We are proud of our tireless efforts to ensure TEGNA
effectively serves all of our stakeholders, and grateful
to our employees for their commitment to serving our
viewers with high-quality news and content that informs
and supports our local communities.

Sincerely,

Howard D. Elias, Chairman of the Board

Dave Lougee, President and Chief Executive Officer

2021 Annual Report 5

Howard D. Elias

Dave Lougee

Gina L. Bianchini

Stuart J. Epstein

Lidia Fonseca

Karen H. Grimes

Scott K. McCune

Henry W. McGee

Susan Ness

Bruce P. Nolop

Neal Shapiro

Melinda C. Witmer

BOARD OF DIRECTORS

TEGNA has an independent and diverse Board, with Directors that possess the complementary skills necessary to guide the Company
to long-term success through this period of rapid change in the media industry. Eleven of TEGNA’s 12 Board Directors are independent,
with CEO Dave Lougee the only TEGNA employee represented on the Board. TEGNA separates the positions of chairman and CEO and
has an independent Board chairman; all key committees are comprised of independent Directors.

Since 2017, TEGNA has undergone a Board refreshment process to ensure Directors’ expertise aligns with TEGNA’s strategic evolution.
During this period, we added four independent Directors with deep expertise in media, technology, social/digital, and capital markets
and transactional experience.

TEGNA’s active and engaged Directors spend significant time engaged in strategy discussions in order to identify all opportunities to
create value for our shareholders. Directors also play a role in TEGNA’s extensive shareholder engagement program, which actively
seeks feedback from investors to gain a better perspective on TEGNA’s management and performance in key areas.

Howard D. Elias: Chairman, TEGNA Inc.; Chief Customer Officer
and President, Services and Digital, Dell Technologies. Formerly:
President and Chief Operating Officer, EMC Global Enterprise
Services. Age 64. (b,c)

Dave Lougee: President and Chief Executive Officer, TEGNA Inc.
Formerly: President, TEGNA Media and President of Broadcasting,
Gannett Co., Inc. Other directorships: Broadcast Music Inc. (BMI)
and the Broadcasters Foundation of America. Age 63. (b,*)

Gina L. Bianchini: Founder and Chief Executive Officer, Mighty
Networks. Formerly: Chief Executive Officer and Co-Founder,
Ning, Inc.; Co-Founder and President, Harmonic Networks.
Age 49. (d,e)

Stuart J. Epstein: Chief Financial Officer, DAZN Group. Formerly:
Co-Managing Partner, Evolution Media; Executive Vice President
and Chief Financial Officer, NBC Universal, Inc. Age 59. (a)

Lidia Fonseca: Executive Vice President and Chief Digital and
Technology Officer, Pfizer Inc. Formerly: Senior Vice President
and Chief Information Officer, Quest Diagnostics; Senior Vice
President and Chief Information Officer, Laboratory Corporation
of America. Age 53. (a,c)

Karen H. Grimes: Retired Partner and Senior Managing Director,
Wellington Management. Formerly: Vice President and Director
of Research, Wilmington Trust Company. Other directorships:
Corteva and Toll Brothers Inc. Age 65. (a,d)

Scott K. McCune: Founder, MS&E Ventures. Formerly: Vice
President, Global Media and Integrated Marketing, The Coca-Cola
Company. Other directorships: First Tee Atlanta and College
Football Hall of Fame. Age 65. (a,b,c)

Henry W. McGee: Senior Lecturer, Harvard Business School.
Formerly: President, HBO Home Entertainment. Other
directorships: AmerisourceBergen Corporation. Age 69. (b,d,e)

Susan Ness: Principal, Susan Ness Strategies; Distinguished
Fellow, The German Marshall Fund of the United States and the
Annenberg Public Policy Center (University of Pennsylvania).
Formerly: Commissioner, Federal Communications Commission
(FCC); American Security Bank Vice President and Communications
Industries Group Head. Other directorships: Vital Voices Global
Partnership. Age 73. (b,d,e)

Bruce P. Nolop: Former Executive Vice President and Chief
Financial Officer, E*TRADE Financial Corporation. Formerly: Executive
Vice President and Chief Financial Officer, Pitney Bowes Inc. Other
directorships: Marsh & McLennan Companies, Inc. Age 71. (a,b)

Neal Shapiro: President and Chief Executive Officer, the WNET
Group. Other directorships and trusteeships: American Public
Television, The Institute for Nonprofit News and Board of Trustees,
Tufts University. Age 64. (d,e)

Melinda C. Witmer: Founder and CEO, Foiye, Inc. Formerly:
Executive Vice President and Chief Video and Content Officer,
Time Warner Cable (now Spectrum); Chief Operating Officer,
Time Warner Cable Networks; Executive Vice President and
Chief Programming Officer, Time Warner Cable. Age 60. (c,e)

(a) Member of Audit Committee
(b) Member of Executive Committee
(c) Member of Leadership Development and Compensation Committee
(d) Member of Nominating and Governance Committee
(e) Member of Public Policy and Regulation Committee
(*) Member of the TEGNA Leadership Team

6 TEGNA

Dave Lougee

Lynn Beall

Victoria D. Harker

Anne W. Bentley

W. Edmond Busby

Akin Harrison

Clifton A. McClelland III

Jeffery Newman

Kurt Rao

Grady Tripp

COMPANY OFFICERS

Dave Lougee
President and Chief Executive Officer
Formerly: President, TEGNA Media and President of Broadcasting,
Gannett Co., Inc. Directorships: Broadcast Music Inc. (BMI) and the
Broadcasters Foundation of America.

Jeffery Newman
Senior Vice President and Chief Human Resources Officer
Formerly: Vice President of Total Rewards and Human Resources
Services, Gannett Co., Inc. and Head of Compensation and
Benefits, HSBC North American operations.

Lynn Beall
Executive Vice President and COO of Media Operations
Formerly: Executive Vice President, Gannett Broadcasting,
Gannett Co, Inc. and Senior Vice President, Gannett Broadcasting,
Gannett Co., Inc. Directorships: Chair, CBS Television Affiliates
Association, National Association of Broadcasters and
T. Howard Foundation.

Victoria D. Harker
Executive Vice President and Chief Financial Officer
Formerly: CFO and President of Global Business Services, AES
Corporation, Acting CFO and Treasurer, MCI and CFO, MCI Group.
Directorships: Huntington Ingalls Industries, Stride and Xylem Inc.

Anne W. Bentley
Vice President and Chief Communications Officer
Formerly: Vice President of Corporate Communications, PBS
and Senior Vice President of Corporate Communications, AOL.
Directorships: International Radio and Television Society (IRTS).

W. Edmond Busby
Senior Vice President and Chief Strategy Officer
Formerly: Partner, The Boston Consulting Group Media Practice
and Chief Commerce Officer, Softcard.

Akin Harrison
Senior Vice President, General Counsel and Secretary
Formerly: Vice President, Associate General Counsel and
Secretary, Gannett Co., Inc. and Corporate Attorney, private practice.

Clifton A. McClelland III
Senior Vice President and Controller
Formerly: Assistant Controller, Gannett Co., Inc., Vice President
of Compliance, Lafarge North America and Managing Director of
Corporate Accounting, US Airways Group.

Kurt Rao
Senior Vice President and Chief Technology Officer
Formerly: Chief Information and Technology Officer, Time Inc.
and Corporate Chief Information Officer, Time Warner Inc.

Grady Tripp
Vice President and Chief Diversity Officer
Formerly: Senior Director, Human Resources & Talent Acquisition,
TEGNA and Human Capital Performance and Change
Management Leader, Accenture.

TEGNA’s VERIFY fact-checking initiative launched several digital
properties in 2021, including a presence on TikTok.

2021 Annual Report 7

Left, Representatives from every department at WXIA along with Grady Tripp, TEGNA’s Chief Diversity Officer, participated in Diversity, Equity
and Inclusion training at the National Center for Civil and Human Rights in Atlanta. Right, KSDK’s employees volunteer at a home renovation
project with Dream Builders 4 Equity.

SERVING THE GREATER GOOD

TEGNA strives to make a positive impact on the communities in which we live and work. Our purpose to serve
the greater good of our communities is our guiding light, and our values of inclusion, integrity, innovation, impact,
and results drive our stations and employees to be a force for positive change. Our Environment, Social and
Governance (ESG) practices help to strengthen our business while protecting and enhancing TEGNA’s long-term
value to our communities, our employees, and shareholders. In 2021, we made tangible advances in our ESG
strategy including significant progress in diversity, equity, and inclusion and our 2025 DE&I goals, completing a
comprehensive greenhouse gas emissions inventory, and creating impactful social responsibility programs.

2021 PROGRESS AND HIGHLIGHTS

Significant progress on 2025 Diversity, Equity, and
Inclusion goals; Inclusive Journalism training and
D&I content audits in all

49 NEWSROOMS

Completed a comprehensive
greenhouse gas emissions inventory for
scopes 1, 2 and 3 to better understand how
we can be better stewards of our resources

TEGNA Foundation
Community Grants totaling

330
$1,850,000

APPROVED
MORE THAN

3,100

employee matching gifts,
totaling more than

$2.2M 1,700

NONPROFITS

EXTENDED 2:1 MATCHING PROGRAM THROUGH END OF 2022

P O I N T S OF LIGH

2021

for the 5th
consecutive year

for a second
consecutive year

for COVID-19
relief efforts

Honored for leadership
in Board gender parity

Additional information regarding TEGNA’s ESG initiatives, including TEGNA’s Media & Entertainment

Sustainability Accounting Standards (SASB) disclosure, can be found in our 2021 ESG Report and at

tegna.com/social-responsibility.

8 TEGNA

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM 10-K

(Mark One)

☒

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2021

☐

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number 1-6961
TEGNA INC.
(Exact name of registrant as specified in its charter)

Delaware
(State or other jurisdiction of incorporation or organization)

16-0442930
(I.R.S. Employer identification No.)

8350 Broad Street, Suite 2000, Tysons, Virginia

(Address of principal executive offices)

22102-5151
(Zip Code)

(Registrant’s telephone number, including area code)

(703) 873-6600

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Common Stock, par value $1.00 per share

Trading Symbol

TGNA

Name of each exchange on which registered

The New York Stock Exchange

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Securities registered pursuant to Section 12(g) of the Act: None

Yes ☒ No ¨

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.

Yes ¨ No ☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities
Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports),
and (2) has been subject to such filing requirements for the past 90 days.
Yes ☒ No ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted
pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the
registrant was required to submit such files). Yes ☒ No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller
reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting
company” and “emerging growth company” in Rule 12b-2 of the Exchange Act:

Large Accelerated Filer

☒

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for

complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the

effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the
registered public accounting firm that prepared or issued its audit report.

Yes ☒ No ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒
The aggregate market value of the voting common equity held by non-affiliates of the registrant based on the closing sales price of

the registrant’s Common Stock as reported on The New York Stock Exchange on June 30, 2021, was $4,119,610,543. The registrant
has no non-voting common equity. As of February 18, 2022, 221,543,635 shares of the registrant’s Common Stock were outstanding.

Information pertaining to Part III of this Form 10-K is incorporated by reference to our 2022 definitive proxy statement or, if not filed

within 120 days of December 31, 2021, as an amended report on Form 10-K/A filed in the same time period.

DOCUMENTS INCORPORATED BY REFERENCE

INDEX TO TEGNA INC.
Dec. 31, 2021 FORM 10-K

Item No.

Page

Part I

Business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Risk Factors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Unresolved Staff Comments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Properties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Legal Proceedings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Mine Safety Disclosures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Part II

Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity
Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[Reserved] . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Management’s Discussion and Analysis of Financial Condition and Results of Operations . . . . . . . . . . . . . . . . .

Quantitative and Qualitative Disclosures about Market Risk . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Financial Statements and Supplementary Data . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure . . . . . . . . . . . . . . . . .

Controls and Procedures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Other Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Part III

Directors, Executive Officers and Corporate Governance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Executive Compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters . . . . . . .

Certain Relationships and Related Transactions, and Director Independence . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Principal Accountant Fees and Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Exhibits and Financial Statement Schedules . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Form 10-K Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Part IV

1A.

1B.

7A.

9A.

9B.

9C.

10.

11.

12.

13.

14.

15.

16.

PART I

ITEM 1. BUSINESS

Our Business Overview

We are an innovative media company serving the greater good of our communities. Across platforms, we tell empowering

stories, conduct impactful investigations and deliver innovative marketing services. With 64 television stations and two radio
stations in 51 U.S. markets, we are the largest owner of top four network affiliates in the top 25 markets among independent
station groups, reaching approximately 39% of U.S. television households. We also own leading multicast networks True Crime
Network, Twist and Quest. Each television station also has a robust digital presence across online, mobile and social platforms,
reaching consumers on all devices and platforms they use to consume news content. We have been consistently honored with
the industry’s top awards, including Edward R. Murrow, George Polk, Alfred I. DuPont and Emmy Awards. Through TEGNA
Marketing Solutions (TMS), our integrated sales and back-end fulfillment operations, we deliver results for advertisers across
television, digital and over-the-top (OTT) platforms, including Premion, our OTT advertising network.

Merger Agreement

On February 22, 2022, TEGNA Inc. entered into an Agreement and Plan of Merger (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, the 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 the Company (the Merger), with the Company continuing as the surviving
corporation and as an indirect wholly owned subsidiary of Parent. See Part I, Item 1A, “Risk Factors” and Note 12— Subsequent
Event of the Notes to Consolidated Financial Statements included in Part II, Item 8, “Financial Statements and Supplementary
Data” of this report.

For additional information related to the Merger Agreement, please refer to the full text of the Merger Agreement, a copy of

which was filed on February 22, 2022 as Exhibit 2.1 to our Current Report on Form 8-K.

COVID-19 Pandemic

Since early 2020, the world has been, and continues to be, impacted by the novel coronavirus (COVID-19) and its variants.
The COVID-19 pandemic has brought unprecedented challenges including widespread economic and social change throughout
the United States. At the same time, the past two years have demonstrated the strength and resiliency of our business and core
strategy, and illustrated the meaningful role we play in keeping our local communities safe and informed. Throughout the
pandemic TEGNA stations’ local news broadcasts have been a trusted and critical source of information for our communities.
TEGNA stations reported essential information about the pandemic and its local impact, using experts to explain medical and
scientific data to our audiences, in addition to providing the latest information about how to stay safe including local distribution
plans for COVID-19 vaccines. TEGNA stations also were a trusted resource in helping viewers deal with the impacts of the
pandemic, providing information on relief efforts and how to apply for government programs.

The impact of COVID-19 and the extent of its adverse impact on our financial and operating results will be dictated by the

Our Operating Structure

We have one operating and reportable segment, which generated revenues of $3.0 billion in 2021. 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 (AMS) revenues, which include local and national non-political television advertising, digital marketing
services (including Premion), and advertising on 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. 2022, 2020, 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.

The advertising revenues generated by a station’s local news programs make up a significant part of its total advertising
revenues. Advertising pricing is influenced by demand for advertising time. This demand is influenced by a variety of factors,
including the size and demographics of the local populations, the concentration of businesses, local economic conditions, and

the popularity or ratings of the station’s programming. Almost all national advertising is placed through our centralized internal
national sales force, while local advertising time is sold by each station’s own local sales force.

Our portfolio of “Big 4” NBC, CBS, ABC and FOX stations operate under long-term network affiliation agreements. Generally,

a network provides programs to its affiliated television stations and the network sells commercial advertising for certain of the
available advertising spots within the network programs, while our television stations sell the remaining available commercial
advertising spots. Our television stations also produce local programming such as news, sports, weather, and entertainment.

Broadcast affiliates and their network partners continue to have the broadest appeal in terms of household viewership,
viewing time and audience reach. The overall reach of events such as the Olympics and NFL football, along with our extensive
local news and non-news programming, continues to surpass the reach in viewership of individual cable channels. Our ratings
and reach are driven by the quality of programs we and our network partners produce and by the strong local connections we
have to our communities, which gives us a unique position among the numerous program choices viewers have, regardless of
platform.

As illustrated in the table below, our business continues to evolve toward growing recurring and highly profitable revenue
streams, driven by the increasing concentration of our combined political and subscription revenue streams. As a result of the
growing importance of even-year political advertising on our results, management increasingly looks at revenue trends over two-
year periods. High-margin subscription and political revenues account for approximately half of our total two-year revenue, and
are expected to continue to do so on future rolling two-year cycles.

Advertising & Marketing Services
Subscription
Political
Other

Total revenues

Combined Two Year Period

2020 - 2021
44 %

2019 - 2020

46 %

46 % } 55%

9 %
1 %
100 %

44 % } 53%

9 %
1 %
100 %

Subscription revenue. Subscription revenue has steadily increased in the last several years, better reflecting the value of the

content that our business provides. Pursuant to Federal Communications Commission (FCC) rules, every three years a local
television station must elect to either (1) require cable and/or direct broadcast satellite operators to carry the station’s signal or
(2) require such cable and satellite operators to negotiate retransmission consent agreements to secure carriage. At present, we
have retransmission consent agreements with almost all cable operators, telecommunications and satellite providers in our
television stations’ markets for carriage of those stations.

Our scale and strength in local content have contributed to our ability to grow our subscription revenue beyond traditional

multichannel video programming distributors (MVPDs) into the growing OTT (i.e., streaming) space. Distributing our content via
OTT platforms allows us to reach viewers who consume content online rather than (or in addition to) via traditional television
platforms, enabling us to expand our subscription revenues and deliver advertising products to a broader viewing audience.

We have OTT distribution contracts with major network partners and streaming services such as Hulu, YouTube TV and
DIRECTV Stream, permitting them to carry our stations’ content. Our distribution agreements with these partners and streaming
services contain financial terms similar to those in our more traditional distribution agreements with cable and satellite operators.

Affiliation agreements. We are the largest independent owner of NBC affiliated stations and third largest independent owner

of CBS affiliated stations (based on TV homes reached as reported by Nielsen, September 25, 2021). During 2020, we
successfully executed multi-year renewal of our affiliation agreement with NBC (extended to early 2024). In 2019, we executed
multi-year renewals with CBS (extended through late 2022), ABC (extended through 2023), and Fox (extended through mid
2022).

The value we bring to advertisers. We provide our clients with data-driven integrated marketing services, using a holistic

approach that puts their advertising dollars to work in the channels that make the most sense for them, regardless of the
platform. We continue to expand market share in our marketing services business through our sales transformation efforts,
including innovations like our centralized 360-degree marketing services agency, and a well-trained, solutions-oriented
salesforce. We are also pursuing new technology initiatives that make television advertising easier to buy and are using data
analytics to provide insights on consumer traffic and purchasing decisions to advertisers.

Local News. We are recognized for our journalistic excellence, innovation in reinventing local journalism in the digital age and
for reporting that addresses racial injustice and/or inequality. In 2021, seven TEGNA stations won 10 National Edward R. Murrow
Awards for excellence in broadcast journalism from the Radio Television Digital News Association. More than one-third of
TEGNA’s 64 television stations were among recipients of 86 Regional Edward R. Murrow Awards, the most given to any local
broadcast TV group. The regional award winners included four stations that received the highest honor for overall excellence.
Seven stations won for excellence in innovation for advances that enhance the audience’s news understanding, and six received
the newest honor for “outstanding advocacy journalism tackling the topic of diversity, racial injustice and/or inequality.”

Innovative content offerings to our consumers. Our trusted, local content is the driver of our success across all distribution
channels. Our scale has allowed us to invest in comprehensive content and digital innovation initiatives. Our focus on data-driven
editorial processes, new storytelling formats, and unique visual presentations across all our platforms are helping us to advance
our goal of making our content the consumers’ first choice, regardless of platform.

We produce the daily live, multi-platform syndicated news and entertainment program “Daily Blast LIVE” (or DBL) out of
KUSA in Denver. Now in its fifth year, “Daily Blast LIVE” is carried in all TEGNA markets and in select non-TEGNA markets,
together covering 48% of U.S. markets. “Daily Blast LIVE” is a true multi-platform play, broadcast across linear TV, digital and
social media. The program broadcasts live 5 days a week, 50 weeks per year, and streams 4.5 hours of trending news each day
on YouTube, Twitter, Twitch, DailyBlastLive.com, the DBL app and TEGNA’s stations apps on Roku and Fire TV.

We own and operate entertainment brands True Crime Network, Quest and Twist, which capitalize on the rapidly growing

over-the-air (OTA) and OTT television platforms. In addition to 24/7 linear broadcasts on hundreds of broadcast stations
nationwide, the True Crime Network and Quest streaming apps are available on Roku, Amazon Fire TV and Apple TV, as well as
via mobile and tablet on iOS and Android devices, Chromecast, and on the web. Each streaming service offers hundreds of free,
ad-supported, on-demand episodes of high-quality shows and generate millions of ad impressions per month, sold in part in
partnership with our Premion business. We also operate VAULT Studios, which develops high-quality podcast and original
television programs developed from our stations’ vast library of true crime and investigative content.

Engagement across all platforms. Through websites, mobile and OTT apps we extend our local brands reaching more than

90 million visitors per month. As the consumption of content on digital platforms increases, we have continued to make
investments in developing new ways of connecting with local audiences and enhancing our digital capabilities. In 2021, this
included initiatives focused on expanding our digital footprint across TEGNA-owned and third-party digital and OTT platforms; the
continued development of new consumer products that enhance the viewer experience or generate revenue; and expanding our
coverage of local sports through the acquisition of Locked On Podcast Network.

•

Expanded digital footprint: In May, TEGNA expanded its fact-checking brand VERIFY to include a dedicated website at
verifythis.com, social media channels and a daily email newsletter. All TEGNA station websites also now feature a
prominent VERIFY section, and in 2021 TEGNA saw nearly 5 million visitors per month to VERIFY content across our
owned and operated digital properties. Additionally, VERIFY-branded accounts now have more than 200,000 followers
across social platforms and email.

Developing and enhancing consumer products: In 2021, we rolled out OTT apps for Roku and Fire TV across all of our
television stations, which offer streaming viewers free, ad-supported access to live news and the most recent news
broadcasts, breaking news and weather forecasts, in addition to VERIFY fact-checking reports and our live
entertainment program, Daily Blast LIVE. We also began distributing our streaming content through numerous third-
party partners, including Amazon’s News App and Tubi. In addition to serving consumers on a fast-growing platform,
we are also able to create incremental advertising inventory that can be monetized by Premion.

Expanding our coverage of local sports: With our acquisition of Locked On Podcast Network, we feature daily podcasts
for every team across the NFL, NBA, MLB and NHL, along with dozens of college teams. Locked On hosts are now
routinely featured as guests in our newscasts, and more than 100 Locked On shows are now offered as video on our
streaming apps and through YouTube. In 2021, Locked On had more than 115 million podcast downloads and video
views, an increase of 48% vs 2020.

In late 2016, we launched Premion, the industry’s first local advertising solution for OTT streaming and connected TV (CTV)

platforms. We provide local, regional and national brands with an effective, turnkey solution to run brand-safe and fraud-free
streaming CTV advertising campaigns in all of 210 Designated Market Areas (DMAs) in the United States. With premium
inventory from 125+ branded networks, advanced targeting, and outcomes-based measurement, Premion is a highly desirable
and effective way for advertisers to reach a highly engaged streaming audience, and has enabled us to expand our revenue
base and reach new markets. We have built our business on local as our competitive advantage: our large, local salesforce is
leveraging relationships with local and regional advertisers to sell Premion inventory to deliver scale and measurable outcomes
at the local level. In 2021, we expanded our measurement capabilities to deliver advanced vertical specific attribution for multiple
industries, including verified car sales for automotive advertisers and destination intelligence for travel advertisers. Premion
stayed on the forefront of innovation and won four industry awards in 2021: the Tech Leadership Award for Best OTT and
Streaming Technology, and the Cynopsis Model D Awards for Best Audience-Based Buying Platform, Outstanding Brand Safety
Strategy and Best Direct to Consumer Campaign. Premion continues to deliver strong revenue which was up 40% in 2021
compared to 2020.

In 2020, we sold a minority ownership interest in Premion for $14.0 million to an affiliate of Gray Television (Gray). In
connection with that transaction, Premion and Gray entered into a commercial arrangement under which Gray resells Premion
services across all of Gray’s 113 television markets. Our TEGNA stations and Gray each have the right to independently sell
Premion’s inventory in markets where we both operate a local television station. With this additional sales channel, our combined
TEGNA, Gray and Premion direct sales force reaches OTT viewers in more than 78% of the U.S. households.

Advertising initiatives. We have further diversified our revenue base by investing in new business models that leverage our

strong assets and scale.

•

Intelligent Ad Automation. Premion has been our first investment in intelligent ad automation. Premion has partnered
with MadHive (one of our strategic equity investments) to create a technology platform to aggregate inventory from OTT
providers and then resell the inventory to local and regional advertisers leveraging our salesforce.

In addition to Premion, we are a member of the Television Interfaces Practices consortium of broadcasters driving
standardization and interconnectivity of the automation of national spot advertising. Our centralized pricing resources
are enabling stations to more effectively price their advertising inventory to maximize share. New attribution
technologies are enabling our advertisers to better understand the impact their advertising has on consumer traffic and
purchasing. The creation in 2019 of a new, integrated in-house national salesforce has evolved the way we serve our
national customers and enables us to expand those relationships.

Performance Marketing. We are a leading provider of digital marketing services for advertisers. We offer cross-platform,
closed-loop measurement across linear television and OTT to enable local advertisers to better understand the value
and effectiveness of their local TV and OTT ad campaigns. These capabilities help advertisers measure outcomes and
understand the excellent return on investment that local linear and OTT advertising provides.

Dynamic Ad Insertion. During 2021, we made significant investments to build out our Dynamic Ad Insertion capabilities.
Dynamic Ad Insertion enables our stations to better monetize linear television content that is distributed across various
digital platforms, such as Roku, FireTV, Tubi, News On and other OTT platforms, as well as our mobile apps and
websites. It provides us with data driven targeted advertising that is incremental to the traditional linear advertising.

NextGen TV (ATSC 3.0). In 2017, the FCC began the process of issuing rules that would permit television stations to
broadcast in the new ATSC 3.0 broadcast transmissions standard, which will allow broadcasters to enhance their
existing transmission services with a new standardized system that will allow us to compete directly with Internet
protocols. This new standard will allow us to support higher 4K high dynamic range resolution, higher frame
rate, mobile, second screen experiences, 3D audio, virtual reality, advanced advertising and other exciting
enhancements to the viewing experience. The technology enables encryption and content protection that will allow
broadcasters for the first time to protect their signal and to employ paywalls on certain content streams, subject to the
requirement to continue broadcasting at least one stream of free over-the-air video programming. Over the past two
years we have entered into channel sharing agreements with other local broadcasters in market to facilitate transition to
ATSC 3.0. As of December 31, 2021, we have 17 stations that are broadcasting their primary channels in ATSC 3.0.

Our Competition

The proliferation of high-speed broadband to the home and phone has significantly increased competition in the video

marketplace in the last decade. Today, mobile broadband covers the U.S., and a vast majority of Americans own devices that can
access mobile broadband with numbers continuing to grow. Similarly, fixed, wired broadband to the home also covers a majority
of the United States and is also growing.

With the rise of 5G and unlimited data plans, every screen or mobile phone is now capable of displaying video programming

of the sort previously reserved to television. These video consumption patterns in the past were associated almost exclusively
with younger consumers but have evolved over time to include older consumers. With the onset of ubiquitous high-speed
Internet service has come an explosion of platforms and applications with video advertising capabilities that consumers have
adopted. These include large players like YouTube and Facebook, and a long tail of mobile applications and services that
consumers value with more being added every week.

Our company strives to capture as large a viewing audience as possible, as the number of viewers who watch our content in
each DMA has a direct impact on our ability to maximize our major revenue streams: subscription revenue, advertising marketing
services revenue and political revenue.

As noted above, we compete for audience share as part of an increasingly varied and competitive media landscape. We
compete for advertising revenue with other platforms for television advertising media, including other broadcast stations and
cable providers. We also compete against both traditional and new forms of media that offer paid advertising, including radio,
newspapers, magazines, direct mail, online video, and social media. Major competitors in this space include cable providers
Comcast and Charter, as well as internet platforms Google, Facebook, and YouTube. Advertisements on these digital platforms
look like traditional television ads and compete with over-the-air broadcast ads in the local ad market.

With respect to subscription revenue, we compete to capture a share of the total amount MVPDs are willing to pay for the

rights to distribute linear TV content to their subscribers. The larger our audience share, the more appealing our programming is
to the MVPDs and the more they will be willing to pay for the right to distribute it. We compete for this revenue against other
broadcast stations and cable networks. In addition, we compete for audience share from broadcast stations and cable networks

as well as companies providing/facilitating the delivery of video content via the Internet to computers, televisions, and other
streaming and mobile devices (such as Amazon Prime, Apple TV+, Disney+, HBO Max, Hulu, Netflix, and others),

The advertising industry is dynamic and rapidly evolving. Through their websites, our stations compete in the local electronic

media space, which includes the internet or internet-enabled devices, handheld wireless devices such as mobile phones and
tablets, social media platforms, digital spectrum opportunities and video streaming services. In this space, we compete for
audience and advertising revenue against other local media companies, Internet advertising giants such as Google and
Facebook, as well as the fragmented landscape of digital ad agencies. The technology that enables consumers to receive news
and information continues to evolve as does our digital strategy.

Our Regulatory Environment

Our television and radio stations are operated under the authority of the FCC, the Communications Act of 1934, as amended

(Communications Act), and the rules and policies of the FCC (FCC regulations). As a result, our stations are subject to a variety
of obligations, such as restrictions on the broadcast of material deemed “indecent” or “profane,” requirements to provide or pass
through closed captioning for most programming, rules requiring the public disclosure of certain information about our stations’
operations, and the obligation to offer programming responsive to the needs and interests of our stations’ communities. The FCC
may alter or add to these requirements, and any such changes may affect the performance of our business. Certain significant
elements of the FCC’s current regulatory framework for broadcast television are described in further detail below.

Licensing. Television and radio broadcast licenses generally are granted for eight-year periods. They are renewable upon

application to the FCC and usually are renewed except in rare cases in which a petition to deny, a complaint or an adverse
finding as to the licensee’s qualifications results in loss of the license. We believe that our stations operate in substantial
compliance with the Communications Act and FCC regulations.

Local Broadcast Ownership Restrictions. FCC regulations limit the concentration of broadcasting control and regulate
network and local programming practices. The FCC is required by statute to review these rules and regulations every four years.
In November 2017, the FCC adopted an order altering its regulations governing media ownership, generally making these
regulations less restrictive. For example, the order eliminated the newspaper/broadcast cross-ownership rule, which generally
prohibited an entity from holding an ownership interest in a daily print newspaper and a full-power broadcast station within the
same market, and the television/radio cross-ownership rule, which imposed a number of limits on the ability to own television and
radio stations in the same market. The order also made common ownership of two television stations in the same market
permissible in more markets so long as at least one of the commonly owned stations is not among the top four rated stations in
the market at the time of acquisition, and provided for case-by-case consideration of transactions that would result in new or
continued common ownership of two top four rated stations in a market. The FCC’s November 2017 ownership order also
eliminated a rule making certain television joint advertising sales agreements (JSAs) attributable in calculating compliance with
the ownership limits. TEGNA is not currently party to any JSAs.

Various parties, including cable operators and other advocates for more stringent broadcast ownership restrictions, opposed

the changes adopted in the FCC’s November 2017 order and challenged the order in court. The U.S. Court of Appeals for the
Third Circuit vacated and remanded the FCC’s November 2017 order effective as of November 29, 2019, thus reverting as of
that date the FCC’s broadcast ownership rules to those in effect immediately prior to the November 2017 order. The U.S.
Supreme Court on April 1, 2021, reversed the Third Circuit’s decision; as a result, the changes adopted in the November 2017
order were reinstated and currently are in effect. The FCC’s most recent periodic review of the local broadcast ownership rules,
initiated in 2018, is ongoing.

The FCC requires the disclosure of shared services agreements (SSAs) in stations’ online public inspection files, though
these agreements generally are not deemed to be attributable ownership interests. The FCC defines SSAs broadly to include a
wide range of agreements between separately owned stations, including news sharing agreements and other agreements
involving “station-related services.” We are party to an SSA under which our television station in Toledo, WTOL, provides certain
services (not including advertising sales) to another Toledo television station owned by a third party. We are party to several
other agreements involving the limited sharing of certain equipment and resources; some of these agreements may qualify as
SSAs subject to disclosure.

National Broadcast Ownership Restrictions. The Communications Act includes a national ownership cap for broadcast
television stations that prohibits any one person or entity from having, in the aggregate, market reach of more than 39% of all
U.S. television households. FCC regulations permit stations to discount the market reach of stations that broadcast on UHF
channels by 50% (the UHF discount). In December 2017, the FCC issued a Notice of Proposed Rulemaking seeking comments
on whether it can or should modify or eliminate the national ownership cap and/or the UHF discount. Our 64 television stations
reach approximately 29.9% of U.S. television households when the UHF discount is applied and approximately 39.3% without
the UHF discount.

Retransmission Consent. As permitted by the Communications Act and FCC rules, we require cable and satellite operators

to negotiate retransmission consent agreements to retransmit our television stations’ signals. Under the applicable statutory
provisions and FCC rules, such negotiations must be conducted in “good faith.” FCC rules also provide stations with certain

protections against cable and satellite operators importing duplicating network or syndicated programming broadcast by distant
stations. Pay-TV interests and other parties continue to advocate for the FCC to alter or eliminate various aspects of the rules
governing retransmission consent negotiations and stations’ exclusivity rights. In addition, some pay-TV operators invested in or
otherwise coordinated with an online service called Locast, which asserted that it could lawfully retransmit broadcast television
signals over the Internet within the applicable stations’ Nielsen DMAs - without the originating stations’ consent - under a federal
Copyright Act provision that permits nonprofit organizations to retransmit broadcast television signals under certain limited
circumstances. A lawsuit filed on July 31, 2019 by the Big Four television networks, among others, alleged that Locast’s service
does not qualify for the claimed exemption and therefore constitutes copyright infringement. On August 31, 2021, the U.S. District
Court for the Southern District of New York ruled in favor of the plaintiffs, and subsequently issued a permanent injunction
against Locast’s operation. Locast since has permanently shut down as part of a settlement with the plaintiffs. If in the future
changes to the retransmission consent and/or exclusivity rules were adopted, and/or if services such as Locast were determined
to be lawful, such developments could give cable and satellite operators leverage against broadcasters in retransmission
consent negotiations, which could possibly adversely impact our revenue from retransmission and advertising.

Post-Incentive Auction Repacking. In April 2017, the FCC announced the completion of a voluntary incentive auction to
reallocate certain spectrum then occupied by television broadcast stations to mobile wireless broadband services, along with a
related “repacking” of the television spectrum for remaining television stations. None of our stations relinquished any spectrum
rights as a result of the auction. Stations in eighteen of our markets (including one station we acquired post-repack in 2020) were
repacked to new channels. All of our repacked stations have completed their transitions to their new channels.

The legislation authorizing the incentive auction and repacking established a $1.75 billion fund for reimbursement of costs

incurred by stations required to change channels in the repacking. Subsequent legislation enacted on March 23, 2018,
appropriated an additional $1 billion for the repacking fund, of which up to $750 million may be made available to repacked full
power and Class A television stations and multichannel video programming distributors. Other funds are earmarked to assist
affected low power television stations, television translator stations, and FM radio stations, as well for consumer education
efforts. On October 7, 2020, the FCC announced that all final invoices and supporting documentation for reimbursement
requests will be due no later than (1) October 8, 2021, for full power and Class A TV stations that transitioned in Phase 5 or
earlier; (2) March 22, 2022, for full power and Class A TV stations that transitioned in Phase 6 or later; and (3) September 5,
2022, for all other entities entitled to seek repacking-related reimbursements (including low power television stations and
television translator stations). By law, the repacking reimbursement program will end July 3, 2023, at which point any remaining
unobligated funds will be returned to the U.S. Treasury.

NextGen TV (ATSC 3.0). In November 2017, the FCC adopted an order authorizing broadcast television stations to
voluntarily transition to a new technical standard, called Next Generation TV or ATSC 3.0. The new standard makes possible a
variety of benefits for both broadcasters and viewers, including better sound and picture quality, hyper-localized programming
including news and weather, enhanced emergency alerts, improved mobile reception, the use of targeted advertising, and more
efficient use of spectrum, potentially allowing for more multicast streams to be aired on the same 6 megahertz channel. However,
ATSC 3.0 is not backwards compatible with existing television equipment. To ensure continued service to all viewers, the FCC’s
order authorizing ATSC 3.0 operations requires full-power television stations that transition to the new standard to continue
broadcasting a signal in the existing DTV standard (known as ATSC 1.0) until the FCC phases out the requirement in a future
order. The content of this simulcast signal must be substantially similar to the programming aired on the ATSC 3.0 channel for a
period of at least five years. Transitioning a station to ATSC 3.0 is voluntary under current FCC rules and may require significant
expenditures. As of December 31, 2021, we are broadcasting the primary channels of KGW (Portland, OR), WTSP (Tampa, FL),
KUSA (Denver, CO), KING (Seattle, WA), KONG (Everett, WA), WGRZ (Buffalo, NY), KXTV (Sacramento, CA), KPNX (Mesa,
AZ), WCNC (Charlotte, NC), KTHV (Little Rock, AR), WXIA (Atlanta, GA), KSDK (St. Louis, MO), WTHR (Indianapolis, IN), WTIC
(Hartford, CT), WCCT (Waterbury, CT), KHOU (Houston, TX) and WUSA (Washington, DC) in both ATSC 1.0 and ATSC 3.0
formats. In each case, in accordance with FCC rules, we have entered into channel sharing agreements with other local
broadcasters in the market to facilitate this transition by hosting the applicable primary channel in either ATSC 1.0 or 3.0 format.
We expect to continue rolling out the new standard in coordination with other broadcasters, taking into account relevant market
dynamics and our overall capital planning. To the extent we roll ATSC 3.0 service out to our stations, there can be no guarantee
that such service would earn sufficient additional revenues to offset the related expenditures.

Our Environmental Regulatory Matters

We are subject to various laws and government regulations concerning environmental matters and employee safety and

health. U.S. federal environmental legislation that pertains to us include the Toxic Substances Control Act, the Resource
Conservation and Recovery Act, the Clean Air Act, the Clean Water Act, the Safe Drinking Water Act and the Comprehensive
Environmental Response, Compensation and Liability Act (also known as Superfund). We are also regulated by the Occupational
Safety and Health Administration (OSHA) concerning employee safety and health matters. The Environmental Protection Agency
(EPA), OSHA and other federal agencies have the authority to write regulations that have an effect on our operations.

In addition to these federal regulations, various states have authority under the federal statutes mentioned above. Many state

and local governments have adopted environmental and employee safety and health laws and regulations, some of which are
similar to federal requirements. State and federal authorities may seek fines and penalties for violating these laws and
regulations. We believe that we have complied with such proceedings and orders at our stations without any materially adverse
effect on our Consolidated Balance Sheet, Consolidated Statements of Income or Consolidated Statement of Cash Flows.

Our General Company Information

Our company was founded by Frank E. Gannett and associates in 1906 and was incorporated in 1923. We listed shares
publicly for the first time in 1967 and reincorporated in Delaware in 1972. Our headquarters is located at 8350 Broad Street,
Suite 2000, Tysons, VA, 22102. Our telephone number is (703) 873-6600 and our website home page is www.tegna.com. We
make our website content available for information purposes only. It should not be relied upon for investment purposes, nor is it
incorporated by reference into this Annual Report on Form 10-K (Form 10-K).

Our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, proxy statements for our
annual stockholders’ meetings and amendments to those reports are available free of charge on our investor website, under
“Investor Relations” at www.tegna.com as soon as reasonably practical after we electronically file the material with, or furnish it
to, the Securities and Exchange Commission (SEC). In addition, copies of our annual reports will be made available, free of
charge, upon written request. The SEC also maintains a website at www.sec.gov that contains reports, proxy statements and
other information regarding SEC registrants, including TEGNA Inc.

Our Human Capital

Our people play an important role in our success in today’s rapidly evolving media landscape. Our key human capital
management objectives are to attract, retain and develop the highest caliber talent in our industry. Our human resources
programs are designed to support these objectives by offering competitive pay, industry-leading benefits and development and
growth opportunities. We strive to foster diversity, inclusion and innovation in our culture through our human resources, diversity
and journalism programs and policies. As of December 31, 2021, we employed approximately 6,200 full-time and part-time
people (including 108 corporate headquarters employees), all of whom were located in the United States.

Diversity, Equity and Inclusion – To strengthen accountability in diversity in the governance of the Company, in 2020 the

Board adopted specific areas of oversight for each Board committee regarding how TEGNA approaches diversity:

•

The Leadership Development & Compensation Committee is responsible for monitoring the Company’s performance in
diversity, inclusion and equal employment opportunity, supporting our commitment to these principles and the
continuation of our efforts to gain and maintain diversity among our employees and management.

The Nominating & Governance Committee is responsible for overseeing the racial, ethnic and gender diversity of the
Board.

The Public Policy and Regulatory Committee reviews with management the Company’s approach to, and initiatives and
support for, promoting racial and ethnic diversity in our news and other content, through inclusive journalism and racial
and ethnic diversity in our editorial decision-making and leadership.

The Audit Committee is responsible for monitoring the Company’s finance and asset management-related diversity and
inclusion efforts, including our investment and purchasing involving minority-owned businesses.

Our commitment to building a more diverse, equitable and inclusive culture, continued in 2021 to progress ahead of schedule

in achieving our publicly stated and quantifiable five-year Diversity, Equity and Inclusion (DE&I) goals. With the support of our
Board of Directors, corporate management team and station management and input from our Diversity & Inclusion (D&I) Working
Group of employees, we are on a path to reaching our objective of being as diverse as the various communities we serve.

While we have more work to do, we are proud of our diverse workforce and inclusive culture and our aim to increase

representation of Black, Indigenous and People of Color (BIPOC) by meeting these 2025 objectives.

2025 Diversity and Inclusions Goals and 2021 Progress

Content Teams: Increase the diversity
of our content teams (news, digital and
marketing employees) to reflect the
aggregate BIPOC* diversity of the
communities we serve, which is ~36%.

Content Leadership: Increase BIPOC
representation in content leadership
roles by 50%.

Company Leadership: Increase BIPOC
representation across all management roles
within the organization by 50%.

* BIPOC = Black, Indigenous, and People of Color

2025
BIPOC Goals

2021
BIPOC Progress

CONTENT
TEAMS

CONTENT
LEADERSHIP

COMPANY
LEADERSHIP

ALL EMPLOYEES

Reflect markets
at ~36%

Increase by 50%

On track

1/1/21 - 27%
12/31/21 - 30%
↑ 11% Increase

1/1/21 - 17%
12/31/21 - 20%
↑ 18% Increase

1/1/21 - 16%
12/31/21 - 18%
↑ 13% Increase

1/1/21 - 25%
12/31/21 - 27%
↑ 8% Increase

2021
Female Representation

1/1/21 - 46%
12/31/21 - 46%

1/1/21 - 45%
12/31/21 - 44%

1/1/21 - 41%
12/31/21 - 42%

1/1/21 - 47%
12/31/21 - 47%

All Employees

ASIAN

3.0%

BLACK OR
AFRICAN-
AMERICAN

12.0%

HISPANIC
OR LATINO

WHITE

OTHER

N/A*

9.9%

70.0%

2.3%

2.8%

* N/A - not available or not disclosed

To support our DE&I goals, we are actively seeking diverse talent through recruiting, investing in a multiyear Inclusive
Journalism program, requiring unconscious and implicit bias training of all employees, gathering regular input from our 17-
member D&I Working Group led by Chief Diversity Officer Grady Tripp, and championing LGBTQ equality. We are proud that in
2021 the Human Rights Campaign named TEGNA a best place to work for LGBTQ equality for the fifth consecutive year.

Here are the five pillars that support achieving our DE&I goals and notable progress we have made in 2021:

1. Talent Pipeline and Bench Strength: Increase partnerships with diverse professional organizations, historically black

colleges and universities (HBCUs), Hispanic-serving institutions, and universities. Continue building on our existing
internship, Producer-in-Residence, and other programs.

•

Progress: In addition to our ongoing engagement and support of longstanding partners, we enhanced our
relationships with such professional organizations as the T. Howard Foundation and Asian American Journalist
Association. We expanded our connections with HBCUs at both the local station and the company-wide
recruiting level. These relationships and a renewed focus across our company led to women and people of
color comprising a majority of our participants in both our company internship program and Producer-in-
Residence programs. Internally, our content leaders and talent development team enhanced our News
Leadership Forum program that is tailored to emerging content leaders, of which more than half were
employees of color and over two-thirds women.

2. Leadership Compensation Tied to Diversity and Inclusion Goals: Enhance our diversity and inclusion goals for key

leaders in the organization.

•

Progress: We delivered on our commitment to ensure that D&I goals are embedded meaningfully into both our
annual performance management and our bonus processes for 2021. We also finalized our 2022 measures for
key leaders.

3. Multi-Year Inclusive Journalism Program: Development and launch of customized, multi-year inclusive journalism

program with expert external partners.

•

Progress: Partnering with the Poynter Institute on our Inclusive Journalism program, we delivered training on
unconscious bias, inclusive reporting, and leadership coaching to all 49 of our newsrooms. This training led to
development of local action plans by our stations to increase our focus on accurately reflecting the entirety of
the communities we serve. We also partnered with Horowitz Research to conduct an external audit of our
digital, broadcast, and marketing content across all of our stations. We are fostering new ways for our
newsrooms to engage and represent communities better. These include creation of Race and Culture positions
and units, community days so journalists can develop relationships with underrepresented communities,
external/community DE&I committees, and an employee-initiated recruiting video centered on inclusive culture.

4. Leverage Insights from Employee Feedback: Implement employee input to improve our action planning and

accountability.

•

Progress: Our company-wide D&I Working Group continues to provide valuable insights and contributions to
our diversity and inclusion actions. The group’s focus has expanded to elevate issues, ideas, and opportunities
across identities. Also, our local D&I teams at the station level continue to partner with local leaders to apply
ideas that enhance inclusion at our stations. Input from these groups led to several actions, including
development of an inclusive leadership interview matrix as well as establishment of local diverse interview
panels, local mentoring networks, and inclusive hiring training for managers, among others.

5. Employee Training: Provide employees with ongoing resources and platforms to increase learning and discussion on

D&I topics to support a culture of belonging.

•

Progress: In 2021, we launched a company-wide DE&I Discovery Series that covered a different DE&I learning
topic each month and sparked broad participation by station groups, with discussions often led by station
leaders and local D&I groups. We also launched a partnership with the National Center for Civil and Human
Rights to engage in a training series on implicit bias, microaggressions, and other DE&I topics for leaders and
employees that we plan to train all employees on by mid-2022.

Serving Our People – In 2021, TEGNA was named among the Achievers 50 Most Engaged Workplaces, an annual award

that recognizes top employers displaying leadership and innovation in engaging their workplaces.

TEGNA provides a range of training and development programs that center on content leadership training, leadership

development, manager training, and inside-out sales training.

• Manager Training: We invest in the continual learning and development of our managers because our leaders’
effectiveness is critical to our long-term success. Our Manager Training Program is based on TEGNA’s critical
leadership skills and provides managers a targeted and progressive curriculum. The curriculum delivers content for all
levels of managers depending on their experience. This program begins by providing content on foundational policies
and procedures, moves to content on how to lead effectively, and then concludes with content on how managers can
foster a high-performing team. In 2021, we took the first steps by training all people leaders across the company on the
critical leadership skills we’ve identified. These skills include intentional decision making; adaptive strategic thinker;
change leader; talent developer; and results leader.

•

Leadership Development: We also reimagined the curriculum and set expectations for outcomes for our Leadership
Development Programs, including our Executive Leadership Program that develops current and future general manager
and vice president talent, and our Leadership in Action Program that helps develop current and future director-level
talent.

News Leadership Forum: Eager to build a diverse talent pool of next-generation news leaders, in January we
launched a unique eight-month-long News Leadership Forum training program of high-performing news managers.
Approximately 50% of the initial 33 participants had been promoted by year-end. A larger group is expected to
complete the program in May 2022.

Producer-in-Residence Program: Launched in 2018, the Producer-in-Residence (PIR) program has grown to one of the
largest entry-level producer development programs in the industry. We search for PIR participants at major journalism
schools as well as regional universities and colleges, including several historically Black institutions. The program
includes a producer boot camp followed by two years of training at one of our local stations. The program has attained
an approximately 80% promotion rate to a regular producer role after that period.

Inside Out Sales Training: Within our Inside Out training, besides preparing new sellers, we provide a Managers Master
Class that develops leaders of our Inside Out sales process in coaching and recruiting to foster diversity of ideas and
talent. We also began an online Manager Talent Assessment and Sales Assessment resource for the sales organization
that in the hiring process enables managers to be more inclusive when recruiting. We also enhanced and added more
on-demand and go-to-market training resources to help sellers succeed.

In 2021, we also designed, developed, and executed two performance management training courses on giving and receiving

feedback and developing S.M.A.R.T. (specific, measurable, attainable, relevant, and time-based) performance goals that were

implemented during the 2021 Performance Management process at year-end. Further, we hired a learning and development
business partner to help with development and application of our Manager and Leadership Development programs into 2022 and
beyond.

Championing LGBTQ Equality - For the fifth consecutive year, TEGNA was named a Best Place to Work for LGBTQ Equality

by the Human Rights Campaign’s Corporate Equality Index. The 2021 Corporate Equality Index evaluated LGBTQ-related
policies and practices including non-discrimination workplace protections, domestic partner benefits, transgender-inclusive health
care benefits, competency programs, and public engagement with the LGBTQ community. We received the highest marks in all
categories, resulting in a perfect score of 100.

Employee Well-Being – Maintaining the health and well-being of our employees and their families is a top priority for our

company.

In 2022, several new benefits approved in 2021 take effect:

•

Family planning support: Expanded adoption reimbursement to $10,000 from $2,500 and introduced surrogacy
reimbursement benefit of $10,000 to support the path to parenthood and cover family planning goals.

Enhanced eyewear benefit: Added EyeMed’s Freedom Pass Plus coverage that allows the purchase of frames at
LensCrafters or Target Optical at no out-of-pocket cost, even if it exceeds the plan’s frame allowance (some exclusions
apply).

Coverage for a group of jaw joint and muscle disorders: commonly referred to as Temporomandibular Joint (TMJ), these
conditions cause pain and dysfunction in jaw joint and muscles that control jaw movement. These disorders are now
covered by our insurance provider as a major service, providing for mouth guard coverage once every five years.

New critical illness and accident insurance provider that provides enhanced coverage at a lower rate than the previous
provider.

For those treated for cancer or another diagnosis that causes hair loss, the reimbursement level for wigs increased to
$1,000 from $500.

TEGNA provides a company-matching 401(k) Savings Plan for future financial security; work/life balance benefits through
TEGNA-sponsored membership to Care@Work. We also provide other additional and optional benefits including, among others,
life and disability insurance plus supplemental insurance options, virtual 24/7 telehealth access, paid time off and nine company
holidays, active duty leave, caregiver leave, employee discounts, a volunteerism program, two-for-one matching gifts, and
student loan refinancing and tuition reimbursement.

Employee Support During COVID-19 – Now entering the third year of the COVID-19 pandemic, employee health and safety
remains a top priority for us. Our COVID-19 Task Force continues to track the case numbers in our markets, remained informed
on the latest CDC guidelines, and provided practical and proactive guidance that prioritized employee health and safety while
sustaining business operations. We maintained a COVID-19 handbook and employee site to share updated safety protocols
including mask guidelines, building safety recommendations, mental health resources and a communications toolkit.

Our leadership team held meetings throughout the year with colleagues from across the company to share updated health
and safety guidelines, respond to questions raised by employees, and ensure stations had the resources and support to maintain
business operations. All stations and facilities completed a COVID-19 safety scorecard identifying physical changes to their
buildings that would help keep employees safe and healthy. They worked with their heads of technology to prepare their
buildings for employees to return safely, including updated floor plans and workspaces that allow for social distancing, signage
and touchless restroom fixtures. Stations and buildings also were provided with safety supplies, including KN95 and N95 masks
and deep cleaning and sanitizing materials, so they could properly maintain clean and sanitized workspaces.

In addition to their physical health, our employees’ mental health has been a top priority. Throughout the year, we hosted
mental health webinars in partnership with our employee assistance program provider. They included a webinar for employees
entitled “Returning to the Office to Prepare and Adapt to the New Normal,” and, for managers, “Through the Looking Glass –
Thriving in the New Normal.”

We updated our mask guidelines to reflect the CDC’s latest interim recommendations for areas with varying transmission
rates. Using the CDC’s county view tool to determine their local community transmission rate, our facilities in counties identified
as having substantial or high transmission could let fully vaccinated employees take their masks off while at their desks but wear
their masks when walking around the building, meeting in conference rooms or having a conversation with other employees. We
established that facilities within a moderate-to-low transmission rate for at least 14 business days could allow fully vaccinated
employees to remove their masks while in the building. Employees not fully vaccinated continued to wear a mask at all times
when in the building and to social distance.

To create the safest workplace for all employees, we requested that employees confirm their vaccination status by the end of

August if they would like to continue our health and mask guidelines for fully vaccinated employees. Finding nearly nine of 10
employees were already fully vaccinated at that time, TEGNA implemented a proof of vaccine policy for all employees that went
into effect in mid-November. We also had a process to review medical and religious exemptions. As a result, 95%+ of all
employees have provided proof of vaccination.

Compensation and Benefits Programs – Our compensation and benefits are structured to attract the most talented people

and incentivize performance based on the short and long-term strategic goals of our company. Our compensation packages
include competitive base salaries, which include options for medical, dental and vision insurance, company holidays and paid
time off, and parental leave. We encourage employees to invest for their future by offering a 401(k) plan that includes a company
match up to four percent of salary and is fully vested from the day employees begin participating.

Labor Union Representation - Approximately 9% of our employees are represented by labor unions. They are represented by

27 local bargaining units, most of which are affiliated with one of four international unions under collective bargaining
agreements. These agreements conform generally with the pattern of labor agreements in the broadcasting industry. We do not
engage in industry-wide or company-wide bargaining.

Information About our Executive Officers - Our executive officers as of March 1, 2022 are listed below, with their ages on that
date, positions and offices currently held, and principal occupation and business experience during at least the last five years. All
officers serve at the discretion of the Board of Directors.

David T. Lougee - President and Chief Executive Officer (June 2017-present); TEGNA director (2017-present). Formerly:
President, TEGNA Media (July 2007-June 2017). Age 63.

Lynn Beall (Trelstad) - Executive Vice President and COO of Media Operations (June 2017-present). Formerly: Executive
Vice President and Chief Operating Officer, TEGNA Media. Age 61.

Victoria D. Harker - Executive Vice President and Chief Financial Officer (June 2015-present). Age 57.

Akin S. Harrison - Senior Vice President and General Counsel (July 2021 - present). Formerly: Senior Vice President,
General Counsel and Secretary (January 2019 - June 2021), Senior Vice President, Associate General Counsel and
Secretary (June 2017 - December 2018), Vice President, Associate General Counsel and Secretary (July 2015 - June
2017). Age 49.

Our Corporate Responsibility and Sustainability

Our enduring purpose to serve the greater good of our communities guides us, and our values – inclusion, integrity,

innovation, impact and results – propel our stations and employees to be forces for positive change in the communities where we
live and work. In 2021, our purpose-driven commitments to the environment, society and governance (ESG) enabled us to make
measurable progress in DE&I, to complete our first-ever greenhouse gas emissions inventory, and to invest further in our people
and communities. Our ESG practices help to strengthen our business while protecting and enhancing our long-term value to our
shareholders and stakeholders. Our Board’s Public Policy and Regulation Committee oversees and guides our ESG practices
and initiatives, and it reviews and reports on these efforts periodically to the Board. Discussing our ESG strategy and practices
openly is an important part of our commitment to continually evolve our program.

Environmental Commitment – We are focused on being responsible stewards of our resources, recognizing the necessity for
real progress on our planet’s environmental and sustainability challenges. We have enhanced our oversight, programs, reporting
and accountability to further our commitment to minimize our carbon footprint and protect and preserve the environment.

Our stations continue to bring focus on environmental and sustainability issues across the country and the globe. They
regularly report on environmental climate and sustainability issues that impact their communities and, increasingly, they are
generating stories about the impacts of climate change and solutions to those effects. With significant air quality issues across
the United States and record drought and wildfires throughout the West, eight of TEGNA western stations launched a series of
16 stories, entitled Scorched Earth, that investigated how drought, fire and smoke create significant health issues for humans
and wildlife. They also presented the impact of new methods for fighting wildfires and new ways to ensure clean air. WUSA in
Washington, D.C. closely tracked a lawsuit against the Environmental Protection Agency and showed how the agency isn’t
enforcing agreed-upon standards for a multistate clean water pact to ensure the Chesapeake Bay’s health. News Center Maine
did a special on climate change in the state and explored how coastal towns adapt to rising sea levels. WFAA in Dallas produced
a series that coincided with November’s United Nations Summit on Climate Change in Scotland and verified or debunked each of
the top 10 claims about the climate.

In 2021, we completed a greenhouse gas (GHG) emissions inventory across our scope 1 and 2 direct operations and a
relevant assessment and inventory of our indirect value chain scope 3 emissions. We are conducting a qualitative assessment of
our risks from the physical impacts of climate change, as well as the risks and opportunities from a transition to a low-carbon
economy, per guidance of the Task Force on Climate-related Financial Disclosures. We believe this assessment will improve and
increase our reporting of climate-related financial information.

We have begun exploring the potential for setting a science-based target initiative (SBTi) target to reduce our contribution to
global GHG emission levels. SBTi targets are the gold standard for achieving climate goals for businesses and cover greenhouse
gas emission reductions, water and waste management, and energy efficiency across sites, including the use of renewable
electricity.

We continued to focus on reducing business travel by using video conferencing technology across the company. We
continue to apply thoughtful energy efficiency strategies, including upgrading stations’ studio lighting to LEDs; replacing in-

efficient HVAC systems, and replacing roofs with energy efficient materials. In addition, we will consider our suppliers’ ESG
performance as a factor in procurement decisions.

To operate in an environmentally friendly way, our environmental policies include practices for the recycling and responsible
disposal of technology products and equipment such as batteries and reducing the waste we generate at corporate offices and in
production processes. We regard environmental responsiveness and resource conservation as an integral part of business
management, and we support finding sound solutions to such environmental problems as any arise. Each employee is expected
to work toward these goals and is encouraged to advise their supervisor promptly of any situation that may be in conflict with our
environmental policy.

The TEGNA Foundation supports nonprofit activities in communities where we do business and contributes to a variety of
charitable causes through its Community Grant Program. Community Grants are identified locally by our stations and include
support for community sustainability efforts.

Social Impact – Exposing corruption and wrongdoing, holding elected officials and those in power accountable, giving a
voice to the voiceless and telling empowering stories that impact our lives is at the heart of our purpose to serve the greater
good. In 2021, our stations and news teams strove to be the most trusted sources of news in our communities and to be agents
of beneficial change in the markets we serve. Our local journalists are empowered to seek out the stories that matter most to
their audience and pursue investigations that expose wrongdoing while continuing to maintain the highest ethical standards.

In 2021, TEGNA stations received major journalism awards that underscore our innovative approach to content, impactful

investigations and commitment to the communities we serve. We received a 2021 Walter Cronkite Award for Exceptional
Reporting on Systemic Racism at KPNX in Phoenix for “The Work is Hard and Not Done: Being Black in the Valley.” KING in
Seattle won a coveted Peabody Award for public service for its “Facing Race” series, and it also won a duPont-Columbia
University Award, as did WFAA in Dallas. We received 86 Regional Edward R. Murrow Awards, including six for Excellence in
Diversity, Equity, and Inclusion, and we were awarded 10 National Edward R. Murrow Awards, more than any other news
organization, including for WWL in New Orleans’ “The Talk,” for Diversity, Equity, and Inclusion. The National Association of Black
Journalists honored WUSA in Washington, D.C., and WVEC in Hampton, Va., with its Salute to Excellence Award, including two
won by WUSA. Winning 2021 Gracie Awards from the Alliance for Women in Media Foundation were WBIR in Knoxville, WCNC
in Charlotte, N.C., WKYC in Cleveland and WUSA in Washington, D.C.

Each year, our stations identify pressing needs in their communities and partner with local nonprofit organizations to help

address these issues. In 2021, our stations helped raise more than $100 million in support of diverse local causes that address
specific needs in communities. For example, in Dallas, the Communities Foundation of Texas’ annual 18-hour North Texas Giving
Day raised $66 million from more than 283,000 donors with the assistance of WFAA in Dallas, which built awareness through
public service announcements and other promotions.

Through the TEGNA Foundation, we work to improve lives in the communities we serve by contributing to a variety of local

charitable causes via Community Grants. In 2021, the TEGNA Foundation in partnership with local stations made 330
Community Grants totaling $1.85 million. Grants are distributed within the United Nations Sustainable Development Goal
framework, with the majority of 2021 grants supporting three major categories: Good Health and Well-Being, Quality Education,
and Zero Hunger. Through its other programs, the TEGNA Foundation invests in the future of the media industry through Media
Grants, supports employee giving and volunteerism, and contributes to a variety of charitable causes.

Media Grants support training for the next generation of diverse journalists, education and development opportunities for

journalists and other professionals in the media field, and protection of First Amendment freedoms. In 2021, we awarded
$135,000 in Media Grants to 12 organizations, with the Poynter Institute for Media Studies receiving grants for two projects,
including its Poynter Leadership Academy for Diversity in Digital Journalism and the Collective, a newspaper for and by people of
color to provide strategies for getting the skills, connections, confidence, and voice needed to succeed in their newsrooms and
produce the journalism that matters in their communities. Other Media Grants went to the American Bar Association Fund for
Justice and Education to support the 2022 Moot Court competition; Asian American Journalists Association for its JCamp and
Voices student programs; Carole Kneeland Project for Responsible Television Journalism to support boot camps, training, and
online continuing education; and Investigative Reporters and Editors Inc. for two FOIA sessions and the Media Journalist Brown
Bag lunch session at the 2021 annual conference.

Grants also went to the National Association of Black Journalists to support a professional development session at the 2021
annual conference and to co-brand the 2021 Black Male Media Project; National Association of Hispanic Journalists for its 2021
Student Project; National Lesbian and Gay Journalists Association for its 2021 CONNECT: Student Journalism Training Project,
a two-day virtual conference for LGBTQ student journalists; Native American Journalists Association to support its “Covering
COVID-19 in Indian Country” webinar roundtable series; News Literacy Project for its Checkology Virtual Classroom Program that
provides programs and resources for educators and the public; Online News Association to support student/new professional
scholarships for the 2021 conference; and the Radio Television Digital News Foundation for the 2021 Student News Project.

Our employees also give back to their local communities by volunteering for and donating to their favorite causes. In 2021,

the TEGNA Foundation continued to match employee donations two-for-one to the nonprofits most meaningful to them. As a
result, the Foundation approved more than 3,100 employee matching gifts, a new record. More than 1,700 nonprofits were
reached through TEGNA employees’ giving. Their donations combined with TEGNA Foundation matches totaled more than $2.2
million. TEGNA supports employee participation in charitable causes, providing 10 hours of paid time off annually for volunteer
work in addition to our employee matching gift program.

Our stations are also a valued resource for communities when natural disasters strike. In addition to our news coverage that

keeps our audience informed and safe during disasters, our stations tell inspirational stories of heroism and hope to help our
communities pull together during times of crisis. Stations also help lead in fundraising when crises hit, as several did in 2021.
When weather-related calamities that included a devastating fire in Colorado and deadly tornadoes in Kentucky, TEGNA stations
quickly stepped in to help provide financial aid and support. In Colorado, KUSA in Denver helped drive more than $26 million in
donations to the Boulder County Wildfire Fund after wildfires destroyed over 1,000 structures and KUSA anchor Kyle Clark’s
Word of Thanks campaign raised more than $1 million. In Kentucky, a 90-minute virtual telethon in which six TEGNA stations
participated, generated sizable Red Cross disaster-relief funds, including a $50,000 TEGNA Foundation grant. In the aftermath of
a brutal and historic February 2021 storm in Texas that overwhelmed countless residents, 12 TEGNA stations led by KHOU in
Houston and WFAA in Dallas promoted the Texas Cares Winter Storm Relief campaign that raised funds for United Ways of
Texas. When Hurricane Ida hit Louisiana in late August 2021, leaving bayou communities hit especially hard, WWL launched a
United Way Ida Relief Fund that raised $2.5 million in cash donations and $1 million of in-kind supplies.

For the second consecutive year, we were named to The Civic 50 by Points of Light, the world’s largest organization
dedicated to volunteer service. The Civic 50 recognized TEGNA as one of the 50 most community-minded companies in the
United States. We also were honored in 2021 to receive an inaugural Greater Good Award from Digiday for the COVID-19 relief
efforts our stations led in their local communities.

Corporate Governance - Our management and Board of Directors aim to create value for our shareholders through effective,

ethical management of our company. Our Board of Directors has implemented strong corporate governance policies that align
with best practices for publicly held companies and the evolving expectations of shareholders and institutional investors.

•

Independent Board Oversight: We have an independent and diverse Board, led by an independent chairman. The
Board maintains objective oversight as 11 out of TEGNA’s 12 Directors are independent, with CEO Dave Lougee
serving as the only TEGNA employee on the Board. The separation of the roles of Chairman and CEO allows for
effective, independent Board oversight and communication, while enabling the CEO to focus on executing the strategic
plan and managing operations. The Board also conducts an annual performance evaluation to ensure the effectiveness
of the Board and its committees, as well as the broader Board leadership structure.

Active, Engaged Board: Our directors spend significant time engaged in strategy discussions in order to identify
potential opportunities to create value for our shareholders. The Board also oversees risk management through regular
discussions with senior leadership, considering risks in the context of our strategic plan and operations. Directors play a
key role in TEGNA’s extensive shareholder engagement program, which actively seeks feedback from investors to gain
a better perspective on our management and performance in key areas.

Experience Aligned with Long-Term Strategy: Since 2017, TEGNA has undergone a Board refreshment process to
ensure Directors’ expertise align with TEGNA’s strategic evolution. During this period, we added four independent
Directors with deep expertise in media, technology, social/digital, and capital markets and transactional experience.

Commitment to Diversity and Inclusion: Our Board and management are committed to ensuring our company reflects
the diversity of the communities we serve. To strengthen accountability on diversity into the governance of our company,
in 2020 TEGNA’s Board adopted specific areas of oversight for each Board committee regarding how we approach
diversity:
◦

The Leadership Development & Compensation Committee is responsible for monitoring and supporting our
performance in diversity, inclusion and equal employment opportunity, and the continuation of our efforts to
gain and maintain diversity among our employees and management.

◦

The Nominating & Governance Committee is responsible for overseeing the racial, ethnic and gender diversity
of the Board.

The Public Policy and Regulatory Committee reviews with management our approach to, and initiatives and
support for, promoting racial and ethnic diversity in our news and other content, through inclusive journalism
and racial and ethnic diversity in our editorial decision-making and leadership.

The Audit Committee is responsible for monitoring our finance and asset management-related diversity and
inclusion efforts, including our investment and purchasing involving minority-owned businesses.

In addition to the corporate governance practices discussed above, other important corporate governance practices we follow

include:

• All of our directors are elected annually;
• Our directors and senior executives are subject to stock ownership guidelines;
• We do not have a shareholder rights plan (poison pill) in place;
• Our Board has adopted a proxy access by-law provision; and
• Mergers and other business combinations involving the Company generally may be approved by a simple majority vote.

Additional information regarding our corporate governance practices is included in our Principles of Corporate Governance

posted on the Corporate Governance page under the “Investors” menu of our website at www.tegna.com.

MARKETS WE SERVE
TELEVISION STATIONS AND AFFILIATED DIGITAL PLATFORM

State/District of
Columbia

Alabama

Arizona

Arkansas

California

Colorado

Connecticut

Huntsville

Flagstaff

Mesa

Tucson

Fort Smith

Little Rock

Sacramento

San Diego

Denver

Hartford

Waterbury

City

Station/web site

WZDX(TV): rocketcitynow.com

KNAZ-TV: 12news.com

KPNX(TV): 12news.com

KMSB(TV): tucsonnewsnow.com

KTTU(TV): tucsonnewsnow.com

Ch. 18/MNTV

KFSM-TV: 5newsonline.com

KTHV(TV): thv11.com

KXTV(TV): abc10.com

KFMB-TV: cbs8.com

KTVD(TV): my20denver.com

KUSA(TV): 9news.com

WTIC-TV: fox61.com

WCCT-TV: yourcwtv.com/partners/hartford
WUSA(TV): wusa9.com

District of Columbia Washington

Florida

Jacksonville

WJXX(TV): firstcoastnews.com

Georgia

Idaho

Illinois

Indiana

Iowa

Kentucky

Louisiana

Maine

Michigan

Minnesota

Missouri

New York

North Carolina

Ohio

Oregon

Pennsylvania

South Carolina

Tennessee

Texas

WTLV(TV): firstcoastnews.com

Tampa-St. Petersburg WTSP(TV): wtsp.com
Atlanta

WATL(TV): 11alive.com

Macon

Boise

Moline

Indianapolis

Ames

Louisville

New Orleans

Bangor

Portland

WXIA-TV: 11alive.com

WMAZ-TV: 13wmaz.com
KTVB(TV) (3): ktvb.com
WQAD-TV: wqad.com
WTHR(TV) (4): wthr.com
WOI-DT: weareiowa.com

KCWI-TV: weareiowa.com

WHAS-TV: whas11.com

WWL-TV: wwltv.com
WUPL(TV) (5): wwltv.com/mytv
WLBZ(TV): newscentermaine.com

WCSH(TV): newscentermaine.com

Grand Rapids

WZZM(TV): wzzm13.com

Minneapolis-St. Paul

KARE(TV): kare11.com

St. Louis

Buffalo

Charlotte

Greensboro

Cleveland

Columbus

Toledo

Portland

Scranton

York

Columbia

Knoxville

Memphis

Abilene

Austin

Beaumont

Corpus Christi

Dallas

Houston

Odessa

San Angelo

San Antonio

KSDK(TV): ksdk.com

WGRZ(TV): wgrz.com

WCNC-TV: wcnc.com

WFMY-TV: wfmynews2.com
WKYC-TV: wkyc.com
WBNS-TV (6): 10tv.com
WTOL(TV): wtol.com
KGW(TV) (7): kgw.com
WNEP-TV: wnep.com

WPMT(TV): fox43.com

WLTX(TV): wltx.com

WBIR-TV: wbir.com

WATN-TV: localmemphis.com

WLMT(TV): localmemphis.com

KXVA(TV): myfoxzone.com

KVUE(TV): kvue.com
KBMT(TV) (8): 12newsnow.com
KIII-TV: kiiitv.com

WFAA(TV): wfaa.com
KMPX(TV): wfaa.com

KHOU(TV): khou.com

KTBU(TV): khou.com

KWES-TV: newswest9.com

KIDY(TV): myfoxzone.com

KENS(TV): kens5.com

Tyler-Longview

KYTX(TV): cbs19.tv

Channel (1)/
Network

Ch. 54/FOX

Ch. 2/NBC

Ch. 12/NBC

Ch. 11/FOX

Ch. 5/CBS

Ch. 11/CBS

Ch. 10/ABC

Ch. 8/CBS

Ch. 20/MNTV

Ch. 9/NBC

Ch. 61/FOX

Ch. 20/CW
Ch. 9/CBS

Ch. 25/ABC

Ch. 12/NBC

Ch. 10/CBS
Ch. 36/MNTV

Ch. 11/NBC

Ch. 13/CBS

Ch. 7/NBC

Ch. 8/ABC

Ch. 13/NBC

Ch. 5/ABC

Ch. 23/CW

Ch. 11/ABC

Ch. 4/CBS

Ch. 54/MNTV

Ch. 2/NBC

Ch. 6/NBC

Ch. 13/ABC

Ch. 11/NBC

Ch. 5/NBC

Ch. 2/NBC

Ch. 36/NBC

Ch. 2/CBS

Ch. 3/NBC

Ch. 10/CBS

Ch. 11/CBS

Ch. 8/NBC

Ch. 16/ABC

Ch. 43/FOX

Ch. 19/CBS

Ch. 10/NBC

Ch. 24/ABC

Ch. 30/CW

Ch. 15/FOX

Ch. 24/ABC

Ch. 12/ABC

Ch. 3/ABC

Ch. 8/ABC
Ch. 29 / Estrella

Ch. 11/CBS

Ch. 55/Quest

Ch. 9/NBC

Ch. 6/FOX

Ch. 5/CBS

Ch. 19/CBS

Affiliation
Agreement
Expires in

Market TV
Households
(2)

Founded

2022

2024

2022

2023

2022

2024

2022

2026
2022

2023

2024

2022
2022

2024

2022

2024

2023

2024

2022

2026

2023

2022

2024

2023

2024

2022

2024

2022

2023

2024

2023

2022

2024

2022

2026

2022

2023

2023
2025

2022

N/A

2024

2022

428,030

2,085,290

457,790

332,690

565,820

1,477,970

1,133,290

1,806,820

1,001,640

1,001,640
2,640,920

769,000

2,043,580
2,659,160

2,659,160

246,120

323,460

303,070

1,176,620

467,990

704,480

665,520

142,470

423,110

794,280

1,917,970

1,251,300

637,520

1,274,830

716,510

1,527,000

1,006,870

416,210

1,331,480

585,050

785,190

418,640

539,790

632,270

117,460

927,180

168,350

213,270

2,962,440
2,962,440

2,598,960

176,380

58,760

1,045,420

279,770

1985

1970

1953

1967

1984

1956

1955

1949

1988

1952

1984

1953
1949

1989

1957

1965
1954

1948

1953

1963

1957

1950

1999

1950

1957

1955

1954

1953

1962

1953

1947

1954

1967

1949

1948

1949

1958

1956

1954

1952

1953

1956

1978

1983

2001

1971

1961

1964

1949
1993

1953

2004

1958

1984

1950

2008

TELEVISION STATIONS AND AFFILIATED DIGITAL PLATFORM

(Continued)

State/District of
Columbia

City

Station/web site

Temple

KCEN-TV (9): kcentv.com

Virginia

Hampton/Norfolk

WVEC(TV): 13newsnow.com

Washington

Seattle/Tacoma

KING-TV: king5.com

Spokane

KONG(TV): king5.com

KREM(TV): krem.com

KSKN(TV): spokanescw22.com

Channel (1)/
Network

Affiliation
Agreement
Expires in

Market TV
Households
(2)

Founded

Ch. 9/NBC

Ch. 13/ABC

Ch. 5/NBC

Ch. 16/IND

Ch. 2/CBS

Ch. 22/CW

2024

2023

2024

N/A

2022

2026

402,470

744,600

2,158,120

480,500

1953

1948

1997

1954

1983

(1) Channel refers to the viewer-facing “virtual” channel associated with the station’s brand, which may differ from the radio frequency channel on which the station transmits.
(2) Market TV households is number of television households in each market, according to 2021-2022 Nielsen figures.
(3) We also own KTFT-LD (NBC), a low power television station in Twin Falls, ID.
(4) We also own WALV-CD, a Class A television station in Indianapolis, IN.
(5) We also own WBXN-CD, a Class A television station in New Orleans, LA.
(6) We also own two radio stations, WBNS(AM) (1460), and WBNS-FM (97.1).
(7) We also own KGWZ-LD, a low power television station in Portland, OR.
(8) KBMT also operates a subchannel (KJAC/NBC), which is not counted. We also own KUIL-LD, a low power station in Beaumont, TX.
(9) We also own KAGS-LP, a low power television station in Bryan, TX.

In addition to the above television station properties, we also have the following digital and multicast network operations which
support our television stations:

Locked On Podcast Network: www.lockedonpodcasts.com
Premion: www.premion.com
TEGNA Marketing Solutions: www.tegna.com/advertise
True Crime Network, Quest, and Twist multicast networks: www.truecrimenetworktv.com, www.questtv.com, and
www.watchtwist.com

Verify: www.verifythis.com

INVESTMENTS
We have non-controlling ownership interests in the following companies:
Baller TV: www.ballertv.com
Boom Shakalaka: www.booment.com
Bustle Digital Group: www.bustle.com
CareerBuilder: www.careerbuilder.com
Hudson MX: www.hudsonmx.com
Jackpocket Inc: www.jackpocket.com
Kin Community: www.kincommunity.com
MadHive: www.madhive.com
Pearl: www.pearltv.com
SIGNIA Venture Partners: www.signiaventurepartners.com
ViewLift: www.viewlift.com
Video Call Center: www.thevcc.tv
Vizbee: www.vizbee.tv
Whistle Sports: www.teamwhistle.com

TEGNA ON THE NET: News and information about us is available on our web site, www.TEGNA.com. In addition to news and other
information about us, we provide access through this site to our annual report on Form 10-K, our quarterly reports on Form 10-Q, our current
reports on Form 8-K and all amendments to those reports as soon as reasonably practicable after we file or furnish them electronically to the
Securities and Exchange Commission (SEC). Certifications by our Chief Executive Officer and Chief Financial Officer are included as exhibits
to our SEC reports (including to this Form 10-K). We also provide access on this web site to our Principles of Corporate Governance, the
charters of our Audit, Leadership Development and Compensation, Nominating and Governance, and Public Policy and Regulation Committees
and other important governance documents and policies, including our Ethics and Inside Trading Policies. Copies of all of these corporate
governance documents are available to any shareholder upon written request made to our Secretary at the headquarters address. We will
disclose on our web site changes to, or waivers of, our corporate ethics policy.

Certain factors affecting forward-looking statements

Certain statements in this Annual Report on Form 10-K that do not describe historical facts may constitute forward-looking
statements within the meaning of the “safe harbor” provisions of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are based on a number of
assumptions about future events and are subject to various risks, uncertainties and other factors that may cause actual results to

differ materially from the views, beliefs, projections and estimates expressed in such statements. These risks, uncertainties and
other factors include, but are not limited to, those described within Part I, Item 1A “Risk Factors” in this Annual Report, and the
following: (1) the timing, receipt and terms and conditions of any required governmental or regulatory approvals of the proposed
transaction and the related transactions involving the parties that could reduce the anticipated benefits of or cause the parties to
abandon the proposed transaction, (2) risks related to the satisfaction of the conditions to closing the proposed transaction
(including the failure to obtain necessary regulatory approvals or the approval of the Company’s stockholders), and the related
transactions involving the parties, in the anticipated timeframe or at all, (3) the risk that any announcements relating to the
proposed transaction could have adverse effects on the market price of the Company’s common stock, (4) disruption from the
proposed transaction making it more difficult to maintain business and operational relationships, including retaining and hiring
key personnel and maintaining relationships with the Company’s customers, vendors and others with whom it does business, (5)
the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement
entered into pursuant to the proposed transaction or of the transactions involving the parties, (6) risks related to disruption of
management’s attention from the Company’s ongoing business operations due to the proposed transaction, (7) significant
transaction costs, (8) the risk of litigation and/or regulatory actions related to the proposed transaction or unfavorable results from
currently pending litigation and proceedings or litigation and proceedings that could arise in the future, (9) other business effects,
including the effects of industry, market, economic, political or regulatory conditions, (10) information technology system failures,
data security breaches, data privacy compliance, network disruptions, and cybersecurity, malware or ransomware attacks, and
(11) changes resulting from the COVID-19 pandemic, which could exacerbate any of the risks described above.

Readers are cautioned not to place undue reliance on forward-looking statements made by or on behalf of the Company.
Each such statement speaks only as of the day it was made. We undertake no obligation to update or to revise any forward-
looking statements. The factors described above cannot be controlled by our Company. When used in this Annual Report on
Form 10-K, the words “believes,” “estimates,” “plans,” “expects,” “should,” “could,” “outlook,” and “anticipates” and similar
expressions as they relate to our Company or management are intended to identify forward looking statements. Forward-looking
statements in this Annual Report on Form 10-K may include, without limitation: statements about the potential benefits of the
proposed acquisition, anticipated growth rates, the Company’s plans, objectives, expectations, and the anticipated timing of
closing the proposed transaction.

ITEM 1A. RISK FACTORS

An investment in our common stock involves risks and uncertainties and investors should consider carefully the following risk
factors before investing in our securities. We seek to identify, manage and mitigate risks to our business, but risk and uncertainty
cannot be eliminated or necessarily predicted. The risks described below may not be the only risks we face. Additional risks that
we do not yet perceive or that we currently believe are immaterial may adversely affect our business and the trading price of our
securities.

Risks Related to the Merger

The Merger is subject to receipt of approval from our shareholders as well as the satisfaction of other closing
conditions, including conditions that may not be satisfied or completed on a timely basis, if at all.

The consummation of the Merger is subject to a number of important closing conditions that make the closing and timing of
the Merger uncertain. The conditions include, among others, (i) the approval of the Merger Agreement by the holders of at least a
majority of the outstanding shares of our common stock entitled to vote thereon; (ii) the absence of any injunction or order by a
court of competent jurisdiction in the United States or law in the United States having been adopted prohibiting the
consummation of the Merger; (iii) the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust
Improvements Act of 1976, as amended applicable to the Merger and the transactions contemplated by that certain Contribution
and Exchange Agreement entered into concurrently with the Merger Agreement by the Parent Restructuring Entities (the
Contribution Agreement); (iv) the grant by the FCC of applications required to be filed with the FCC to obtain the approvals of the
FCC pursuant to the Communications Act and FCC rules necessary to consummate the transactions contemplated by the
Merger Agreement and the Contribution Agreement (the transactions contemplated by the Contribution Agreement, the
Restructuring), including a petition for declaratory ruling under Section 310(b) of the Communications Act and the FCC’s rules
governing foreign ownership with respect to the Merger and the Restructuring; (v) the accuracy of the representations and
warranties contained in the Merger Agreement (subject to certain materiality qualifiers); (vi) the performance and compliance in
all material respects by the parties of their respective covenants required by the Merger Agreement to be performed or complied
with by such party prior to the effective time of the Merger (the Effective Time); and (vii) the absence of any “Company Material
Adverse Effect” (as defined in the Merger Agreement) since September 30, 2021. We can provide no assurance that all required
consents and approvals will be obtained or that all closing conditions will otherwise be satisfied (or waived, if applicable), and, if
all required consents and approvals are obtained and all closing conditions are satisfied (or waived, if applicable), we can provide
no assurance as to the terms, conditions and timing of such consents and approvals or the timing of the completion of the
Merger. Many of the conditions to completion of the Merger are not within either our or the Parent Restructuring Entities’ control,
and neither us nor the Parent Restructuring Entities can predict when or if these conditions will be satisfied (or waived, if
applicable). Any delay in completing the Merger could cause us not to realize some or all of the benefits that we expect to
achieve if the Merger is successfully completed within its expected timeframe.

Failure to complete the Merger in a timely manner, or at all, could negatively impact our future business and our
financial condition, results of operations and cash flows.

If the Merger is not completed for any reason, including as a result of our shareholders failing to adopt the Merger Agreement,

our shareholders will not receive any payment for their shares in connection with the Merger. Instead, TEGNA will remain an
independent public company, and its shares will continue to be traded on the New York Stock Exchange. Moreover, our ongoing
business may be materially adversely affected and we would be subject to a number of risks, including the following:

•

we may experience negative reactions from the financial markets, including negative impacts on our stock price, and it
is uncertain when, if ever, the price of the shares would return to the prices at which the shares currently trade;

we may experience negative publicity, which could have an adverse effect on our ongoing operations including, but not
limited to, retaining and attracting employees, distribution partners, content partners, business clients, customers,
providers, advertisers and others with whom we do business;

we will still be required to pay certain significant costs relating to the Merger, such as legal, accounting, financial
advisor, printing and other professional services fees, which may relate to activities that we would not have undertaken
other than in connection with the Merger;

we may be required to pay a cash termination fee as required under the Merger Agreement;

the Merger Agreement places certain restrictions on the conduct of our business, which may have delayed or prevented
us from undertaking business opportunities that, absent the Merger Agreement, we may have pursued;

• matters relating to the Merger require substantial commitments of time and resources by our management, which could

result in the distraction of management from ongoing business operations and pursuing other opportunities that could
have been beneficial to us; and

•

litigation related to the Merger or related to any enforcement proceeding commenced against us to perform our
obligations under the Merger Agreement.

If the Merger is not consummated, the risks described above may materialize and they may have a material adverse effect on

our business operations, financial results and stock price, especially to the extent that the current market price of our common
stock reflects an assumption that the Merger will be completed.

We are subject to certain restrictions in the Merger Agreement that may hinder operations pending the consummation
of the Merger.

The Merger Agreement generally requires us to operate our business in the ordinary course pending consummation of the
Merger and restricts us, without Community News Media LLC’s consent, from taking certain specified actions until the Merger is
completed, subject to certain exceptions. These restrictions may affect our ability to execute our business strategies and attain
our financial and other goals and may impact our financial condition, results of operations and cash flows.

These restrictions could be in place for an extended period of time if the consummation of the Merger is delayed, which may
delay or prevent us from undertaking business opportunities that, absent the Merger Agreement, we might have pursued, or from
effectively responding to competitive pressures or industry developments.

Whether or not the Merger is completed, the pending Merger may disrupt our current plans and operations, which could have

an adverse effect on our business and financial results. For these and other reasons, the pendency of the Merger could
adversely affect our business and financial results.

We will be subject to various uncertainties while the Merger is pending that may cause disruption and may make it
more difficult to maintain relationships with employees, clients, customers, and others with whom we do business.

In connection with the proposed Merger, our current and prospective employees may experience uncertainty about their
future roles with the combined company following the Merger, which may materially adversely affect our ability to attract and
retain key personnel while the Merger is pending. Key employees may depart because of issues relating to the uncertainty and
difficulty of integration or a desire not to remain with the combined company following the Merger. Accordingly, no assurance can
be given that we will be able to attract and retain key employees to the same extent that we have been able to in the past. If we
do not succeed in attracting, hiring, and integrating excellent personnel, or retaining and motivating existing personnel, we may
be unable to grow and operate our business effectively.

The proposed Merger further could cause disruptions to our business or business relationships, which could have an adverse

impact on our results of operations. Parties with which we have business relationships may experience uncertainty as to the
future of such relationships and may delay or defer certain business decisions, seek alternative relationships with third parties or

seek to alter their present business relationships with us. Parties with whom we otherwise may have sought to establish business
relationships may seek alternative relationships with third parties. The pursuit of the Merger and the preparation for the
integration may also place a significant burden on management and internal resources. The diversion of management’s attention
away from day-to-day business concerns could adversely affect our financial results.

The Merger Agreement contains provisions that could make it difficult for a third party to make a superior acquisition
proposal.

The Merger Agreement contains certain customary restrictions on our ability to solicit proposals from third parties for an
acquisition of TEGNA prior to obtaining the approval of the Merger Agreement from our shareholders. In addition, subject to
certain customary “fiduciary out” exceptions, the Board is required to recommend that our shareholders vote in favor of the
approval of the Merger, the Merger Agreement and the transactions contemplated thereby.

We may, under certain circumstances, be obligated to pay a termination fee to Parent and/or reimburse Parent for its

expenses. These costs could require us to use cash that would have otherwise been available for other uses.

These provisions might discourage an otherwise-interested third party from considering or proposing an acquisition of
TEGNA, including proposals that may be deemed to offer greater value to our shareholders than as provided in the Merger
Agreement. Furthermore, even if a third party elects to propose an acquisition, the requirement that we must pay a termination
fee to accept any such proposal may cause that third party to offer a lower price to our stockholders than such third party might
otherwise have offered.

Risks Related to Our Business and Industry

We are impacted by demand for advertising, which, in turn, depends on a number of factors, some of which are cyclical
and many of which are beyond our control

In 2021, 48% of our revenues were derived from television spot and digital advertising. Demand for advertising is highly

correlated with the strength of the U.S. economy, both in the markets our stations serve and in the nation as a whole.
Consequently, our operating results depend on the relative strength of the economy in our principal television markets as well as
the strength or weakness of regional and national economic factors. A decline in economic conditions in the U.S. could have a
significant adverse impact on our businesses and could significantly impact our television spot and digital advertising revenues.

Our advertising revenues can also be affected by a variety of other factors outside our control, including, among other things,
the viewership of the programming offered by our television stations, local and national advertising price fluctuations, the duration
and extent of any network preemption of regularly scheduled programming for any reason, and labor disputes or other
disruptions at programming providers, networks or professional sports leagues. Our advertising revenues can also vary
substantially from year to year, driven by the political election cycle (i.e., even years); the ability and willingness of candidates
and political action committees to raise and spend funds on television and digital advertising; and the competitiveness of the
election races in our stations’ markets.

Competition from alternative forms of media may impair our ability to grow or maintain revenue levels in traditional and
new businesses

Advertising and marketing services produce a significant portion of our revenues, with our stations’ affiliated desktop, mobile
and tablet advertising revenues, as well as our OTT product offerings being important components. Technology, particularly new
video formats, streaming and downloading capabilities via the Internet, video-on-demand, personal video recorders and other
devices and technologies used in the entertainment industry continues to evolve rapidly, leading to alternative methods for the
delivery and storage of digital content. These technological advancements have driven changes in consumer behavior and have
empowered consumers to seek more control over when, where and how they consume news and entertainment, including
through so-called “cutting the cord” and other consumption strategies.

These innovations may affect our ability to generate television audience, which may make our television stations less

attractive to advertisers. For example, increasing demand for content generated for consumption through other forms of media
such as Amazon Prime Video, Disney+, HBO Max, Hulu, Netflix, or Peacock could cause our advertising revenues to decline as
a result of changes to the ratings of our programming, which may materially negatively affect our business and results of
operations.

A resurgence in the rate of COVID-19 infections that is significant enough to force widespread business closures could
materially and adversely affect our financial condition, results of operations and cash flows.

During 2021 and continuing into 2022, the world continued to be impacted by the novel coronavirus (COVID-19) pandemic.

The emergence of the delta and omicron variants produced spiking infection rates, creating further economic uncertainty
throughout the United States.

The impact of COVID-19 and the extent of its adverse impact on our financial and operating results will be dictated by how
the pandemic continues to affect our advertising customers. This will depend on future pandemic-related developments including
the severity of COVID-19 variants; disruptions to our customers’ supply chains and impacts to their advertising and marketing
purchasing patterns; the effectiveness, distribution and acceptance of COVID-19 vaccines; consumer confidence; and U.S.
government actions to prevent and manage the virus spread, all of which are uncertain and cannot be predicted. While we use
the best information available in developing significant estimates included in our financial statements, the effects of the pandemic
on our operations may not be fully realized, or reflected in our financial results, until future periods. As such, actual results could
differ from our estimates, and these differences resulting from changes in facts and circumstances could be material.

The value of our assets or operations may be diminished if our information technology systems fail to perform
adequately

Our information technology systems are critically important to operating our business efficiently and effectively. We rely on our

information technology systems, including systems hosted and operated by third-party vendors on our behalf, to manage our
business data, communications, news and advertising content, digital products, order entry, fulfillment and other business
processes. The failure of our information technology systems to perform as we anticipate could disrupt our business and could
result in transaction errors, processing inefficiencies, broadcasting disruptions, and loss of sales and customers, causing our
business and results to be impacted.

Our efforts to minimize the likelihood and impact of adverse cybersecurity incidents and to protect our technology and
confidential information may not be successful and our business could be negatively affected

In addition to the operational risks described above, our informational technology systems are also exposed to increasing

risks related to cybersecurity-related incidents. Cybersecurity attacks by third parties with malicious intent, including but not
limited to, attacks on our or our vendors’ information technology infrastructure and unauthorized attempts to gain access to our
confidential information, pose risks to our company. Further, advances in technology and the increasing sophistication of
attackers have led to more frequent and effective cyberattacks, including advanced persistent threats by state-sponsored actors,
cyberattacks relying on complex social engineering or “phishing” tactics, ransomware attacks, and other methods. We take
measures to minimize the risk of a cyber-attack including utilization of multi-factor authentication, deployment of firewalls, virtual
private networks for mobile connections, elevated access controls, standardized vendor access, active patching monitoring /
logging, and conducting regular training of our employees related to protecting sensitive information and recognizing “phishing”
attacks. While the measures we employ meet or exceed industry standards they nonetheless may not be sufficient in preventing
or timely detecting breaches or cyber-attacks due to the evolving nature and ever-increasing abilities of cyber-attackers.
Depending on the severity of the breach or cyber-attack, such events could result in business interruptions, disclosure of
nonpublic information, loss of sales and customers, misstated financial data, liabilities for stolen assets or information, diversion
of our management’s attention, transaction errors, processing inefficiencies, increased cybersecurity protection costs, litigation,
and financial consequences, any or all of which could adversely affect our business operations and reputation. In addition,
cybersecurity breaches could subject us to civil liability to customers and other third parties as well as fines and penalties
imposed by governmental or regulatory authorities, which could be substantial. We maintain cyber risk insurance, but this
insurance may be insufficient to cover all of our losses from breaches of our systems. In addition, our business operations may
be disrupted, and our results of operations may be impaired, by the impact of breaches or cyber-attacks on our vendors, and
these potential disruptions and impairments may not be covered by our insurance policies.

As has historically been the case in the broadcast sector, loss of, or changes in, affiliation agreements or
retransmission consent agreements could adversely affect operating results for our stations

Most of our stations are covered by our network affiliation agreements with the major broadcast television networks (ABC,

CBS, NBC, and Fox). These television networks produce and distribute programming in exchange for each of our stations’
commitment to air the programming at specified times and for other consideration such as commercial announcement time
during the programming. The cost of network affiliation agreements represents a significant portion of our television operating
expenses.

Each of our network affiliation agreements has a stated expiration date. With respect to the major broadcast networks, our
principal expirations occur in the following years: NBC-early 2024, CBS-late 2022, ABC-2023 and Fox-mid 2022. If renewed, our
network affiliation agreements may be renewed on terms that are less favorable to us. The non-renewal or termination of any of
our network affiliation agreements would prevent us from being able to carry programming of the affiliate network. This loss of
programming would require us to obtain replacement programming, which may involve higher costs and/or which may not be as
attractive to our audiences, resulting in reduced revenues.

In recent years, the networks have begun streaming their programming directly to consumers on the Internet and other

distribution platforms (e.g., CBS on Paramount+ and NBC on Peacock), in some cases live or within a short period of the original
network programming broadcast on local television stations, including those we own. An increase in the availability of network
programming on alternative platforms that either bypass or provide less favorable terms to local stations - such as cable
channels, the Internet and other distribution vehicles - may dilute the exclusivity and the value of network programming originally
broadcast by our stations and could adversely affect the business, financial condition and results of operations of our stations.

Our retransmission consent agreements with major cable, satellite and telecommunications service providers (also referred to

as multichannel video programming distributors or MVPDs) permit them to retransmit our stations’ signals to their subscribers in
exchange for the payment of compensation to us (which we classify as subscription revenues). This source of revenue
represented approximately 49% of our 2021 total revenues. We recently renewed distribution agreements with multiple major
MVPDs at what we believe to be leading Big Four affiliates rates. On occasion, we may not be able to agree on mutually
acceptable terms when negotiating such renewals as we experienced in renewal negotiations with a major broadcast satellite
provider in early October 2021. When this happens, the MVPD will be required to cease airing our programming (commonly
referred to as a “blackout” or “going dark”), and we will not be compensated by the MVPD during the period of the blackout as
was the case with the broadcast satellite provider. Future blackouts, should they occur, or if we are unable to renew our
retransmission agreements on market terms, or at all, could negatively impact our business, financial condition and results of
operations.

In addition, the Merger could affect our relationships with broadcast television networks and MVPDs. Please see the Risk
Factor titled “We will be subject to various uncertainties while the Merger is pending that may cause disruption and may make it
more difficult to maintain relationships with employees, clients, customers, and others with whom we do business.”

We operate our business in a single broadcast segment, which increases our exposure to the changes and highly
competitive environment of the broadcast industry

Broadcast companies operate in a highly competitive environment and compete for audiences, advertising and marketing
services revenue and quality programming. Lower audience share, declines in advertising and marketing services spending, and
increased programming costs would adversely affect our business, financial condition and results of operations. There can be no
assurance that we will be able to compete successfully against existing, new or potential competitors, or that competition and
consolidation in the media marketplace will not have a material adverse effect on our business, financial condition or results of
operations.

In addition, the FCC and Congress may enact new laws and regulations, and/or changes to existing laws and regulations,

that could impact media ownership and other broadcast-related activities. Changes to FCC rules may lead to additional
opportunities as well as increased uncertainty in the industry.

Changing regulations may also impair or reduce our leverage in negotiating affiliation or retransmission agreements,
adversely affecting our revenues, or result in increased costs, reduced valuations for certain broadcasting properties or other
impacts, all of which may adversely impact our future profitability. All of our stations are required to hold broadcasting licenses
from the FCC; when granted, these licenses are generally granted for a period of eight years. Under certain circumstances, the
FCC is not required to renew any license and could decline to renew future license applications.

Changes in the regulatory environment could increase our costs or limit our opportunities for growth

Our stations are subject to various obligations and restrictions under the Communications Act of 1934, as amended (the
Communications Act), and FCC regulations. These requirements may be affected by legislation, FCC actions, or court decisions,
and any such changes may affect the performance of our business, such as by imposing new obligations or by limiting our
television stations’ exclusivity or retransmission consent rights. If broadcast ownership rules become more restrictive, our
opportunities to grow our broadcast business through acquisitions or other strategic transactions could be impaired.

In addition, prospective acquisition activities may be subject to antitrust review by the Antitrust Division of the Department of

Justice (DOJ). DOJ’s review could result in restrictions on our ability to pursue or consummate future transactions, and/or a
requirement that we divest certain television stations if an acquisition would result in excessive concentration in a market. Review
and enforcement policies of the DOJ may be subject to change, including as a result of changes in administration or in DOJ
leadership. As a result, we cannot assure investors that any future transaction that we enter into will be approved, or that a
requirement to divest existing stations will not have an adverse effect on the transaction or on our business.

Risks Related to Ownership of Our Common Stock

There could be significant liability if the spin-off of Cars.com was determined to be a taxable transaction

In May 2017 we completed our spin-off of Cars.com, which we refer to as the “spin-off”. In connection with the spin-off, we
received an opinion from outside tax counsel to the effect that the requirements for tax-free treatment under Section 355 of the
Internal Revenue Code were satisfied. The opinion relies on certain facts, assumptions, representations and undertakings from
TEGNA and the spun-off business regarding the past and future conduct of the company’s business and other matters. If any of
these facts, assumptions, representations or undertakings is incorrect or not satisfied, TEGNA and its stockholders may not be
able to rely on the opinion of tax counsel and could be subject to significant tax liabilities.

Notwithstanding the opinion of tax counsel, the Internal Revenue Service could determine on audit that the spin-off is taxable
if it determines that any of these facts, assumptions, representations or undertakings were incorrect or have been violated or if it
disagrees with the conclusions in the opinion, or for other reasons, including as a result of certain significant changes in the
share ownership of TEGNA or the spun-off business after the separation. If the spin-off was determined to be taxable for U.S.

federal income tax purposes, TEGNA and its stockholders that are subject to U.S. federal income tax could incur significant U.S.
federal income tax liabilities. Our 2017 tax year is currently under examination by the Internal Revenue Service and the relevant
federal statute of limitations remains open until December 31, 2022.

Volatility in the U.S. credit markets could significantly impact our ability to obtain new financing to fund our operations
or to refinance our existing debt at reasonable rates and terms as it matures

As of December 31, 2021, we had approximately $3.26 billion in debt and approximately $1.33 billion of undrawn additional

borrowing capacity under our revolving credit facility that expires in 2024. Our fixed rate term debt matures at various times
during the years 2026-2029. If our operating results deteriorate significantly, we may not be able to pay amounts when due and a
portion of these maturities may need to be refinanced. Access to the capital markets for longer-term financing is generally
unpredictable and volatile credit markets could make it harder for us to obtain debt financings. In addition, the Merger Agreement
prohibits us from incurring, assuming, or guaranteeing any debt, subject to certain exceptions.

The value of our existing intangible assets may become impaired, depending upon future operating results

Goodwill and other intangible assets were approximately $5.42 billion as of December 31, 2021, representing approximately

78% of our total assets. Goodwill and indefinite-lived intangible assets are subject to annual impairment testing and more
frequent testing upon the occurrence of certain events or significant changes in circumstance that indicate all or a portion of their
carrying values may no longer be recoverable in which case a non-cash charge to earnings may be necessary. We may
subsequently experience market pressures that could cause future cash flows to decline below our current expectations, or
volatile equity markets could negatively impact market factors used in the impairment analysis, including earnings multiples,
discount rates, and long-term growth rates. Any future evaluations requiring an asset impairment charge for goodwill or other
intangible assets would adversely affect future reported results of operations and shareholders’ equity, although such charges
would not affect our cash flow.

ITEM 1B. UNRESOLVED STAFF COMMENTS

None.

ITEM 2. PROPERTIES

The types of properties required to support our television stations include offices, studios, sales offices, tower and transmitter

sites. A listing of television station locations can be found on page 16. Our digital and multicast businesses that support our
broadcast operations lease their facilities. This includes facilities for executive offices, sales offices and data centers. A listing of
our digital businesses locations can be found on page 17. We lease our corporate headquarters facility, which is located in
Tysons, VA. We believe that none of our individual properties represents a material amount of the total properties owned or
leased.

We believe all of our owned and leased facilities are in satisfactory condition, are well maintained, and are adequate for

current use.

ITEM 3. LEGAL PROCEEDINGS

Information regarding legal proceedings may be found in Note 11 of the Notes to consolidated financial statements.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

PART II

ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER
PURCHASES OF EQUITY SECURITIES

Our approximately 221.5 million outstanding shares of common stock were held by 5,924 shareholders of record as of

February 18, 2022. Our shares are traded on the New York Stock Exchange (NYSE) with the symbol TGNA.

Purchases of Equity Securities

In December 2020, our Board of Directors authorized a new share repurchase program for up to $300.0 million of our

common stock over the next three years. From 2019 through 2021, no shares were repurchased. As a result of the
announcement of the Merger Agreement on February 22, 2022, we have suspended share repurchases under this program.

Dividend Policy

Since 2017, we have been paying a regular quarterly cash dividend. We paid dividends totaling $78.5 million in 2021 and

$76.5 million in 2020. On March 29, 2021, we announced that our Board of Directors approved a dividend increase of ten cents
per share on an annual basis, to $0.38 per common share, which represents an approximately 36% increase above the prior
dividend. We expect to continue to pay our regular quarterly dividend of $0.095 per share through the closing of the Merger,
which is the maximum rate and frequency permitted by the Merger Agreement.

Comparison of shareholder return – 2017 to 2021

The following graph compares the performance of our common stock during the period December 31, 2016, to December 31,

2021, with the S&P 500 Index, and a peer group index we selected.

Our peer group includes E.W. Scripps Company, Gray Television Inc., Meredith Corp. (through 12/1/21 when it was acquired

by Gray Television Inc.), Nexstar Media Group, Inc., and Sinclair Broadcast Group, Inc (collectively, the peer group). The peer
group includes the largest publicly traded pure-play and diversified television broadcasting companies with meaningful television
station assets and broadcast exposure. No such company of relevant scale is excluded from the peer group, except for the
television networks, which are part of much larger entities in which television stations are a relatively small part of the aggregate
enterprise.

The S&P 500 Index includes 500 U.S. companies in the industrial, utilities and financial sectors and is weighted by market

capitalization. The total returns of each peer group index also are weighted by market capitalization.

The graph depicts representative results of investing $100 in our common stock, the S&P 500 Index, and the peer group
index as of closing on December 31, 2016. It assumes that dividends were reinvested monthly with respect to our common stock
(including, as it relates to the Cars.com spin-off, the aggregate value of the former digital automotive marketplace business as
distributed to our shareholders), daily with respect to the S&P 500 Index and monthly with respect to the peer group company.

INDEXED RETURNS

Years Ending

2016

100

2017

$107.04

$121.83

$115.16

2018

$84.60

$116.49

$110.28

2019

$132.29

$153.17

$122.03

2020

$112.91

$181.35

$110.86

2021

$153.08

$233.41

$153.19

Company Name / Index

TEGNA Inc.

S&P 500 Index

Peer Group

ITEM 6. [RESERVED]

Comparison of Cumulative Five Year Total ReturnTEGNA Inc.S&P 500 IndexPeer Group201620172018201920202021$50$100$150$200$250ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Introduction

We are an innovative media company serving the greater good of our communities. Across platforms, we tell empowering

We have one operating and reportable segment. 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 (AMS)
revenues, which include local and national non-political television advertising, digital marketing services (including Premion), and
advertising on 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., 2022, 2020. 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.

On February 22, 2022, we entered into the Merger Agreement with Parent, Merger Sub, and solely for purposes of certain

provisions specified therein, other subsidiaries of Parent, certain affiliates Standard General and CMG and certain of its
subsidiaries. We currently expect the transaction, which is subject to stockholder and regulatory approvals, and other customary
closing conditions, to close in the second half of 2022. See Part I, Item 1A, “Risk Factors” and Note 12 — Subsequent Event of
the Notes to Consolidated Financial Statements included in Part II, Item 8, “Financial Statements and Supplementary Data” of
this report.

COVID-19 pandemic

Since early 2020, the world has been, and continues to be, impacted by the novel coronavirus (COVID-19) and its variants.
The COVID-19 pandemic has brought unprecedented challenges including widespread economic and social change throughout
the United States. The U.S. economy continued on a path to recovery during 2021 with millions of Americans receiving
COVID-19 vaccines, states/municipalities increasingly reopening and continued growth in employment. In addition, the U.S.
federal government continued to enact policies to provide fiscal stimulus to the economy and relief to those affected by the
pandemic, with the stimulus bolstering household finances as well as those of small businesses, states and municipalities. Our
AMS revenues were most negatively impacted by the pandemic early in the second quarter of 2020 but since then AMS
revenues have improved significantly as economic re-opening accelerated.

The impact of COVID-19 and the extent of its adverse impact on our financial and operating results will be dictated by the

degree to which the pandemic continues to affect our advertising customers. This will depend on future pandemic-related
developments including the severity of COVID-19 variants, disruptions to our customers’ supply chains and impacts to their
advertising and marketing purchasing patterns, the effectiveness, distribution and acceptance of COVID-19 vaccines and booster
shots, consumer confidence, and U.S. government actions to prevent and manage the virus spread, all of which are uncertain
and cannot be predicted. While we use the best information available in developing significant estimates included in our financial
statements, the effects of the pandemic on our operations may not be fully realized, or reflected in our financial results, until
future periods. As such, actual results could differ from our estimates and these differences resulting from changes in facts and
circumstances could be material.

Seasonality: Our revenues and operating results are subject to seasonal fluctuations. Generally, our second and fourth
quarter operating results are stronger than those of the first and third quarter. This is driven by the second quarter reflecting
increased spring seasonal advertising, while the fourth quarter typically includes increased advertising related to the holiday
season. In addition, our revenue and operating results are subject to significant fluctuations across yearly periods resulting from
political advertising. In even numbered years, political spending is usually significantly higher than in odd numbered years due to
advertising for the local and national elections. Additionally, every four years, we typically experience even greater increases in
political advertising in connection with the presidential election. The strong demand for advertising from political advertisers in
these even years can result in the significant use of our available inventory (leading to a “crowd out” effect), which can diminish
our AMS revenue in the even year of a two year election cycle, particularly in the fourth quarter of those years.

Consolidated Results from Operations

The following discussion is a comparison of our consolidated results on a GAAP basis. The year-to-year comparison of

financial results is not necessarily indicative of future results. In addition, see the section on page 32 titled ‘Operating results non-
GAAP information’ for additional tables presenting information which supplements our financial information provided on a GAAP
basis.

As discussed above, our operating results are subject to significant fluctuations across yearly periods (driven by even-year
election cycles). As such, in addition to one year ago comparisons, our management team and Board of Directors also review
current period operating results compared to the same period two years ago (e.g., 2021 vs. 2019). We believe this comparison
will also provide useful information to investors, and therefore, we have supplemented our prior year comparison of consolidated
results to also include a comparison against 2019 results (through operating income).

During 2019, we acquired multiple local television stations and multicast networks. Specifically, we acquired certain stations

divested by Gray (January 2, 2019), the Justice Network (rebranded as True Crime Network) and Quest multicast networks
(June 18, 2019), the Dispatch stations (August 8, 2019) and certain stations divested by Nexstar (September 19, 2019). The
multicast networks, Dispatch stations, and Nexstar stations are collectively referred to as the “2019 Acquisitions” in the
discussion that follows. These 2019 Acquisitions did not contribute to the periods prior to their acquisition in our financial
statements which impacts 2021 to 2019 comparability of our consolidated operating results. The Gray stations do not impact the
2021 to 2019 comparability.

For a comparative discussion of our results of operations for the years ended December 31, 2020 and December 31, 2019,

see “Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our annual
report on Form 10-K for the year ended December 31, 2020, filed with the SEC on March 1, 2021.

A consolidated summary of our results is presented below (in thousands, except per share amounts):

Revenues:

Operating expenses:
Cost of revenues
Business units - Selling, general and administrative
expenses
Corporate - General and administrative expenses
Depreciation
Amortization of intangible assets
Spectrum repacking reimbursements and other, net
Total
Operating income
Non-operating income (expense):
Equity (loss) income in unconsolidated investments, net
Interest expense
Other non-operating items, net
Total
Income before income taxes
Provision for income taxes
Net Income
Earnings per share-basic
Earnings per share-diluted

*** Not meaningful

2021

$ 2,991,093 $

2020
2,937,780

Change
from
2020
2%

2019
2,299,497

Change
from
2019
30%

1,598,759

1,503,287

1,228,237

30%

396,446
68,127
64,841
63,011
(2,307)

2,188,877
802,216

(9,713)
(185,650)
6,825
(188,538)
613,678
135,481
478,197 $
2.15 $
2.14 $

365,601
73,295
66,880
67,690
(9,955)
2,066,798
870,982

10,397
(210,294)
(34,029)
(233,926)
637,056
154,293
482,763
2.20
2.19

8%
(7%)
(3%)
(7%)
(77%)
6%
(8%)

***
(12%)
***
(19%)
(4%)
(12%)
(1%)
(2%)
(2%)

$
$
$

326,804
80,144
60,525
50,104
(5,335)
1,740,479
559,018

10,149
(205,470)
11,960
(183,361)
375,657
89,422
286,235
1.32
1.31

21%
(15%)
7%
26%
(57%)
26%
44%

***
(10%)
(43%)
3%
63%
52%
67%
63%
63%

$
$
$

Revenues

Our Subscription revenue category includes revenue earned from cable and satellite providers for the right to carry our

signals and the distribution of TEGNA stations on OTT streaming services. Our AMS category includes all sources of our
traditional television advertising and digital revenues including Premion and other digital advertising and marketing revenues
across our platforms.

The following table summarizes the year-over-year changes in our revenue categories (in thousands):

Subscription
Advertising & Marketing Services
Political
Other
Total revenues

2021 vs. 2020

2021
1,466,433 $
1,428,082
60,573
36,005
2,991,093 $

2020
1,286,611
1,174,774
445,535
30,860
2,937,780

Change from
2020
14%
22%
(86%)
17%
2%

2019
1,005,030
1,226,607
38,478
29,382
2,299,497

Change from
2019
46%
16%
57%
23%
30%

Total revenues increased $53.3 million in 2021. The net increase was primarily due to $253.3 million growth in AMS reflecting

higher demand for television and digital advertising, year over year. Growth in subscription revenue of $179.8 million was
primarily due to annual rate increases under existing and newly renegotiated retransmission agreements, partially offset by
declines in subscribers including the impact of an outage with a broadcast satellite provider that began on October 6, 2021 and
ended in early 2022. These increases were partially offset by a decrease in political revenue of $385.0 million, following the 2020
presidential election year.

2021 vs. 2019

Total revenues increased $691.6 million in 2021. Our 2019 Acquisitions contributed $306.2 million to this increase. Excluding

the 2019 Acquisitions, total revenues increased $385.4 million. This increase was primarily due to a $303.5 million increase in
legacy subscription revenue from annual rate increases under existing and newly renegotiated retransmission agreements,
partially offset by declines in subscribers including the impact of an outage with a broadcast satellite provider that began on
October 6, 2021 and ended in early 2022. Also contributing to the increase was a $51.5 million increase in AMS revenue, driven
in part by Premion, and a $21.9 million increase in political advertising revenue.

Cost of revenues

2021 vs. 2020

Cost of revenues increased $95.5 million in 2021. This increase was primarily due to a $72.8 million growth in programming

costs driven by a contractual increase in rates under existing and newly renegotiated affiliation agreements and growth in
subscription revenues (certain programming costs are linked to such revenues). Higher digital expenses of $7.6 million driven by
growth in Premion also contributed to the increase.

2021 vs. 2019

Cost of revenues increased $370.5 million in 2021. Our 2019 Acquisitions contributed $164.5 million to this increase.

Excluding the 2019 Acquisitions, cost of revenues increased $206.0 million. This increase was primarily due to a $179.2 million
increase in programming costs driven by a contractual increase in rates under existing and newly renegotiated affiliation
agreements and growth in subscription revenues (certain programming costs are linked to such revenues). Higher digital
expenses of $12.6 million driven by growth in Premion also contributed to the increase.

Business units - Selling, general and administrative expenses

2021 vs. 2020

Business unit selling, general, and administrative (SG&A) expenses increased $30.8 million in 2021. The increase was

primarily due to a $13.9 million increase in legal and professional fees. Marketing costs also rose $8.0 million. Sales
commissions and other selling costs also increased by $23.1 million driven by growth in AMS revenues. These increases were
partially offset by a $8.7 million reduction in bad debt expense attributed to improved collections.

2021 vs. 2019

Business unit SG&A expenses increased $69.6 million in 2021. Our 2019 Acquisitions added business unit SG&A expenses
of $32.9 million. Excluding the 2019 Acquisitions, SG&A expenses increased $36.7 million. The increase was primarily the result
of a $20.6 million increase in legal and professional fees. Sales commissions and other selling costs increased by $18.0 million
driven by growth in AMS revenues. Stock based compensation expense was also higher by $3.9 million, driven by our higher
stock price.

Corporate - General and administrative expenses

Our corporate costs are separated from our direct business expenses and are recorded as general and administrative
expenses in our Consolidated Statements of Income. This category primarily consists of corporate management and support
functions including Legal, Human Resources, and Finance, as well as activities and costs not directly attributable to the
operations of our media business.

2021 vs. 2020

Corporate general and administrative expenses decreased $5.2 million in 2021. The decrease was primarily driven by a $6.5

million reduction in advisory fees related to activism defense, and reduction of $0.9 million of M&A-related costs. Partially
offsetting these decreases was an increase in stock based compensation expense of $2.2 million driven by our higher stock
price.

2021 vs. 2019

Corporate general and administrative expenses decreased $12.0 million in 2021. The decrease was primarily due to the
absence of acquisition-related costs of $30.8 million due to the reduction in acquisition activity in 2021. Partially offsetting this
decrease were increases of $10.5 million in advisory fees related to activism defense, $3.7 million in M&A-related costs and $1.8
million in stock based compensation expense due to our higher stock price.

Depreciation expense

2021 vs. 2020

Depreciation expense decreased $2.0 million in 2021 due to a decline in capital expenditures resulting in less depreciation in

2021 as fewer new assets were placed in service.

2021 vs. 2019

Depreciation expense increased $4.3 million in 2021 driven by our 2019 Acquisitions which contributed $8.0 million to the
increase. Excluding the impact of 2019 Acquisitions, depreciation expense decreased $3.7 million due to a decline in capital
expenditures following the onset of COVID-19, resulting in less depreciation in 2021 as fewer new assets were placed in service.

Amortization of intangible assets

2021 vs. 2020

Intangible asset amortization expense decreased $4.7 million in 2021. The decrease is due to certain assets reaching the end

of their assumed useful lives and therefore becoming fully amortized.

2021 vs. 2019

Intangible asset amortization expense increased $12.9 million in 2021. Our 2019 Acquisitions contributed $23.1 million to this

increase. Excluding the impact of the 2019 Acquisitions, amortization expense decreased $10.2 million due to certain assets
reaching the end of their assumed useful lives.

Spectrum repacking reimbursements and other, net

2021 vs. 2020

We had other net gains of $2.3 million in 2021 compared to net gains of $10.0 million in 2020. The 2021 activity is related to
$4.9 million of reimbursements received from the Federal Communications Commission (FCC) for required spectrum repacking,
partially offset by a $1.5 million contract termination fee and a $1.1 million write off of certain assets. The 2020 net gains primarily
consisted of $13.2 million of reimbursements received from the FCC for required spectrum repacking, partially offset by a $2.1
million impairment charge due to the retirement of a brand name and a $1.1 million FCC license impairment charge.

2021 vs. 2019

We had other net gains of $2.3 million in 2021 compared to net gains of $5.3 million in 2019. The 2021 activity consists of the

items discussed above. The 2019 net gains consisted of gains of $17.0 million of reimbursements received from the FCC for
required spectrum repacking and a gain of $2.9 million as a result of the sale of certain real estate. These gains were partially
offset by a $5.5 million in contract termination charge and transition costs related to bringing our national sales organization in-
house and $9.1 million of non-cash charges to reduce the value of certain assets classified as held-for-sale.

Operating income

2021 vs. 2020

Our operating income decreased $68.8 million in 2021. This decrease was driven by the changes in revenue and expenses

discussed above, but primarily due to a decline in high-margin political revenue.

2021 vs. 2019

Operating income increased $243.2 million in 2021. Results from our 2019 Acquisitions added operating income of $77.8

million. Excluding the 2019 Acquisitions, operating income increased $165.4 million, driven by the changes in revenue and
expenses discussed above, most notably the increases in subscription revenue.

Programming and payroll expense trends

Programming and payroll expenses are the two largest elements of our operating expenses, and are summarized below,
expressed as a percentage of total operating expenses. Programming expenses as a percentage of total operating expenses
have increased due to an increase in reverse compensation payments to our network affiliation partners. Payroll expenses have
increased during 2021, but as a percentage of total operating expenses have decreased in 2021 primarily due to increases in
programming expenses, which make up a larger percentage of operating costs.

Expense Category
Programming expenses
Payroll expenses

Percentage of total operating expenses
2019
2020
2021
35.5%
40.1%
41.2%
28.6%
26.7%
25.8%

Non-operating income and expense

Equity income: This income statement category reflects earnings or losses from our equity method investments. Equity
income decreased from $10.4 million in 2020 to a loss of $9.7 million in 2021. The 2021 loss was primarily due to equity loss
from our CareerBuilder investment. The 2020 income was primarily due to equity income from our CareerBuilder investment
(recognizing gains driven by the sale of several subsidiary businesses).

Interest expense: Interest expense decreased $24.6 million in 2021 as compared to 2020, primarily due to a lower average

outstanding total debt balance, partially offset by higher interest rates. The total average outstanding debt was $3.41 billion in
2021 compared to $4.02 billion in 2020. The impact of the decrease in outstanding debt was partially offset by an increase in the
weighted average interest rate on total outstanding debt, which was 5.15% in 2021 compared to 5.03% in 2020.

A further discussion of our borrowing and related interest cost is presented in the “Liquidity and capital resources” section of

this report beginning on page 36 and in Note 5 to the consolidated financial statements.

Other non-operating items, net: Other non-operating items increased $40.9 million from a net loss of $34.0 million in 2020
to a net income of $6.8 million in 2021. This change was comprised of 2020 charges absent in 2021 including a $17.3 million call
premium related to the repayment of our 2023 and 2024 unsecured senior notes; and acceleration of $11.8 million of previously
deferred financing fees associated with early repayment of unsecured senior notes. In addition, the increase was driven by the
absence of a $9.2 million impairment of an equity investment in 2020.

Provision for income taxes

We reported pre-tax income of $613.7 million for 2021. The effective tax rate on pre-tax income was 22.1%. The 2021
effective tax rate decreased compared to 24.2% in 2020 primarily due to tax benefits realized as a result of state tax planning
strategies and related to a previously-disposed business. Further information concerning income tax matters is contained in Note
4 of the consolidated financial statements.

Net income

Net income and related per share amounts are presented in the table below (in thousands, except per share amounts):

Net income
Per basic share
Per diluted share

2021

478,197
2.15
2.14

$
$
$

Change
(1%)
(2%)
(2%)

2020

482,763
2.20
2.19

$
$
$

Our 2021 earnings per share were lower than 2020 due to the factors discussed above including, most notably, the decrease

in political revenue following the 2020 presidential election year, partially offset by increases in AMS revenue reflecting higher
demand for television and digital advertising (as fiscal year 2020 was adversely impacted by reduced demand due to the
COVID-19 pandemic) and increase in subscription revenue from annual rate increases under existing and newly renegotiated
retransmission agreements.

Operating results non-GAAP information

Presentation of non-GAAP information: We use non-GAAP financial performance measures to supplement the financial
information presented on a GAAP basis. These non-GAAP financial measures should not be considered in isolation from, or as
a substitute for, the related GAAP measures, nor should they be considered superior to the related GAAP measures, and
should be read together with financial information presented on a GAAP basis. Also, our non-GAAP measures may not be
comparable to similarly titled measures of other companies.

Management and our Board of Directors use the non-GAAP financial measures for purposes of evaluating company
performance. Furthermore, the Leadership Development and Compensation Committee of our Board of Directors uses non-
GAAP measures such as Adjusted EBITDA, non-GAAP net income, non-GAAP EPS, and free cash flow to evaluate
management’s performance. Therefore, we believe that each of the non-GAAP measures presented provides useful information
to investors and other stakeholders by allowing them to view our business through the eyes of management and our Board of
Directors, facilitating comparisons of results across historical periods and focus on the underlying ongoing operating
performance of our business. We also believe these non-GAAP measures are frequently used by investors, securities analysts
and other interested parties in their evaluation of our business and other companies in the broadcast industry.

We discuss in this Form 10-K non-GAAP financial performance measures that exclude from our reported GAAP results the

impact of “special items” which are described in detail below in the section titled “Discussion of special charges and credits
affecting reporting results”. We believe that such expenses and gains are not indicative of normal, ongoing operations. While
these items may be recurring in nature and should not be disregarded in evaluation of our earnings performance, it is useful to
exclude such items when analyzing current results and trends compared to other periods as these items can vary significantly
from period to period depending on specific underlying transactions or events that may occur. Therefore, while we may incur or
recognize these types of expenses, charges and gains in the future, we believe that removing these items for purposes of
calculating the non-GAAP financial measures provides investors with a more focused presentation of our ongoing operating
performance.

We discuss Adjusted EBITDA (with and without corporate expenses), a non-GAAP financial performance measure that we
believe offers a useful view of the overall operation of our businesses. We define Adjusted EBITDA as net income attributable to
TEGNA before (1) net (income) loss attributable to redeemable noncontrolling interest, (2) income taxes, (3) interest expense,
(4) equity (loss) income in unconsolidated investments, net, (5) other non-operating items, net, (6) workforce restructuring
expense, (7) M&A-related costs, (8) advisory fees related to activism defense, (9) spectrum repacking reimbursements and
other, net, (10) depreciation and (11) amortization. We believe these adjustments facilitate company-to-company operating
performance comparisons by removing potential differences caused by variations unrelated to operating performance, such as
capital structures (interest expense), income taxes, and the age and book appreciation of property and equipment (and related
depreciation expense). The most directly comparable GAAP financial measure to Adjusted EBITDA is Net income attributable to
TEGNA. Users should consider the limitations of using Adjusted EBITDA, including the fact that this measure does not provide
a complete measure of our operating performance. Adjusted EBITDA is not intended to purport to be an alternate to net income
as a measure of operating performance or to cash flows from operating activities as a measure of liquidity. In particular,
Adjusted EBITDA is not intended to be a measure of cash flow available for management’s discretionary expenditures, as this
measure does not consider certain cash requirements, such as working capital needs, capital expenditures, contractual
commitments, interest payments, tax payments and other debt service requirements.

We also discuss free cash flow, a non-GAAP performance measure that the Board of Directors uses to review the

performance of the business. Free cash flow is reviewed by the Board of Directors as a percentage of revenue over a trailing
two-year period (reflecting both an even and odd year reporting period given the political cyclicality of our business). The most
directly comparable GAAP financial measure to free cash flow is Net income attributable to TEGNA. Free cash flow is
calculated as non-GAAP Adjusted EBITDA (as defined above), further adjusted by adding back (1) stock-based compensation,
(2) non-cash 401(k) company match, (3) syndicated programming amortization, (4) pension reimbursements, (5) dividends
received from equity method investments and (6) reimbursements from spectrum repacking. This is further adjusted by
deducting payments made for (1) syndicated programming, (2) pension, (3) interest, (4) taxes (net of refunds) and (5)
purchases of property and equipment. Like Adjusted EBITDA, free cash flow is not intended to be a measure of cash flow
available for management’s discretionary use.

Discussion of special charges and credits affecting reported results: Our results during 2021 and 2020 included the

following items we consider “special items” that while at times recurring, can vary significantly from period to period:

Results for the year ended December 31, 2021:

• Spectrum repacking reimbursements and other, net consisting of gains due to reimbursements from the FCC for required

spectrum repacking, a contract termination fee and the write off of certain fixed assets;

• Advisory fees related to activism defense;
• M&A-related costs we incurred to assist prospective buyers of our company with their due diligence;
• Other non-operating items consisting of a gain due to an observable price increase in an equity investment and costs

incurred in connection with the early extinguishment of debt; and

• Net deferred tax benefits as a result of state tax planning strategies implemented during 2021, deferred tax benefits related

to partial capital loss valuation allowance release, and return to provision and deferred adjustments related to the completion
of our 2020 state tax returns.

Results for the year ended December 31, 2020:

• Workforce restructuring expense which included payroll and related benefit costs at our stations (including the shutdown of

our TMS Phoenix operations) and corporate headquarters;

• M&A-related costs we incurred to assist prospective buyers of our company with their due diligence;
• Advisory fees related to activism defense;
• Spectrum repacking reimbursements and other, net consists of gains due to reimbursements from the FCC for required

spectrum repacking, partially offset by an intangible asset impairment charge due to the retirement of a brand name and an
FCC license impairment charge related to a radio station;

• Gains recognized in our equity income in unconsolidated investments, primarily related to our share of CareerBuilder’s gain

on the sale of certain subsidiary businesses;

• Other non-operating items primarily related to costs incurred in connection with the early extinguishment of debt, and an

impairment charge related to one of our investments; and

• Deferred tax benefits related to partial capital loss valuation allowance release.

Below are reconciliations of certain line items impacted by special items to the most directly comparable financial measure
calculated and presented in accordance with GAAP on our Consolidated Statements of Income (in thousands, except per share
amounts):

Advisory
fees related
to activism
defense

M&A-
related
costs

Other non-
operating
items

Spectrum
repacking
reimbursements
and other

GAAP
measure

Special tax
items

Non-
GAAP
measure

Special Items

68,127 $

(16,611) $

(3,738) $

— $

— $ 47,778

(2,307)

802,216

(9,713)

6,825

(188,538)

613,678

135,481

—

(16,611)

16,611

—

(3,738)

3,738

—

16,611

4,291

3,738

476,955

12,320

3,678

—

507

127

380

2,307

(2,307)

—

(2,307)

(605)

—

2,170,835

820,258

(9,713)

7,332

(188,031)

632,227

14,138

153,492

(1,702)

(14,138)

477,493

Operating expenses

2,188,877

Year ended Dec. 31, 2021

Corporate - General and
administrative expenses

Spectrum repacking
reimbursements and other,
net

Operating income

Equity loss in
unconsolidated
investments, net

Other non-operating items,
net

Total non-operating
expenses

Income before income taxes

Provision for income taxes

Net income attributable to
TEGNA Inc.

Earnings per share - diluted

2.14 $

0.06 $

0.02 $

— $

(0.01) $

(0.06) $

2.15

Year ended Dec. 31, 2020

GAAP
measure

Workforce
restructuring
expense

M&A-
related
costs

Advisory
fees related
to activism
defense

Spectrum
repacking
reimbursements
and other

Gains on
equity
method
investments

Other
non-
operating
items

Special
tax
items

Non-GAAP
measure

Cost of revenues

$ 1,503,287 $

(595) $

— $

— $ — $ 1,502,692

Special Items

365,601

(372)

—

73,295

(54)

(4,588)

(23,087)

Operating expenses

2,066,798

Operating income

870,982

(9,955)

—

(1,021)

1,021

—

(4,588)

(23,087)

4,588

23,087

10,397

(34,029)

(233,926)

637,056

154,293

—

1,021

256

4,588

1,151

23,087

5,801

Business units - Selling,
general and administrative
expenses

Corporate - General and
administrative expenses

Spectrum repacking
reimbursements and other,
net

Equity income (loss) in
unconsolidated
investments, net

Other non-operating items,
net

Total non-operating
expenses

Income before income taxes

Provision for income taxes

Net income attributable to
TEGNA Inc.

—

9,955

(9,955)

—

(9,955)

(2,646)

—

(22,606)

—

38,319

(22,606)

38,319

—

(5,703)

7,357

3,944

365,229

45,566

—

2,048,057

889,723

(12,209)

4,290

(218,213)

671,510

164,453

482,778

765

3,437

17,286

(7,309)

(16,903)

30,962

(3,944)

507,072

Earnings per share - diluted

2.19 $

— $

0.02 $

0.08 $

(0.03) $

(0.08) $

0.14 $ (0.02) $

2.30

Non-GAAP consolidated results

The following is a comparison of our as adjusted non-GAAP financial results between 2021 and 2020. Changes between the

periods are driven by the same factors summarized above in the “Results of Operations” section within Management’s
Discussion and Analysis of Financial Condition and Results of Operations (in thousands, except per share amounts).

Adjusted operating expenses

Adjusted operating income

Adjusted equity loss in unconsolidated investments, net

Adjusted other non-operating income

Adjusted total non-operating (expense)

Adjusted income before income taxes

Adjusted provision for income taxes

Adjusted net income attributable to TEGNA Inc.

Adjusted earnings per share - diluted

Adjusted EBITDA - Non-GAAP

2021

Change

2020

2,170,835

820,258

(9,713)

7,332

(188,031)

632,227

153,492

477,493

2.15

(8%)

(20%)

71%

(14%)

(6%)

(7%)

(6%)

(7%)

2,048,057

889,723

(12,209)

4,290

(218,213)

671,510

164,453

507,072

2.30

Reconciliations of Adjusted EBITDA (inclusive and exclusive of Corporate expenses) to net income attributable to TEGNA

Inc. presented in accordance with GAAP on our Consolidated Statements of Income is presented below (in thousands):

Net income attributable to TEGNA Inc. (GAAP basis)

Plus (Less): Net income (loss) attributable to redeemable noncontrolling
interest
Plus: Provision for income taxes
Plus: Interest expense
Plus (Less): Equity loss (income) in unconsolidated investments, net
(Less) Plus: Other non-operating items, net

Operating income (GAAP basis)

Plus: Workforce restructuring expense
Plus: M&A-related costs
Plus: Advisory fees related to activism defense
Less: Spectrum repacking reimbursements and other, net

Adjusted operating income (non-GAAP basis)

Plus: Depreciation
Plus: Amortization of intangible assets

Adjusted EBITDA (non-GAAP basis)
Corporate - General and administrative expense (non-GAAP basis)
Adjusted EBITDA, excluding Corporate (non-GAAP basis)

*** Not meaningful

2021

476,955

Change
(1%)

2020

482,778

1,242
135,481
185,650
9,713
(6,825)
802,216
—
3,738
16,611
(2,307)
820,258
64,841
63,011
948,110
47,778
995,888

***
(12%)
(12%)
***
***
(8%)
(100%)
(19%)
(28)
(77%)
(8%)
(3%)
(7%)
(7%)
5%
(7%)

(15)
154,293
210,294
(10,397)
34,029
870,982
1,021
4,588
23,087
(9,955)
889,723
66,880
67,690
1,024,293
45,566
1,069,859

Adjusted EBITDA margin was 33% (without corporate expense) and 32% including corporate. Our total Adjusted EBITDA

decreased $76.2 million or 7% in 2021 compared to 2020. This decrease was primarily driven by the operational factors
discussed above within the revenue and operating expense fluctuation explanation sections, most notably, the decrease in
political revenue in 2021, following the 2020 presidential election year.

Free cash flow reconciliation

Reconciliations from “Net income attributable to TEGNA Inc.” to “Free cash flow” are presented below (in thousands):

Net Income attributable to TEGNA Inc. (GAAP basis)
Plus: Provision for income taxes
Plus: Interest expense
Plus: M&A-related costs
Plus: Depreciation
Plus: Amortization
Plus: Stock-based compensation
Plus: Company stock 401(k) contribution
Plus: Syndicated programming amortization
Plus: Reimbursement from Company-owned life insurance policies
Plus: Workforce restructuring expense
Plus: Advisory fees related to activism defense

Plus: Cash dividend from equity investments for return on capital
Plus: Cash reimbursements from spectrum repacking
Plus: Other non-operating items, net
Plus: Net loss attributable to redeemable noncontrolling interest
Less: Income tax payments
Less: Spectrum repacking reimbursement and other, net
Less: Equity income in unconsolidated investments, net
Less: Syndicated programming payments
Less: Pension contributions
Less: Interest payments
Less: Purchases of property and equipment
Free cash flow (non-GAAP basis)

Revenue
Free cash flow as a % of revenue

Two-year period ended

December 31,

2021
959,733 $
289,774
395,944
8,326
131,721
130,701
51,821
33,611
141,752
1,005
1,021

2020
769,013
243,715
415,764
35,344
127,405
117,794
40,452
26,027
131,835
—
7,385

39,698
11,806
18,122
27,204
1,227
(264,053)
(12,262)
(684)
(147,305)
(11,470)
(380,569)
(108,575)

29,167
7,698
30,154
22,069
(15)
(168,934)
(15,290)
(20,546)
(132,715)
(28,234)
(386,852)
(133,855)
$ 1,318,548 $ 1,117,381

$ 5,928,873 $ 5,237,277
21.3 %

22.2 %

Our free cash flow, a non-GAAP performance measure, was $1.32 billion and $1.12 billion for the two-year periods ended
December 31, 2021 and 2020, respectively. The increase in free cash flow is primarily due to increases in retransmission and
political revenue.

FINANCIAL POSITION

Liquidity and capital resources

Our operations have historically generated strong positive cash flow which, along with availability under our existing

revolving credit facility and cash and cash equivalents on hand, have been sufficient to fund our capital expenditures, interest
expense, dividends, investments in strategic initiatives (including acquisitions) and other operating requirements.

The COVID-19 pandemic has had far-reaching impacts on many aspects of our operations, directly and indirectly, including

our employees, consumer behavior, distribution of our content, our vendors, and the overall market. The full impact of the
COVID-19 pandemic, particularly with regard to the broader advertising industry, remains uncertain and continues to evolve.
However, during 2021, the U.S. economy continued on a path towards recovery with millions of Americans receiving COVID-19
vaccines, states and municipalities increasingly reopening and continued growth in employment, although the development of
new variants of the virus continues to cause concern. In addition, the U.S. federal government continued to enact policies to
provide fiscal stimulus to the economy and relief to those affected by the pandemic, with stimulus bolstering household finances
as well as those of small businesses, states and municipalities.

The improving conditions around the pandemic, coupled with strategic actions we’ve taken with our 2020 and 2019 debt
refinancings and reduction of discretionary spending, have helped strengthen our financial position. On March 29, 2021, we

announced that our Board of Directors approved a dividend increase of ten cents per share on an annual basis, to $0.38 per
common share, which represents an approximately 36% increase above the prior dividend. We paid dividends totaling $78.5
million in 2021 and $76.5 million in 2020. We expect to continue to pay our regular quarterly dividend of $0.095 per share
through the closing of the Merger, which is the maximum rate and frequency permitted by the Merger Agreement.

As of December 31, 2021, we were in compliance with all covenants contained in our debt agreements and credit facility and

our leverage ratio, calculated in accordance with our revolving credit agreement, was 3.19x, well below the permitted leverage
ratio of less than 5.50x. The leverage ratio is calculated using annualized adjusted EBITDA (as defined in the agreement) for
the trailing eight quarters. We believe that we will remain compliant with all covenants for the foreseeable future. Our financial
and operating performance, as well as our ability to generate sufficient cash flow to maintain compliance with credit facility
covenants, are subject to certain risk factors; see Item 1A. “Risk Factors” for further discussion.

Contractual obligations

An important use of our liquidity pertains to purchasing programming rights. Most of our stations have network affiliations

agreements with major broadcast networks (ABC, CBS, NBC, and Fox). Under these agreements, the television networks
produce and distribute programming to us in exchange for our stations commitments to air the programming at specified times
and to pay the networks compensation at fixed or variable rates (such as a rate per number of MVPD subscribers accessing the
programming). The network affiliation agreements generally have a three-year term. In addition, programming rights include
acquired syndicated programming (television series and movies that are purchased on a group basis for use by our owned
stations). These contracts typically cover a period of up to five years, with payments typically made over several years. As of
December 31,2021, we had total programming commitments of $1.35 billion, of which $808.4 million will be settled within the
next twelve months. See Note 11 to the consolidated financial statements for further details regarding programming
commitments.

We also secure our on-air talent and other key personnel at our television stations through multi-year talent and employment

agreements. We expect our contracts for talent and other key personnel will be renewed or replaced with similar agreements
upon their expiration. As of December 31, 2021, amounts due under these contracts were approximately $236.8 million, of
which approximately $133.6 million will be paid within the next twelve months.

Other material contractual obligations include our operating leases (see Note 7 to the consolidated financial statements for
further details) as well as our long-term debt and interest payments (see ‘Long-term debt’ section below, as well as Note 5 to the
consolidated financial statements for further details).

Cash Flows

The following table provides a summary of our cash flow information for the three years ended December 31, 2021 followed

by a discussion of the key elements of our cash flows (in thousands):

Cash at beginning of year

Operating activities:
Net income
Depreciation, amortization and other non-cash adjustments
Pension expense, net of pension contribution
(Increase) decrease in accounts receivable
(Decrease) increase in interest and taxes payable
Other, net
Net cash flows from operating activities

Investing activities:

Payments for acquisitions of businesses, net of cash acquired
All other investing activities

Net cash used for investing activities

2021

2020

2019

40,968 $

29,404 $

135,862

478,197
204,461
(19,139)
(88,687)
(53,303)
(19,917)
501,612

482,763
202,189
(10,400)
27,474
66,466
36,644
805,136

286,235
156,858
(19,447)
(86,245)
(8,284)
(31,644)
297,473

(13,335)
(55,921)
(69,256)

(34,841)
(24,680)
(59,521)

(1,514,183)
(49,287)
(1,563,470)

Net cash (used for) provided by financing activities

(416,335)

(734,051)

1,159,539

Net change in cash
Cash at end of year

16,021
56,989 $

11,564
40,968 $

(106,458)
29,404

Operating Activities

Cash flow from operating activities was $501.6 million in 2021, compared to $805.1 million in 2020. This $303.5 million
decrease was primarily driven by a $385.0 million decrease in political revenue. As political advertisements are typically paid
upfront, they provide an immediate benefit to operating cash flow as compared to non-political advertising which is billed and
collected in arrears after the advertisement has been delivered. Also contributing to the decrease was an increase in tax
payments of $94.3 million in 2021 as compared to 2020. This increase was driven by the adverse impact of COVID-19 on our
2020 financial results, particularly during the first six months of 2020. The subsequent recovery in demand for advertising
thereafter resulted in an increase in our taxable income and led to the increase in tax payments in 2021. Partially offsetting the
decline in operating cash flow was a $21.0 million decline in interest payments due to a lower average debt balance in 2021,
mainly driven by a lower average balance on our revolving credit facility.

Investing Activities

Cash flow used for investing activities was $69.3 million in 2021, compared to $59.5 million in 2020. The increase of $9.8

million was primary due to a $17.6 million increase in the purchase of property and equipment, a decrease in spectrum
reimbursement of $8.2 million and $21.5 million less being spent on acquisitions in 2021 as compared to 2020.

Financing Activities

Cash flow used for financing activities was $416.3 million in 2021, compared to $734.1 million in 2020. The change was
primarily due to debt activity in 2020. Specifically, in January 2020 we issued $1.0 billion of unsecured notes, the proceeds of
which were used to redeem $650.0 million of unsecured notes due in October 2023 and $310.0 million due in July 2020.
Additionally, in September 2020 we issued $550 million of senior unsecured notes. In October 2020, we repaid the entire $350
million aggregate principal amount of our 4.875% senior unsecured notes due in 2021 and $188 million aggregate principal
amount of our 5.500% senior unsecured notes due in 2024. We incurred fees of $41.4 million related to this debt activity and an
amendment of the revolving credit facility.

We also had net repayments of $189.0 million on our revolving credit facility in 2021 as compared to net repayments of
$548.0 million in 2020. In addition, in 2021 we repaid the remaining $137 million of our 5.500% unsecured senior notes, which
were due in September 2024.

For a comparative discussion of changes in our cash flow comparing the years ended December 31, 2020 and December

31, 2019, see “Part II, Item 7. Financial Position” of our annual report on Form 10-K for the year ended December 31, 2020,
filed with the SEC on March 1, 2021.

Long-term debt

As of December 31, 2021, our total principal debt outstanding was $3.26 billion, cash and cash equivalents totaled $57.0
million, and we had unused borrowing capacity of $1.33 billion under our revolving credit facility, which is our primary source for
funding short-term cash requirements. As of December 31, 2021, approximately $3.09 billion, or 95%, of our debt had a fixed
interest rate. See “Note 5 Long-term debt” to our consolidated financial statements for a table summarizing the components of
our long-term debt.

On December 3, 2021 we utilized available cash and our revolving credit facility to repay the remaining $137 million of our

We expect our existing cash and cash equivalents, cash flow from our operations and borrowing capacity under the
revolving credit facility will be sufficient to satisfy our debt service obligations, capital expenditure requirements, and working
capital needs for the next twelve months and beyond. Our interest payments may be repaid with cash flow from operating
activities, accessing capital markets or a combination of both. Interest payments on the senior notes are based on the stated
cash coupon rate. As of December 31, 2021, we had future interest payments on our senior notes of $1.00 billion, of which
$160.3 million will be paid within the next twelve months. We also had $166.0 million of outstanding borrowings under our
revolving credit facility as of December 31, 2021. Future interest payments on the revolving credit facility are not known with
certainty as payments into and out of the credit facility can change daily and interest payments are based on variable interest
rates. For illustrative purposes, assuming the December 31, 2021 revolving credit facility balance does not change during 2022
and rates remain at the same level as those existing as of December 31, 2021, we estimate interest payments in 2022 will be
approximately $5.3 million.

The following schedule discloses future annual maturities of the principal amount of total debt due (in thousands):

Repayment schedule of principal long-term debt as of Dec. 31, 2021

2022

2023
2024 (1)
2025

2026

Thereafter

Total

—

166,000

—

550,000

2,540,000

3,256,000

(1) Assumes the current revolving credit facility borrowings come due in 2024 and the revolving credit facility is not extended.

Off-Balance Sheet Arrangements

Off-balance sheet arrangements as defined by the Securities and Exchange Commission include the following four

categories: obligations under certain guarantee contracts; retained or contingent interests in assets transferred to an
unconsolidated entity or similar arrangements that serve as credit, liquidity or market risk support; obligations under certain
derivative arrangements classified as equity; and obligations under material variable interests. As of December 31, 2021, we
had no off-balance sheet arrangements that have, or are reasonably likely to have, a current or future material effect on our
consolidated financial condition, results of operations, liquidity, capital expenditures or capital resources.

Capital stock

In December 2020, our Board of Directors authorized a new share repurchase program for up to $300.0 million of our
common stock over the next three years. From 2019 through 2021, no shares were repurchased. Certain of the shares we
previously acquired have been reissued in settlement of employee stock awards. As a result of the announcement of the Merger
Agreement on February 22, 2022, we have suspended share repurchases under this program.

Our common stock outstanding as of December 31, 2021, totaled 221,406,177 shares, compared with 219,500,272 shares

as of December 31, 2020.

Critical accounting policies and estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires management to

make estimates and assumptions about future events that affect the amounts reported in the financial statements and
accompanying notes. Actual results could differ significantly from those estimates. We believe the following discussion
addresses our most critical accounting policies, which are those that are material to the presentation of our financial condition
and results of operations and require management’s most subjective and complex judgments. This commentary should be read
in conjunction with our consolidated financial statements and the remainder of this Form 10-K.

Goodwill: As of December 31, 2021, our goodwill balance was $2.98 billion and represented approximately 43% of our total
assets. Goodwill represents the excess of acquisition cost over the fair value of assets acquired, including identifiable intangible
assets, net of liabilities assumed.

Goodwill is tested for impairment at a level referred to as the reporting unit. A reporting unit is a business for which discrete
financial information is available and segment management regularly reviews the operating results. The level at which we test
goodwill for impairment requires us to determine whether the operations below the operating segment level constitute a
reporting unit. We have determined that our one segment, Media, consists of a single reporting unit.

Goodwill is tested for impairment on an annual basis (first day of our fourth quarter) or between annual tests if events or

changes in circumstances occurred that indicate the fair value of a reporting unit may be below its carrying amount.

Before performing the annual goodwill impairment test quantitatively, we first have the option to perform a qualitative

assessment to determine if the quantitative test must be completed. The qualitative assessment considers events and
circumstances such as macroeconomic conditions, industry and market conditions, cost factors and overall financial
performance, as well as company and specific reporting unit specifications. If after performing this assessment, we conclude it
is more likely than not that the fair value of a reporting unit is less than its carrying amount, then we are required to perform the
quantitative test. Otherwise, the quantitative test is not required. In 2021, we elected not to perform the optional qualitative
assessment of goodwill and instead performed the quantitative impairment test.

When performing the quantitative test, we determine the fair value of the reporting unit and compare it to the carrying

amount, including goodwill. If the carrying amount of the reporting unit exceeds the fair value of the reporting unit, the reporting
unit’s goodwill is impaired and we recognize an impairment loss equal to the difference between the reporting unit’s carrying
amount and fair value.

We estimate the fair value of our one reporting unit based on a market-based valuation methodology, which is primarily
based on our consolidated market capitalization plus a control premium. In the fourth quarter of 2021 we completed our annual
goodwill impairment test for our reporting unit. The results of the test indicated that the estimated fair value of our reporting unit
significantly exceeded the carrying value. We do not believe that the reporting unit is currently at risk of incurring a goodwill
impairment in the foreseeable future.

Impairment assessment inherently involves management judgments regarding the assumptions described above. Fair value

of the reporting unit also depends on the future strength of the economy in our principal media markets. New and developing
competition as well as technological change could also adversely affect our stock price and future fair value estimates.

Indefinite Lived Intangibles: This category consists entirely of FCC broadcast licenses related to our acquisitions of

television stations. As of December 31, 2021, indefinite lived intangible assets were $2.12 billion and represented approximately
31% of our total assets.

The FCC broadcast licenses are recorded at their estimated fair value as of the date of the business acquisition. We
determine the fair value of each FCC broadcast license using an income approach referred to as the Greenfield method. The
Greenfield method utilizes a discounted cash flow model that incorporates several key assumptions, including market revenues,
long-term growth projections, estimated market share for a typical market participant, estimated profit margins based on market
size and station type, and a discount rate (determined using a weighted average cost of capital). Because these licenses are
considered indefinite lived intangible assets we do not amortize them. Instead, they are tested for impairment annually (on the
first day of our fourth quarter), or more often if circumstances dictate, for impairment and written down to fair value as required.

We have the option to first perform a qualitative assessment to determine if it is more likely than not that the fair value of the

indefinite lived asset is more than its carrying amount. If that is the case, then we do not need to perform the quantitative
analysis. The qualitative assessment considers trends in macroeconomic conditions, industry and market conditions, cost
factors and overall financial performance of the indefinite lived asset. In 2021, we elected not to perform the optional qualitative
assessment, and instead performed the quantitative impairment assessment for all of our FCC broadcast licenses. We have
FCC licenses acquired in the KFMB-San Diego station acquisition in 2018 as well as those acquired in our 2019 acquisitions
(Gray stations, Dispatch stations, and Nexstar stations), which represented an aggregate carrying value of $897.7 million.
These licenses have more limited headroom due to the fact that we recently recorded them at fair value upon their respective
acquisition, and as a result are more susceptible to the risk of impairment due to changes in underlying market factors.

The quantitative analysis performed included projected estimated economic impacts from the COVID-19 pandemic.

Changes in key fair value assumptions used in our analysis could result in future non-cash impairment charges, and any related
impairment could have a material adverse impact on our results of operations. Changes in key fair value assumptions that could
result in a future impairment charge include increases in discount rates and declines in market revenues. A 100 basis point
increase in our discount rate or a 10% decline in market revenues (holding all other assumptions in the fair value model
constant) would result in an aggregate impairment charge of approximately $17.0 million or less.

Pension Liabilities: Certain employees participate in qualified and non-qualified defined benefit pension plans (see Note 6
to consolidated financial statements). Our principal defined benefit pension plan is the TEGNA Retirement Plan (TRP). We also
sponsor the TEGNA Supplemental Retirement Plan (SERP) for certain employees. Substantially all participants in the TRP and
SERP had their benefits frozen before 2009, and in December 2017, we froze all remaining accruing benefits for certain
grandfathered SERP participants.

We recognize the net funded status of these postretirement benefit plans as a liability on our Consolidated Balance Sheets.

There is a corresponding non-cash adjustment to accumulated other comprehensive loss, net of tax benefits recorded as
deferred tax assets, in stockholders’ equity. The funded status represents the difference between the fair value of each plan’s
assets and the benefit obligation of the plan. The benefit obligation represents the present value of the estimated future benefits
we currently expect to pay to plan participants based on past service.

The plan assets and benefit obligations are measured as of December 31 of each year, or more frequently, upon the
occurrence of certain events such as a plan amendment, settlement, or curtailment. The amounts we record are measured
using actuarial valuations, which are dependent upon key assumptions such as discount rates, participant mortality rates and
the expected long-term rate of return on plan assets. The assumptions we make affect both the calculation of the benefit
obligations as of the measurement date and the calculation of net periodic pension expense in subsequent periods. When
reassessing these assumptions we consider past and current market conditions and make judgments about future market
trends. We also consider factors such as the timing and amounts of expected contributions to the plans and benefit payments to
plan participants.

The most important assumptions include the discount rate applied to pension plan obligations and the expected long-term

rate of return on plan assets related for the TRP (the SERP is an unfunded plan). The discount rate assumption is based on
investment yields available at year-end on corporate bonds rated AA and above with a maturity to match the expected benefit
payment stream. A decrease in discount rates would increase pension obligations.

We establish the expected long-term rate of return by developing a forward-looking, long-term return assumption for each
pension fund asset class, taking into account factors such as the expected real return for the specific asset class and inflation. A
single, long-term rate of return is then calculated as the weighted average of the target asset allocation percentages and the
long-term return assumption for each asset class. We apply the expected long-term rate of return to the fair value of its pension
assets in determining the dollar amount of its expected return. Changes in the expected long-term return on plan assets would
increase or decrease pension plan expense. For 2021, we assumed a rate of 6.50% for our long-term expected return on
pension assets used for our TRP plan. As an indication of the sensitivity of pension expense to the long-term rate of return
assumption, a plus or minus 50 basis points change in the expected rate of return on pension assets (with all other assumptions
held constant) would have decreased or increased estimated pension plan expense for 2021 by approximately $2.7 million. The
effects of actual results differing from this assumption is accumulated as unamortized gains and losses.

For the December 31, 2021 measurement, the assumption used for the discount rate was 2.89% for our TRP and SERP
plans. As an indication of the sensitivity of pension liabilities to the discount rate assumption, a plus or minus 50 basis points
change in the discount rate as of the end of 2021 (with all other assumptions held constant) would have decreased or increased
plan obligations by approximately $30.9 million. For 2021, the discount rate used to determine the pension expense was 2.54%.
A 50 basis points increase or decrease in this discount rate would have decreased or increased total pension plan expense for
2021 by approximately $0.6 million.

Income Taxes: Our annual tax rate is based on our income, statutory tax rates, and tax planning opportunities available in

the various jurisdictions in which we operate. Significant judgment is required in determining our annual tax expense and in
evaluating our tax positions.

Tax law requires certain items to be included in our tax returns at different times than when the items are reflected in the
financial statements. The annual tax expense reflected in the Consolidated Statements of Income is different than that reported
in our tax returns. Some of these differences are permanent (for example, expenses recorded for accounting purposes that are
not deductible in the returns such as certain entertainment expenses) and some differences are temporary and reverse over
time, such as depreciation expense. Temporary differences create deferred tax assets and liabilities. Deferred tax liabilities
generally represent tax expense recognized in the financial statements for which payment has been deferred, or expense for
which a deduction has been taken already in the tax return but the expense has not yet been recognized in the financial
statements. Deferred tax assets generally represent items that can be used as a tax deduction or credit in tax returns in future
years for which a benefit has already been recorded in the financial statements, as well as tax losses that can be carried over
and used in future years. Valuation allowances are established when necessary to reduce deferred income tax assets to the
amounts we believe are more likely than not to be recovered. In evaluating the amount of any such valuation allowance, we
consider the existence of cumulative income or losses in recent years, the reversal of existing temporary differences, the
existence of taxable income in prior carry back years, available tax planning strategies and estimates of future taxable income
for each of our taxable jurisdictions. The latter two factors involve the exercise of significant judgment. As of December 31,
2021, deferred tax asset valuation allowances totaled $41.9 million, primarily related to federal and state capital losses, accrued
compensation costs, minority investments, state interest disallowance carryovers, and state net operating losses available for
carry forward to future years. Although realization is not assured, we believe it is more likely than not that all other deferred tax
assets for which no valuation allowances have been established will be realized. This conclusion is based on our history of
cumulative income in recent years and review of historical and projected future taxable income.

We determine whether it is more likely than not that a tax position will be sustained upon examination by the appropriate
taxing authorities before any part of the benefit is recorded in our financial statements. A tax position is measured as the portion
of the tax benefit that is greater than 50% likely to be realized upon settlement with a taxing authority (that has full knowledge of
all relevant information). We may be required to change our provision for income taxes when the ultimate treatment of certain
items is challenged or agreed to by taxing authorities, when estimates used in determining valuation allowances on deferred tax
assets significantly change, or when receipt of new information indicates the need for adjustment in valuation allowances.
Future events, such as changes in tax laws, tax regulations, or interpretations of such laws or regulations, could have an impact
on the provision for income tax and the effective tax rate. Any such changes could significantly affect the amounts reported in
the consolidated financial statements in the year these changes occur.

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Market risk is the potential gain/loss arising from changes in market rates and prices, such as interest rates and changes in

the market value of financial instruments. Our main exposure to market risk relates to interest rates. We had $166.0 million in
floating interest rate obligations outstanding on December 31, 2021, and therefore are subject to changes in the amount of
interest expense we might incur. A 50 basis point increase or decrease in the average interest rate for these obligations would
result in an increase or decrease in annual interest expense of $0.8 million. Refer to Note 8 to the consolidated financial
statements for information regarding the fair value of our long-term debt.

We believe that our market risk from financial instruments, such as accounts receivable, accounts payable and debt, is not

material.

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

INDEX TO FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FINANCIAL STATEMENTS

Report of Independent Registered Public Accounting Firm (PCAOB ID 238) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Consolidated Balance Sheets as of December 31, 2021 and 2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Consolidated Statements of Income for the Years Ended December 31, 2021, 2020 and 2019 . . . . . . . . . . . . . . . . . . . . . . .

Consolidated Statements of Comprehensive Income for the Years Ended December 31, 2021, 2020 and 2019 . . . . . . . . .

Consolidated Statements of Cash Flows for the Years Ended December 31, 2021, 2020 and 2019 . . . . . . . . . . . . . . . . . . .
Consolidated Statements of Equity and Redeemable Noncontrolling Interest for the Years Ended December 31, 2021,
2020 and 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Notes to Consolidated Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Page

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors of TEGNA Inc.

Opinions on the Financial Statements and Internal Control over Financial Reporting

We have audited the accompanying consolidated balance sheets of TEGNA Inc. and its subsidiaries (the “Company”) as of
December 31, 2021 and 2020, and the related consolidated statements of income, of comprehensive income, of equity and
redeemable noncontrolling interest and of cash flows for each of the three years in the period ended December 31, 2021,
including the related notes (collectively referred to as the “consolidated financial statements”). We also have audited the
Company’s internal control over financial reporting as of December 31, 2021, based on criteria established in Internal Control -
Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position
of the Company as of December 31, 2021 and 2020, and the results of its operations and its cash flows for each of the three
years in the period ended December 31, 2021 in conformity with accounting principles generally accepted in the United States of
America. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting
as of December 31, 2021, based on criteria established in Internal Control - Integrated Framework (2013) issued by the COSO.

Basis for Opinions

The Company’s management is responsible for these consolidated financial statements, for maintaining effective internal control
over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in
Management’s Report on Internal Control Over Financial Reporting appearing under Item 9A. Our responsibility is to express
opinions on the Company’s consolidated financial statements and on the Company’s internal control over financial reporting
based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United
States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities
laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the
audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement,
whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material
respects.

Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement
of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks.
Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated
financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by
management, as well as evaluating the overall presentation of the consolidated financial statements. Our audit of internal control
over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a
material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the
assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We
believe that our audits provide a reasonable basis for our opinions.

Definition and Limitations of Internal Control over Financial Reporting

A company’s internal control over financial reporting is a process designed 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. A company’s internal control over financial reporting includes those policies and procedures that
(i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions
of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit
preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and
expenditures of the company are being made only in accordance with authorizations of management and directors of the
company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or
disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also,
projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate
because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Critical Audit Matters

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial
statements that was communicated or required to be communicated to the audit committee and that (i) relates to accounts or

disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or
complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated
financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate
opinion on the critical audit matter or on the accounts or disclosures to which it relates.

Impairment assessments for certain FCC broadcast licenses acquired in the KFMB, Gray stations, Dispatch stations, and
Nexstar stations acquisitions

As described in Notes 1 and 2 to the consolidated financial statements, the Company’s consolidated FCC broadcast licenses
balance was $2.1 billion as of December 31, 2021, of which $897.7 million related to FCC broadcast licenses acquired in the
KFMB, Gray stations, Dispatch stations, and Nexstar stations acquisitions. In 2021, the Company elected to perform a
quantitative impairment assessment for all FCC licenses. Intangible assets with indefinite lives are tested annually, or more often
if circumstances dictate, for impairment and written down to fair value as required. Fair value is estimated by management using
an income approach called the Greenfield method. The Greenfield method utilizes a discounted cash flow model that
incorporates several key assumptions, including but not limited to market revenues, estimated profit margins based on market
size and station type, and the discount rate (determined by management using a weighted average cost of capital).

The principal considerations for our determination that performing procedures relating to the impairment assessments for certain
FCC broadcast licenses acquired in the KFMB, Gray stations, Dispatch stations, and Nexstar stations acquisitions is a critical
audit matter are the significant judgment by management when developing the fair value measurement of the FCC broadcast
licenses. This in turn led to a high degree of auditor judgment, subjectivity, and effort in performing procedures and evaluating
management’s significant assumptions related to market revenues, estimated profit margins based on market size and station
type, and the discount rate. In addition, the audit effort involved the use of professionals with specialized skill and knowledge.

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall
opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to
management’s impairment assessments, including controls over the valuation of the Company’s FCC broadcast licenses for
certain licenses acquired in the KFMB, Gray stations, Dispatch stations, and Nexstar stations acquisitions. These procedures
also included, among others, (i) testing management’s process for developing the fair value estimates; (ii) evaluating the
appropriateness of the discounted cash flow model; (iii) testing the completeness, accuracy, and relevance of underlying data
used in the model; and (iv) evaluating the significant assumptions used by management related to market revenues, estimated
profit margins based on market size and station type, and the discount rate. Evaluating management’s assumptions related to
market revenues and estimated profit margins based on market size and station type involved evaluating whether the
assumptions used by management were reasonable considering (i) the current and past performance in the market being
evaluated, (ii) the consistency with external market and industry data, and (iii) whether these assumptions were consistent with
evidence obtained in other areas of the audit. The discount rate was evaluated by considering the cost of capital of comparable
businesses and other industry factors. Professionals with specialized skill and knowledge were used to assist in the evaluation of
the Company’s discount rate assumption.

/s/ PricewaterhouseCoopers LLP

Washington, District of Columbia
March 1, 2022

We have served as the Company’s auditor since 2018.

TEGNA Inc.
CONSOLIDATED BALANCE SHEETS

In thousands of dollars

ASSETS

Current assets
Cash and cash equivalents

Accounts receivable, net of allowances of $4,371 and $7,035, respectively

Other receivables

Syndicated programming rights

Prepaid expenses and other current assets

Total current assets

Property and equipment
Land

Buildings and improvements

Equipment, furniture and fixtures

Construction in progress

Total

Less accumulated depreciation

Net property and equipment

Intangible and other assets
Goodwill
Indefinite-lived and amortizable intangible assets, less accumulated amortization of $298,593 and

$235,582, respectively

Right-of-use assets for operating leases

Investments and other assets

Total intangible and other assets

Total assets

Dec. 31,

2021

2020

56,989 $

642,280

15,496

53,100

19,724

40,968

550,755

14,031

47,331

19,509

787,589

672,594

86,447

341,112

615,531

10,761

86,456

329,088

593,517

17,398

1,053,851

1,026,459

(586,656)

(556,100)

467,195

470,359

2,981,587

2,968,693

2,441,488

2,503,644

87,279

152,508

97,190

136,219

5,662,862

5,705,746

6,917,646 $

6,848,699

TEGNA Inc.
CONSOLIDATED BALANCE SHEETS
In thousands of dollars, except par value and share amounts

LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND EQUITY

Current liabilities
Accounts payable

Accrued liabilities

Compensation

Interest

Contracts payable for programming rights

Other

Income taxes payable

Total current liabilities

Noncurrent liabilities
Deferred income tax liability

Long-term debt

Pension liabilities

Operating lease liabilities

Other noncurrent liabilities

Total noncurrent liabilities

Total liabilities

Dec. 31,

2021

2020

72,996 $

58,049

55,179

45,905

98,534

91,098

11,420

46,213

47,249

130,522

78,219

63,923

375,132

424,175

548,374

530,240

3,231,970

3,553,220

58,063

88,970

79,102

85,908

99,337

82,791

4,006,479

4,351,496

4,381,611

4,775,671

Commitments and contingent liabilities (see Note 11)

Redeemable noncontrolling interest (see Note 11)

16,129 $

14,933

Shareholders’ equity

Common stock of $1 par value per share, 800,000,000 shares authorized, 324,418,632 shares
issued

Additional paid-in capital

Retained earnings

Accumulated other comprehensive loss

Less treasury stock at cost, 103,012,455 shares and 104,918,360 shares, respectively

Total equity
Total liabilities, redeemable noncontrolling interest and equity

The accompanying notes are an integral part of these consolidated financial statements.

324,419

27,941

324,419

113,267

7,459,380

7,075,640

(97,216)

(121,076)

(5,194,618)

(5,334,155)

2,519,906
6,917,646 $

2,058,095
6,848,699

TEGNA Inc.
CONSOLIDATED STATEMENTS OF INCOME

In thousands of dollars, except per share amounts

Revenues

$ 2,991,093 $ 2,937,780 $ 2,299,497

Year ended Dec. 31,

2021

2020

2019

Operating expenses:
Cost of revenues1
Business units - Selling, general and administrative expenses

Corporate - General and administrative expenses

Depreciation

Amortization of intangible assets

Spectrum repacking reimbursements and other, net (see Note 10)

Total

Operating income

Non-operating income (expense):

Equity (loss) income in unconsolidated investments, net

Interest expense

Other non-operating items, net

Total

Income before income taxes

Provision for income taxes

Net Income

Net (income) loss attributable to redeemable noncontrolling interest

1,598,759 1,503,287 1,228,237

396,446

365,601

326,804

68,127

64,841

63,011

(2,307)

73,295

66,880

67,690

(9,955)

80,144

60,525

50,104

(5,335)

2,188,877 2,066,798 1,740,479

802,216

870,982

559,018

(9,713)

10,397

10,149

(185,650)

(210,294)

(205,470)

6,825

(34,029)

11,960

(188,538)

(233,926)

(183,361)

613,678

637,056

375,657

135,481

154,293

89,422

478,197

482,763

286,235

(1,242)

—

Net income attributable to TEGNA Inc.

476,955 $

482,778 $

286,235

Earnings per share - basic

Earnings per share - diluted

2.15 $

2.20 $

1.32

2.14 $

2.19 $

1.31

Weighted average number of common shares outstanding:

Basic shares
Diluted shares

221,504
222,471

219,232
219,733

217,138
217,977

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

The accompanying notes are an integral part of these consolidated financial statements.

Year ended Dec. 31,
2020

2021

2019

478,197 $

482,763 $

286,235

743

138

(774)

5,217

4,463

946

10,626

20,800

32,169

(8,309)
23,860
502,057
(1,242)
500,815 $

6,209

22,574

—

28,783

—

28,921

(7,400)
21,521
504,284
15

504,299 $

5,764

(13,822)

686

(7,372)

—

(8,146)

2,060
(6,086)
280,149
—
280,149

TEGNA Inc.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

In thousands of dollars

Net income

Other comprehensive (loss) income, before tax:

Foreign currency translation adjustments

Pension and other post-retirement benefit items:

Recognition of previously deferred post-retirement benefit plan costs

Actuarial gain (loss) arising during the period

Pension payment timing related charge

Pension and other postretirement benefit items

Unrealized gain on available-for-sale investment during the period

Other comprehensive income (loss), before tax

Income tax effect related to components of other comprehensive income (loss)
Other comprehensive income (loss), net of tax
Comprehensive income
Comprehensive loss attributable to redeemable non-controlling interest
Comprehensive income attributable to TEGNA Inc.

The accompanying notes are an integral part of these consolidated financial statements.

TEGNA Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS

In thousands of dollars

Cash flows from operating activities:

Net income

Adjustments to reconcile net income to net cash flows from operating activities:

Depreciation

Amortization of intangible assets

Stock-based compensation

Company stock 401(k) contribution

Amortization of deferred financing costs, debt discounts and premiums

Losses (gains) on assets

Provision for deferred income taxes

Equity loss (income) in unconsolidated investees, net

Pension contributions, net of income

Changes in operating assets and liabilities, net of acquisitions:

(Increase) decrease in accounts receivable

Increase (decrease) in accounts payable

(Decrease) increase in interest and taxes payable

Increase in deferred revenue

Changes in other assets and liabilities, net

Net cash flows from operating activities

Cash flows from investing activities:

Purchase of property and equipment

Reimbursement from spectrum repacking

Year ended Dec. 31,

2021

2020

2019

478,197 $

482,763 $

286,235

64,841

63,011

31,515

17,142

8,323

—

9,916

9,713

(19,139)

(88,687)

14,947

(53,303)

1,589

(36,453)

66,880

67,690

20,306

16,469

20,251

12,457

8,533

(10,397)

(10,400)

27,474

7,245

66,466

1,013

28,386

60,525

50,104

20,146

9,558

12,012

(7,402)

22,064

(10,149)

(19,447)

(86,245)

(29,526)

(8,284)

1,007

(3,125)

501,612

805,136

297,473

(63,076)

4,942

(45,499)

13,180

(88,356)

16,974

Payments for acquisitions of businesses and other assets, net of cash acquired

(13,335)

(34,841)

(1,514,183)

Payments for investments

Proceeds from investments

Proceeds from sale of businesses and assets

Net cash used for investing activities

Cash flows from by financing activities:

(1,791)

3,701

303

(2,415)

5,028

5,026

(4,986)

4,698

22,383

(69,256)

(59,521)

(1,563,470)

(Payments of) proceeds from borrowings under revolving credit facilities, net

(189,000)

(548,000)

853,000

Proceeds from borrowings

Debt repayments

Payments for debt issuance and premiums for early redemption costs

Dividends paid

Other, net

Proceeds from sale of minority ownership interest in Premion

Net cash (used for) provided by financing activities

Increase (decrease ) in cash

Balance of cash at beginning of year

Balance of cash at end of year

Supplemental cash flow information:

Cash paid for income taxes, net of refunds

Cash paid for interest

The accompanying notes are an integral part of these consolidated financial statements.

—

1,550,000

1,100,000

(137,000)

(1,623,000)

(710,000)

(1,256)

(78,465)

(10,614)

—

(41,378)

(76,465)

(9,208)

14,000

(22,018)

(60,624)

(819)

—

(416,335)

(734,051)

1,159,539

16,021

40,968

11,564

29,404

(106,458)

135,862

56,989 $

40,968 $

29,404

179,164 $

84,889 $

84,045

179,803 $

200,766 $

186,086

TEGNA Inc.
CONSOLIDATED STATEMENTS OF EQUITY AND REDEEMABLE NONCONTROLLING INTEREST

In thousands of dollars, except per share data

Redeemable
noncontrolling
interest

Common
stock

TEGNA Inc. Shareholders’ Equity
Accumulated
other
comprehensive
income (loss)

Retained
earnings

Additional
paid-in
capital

Treasury
stock

Total

Balance as of Dec. 31, 2018

— $ 324,419 $ 301,352 $ 6,429,512 $

(136,511) $ (5,577,848) $ 1,340,924

Net Income

Other comprehensive loss, net of tax

Total comprehensive income
Dividends declared: $0.28 per share

Company stock 401(k) contribution

Stock-based awards activity

Stock-based compensation

Other activity

—

— 286,235

—

(6,086)

—

(60,659)

(23,090)

(51,990)

20,146

1,079

—

— 286,235

—

(6,086)

280,149

—

(60,659)

32,648

51,170

—

9,558

(820)

20,146

1,079

Balance as of Dec. 31, 2019

— $ 324,419 $ 247,497 $ 6,655,088 $

(142,597) $ (5,494,030) $ 1,590,377

Net Income (loss)

Other comprehensive loss, net of tax

Total comprehensive income
Dividends declared: $0.28 per share

Company stock 401(k) contribution

Stock-based awards activity

Stock-based compensation

(15)

—

Sale of minority interest in Premion

14,000

Adjustment of redeemable noncontrolling
interest to redemption value

Other activity

948

—

— 482,778

—

21,521

—

(61,278)

(71,808)

(80,805)

20,306

—

(1,923)

—

(948)

—

— 482,778

—

21,521
504,299

—

(61,278)

88,277

16,469

71,598

(9,207)

—

20,306

—

(948)

(1,923)

Balance as of Dec. 31, 2020

14,933 $ 324,419 $ 113,267 $ 7,075,640 $

(121,076) $ (5,334,155) $ 2,058,095

Net Income

Other comprehensive loss, net of tax

Total comprehensive income
Dividends declared: $0.36 per share

Company stock 401(k) contribution

Stock-based awards activity

Stock-based compensation

Adjustment of redeemable noncontrolling
interest to redemption value

Other activity

1,242

—

(46)

—

— 476,955

—

23,860

—

(78,466)

(32,777)

(14,795)

(85,436)

31,515

—

1,372

—

— 476,955

—

23,860

500,815

—

(78,466)

64,714

17,142

74,823

(10,613)

—

31,515

—

1,372

Balance as of Dec. 31, 2021

16,129 $ 324,419 $ 27,941 $ 7,459,380 $

(97,216) $ (5,194,618) $ 2,519,906

The accompanying notes are an integral part of these consolidated financial statements.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1 – Description of business, basis of presentation and summary of significant accounting policies

Description of business: We are an innovative media company serving the greater good of our communities. Our business
includes 64 television stations operating and two radio stations in 51 U.S. markets, offering high-quality television programming
and digital content. We also own leading multicast networks True Crime Network, Twist and Quest. Each television station also
has a robust digital presence across online, mobile and social platforms, reaching consumers on all devices and platforms they
use to consume news content. Through TEGNA Marketing Solutions (TMS), our integrated sales and back-end fulfillment
operations, we deliver results for advertisers across television, digital and over-the-top (OTT) platforms, including Premion, our
OTT advertising network.

Use of estimates: The financial statements have been prepared in accordance with U.S. generally accepted accounting
principles (GAAP). In doing so, we are required to make estimates and assumptions that affect the amounts reported in the
consolidated financial statements and accompanying notes. Significant estimates include, but are not limited to, evaluation of
goodwill and other intangible assets for impairment, allocation of purchase price to assets and liabilities in business
combinations, fair value measurements, post-retirement benefit plans, income taxes including deferred tax assets, and
contingencies.

COVID-19 pandemic: Since early 2020, the world has been, and continues to be, impacted by the novel coronavirus

(COVID-19) and its variants. The COVID-19 pandemic has brought unprecedented challenges including widespread economic
and social change throughout the United States. The U.S. economy continued on a path to recovery during 2021 with millions of
Americans receiving COVID-19 vaccines, states/municipalities increasingly reopening and continued growth in employment. In
addition, the U.S. federal government continued to enact policies to provide fiscal stimulus to the economy and relief to those
affected by the pandemic, with the stimulus bolstering household finances as well as those of small businesses, states and
municipalities. Our AMS revenues were most negatively impacted by the pandemic in the second quarter of 2020 but since then
AMS has improved as steps toward economic re-opening were implemented and as federal government stimulus programs were
enacted. However, there continues to be considerable uncertainty regarding how current and future health and safety measures
implemented in response to the pandemic will impact our business.

The impact of COVID-19 and the extent of its adverse impact on our financial and operating results will be dictated by the

degree to which the pandemic continues to affect our advertising customers. This will depend on future pandemic-related
developments including the severity of COVID-19 variants, disruptions to our customers’ supply chains and impacts to their
advertising and marketing purchasing patterns, the effectiveness, distribution and acceptance of COVID-19 vaccines and booster
shots, consumer confidence; and U.S. government actions to prevent and manage the virus spread, all of which are uncertain
and cannot be predicted. While we use the best information available in developing significant estimates included in our financial
statements, the effects of the pandemic on our operations may not be fully realized, or reflected in our financial results, until
future periods. As such, actual results could differ from our estimates and these differences resulting from changes in facts and
circumstances could be material.

Basis of presentation: The consolidated financial statements include the accounts of subsidiaries we control and variable

interest entities if we are the primary beneficiary. We eliminate all intercompany balances, transactions, and profits in
consolidation. Investments in entities for 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 income in unconsolidated
investments, net” in the Consolidated Statements of Income. In 2021, we reclassified amounts previously recorded as noncurrent
"Income taxes" to "Other noncurrent liabilities" in the Consolidated Balance Sheets and, as a result, the prior year balance has
been reclassified to conform to current year presentation.

Segment presentation: We operate one operating and reportable segment, which primarily consists of our 64 television
stations and two radio stations operating in 51 markets. Our reportable segment structure has been determined 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.

Cash and cash equivalents: Cash and cash equivalents consist of cash and highly liquid short-term investments with

original maturities of three months or less. Cash and cash equivalents are carried at cost plus accrued interest, which
approximates fair value.

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, unemployment and demand for our products and services, including the
impacts of the COVID-19 pandemic on these trends. We monitor the credit quality of our customers and their ability to pay
through the use of analytics and communication with individual customers. Bad debt expense is included in “Business units -
Selling, general and administrative expenses” on our Consolidated Statements of Income. In 2021, we had a net reversal of bad

debt expense of $0.7 million, resulting from improved collections during 2021. We had bad debt expense of $8.0 million in 2020
and $2.4 million in 2019. Write-offs of trade receivables (net of recoveries) were $1.9 million in 2021, $4.7 million in 2020 and
$3.0 million in 2019.

Property and equipment: Property and equipment are recorded at cost, and depreciation expense is recorded generally on

a straight-line basis over the estimated useful lives of the assets. The estimated useful lives are generally: buildings and
improvements, 10 to 40 years; and machinery, equipment and fixtures, 3 to 25 years. Expenditures for maintenance and repairs
are expensed as incurred. During 2021, 2020 and 2019, we had expenditures related to the Federal Communication
Commission’s (FCC) repack project. See Note 11 for further discussion.

Valuation of long-lived assets: We review the carrying amount of long-lived assets (mostly property and equipment and
definite-lived intangible assets) for impairment whenever events or changes in circumstances indicate that the carrying amount
may not be recoverable. Once an indicator of potential impairment has occurred, the impairment test is based on whether the
intent is to hold the asset for continued use or to hold the asset for sale. If the intent is to hold the asset for continued use, the
impairment test first requires a comparison of projected undiscounted future cash flows against the carrying amount of the asset
group. If the carrying value of the asset group exceeds the estimated undiscounted future cash flows, the asset group would be
deemed to be potentially impaired. The impairment, if any, would be measured based on the amount by which the carrying
amount exceeds the fair value. Fair value is determined primarily using the projected future cash flows, discounted at a rate
commensurate with the risk involved. Losses on long-lived assets to be disposed of are determined in a similar manner, except
that fair values are reduced for the cost to dispose. We recognized impairment charges in 2021 and 2019 related to long-lived
assets. See Note 10 for further discussion.

Goodwill and indefinite-lived intangible assets: The assets and liabilities of acquired businesses are recorded under the

acquisition method of accounting at their estimated fair values at the date of acquisition. Goodwill represents the excess of
acquisition cost over the fair value of assets acquired, including identifiable intangible assets, net of liabilities assumed.

Our goodwill balance was $2.98 billion and $2.97 billion as of December 31, 2021 and 2020, respectively. Goodwill is tested
for impairment on an annual basis (first day of our fourth quarter) or between annual tests if events or changes in circumstances
indicate that the fair value of our reporting unit may be below its carrying amount.

Before performing the annual goodwill impairment test quantitatively, we first have the option to perform a qualitative

assessment to determine if the quantitative test must be completed. The qualitative assessment considers events and
circumstances such as macroeconomic conditions, industry and market conditions, cost factors and overall financial
performance, as well as company and specific reporting unit specifications. If after performing this assessment, we conclude it is
more likely than not that the fair value of a reporting unit is less than its carrying amount, then we are required to perform the
quantitative test. Otherwise, the quantitative test is not required. In 2021, we elected not to perform the optional qualitative
assessment of goodwill and instead performed the quantitative impairment test.

Goodwill is accounted for at the segment level and allocated to, and tested for impairment at, a level referred to as the

reporting unit. We have determined that our one segment, Media, consists of a single reporting unit.

When performing the quantitative test, we determine the fair value of the reporting unit and compare it to the carrying amount,

including goodwill. If the carrying amount of the reporting unit exceeds the fair value of the reporting unit, the reporting unit’s
goodwill is impaired and we must recognize an impairment loss for the difference between the carrying amount and the fair value
of the reporting unit.

We estimate the fair value of our reporting unit based on a market-based valuation methodology, which is primarily based on
our consolidated market capitalization plus a reasonable control premium. In the fourth quarter of 2021, we completed our annual
goodwill impairment test for our reporting unit. The results of the test indicated that the estimated fair value of our reporting unit
significantly exceeded the carrying value.

We also have significant intangible assets with indefinite lives associated with FCC broadcast licenses related to our

acquisitions of television and radio stations. The FCC broadcast licenses are recorded at their estimated fair value at the date of
acquisition. Fair value is estimated using an income approach called the Greenfield method, which utilizes a discounted cash
flow model that incorporates several key assumptions, including market revenues, long-term growth projections, estimated
market share for a typical market participant, estimated profit margins based on market size and station type, and a discount rate
(determined using a weighted average cost of capital). Since these licenses are considered indefinite lived intangible assets we
do not amortize them, rather they are tested for impairment annually (first day of our fourth quarter), or more often if
circumstances dictate, for impairment and written down to fair value as required. We have the option to first perform a qualitative
assessment to determine if it is more likely than not that the fair value of the indefinite lived asset is more than its carrying
amount. If that is the case, then we do not need to perform the quantitative analysis. The qualitative assessment considers
trends in macroeconomic conditions, industry and market conditions, cost factors and overall financial performance of the
indefinite lived asset.

In 2021, we elected to perform the quantitative assessment for all of our FCC licenses. We have FCC licenses acquired in the

KFMB acquisition as well as those acquired in our 2019 acquisitions (Gray stations, Dispatch stations, and Nexstar stations),
which represented an aggregate carrying value of $897.7 million. These licenses have more limited headroom due to the fact
that we recently recorded them at fair value upon their respective acquisition, and as a result are more susceptible to the risk of
impairment due to changes in underlying market factors. To estimate the fair values for the FCC broadcast licenses, we applied
an income approach, using the Greenfield method. The results of our 2021 annual impairment test of FCC broadcast licenses
indicated the fair value of each license exceeded its carrying amount; and therefore, no impairment charge was recorded.
However, material adverse changes in any of the significant valuation inputs, including changes as a result of the uncertainty
surrounding the COVID-19 pandemic, could result in future declines in the fair value of these FCC license assets, and could
result in non-cash impairment charges which could have a material adverse impact on our on future results from operations.

Investments and other assets: Investments where we have the ability to exercise significant influence, but do not control,

are accounted for under the equity method of accounting. Significant influence typically exists if we have a 20% to 50%
ownership interest in the investee. Under this method of accounting, our share of the net earnings or losses of the investee is
included in non-operating income, on our Consolidated Statements of Income. We evaluate our equity method investments for
impairment whenever events or changes in circumstances indicate that the carrying amounts of such investments may be
impaired. If a decline in the value of an equity method investment is determined to be other than temporary, a loss is recorded in
earnings in the current period. Certain differences exist between our investment carrying value and the underlying equity of the
investee companies principally due to fair value measurement at the date of investment acquisition and due to impairment
charges we recorded for certain of the investments. We recognized gains of $19.7 million on the sale of four such investments in
2019.

Investments in the equity of non-public businesses that do not have readily determinable pricing, and for which we do not

have control or do not exert significant influence, are carried at cost less impairments, if any, plus or minus changes in
observable prices for those investments. Gains or losses resulting from changes in the carrying value of these investments are
included as a non-operating expense on our Consolidated Statements of Income. As of December 31, 2021 and 2020, such
investments totaled $20.3 million. During 2021, we recorded a $1.9 million gain one of these investments and a $1.9 million
impairment on a different investment. During 2020, we recorded a $9.2 million impairment related to the decline in fair value of
one or our investees. During 2019, we recorded gains of $5.9 million due to an observable price increase in two such
investments.

We also hold a debt security investment issued by MadHive, Inc. (MadHive), that we classify as an available-for-sale

investment. Under the terms of our investment agreement, our debt investment may converted into an equity investment based
on the occurrence of certain specified events. This investment is carried at fair value. Unrealized gains/losses on this investment
are included within “Accumulated other comprehensive loss” on the Condensed Consolidated Balance Sheet. Gains and losses
will be recognized in our Consolidated Statements of Income when realized. See Note 3, Note 8 and Note 11 for additional
information.

Our television stations are party to program broadcasting contracts which provide us with rights to broadcast syndicated
programs, original series and films. These contracts are recorded at the gross amount of the related liability when the programs
are available for telecasting. The related assets are recorded at the lower of cost or estimated net realizable value. Program
assets are classified as current (as a prepaid expense) or noncurrent (as an other asset) in the Consolidated Balance Sheets,
based on when the programming is expected to air. Expense is recognized on a straight line basis which appropriately matches
the cost of the programs with the revenues associated with them. During 2021, 2020 and 2019, we incurred programming
expense of $70.7 million, $71.1 million and $60.8 million, respectively. Programming expense is included in “Cost of revenues”
within our Consolidated Statements of Income. As of December 31, 2021, $53.1 million of programming assets existed which we
expect to be expensed within the next twelve months. The liability for these contracts is classified as current or noncurrent in
accordance with the payment terms of the contracts. The payment period generally coincides with the period of telecast for the
programs, but may be shorter.

We evaluate the net realizable value of our program broadcasting contract assets when a triggering event occurs, such as a
change in our intended usage, or sustained lower than expected ratings for the program. Impairment analysis are performed at
the syndicated program level (across all stations that utilize the program). We determine the net realizable value based on a
projection of the estimated revenues less projected direct costs associated with the syndicated program (which is classified as
Level 3 in the fair value hierarchy). If the future direct costs exceed expected revenues, impairment of the program asset may be
required. No impairment charges were recognized in 2021, 2020 or 2019.

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 three year commercial reselling agreement with the affiliate. Gray’s investment allows it to
sell its interest to Premion if there is a change in control of TEGNA or if the existing 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 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 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.

Our primary source of revenue is our subscription revenue from retransmission consent contracts with multichannel video
programming distributors (e.g., cable and satellite providers) and over the top providers (companies that deliver video content to
consumers over the Internet). Under these multi-year contracts, we have performance obligations to provide our customers with
our stations’ signals, as well as our consent to retransmit those signals to their customers. Subscription revenue is recognized in
accordance with the guidance for licensing intellectual property utilizing a usage based method. The amount of revenue earned
is based on the number of subscribers to which our customers retransmit our signal, and the negotiated fee per subscriber
included in our contract agreement. Our customers generally submit payments monthly, generally within 60-90 days after the
month that the service was provided. Our performance obligations are satisfied, and revenue is recognized, as our customers
retransmit our signal. This measure toward satisfaction of our performance obligations and recognition of revenue is the most
appropriate as it aligns our revenue recognition with the value that we are delivering to our customers through our retransmission
consent.

We also earn revenue through the sale of advertising and marketing services (AMS). This revenue stream includes all

sources of our traditional television and radio advertising, as well as digital revenues including Premion. Contracts within this
revenue stream are short-term in nature (most often three months or less). Contracts generally consist of multiple deliverables,
such as television commercials, or digital advertising solutions, that we have identified as individual performance obligations.
Before performing under the contract, we establish the transaction price with our customer based on the agreed upon rates for
each performance obligation. There is no material variability in the transaction price during the term of the contract.

Revenue is recognized as we fulfill our performance obligations to our customers. For our AMS revenue stream, we
measure the fulfillment of our performance obligations based on the airing of the individual television commercials or display of
digital advertisements. This measure is most appropriate as it aligns our revenue recognition with the value we are providing to
our customers. The price of each individual commercial and digital advertisement is negotiated with our customer and is
determined based on multiple factors, including, but not limited to, the programming and day-part selected, supply of available
inventory, our station’s viewership ratings and overall market conditions (e.g., timing of the year and strength of U.S. economy).
Customers are billed monthly and payment is generally due 30 days after the date of invoice. Commission costs related to these
contracts are expensed as incurred due to the short-term nature of the contracts.

We also generate revenue from the sale of political advertising. Contracts within this revenue stream are short-term in
nature (typically weekly or monthly buys during political campaigns). Customers pre-pay these contracts and we therefore defer
the associated revenue until the advertising has been delivered, at which time we have satisfied our performance obligations and
recognize revenue. Commission costs related to these contracts are expensed as incurred due to the short-term nature of the
contracts.

Our remaining revenue is comprised of various other services, primarily production services (for news content and

commercials) and sublease tower rental income and distribution of our local news content. Revenue is recognized as these
various services are provided to our customers.

In instances where we sell services from more than one revenue stream to the same customer at the same time, we

recognize one contract and allocate the transaction price to each deliverable element (e.g., performance obligation) based on the
relative fair value of each element.

Revenue earned by categories in 2021, 2020 and 2019 are shown below (amounts in thousands):

2021

2020

2019

Subscription

1,466,433 $

1,286,611 $

1,005,030

Advertising & Marketing Services

1,428,082

1,174,774

1,226,607

Political

Other

60,573

36,005

445,535

30,860

38,478

29,382

Total revenues

2,991,093 $

2,937,780 $

2,299,497

Retirement plans: Certain employees are covered by defined benefit pension plans and we provide certain medical and life

insurance benefits to eligible retirees (collectively postretirement benefit plans). The amounts we record related to our
postretirement benefit plans are computed using actuarial valuations that are based in part on certain key economic assumptions
we make, including the discount rate, the expected long-term rate of return on plan assets and other actuarial assumptions
including mortality estimates, health care cost trend rates and employee turnover, each as appropriate based on the nature of the
plans. Depending on the timing of the estimated payments, we recognize the funded status of our postretirement benefit plans as

a current or non-current liability within our Consolidated Balance Sheets. When annually adjusting to recognize the funded status
of the plan, there is a corresponding non-cash adjustment to accumulated other comprehensive loss, net of tax benefits,
recorded in the Consolidated Statements of Equity. The funded status is measured as the difference between the fair value of the
plan’s assets and the benefit obligation of the plan.

Stock-based employee compensation: We grant restricted stock units (RSUs) and performance shares to employees as a
form of compensation. The expense for the RSUs is based on the grant date fair value of the award and is generally recognized
on a straight-line basis. Expense related to the performance share program is marked to market each month over the first two-
year performance period, as the award provides the Leadership Development and Compensation Committee with limited
discretion to make adjustments to the financial targets to ensure consistent year-to-year comparison for the performance criteria.
Expense under these programs is recognized over the requisite service period, which is typically a four-year period for RSUs and
a three-year period for performance shares. Performance share expense for participants meeting certain retirement eligible
criteria as defined in the plan is recognized using the accelerated attribution method. See Note 9 for further discussion.

Advertising and marketing costs: We expense advertising and marketing costs, such as costs to promote our brands, as
they are incurred. Advertising expense was $9.8 million in 2021, $5.8 million in 2020 and $9.4 million in 2019, and are included in
“Selling, general and administrative expenses” on the Consolidated Statements of Income.

London Interbank Offered Rate (LIBOR) Interest Rates: Effective after December 31, 2021 no new LIBOR based interest
rate benchmarks will be originated for one week or two month durations. Rates for one day, one month, three month, six month
and twelve month durations will continue be originated through June 2023. Under our revolving credit agreement we have the
ability to draw loans based on two different interest rate indices, one of which is LIBOR based. We are able to draw loans based
on the durations that continue to be originated through June 2023. We are working with our lenders to establish alternative
interest rate measurements for periods subsequent to June 2023.

Income taxes: Income taxes are presented on the consolidated financial statements using the asset and liability method,
under which deferred tax assets and liabilities are recognized based on the future tax consequences attributable to temporary
differences that exist between the financial statement carrying amount of assets and liabilities and their respective tax basis, as
well as from tax loss and tax credit carry-forwards. Deferred income taxes reflect expected future tax benefits (i.e., assets) and
future tax costs (i.e., liabilities). The tax effect of net operating loss, capital loss and general business credit carryovers result in
deferred tax assets. We measure deferred tax assets and liabilities using the enacted tax rate expected to apply to taxable
income in the years in which those temporary differences are expected to be recoverable or settled. We recognize the effect on
deferred taxes of a change in tax rates in income in the period that includes the enactment date. Valuation allowances are
established if, based upon the weight of available evidence, management determines it is “more likely than not” that some
portion or all of the deferred tax asset will not be realized.

We periodically assess our tax filing exposures related to periods that are open to examination. Based on the latest available

information, we evaluate our tax positions to determine whether it is more likely than not the position will be sustained upon
examination by the relevant taxing authority. If we cannot reach a more likely than not determination, no benefit is recorded. If we
determine the tax position is more likely than not to be sustained, we record the largest amount of benefit that is more likely than
not to be realized when the tax position is settled. We record interest and penalties related to income taxes as a component of
income tax expense on our Consolidated Statements of Income. Interest and penalties were not material in each year presented.

Loss contingencies: We are subject to various legal proceedings, claims and regulatory matters, the outcomes of which are
subject to significant uncertainty. We determine whether to disclose or accrue for loss contingencies based on an assessment of
whether the risk of loss is remote, reasonably possible or probable, and whether it can be reasonably estimated. We accrue for
loss contingencies when such amounts are probable and reasonably estimable. If a contingent liability is only reasonably
possible, we will disclose the potential range of the loss, if material and estimable.

Accounting guidance adopted in 2021: We did not adopt any new accounting guidance in 2021 that had a material impact

on our consolidated financial statements or disclosures.

New accounting guidance not yet adopted: There is no accounting guidance currently pending that we expect to have a

material impact on our consolidated financial statements or disclosures.

NOTE 2 – Goodwill and other intangible assets

We operate as one operating and reportable segment which includes the goodwill balances as of December 31, 2021 and

2020 shown below (in thousands):

Balance as of Dec. 31, 2019
Adjustments
Balance as of Dec. 31, 2020
Business acquisition
Balance as of Dec. 31, 2021

Goodwill
$ 2,950,587
18,106
2,968,693
12,894
$ 2,981,587

The following table displays indefinite-lived intangible assets and amortizable intangible assets as of December 31, 2021 and

2020 (in thousands):

Dec. 31, 2021
Indefinite-lived intangibles:

Gross

Accumulated
Amortization

Net

Television and radio station FCC broadcast licenses

2,123,898 $

— $

2,123,898

Amortizable intangible assets:
Retransmission agreements
Network affiliation agreements
Other

Total indefinite-lived and amortizable intangible assets
Dec. 31, 2020
Indefinite-lived intangibles:

Television and radio station FCC broadcast licenses

Amortizable intangible assets:
Retransmission agreements
Network affiliation agreements
Other

Total indefinite-lived and amortizable intangible assets

235,215
309,503
71,465
2,740,081 $

(168,439)
(97,195)
(32,959)
(298,593) $

66,776
212,308
38,506
2,441,488

2,123,898 $

— $

2,123,898

235,215
309,503
70,610
2,739,226 $

(138,928)
(72,694)
(23,960)
(235,582) $

96,287
236,809
46,650
2,503,644

Our retransmission agreements and network affiliation agreements are amortized on a straight-line basis over their estimated
useful lives. Other intangibles primarily include distribution agreements from our multicast networks acquisition and brand names
which are also amortized on a straight-line basis over their useful lives.

On January 27, 2021, we acquired Locked On Podcast Network LLC for $13.3 million, which consisted of a base purchase
price of $13.8 million and a working capital adjustment of $0.5 million. Locked On produces daily podcasts for every team across
the four major professional sports leagues, as well as for major college sports teams. In connection with this acquisition, we
recorded goodwill and trade name assets of $12.9 million and $0.9 million, respectively. The goodwill is calculated as the excess
of the purchase price over the net fair value of the identifiable assets acquired and liabilities assumed, and represents the future
economic benefits expected to arise from the acquisition that do not qualify for separate recognition, including assembled
workforce, as well as future synergies that we expect to generate. The goodwill recognized is deductible for tax purposes.

The following table shows the projected annual amortization expense related to amortizable intangible assets existing as of

December 31, 2021 (in thousands):

2022

2023

2024

2025

2026

Thereafter

Total

59,882

53,467

47,293

28,468

24,431

104,049

317,590

NOTE 3 – Investments and other assets

Our investments and other assets consisted of the following as of December 31, 2021 and 2020 (in thousands):

Cash value life insurance
Available-for-sale debt security
Equity method investments
Other equity investments
Deferred debt issuance costs
Other long-term assets

Total

Dec. 31,

2021

2020

53,189
23,800 $
21,986
20,331
5,805
27,397

152,508 $

52,883
3,000
32,067
20,271
9,378
18,620
136,219

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 supplemental executive retirement plan. Gains and losses on these investments are
included in “Other non-operating items, net” within our Consolidated Statements of Income and were not material for all periods
presented.

Available-for-sale debt security: Available-for-sale debt securities are required to be carried at their fair value, with unrealized
gains and losses (net of income taxes) that are considered temporary in nature recorded in “Accumulated other comprehensive
loss” on the Consolidated Balance Sheet. As of December 31, 2021, we performed a market based fair value analysis which
resulted in a fair value of $23.8 million for the debt security issued by MadHive that we hold. This available-for-sale debt security
includes features that allow us to convert our investment into equity ownership upon the occurrence of certain events. The
associated unrealized gain has been recorded in “Accumulated other comprehensive loss” on the Consolidated Balance Sheet.
See Note 8 and Note 11 for additional information.

Other equity investments: Represent 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. In 2021, we recognized a $1.9 million gain on one of
these investments due to an observable price increase in the fair value of the investment. Also in 2021, we recorded a
$1.9 million impairment charge, due to the decline in the fair value of a different investment. In 2020, we recorded a $9.2 million
impairment charge due to the decline in the fair value of one of our investees. The impairment charges and gains were recorded
within “Other non-operating items, net” in the Consolidated Statements of Income.

Deferred debt issuance costs: These costs consist of amounts paid to lenders related to our revolving credit facility. Debt

issuance costs paid for our term debt and unsecured notes are accounted for as a reduction in the debt obligation.

NOTE 4 – Income taxes

The provision (benefit) for income taxes consists of the following (in thousands):

2021

Federal

State and other

Total

2020

Federal

State and other

Total

2019

Federal

State and other

Total

Current

Deferred

Total

114,255 $

15,400 $

129,655

11,310

(5,484)

5,826

125,565 $

9,916 $

135,481

Current

Deferred

Total

123,882 $

4,532 $

128,414

21,878

4,001

25,879

145,760 $

8,533 $

154,293

Current

Deferred

Total

59,791 $

21,345 $

7,567

719

67,358 $

22,064 $

81,136

8,286

89,422

Income before income taxes attributable to TEGNA Inc. consists entirely of domestic income.

The provision for income taxes varies from the U.S. federal statutory tax rate as a result of the following differences:

U.S. statutory tax rate

Increase (decrease) in taxes resulting from:

State taxes (net of federal income tax benefit)

Uncertain tax positions, settlements and lapse of statutes of limitations

Other valuation allowances, tax rate changes, & deferred adjustments

Valuation allowance on equity method investment

Non-deductible transactions costs

Net excess benefits or expense on share-based payments

Other, net

Effective tax rate

2021

21.0%

2020

21.0%

2019

21.0%

2.6

0.3

(1.7)

—

0.1

(0.2)

—

3.3

(0.1)

0.4

—

(0.1)

(0.2)

3.1

(1.6)

(1.7)

1.7

0.3

0.4

0.6

22.1%

24.2%

23.8%

Deferred income taxes reflect temporary differences in the recognition of revenue and expense for tax reporting and financial

statement purposes. Deferred tax liabilities and assets are adjusted for changes in tax laws or tax rates of the various tax
jurisdictions as of the enacted date.

Deferred tax liabilities and assets were composed of the following as of December 31, 2021 and 2020 (in thousands):

Deferred tax liabilities

Accelerated depreciation

Accelerated amortization of deductible intangibles

Right-of-use assets for operating leases

Other

Total deferred tax liabilities

Deferred tax assets

Accrued compensation costs

Pension and post-retirement medical and life

Loss carryforwards

Operating lease liabilities

Other

Total deferred tax assets

Deferred tax asset valuation allowance

Total net deferred tax (liabilities)

Dec. 31,

2021

2020

67,697 $

67,479

534,438

21,648

3,792

627,575

24,147

17,400

31,841

22,582

25,160

121,130

41,929

536,740

24,220

3,322

631,761

18,559

25,523

38,348

25,319

37,239

144,988

43,467

(548,374) $

(530,240)

As of December 31, 2021, we had approximately $74.0 million of capital loss carryforwards for federal and state purposes
including $73.0 million of which will expire if not used prior to 2023, and the remainder of which will expire if not used prior to
2027. Capital loss carryforwards can only be utilized to the extent capital gains are recognized. As of December 31, 2021, we
have established a valuation allowance on all federal and state capital loss carryforwards. As of December 31, 2021, we also had
approximately $10.3 million of state net operating loss carryovers that, if not utilized, will expire in various amounts beginning in
2022 through 2040 and $6.8 million of state interest disallowance carryovers that do not expire.

Included in total deferred tax assets are valuation allowances of approximately $41.9 million as of December 31, 2021 and

$43.5 million as of December 31, 2020, primarily related to federal and state capital losses, accrued compensation costs,
minority investments, state interest disallowance carryovers, and state net operating losses available for carry forward to future
years. If, in the future, we believe that it is more likely than not that these deferred tax assets will be realized, the valuation
allowances will be reversed in the Consolidated Statements of Income.

Realization of deferred tax assets for which valuation allowances have not been established is dependent upon generating

sufficient future taxable income. We expect to realize the benefit of these deferred tax assets through future reversals of our
deferred tax liabilities, through the recognition of taxable income in the allowable carryback and carryforward periods, and
through implementation of future tax planning strategies. Although realization is not assured, we believe it is more likely than not
that all deferred tax assets for which valuation allowances have not been established will be realized.

The following table summarizes the activity related to deferred tax asset valuation allowances (in thousands):

Beginning at beginning of period
Additions to valuation allowance
Reductions to valuation allowance
Balance at the end of the period

Tax Matters Agreements

2021

2020

2019

43,467 $

6,108
(7,646)
41,929 $

45,661 $

3,719
(5,913)
43,467 $

125,894
9,545
(89,778)
45,661

Prior to the May 31, 2017 spin-off of the Cars.com business, we entered into a Tax Matters Agreement with Cars.com Inc. that

governs each company’s respective rights, responsibilities, and obligations with respect to tax liabilities and benefits, tax
attributes, tax contests and other matters regarding income taxes, non-income taxes and related tax returns. The agreement
provides that we will generally indemnify Cars.com against taxes attributable to assets or operations for all tax periods or
portions thereof prior to the spin-off date including separately-filed U.S. federal, state, and foreign taxes. Our, 2017 tax year is
currently under examination by the Internal Revenue Service and the relevant federal statute of limitations remains open until
December 31, 2022.

Uncertain Tax Positions

The following table summarizes the activity related to unrecognized tax benefits, excluding the federal tax benefit of state tax

deductions (in thousands):

Change in unrecognized tax benefits

Balance at beginning of year

Additions for tax positions of prior years

Reductions for tax positions of prior years

Settlements

Reductions due to lapse of statutes of limitations

Balance as of end of year

2021

2020

2019

7,435 $

8,050 $

12,843

1,363

—

630

—

(602)

(1,245)

8,196 $

7,435 $

—

(959)

(288)

(3,546)

8,050

The total amount of unrecognized tax benefits that, if recognized, would impact the effective tax rate was $6.8 million as of

December 31, 2021, and $6.0 million as of December 31, 2020. This amount includes the federal tax benefit of state tax
deductions.

We recognize interest and penalties related to unrecognized tax benefits as a component of income tax expense. We also

recognize interest income attributable to overpayment of income taxes and from the reversal of interest expense previously
recorded for uncertain tax positions which are subsequently released as a component of income tax expense. We recognized
expense from interest for uncertain tax positions of $0.7 million in 2021 while recording income of $1.7 million in 2019. We did
not recognize income or expense in 2020. The amount of accrued interest expense and penalties payable related to
unrecognized tax benefits was $0.7 million as of December 31, 2021 and $0.1 million as of December 31, 2020.

We file income tax returns in the U.S. and various state jurisdictions. The 2016 through 2021 tax years remain subject to
examination by the Internal Revenue Service and state authorities. Tax years before 2016 remain subject to examination by
certain states due to ongoing audits.

It is reasonably possible that the amount of unrecognized benefit with respect to certain of our unrecognized tax positions will

increase or decrease within the next 12 months. These changes may be the result of settlement of ongoing audits, lapses of
statutes of limitations or other regulatory developments. At this time, we estimate the amount of our gross unrecognized tax
positions may decrease by up to approximately $0.5 million within the next 12 months primarily due to lapses of statutes of
limitations and settlement of ongoing audits in various jurisdictions.

NOTE 5 – Long-term debt

Our long-term debt is summarized below (in thousands):

Borrowings under revolving credit facility expiring August 2024
Unsecured notes bearing fixed rate interest at 5.50% due September 2024
Unsecured notes bearing fixed rate interest at 4.75% due March 2026
Unsecured notes bearing fixed rate interest at 7.75% due June 2027
Unsecured notes bearing fixed rate interest at 7.25% due September 2027
Unsecured notes bearing fixed rate interest at 4.625% due March 2028
Unsecured notes bearing fixed rate interest at 5.00% due September 2029
Total principal long-term debt
Debt issuance costs
Unamortized premiums and discounts, net
Total long-term debt

Dec. 31,

2021
166,000
—
550,000
200,000
240,000
1,000,000
1,100,000
3,256,000
(31,378)
7,348
$ 3,231,970

2020
355,000
137,000
550,000
200,000
240,000
1,000,000
1,100,000
3,582,000
(36,595)
7,815
$ 3,553,220

On December 3, 2021 we utilized available cash and our revolving credit facility to repay the remaining $137 million of our

5.500% unsecured senior notes, which were due in September 2024. We incurred $1.3 million of early redemption fees and
wrote off $1.2 million of unamortized financing fees and discounts related to this early payoff of the 2024 notes. These charges
were recorded in “Other non-operating items, net” line item within our Consolidated Statements of Income.

As of December 31, 2021, we had unused borrowing capacity of $1.33 billion under our revolving credit facility. As of

December 31, 2021, we were in compliance with all covenants contained in our debt agreements and credit facility, including the
leverage ratio (our one financial covenant) contained in our debt agreements and revolving credit facility. We believe that we will
remain compliant with all covenants for the foreseeable future.

Our debt maturities may be repaid with cash flow from operating activities, accessing capital markets or a combination of

both. The following schedule discloses annual maturities of the principal amount of total debt due (in thousands):

Repayment schedule of principal long-term debt as of Dec. 31, 2021

2022
2023
2024 (1)
2025
2026
Thereafter
Total

(1) Assumes current revolving credit facility borrowings come due in 2024 and credit facility is not extended.

—
—
166,000
—
550,000
2,540,000
3,256,000

NOTE 6 – Retirement plans

We have various defined benefit retirement plans. Our principal defined benefit pension plan is the TEGNA Retirement Plan

(TRP). The disclosure tables presented below include the assets and obligations of the TRP and the TEGNA Supplemental
Retirement Plan (SERP). We use a December 31 measurement date convention for our retirement plans.

Pension costs, which primarily include costs for our qualified TRP and non-qualified SERP, are presented in the following

table (in thousands):

2021

2020

2019

Service cost-benefits earned during the period
Interest cost on benefit obligation
Expected return on plan assets
Amortization of prior service cost
Amortization of actuarial loss

Pension payment timing related charge

2 $

7 $

15,887
(34,679)
90
4,952

946

19,487
(31,058)
90
6,207

—

(Income from) expense for company-sponsored retirement plans

(12,802) $

(5,267) $

8
23,066
(26,320)
90
6,123

686

3,653

Benefits no longer accrue for substantially all TRP and SERP participants as a result of amendments to the plans in the past

years and as such we no longer incur a significant amount of the 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.

The following table provides a reconciliation of pension benefit obligations (on a projected benefit obligation measurement

basis), plan assets and funded status of company-sponsored retirement plans, along with the related amounts that are
recognized in the Consolidated Balance Sheets (in thousands).

Dec. 31,

2021

2020

Change in benefit obligations
Benefit obligations as of beginning of year
Service cost
Interest cost
Actuarial (gain)/loss
Benefits paid
Settlements (1)
Benefit obligations as of end of year
Change in plan assets
Fair value of plan assets as of beginning of year

646,662 $

2
15,887
(18,246)
(35,874)

(2,597)
605,834 $

552,996 $
20,896
6,337
(35,874)

613,695
7
19,487
48,491
(35,018)

—
646,662

479,735
103,146
5,133
(35,018)

—
552,996
(93,666)

(7,758)
(85,908)

Actual gains return on plan assets
Employer contributions
Benefits paid
Settlements (1)
Fair value of plan assets as of end of year
Funded status as of end of year
Amounts recognized in Consolidated Balance Sheets
Accrued liabilities other—current
Pension liabilities—non-current
(1) Settlements represent lump sum benefit payments to certain SERP plan participants. When aggregate lump sums exceed the settlement
threshold, pension payment timing related charges are incurred, and the lump sum payments prompting the charge are shown on a separate
line from other benefit payments.

(2,597)
541,758 $
(64,076) $

(6,013) $
(58,063) $

$
$

The actuarial gain in 2021 of $18.2 million was primarily due to an increase in the discount rate used to calculate the benefit

obligations (which increased from 2.54% at December 31, 2020 to 2.89% as of December 31, 2021) which resulted in an
actuarial gain of $22.1 million.

The actuarial loss in 2020 of $48.5 million was primarily due to decline in the discount rate used to calculate the benefit

obligations (which declined from 3.29% at December 31, 2019 to 2.54% as of December 31, 2020) which resulted in an actuarial
loss of $49.3 million.

The funded status (on a projected benefit obligation basis) of our principal retirement plans as of December 31, 2021, is as

follows (in thousands):

TRP
SERP (1)
All other
Total

(1) The SERP is an unfunded, unsecured liability.

Fair Value of
Plan Assets

Benefit
Obligation

Funded Status

541,758 $

543,029 $
62,444
361

605,834 $

(1,271)
(62,444)
(361)
(64,076)

The accumulated benefit obligation for all defined benefit pension plans was $605.8 million as of December 31, 2021 and
$646.6 million as of December 31, 2020. In December of 2019, a discretionary contribution was made to TRP of $12 million. No
additional contributions were required in 2020 and 2021. We made payments to SERP participants of $6.3 million in 2021. Based
on actuarial projections, we do not expect to make any contributions to the TRP in 2022. Cash payments of $5.9 million are
expected to be made to our SERP participants in 2022.

The following table presents information for our retirement plans for which accumulated benefit obligation exceed assets (in

thousands):

Accumulated benefit obligation
Fair value of plan assets

Dec. 31,

2021

2020

$
$

605,817 $
541,758 $

646,644
552,996

The following table presents information for our retirement plans for which projected benefit obligations exceed assets (in

thousands):

Projected benefit obligation
Fair value of plan assets

Dec. 31,

2021

2020

$
$

605,834 $
541,758 $

646,662
552,996

The following table summarizes the pre-tax amounts recorded in accumulated other comprehensive loss that have not yet

been recognized as a component of pension expense (in thousands):

Net actuarial losses

Prior service cost

Amounts in accumulated other comprehensive loss

Dec. 31,

2021

2020

(148,696) $
(1,617)

(159,057)
(1,707)

(150,313) $

(160,764)

Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss), pre-tax, consist of the

following (in thousands):

Current year net actuarial gain (loss)
Amortization of actuarial loss
Amortization of previously deferred prior service costs
Pension payment timing related charges
Total

2021

2020

2019

4,463 $
4,952
90
946
10,451 $

23,597 $
6,207
91
—

29,895 $

(13,060)
6,123
90
686
(6,161)

Pension costs: The following assumptions were used to determine net pension costs:

Discount rate
Expected return on plan assets

2021
2.54%
6.50%

2020
3.29%
6.75%

2019
4.34%
6.75%

The expected return on plan assets assumption was determined based on plan asset allocations, a review of historical capital

market performance, historical plan asset performance and a forecast of expected future plan asset returns.

Benefit obligations and funded status: The following assumptions were used to determine the year-end benefit obligations:

Discount rate

Dec. 31,

2021
2.89%

2020
2.54%

Plan assets: The asset allocation for the TRP as of the end of 2021 and 2020, and target allocations for 2022, by asset

category, are presented in the table below:

Equity securities
Debt securities
Other (including hedge funds and private real estate)
Total

Target Allocation
2022

Allocation of Plan Assets

2021

2020

14 %
86 %
— %
100 %

10 %
86 %
4 %
100 %

47 %
50 %
3 %
100 %

The primary objective of company-sponsored retirement plans is to provide eligible employees with scheduled pension

benefits. Consistent with standards for preservation of capital and maintenance of liquidity, the goal is to earn the highest
possible total rate of return while minimizing risk. The principal means of reducing volatility and exercising prudent investment
judgment is diversification by asset class and by investment manager; consequently, portfolios are constructed to attain
diversification in the total portfolio, each asset class, and within each individual investment manager’s portfolio. Investment
diversification is consistent with the intent to minimize the risk of large losses. All objectives are based upon an investment
horizon spanning five years so that interim market fluctuations can be viewed with the appropriate perspective. Risk
characteristics are measured and compared with an appropriate benchmark quarterly; periodic reviews are made of the
investment objectives and the investment managers. The target asset allocation represents the long-term perspective.
Retirement plan assets will be rebalanced periodically to align them with the target asset allocations. Target asset allocations are
based on the funded status of the TRP (fair value of pension assets as a percentage of the projected pension obligation). During
the fourth quarter of 2021, the target allocation was lowered for equity securities to 14% and increased debt securities to 86%.
This was a result of the recent improvement in the funded status of the plan. In early 2022, we elected to switch our investment
portfolio from being mostly actively managed to a passive (or indexed) investment strategy. Our actual investment return on our
TRP assets was 4.5% for 2021, 23.5% for 2020 and 23.6% for 2019.

Cash flows: We estimate we will make the following benefit payments from either retirement plan assets or directly from our

funds (in thousands):

2022
2023
2024
2025
2026
2027 through 2031

$
$
$
$
$
$

42,856
39,907
39,852
40,302
39,965
184,331

401(k) savings plan

Substantially all our employees (other than those covered by a collective bargaining agreement) are eligible to participate in

our principal defined contribution plan, The TEGNA 401(k) Savings Plan. Employees can elect to contribute up to 50% of their
compensation to the plan subject to certain limits.

For most participants, the plan’s 2021 matching formula is 100% of the first 4% of compensation that an employee

contributes. We also make additional employer contributions on behalf of certain long-term employees. Compensation expense
related to 401(k) contributions was $17.1 million in 2021, $16.5 million in 2020 and $14.6 million in 2019. During 2021 and 2020,
we settled the 401(k) employee company stock match obligation by issuing our common stock from treasury stock and
depositing it in the participants’ accounts. During 2019, we settled the 401(k) employee company stock match obligation through
a combination of buying our stock in the open market and issuing our common stock from treasury stock and depositing it in the
participants’ accounts.

Multi-employer plan

We contribute to the AFTRA Retirement Plan (AFTRA Plan), a multi-employer defined benefit pension plan, under the terms
of collective-bargaining agreements (CBA) that cover certain union-represented employees. The Employee Identification Number
(EIN) and three-digit plan number of the AFTRA Plan is 13-6414972/001.

The AFTRA Plan reports for plan year (December 1, 2019 to November 30, 2020) that the AFTRA Plan was neither in
endangered, critical, or critical and declining status in the Plan Year (e.g. 78% funded). A financial improvement plan or a
rehabilitation plan is neither pending nor has one been implemented for the AFTRA Plan.

We make all required contributions to the AFTRA plan as determined under the respective CBAs. We contributed $2.9 million
in 2021 and $2.4 million in each of 2020 and 2019. Our contribution to the AFTRA Retirement Plan represented less than 5% of
total contributions to the plan. This calculation is based on the plan financial statements issued for the period ending November
30, 2020.

Expiration dates of the CBAs in place range from January 26, 2022 to May 16, 2023. The AFTRA Plan has elected to utilize
special amortization provisions provided under the Preservation of Access to Care for Medicare Beneficiaries and Pension Relief
Act of 2010.

We incurred no expenses for multi-employer withdrawal liabilities for the years ended December 31, 2021, 2020 and 2019.

NOTE 7 - Leases

We determine if an arrangement contains a lease at the agreement’s inception. Our portfolio of leases primarily consists of
leases for the use of corporate offices, station facilities, equipment and for antenna/transmitter sites. Our lease portfolio consists
entirely of operating leases, with most of our leases having remaining terms of less than 15 years. Operating lease balances are
included in our right-of-use assets for operating leases, other accrued liabilities and operating lease liabilities on our
Consolidated Balance Sheet.

Lease liabilities are calculated as of the lease commencement date based on the present value of lease payments to be
made over the term of the lease. Our lease agreements often contain lease and non-lease components (e.g., common-area
maintenance or other executory costs). We include the non-lease payments in the calculation of our lease liabilities to the extent
they are either fixed or included within the fixed base rental payments. Some of our leases include variable lease components
(e.g., rent increases based on the consumer price index) and variable non-lease components, which are expensed as they are
incurred. Such variable costs are not material. The interest rate implicit in our lease contracts is typically not readily determinable.
As a result, we use our estimated incremental borrowing rate in determining the present value of future payments, which reflects
the fixed rate at which we could borrow on a collateralized basis the amount of the lease payments for a similar term.

The operating lease right-of-use asset as of the lease commencement date is calculated based on the amount of the

operating lease liability, less any lease incentive. Some of our lease agreements include options to renew for additional terms or
provide us with the ability terminate the lease early. In determining the term of the lease, we consider whether or not we are
reasonably certain to exercise these options. Lease expense for fixed lease payments is recognized on a straight-line basis over
the lease term.

The following table presents lease related assets and liabilities on the Consolidated Balance Sheets as of December 31,

2021 and 2020 (in thousands):

Assets

Right-of-use assets for operating leases

Liabilities
Operating lease liabilities (current)1
Operating lease liabilities (non-current)

Total operating lease liabilities

Dec. 31,

2021

2020

87,279 $

97,190

11,867 $

88,970

12,250

99,337

100,837 $

111,587

(1) Current operating lease liabilities are included within the other accrued liabilities line item of the Consolidated Balance Sheets.

As of December 31, 2021, the weighted-average remaining lease term for our lease portfolio was 8.7 years and the

weighted average discount rate used to calculate the present value of our lease liabilities was 4.9%.

For the years ended December 31, 2021, 2020 and 2019, we recognized lease expense of $17.8 million, $18.0 million, and
$13.9 million respectively. In addition, in 2021, 2020 and 2019, we made cash payments for operating leases of $18.5 million,
$17.1 million and $11.0 million, respectively, which are included in cash flows from operating activities on Consolidated
Statements of Cash Flows.

The table below reconciles future lease payments for each of the next five years and remaining years thereafter, in

aggregate, to the lease liabilities recorded on the Consolidated Balance Sheets as of December 31, 2021 (in thousands):

Future Period

Cash Payments

2022
2023
2024
2025
2026
Thereafter
Total lease payments
Less: amount of lease payments representing interest
Present value of lease liabilities

17,445
16,485
14,596
12,197
11,543
55,459
127,725
26,888
100,837

NOTE 8 – Fair value measurement

We measure and record certain assets and liabilities at fair value in the accompanying consolidated financial statements.

U.S. GAAP establishes a fair value hierarchy for those instruments measured at fair value that distinguishes between
assumptions based on 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.

Equity investments in private companies that we do not significantly influence are recorded at cost, less impairments, if any,
plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment. In
2021, we recognized a $1.9 million gain on one such investment and a $1.9 million impairment charge on another, which related
to fair value changes. These adjustments were a result of observable price changes in their fair values (Level 2). In 2020, we
recorded a $9.2 million impairment charge due to the decline in the fair value of one of our investees. The fair value was
determined using a market approach which was based significant inputs not observable in the market, and thus represented a
Level 3 fair value measurement.

In 2021, we recorded an unrealized gain of $20.8 million due to the increase in the fair value of an available-for-sale debt
security, which includes features that allow us to convert the investment into equity ownership upon the occurrence of certain
events. The fair value of the available for sale debt security was determined to be $23.8 million. The valuation utilized a market
based fair value approach relying on observable market data (Level 3). The unrealized gain has been recorded in "Accumulated
other comprehensive loss” on the Consolidated Balance Sheet.

We additionally hold other financial instruments, including cash and cash equivalents, receivables, accounts payable and

long-term debt. The carrying amounts for cash and cash equivalents, receivables and accounts payable approximated their fair
values due to the short-term nature of these instruments. The fair value of our total long-term debt, determined based on the bid
and ask quotes for the related debt (Level 2), totaled $3.40 billion as of December 31, 2021 and $3.79 billion as of December 31,
2020.

— $
—
—
— $

544
25,324
6,239
32,107

22,356
465,842
19,156
2,297
541,758

— $
—
—
— $

1,310
109,088
71,000
181,398

96,447
252,426
18,033
4,692
552,996

The below fair value tables relate to our TRP pension plan assets (in thousands):

Pension Plan Assets
Fair value measurement as of Dec. 31, 2021

Assets:
Cash and other
Corporate stock
Interest in registered investment companies
Total

Level 1

Level 2

Level 3

Total

544 $

25,324
6,239

32,107 $

— $
—
—
— $

Pension plan investments valued using net asset value as a practical expedient:
Common collective trust - equities
Common collective trust - fixed income
Hedge fund
Partnership/joint venture interests
Total fair value of plan assets

Fair value measurement as of Dec. 31, 2020

Assets:
Cash and other
Corporate stock
Interest in registered investment companies

Total

Level 1

Level 2

Level 3

Total

1,310 $

109,088
71,000
181,398 $

— $
—
—
— $

Valuation methodologies used for TRP pension assets measured at fair value are as follows:

Corporate stock classified as Level 1 is valued primarily at the closing price reported on the active market on which the

individual securities are traded.

Interest in registered investment companies is valued using the published net asset values as quoted through publicly

available pricing sources. These investments are redeemable on request.

Interest in common/collective trusts are valued using the net asset value as provided monthly by the investment manager or

fund company.

Five of the investments in collective trusts are fixed income funds, whose strategy is to use individual subfunds to efficiently

add a representative sample of securities in individual market sectors to the portfolio. The remaining three investments in
collective trusts held by the Plan are invested in equity funds. The strategy of these funds is to generate returns predominantly
from developed equity markets. These funds are generally redeemable with a short-term written or verbal notice. There are no
unfunded commitments related to these types of funds.

Investments in partnerships are valued at the net asset value of our investment in the fund as reported by the fund managers.

The Plan holds investments in two partnerships. One partnership’s strategy is to generate returns through real estate-related
investments. Certain distributions are received from this fund as the underlying assets are liquidated. The other partnership’s
strategy is to generate returns through investment in developing equity markets. This fund is redeemable with a 30-day notice,
subject to a withdrawal charge equal to 0.45% of the amount redeemed. Future funding commitments to our partnership
investments totaled $0.7 million as of December 31, 2021 and 2020.

As of December 31, 2021, pension plan assets include one hedge fund which is a fund of hedge funds whose objective is to
produce a return that is uncorrelated with market movements. Investments in the hedge fund are valued at the net asset value as
reported by the fund managers. Shares in the hedge fund are generally redeemable twice a year or on the last business day of
each quarter with at least 95 days written notice subject to a potential 5% holdback. There are no unfunded commitments related
to the hedge funds.

We review audited financial statements and additional investor information to evaluate fair value estimates from our

investment managers or fund administrator. Our policy is to recognize transfers between levels at the beginning of the reporting
period. There were no transfers between levels during the year.

NOTE 9 – Shareholders’ equity

As of December 31, 2021, and 2020, our authorized capital was comprised of 800 million shares of common stock and 2
million shares of preferred stock. As of December 31, 2021, shareholders’ equity of TEGNA included 221.4 million shares that
were outstanding (net of 103.0 million shares of common stock held in treasury). As of December 31, 2020, shareholders’ equity
of TEGNA included 219.5 million shares that were outstanding (net of 104.9 million shares of common stock held in treasury). No
shares of preferred stock were issued and outstanding as of December 31, 2021, or 2020.

Capital stock and earnings per share

We report earnings per share on two bases, basic and diluted. All basic income per share amounts are based on the
weighted average number of common shares outstanding during the year. The calculation of diluted earnings per share also
considers the assumed dilution from the issuance of performance shares and restricted stock units and exercise of stock options.

Our earnings per share (basic and diluted) for 2021, 2020, and 2019 are presented below (in thousands, except per share

amounts):

Net income
Net (income) loss attributable to noncontrolling interest

Adjustment of redeemable noncontrolling interest to redemption value

Earnings available to common shareholders

Weighted average number of common shares outstanding - basic
Effect of dilutive securities

Restricted stock
Performance share units
Stock options

Weighted average number of common shares outstanding - diluted

Earnings per share - basic

Earnings per share - diluted

2021

2020

2019

478,197 $

482,763 $

286,235

(1,242)

46
477,001 $

(948)

481,830 $

—

—
286,235

221,504

219,232

217,138

736
230
1
222,471

246
254
1
219,733

461
346
32
217,977

2.15 $

2.20 $

1.32

2.14 $

2.19 $

1.31

Our calculation of diluted earnings per share includes the dilutive effects for the assumed vesting of outstanding restricted

stock units and performance share units.

Share repurchase program

Stock-Based Compensation Plans

In May 2001, our shareholders approved the adoption of the 2001 Omnibus Incentive Compensation Plan. This plan was
amended and restated as of May 4, 2010, to increase the number of shares reserved for issuance to 60.0 million shares of our
common stock. In April 2020, our shareholders approved the adoption of the 2020 Omnibus Incentive Compensation Plan (the
Plan). The Plan reserved the issuance of an additional 20.0 million shares or our common stock. The Plan provides for the
granting of stock options, stock appreciation rights, restricted stock, restricted stock units (RSUs), performance share units,
performance share awards, and other equity-based and cash-based awards. Awards may be granted to our employees and
members of the Board of Directors. The Plan provides that shares of common stock subject to awards granted become available
again for issuance if such awards are canceled or forfeited.

Performance share program - The Leadership Development and Compensation Committee (LDCC) of the Board of Directors

has established a long-term incentive performance share program for our executives under the Plan. The number of shares

earned under the performance share awards (PSAs) program is determined based on the achievement of certain financial
performance criteria (adjusted EBITDA and free cash flow as defined by the PSA agreement) over a two-year cumulative
financial performance period. If the financial performance criteria are met and certified by the LDCC, the shares earned under the
PSA will be subject to an additional one year service period before the common stock is released to the employees. The PSAs
do not pay dividends or allow voting rights during the three-year incentive period. Therefore, the fair value of the PSA is the
quoted market value of our stock on the grant date less the present value of the expected dividends not received during the
relevant performance period. The PSA provides the LDCC with limited discretion to make adjustments to the financial targets to
ensure consistent year-to-year comparison for the performance criteria. For expense recognition, in the period it becomes
probable that the minimum performance criteria specified in the PSA will be achieved, we recognize expense, net of estimated
forfeitures, for the proportionate share of the total fair value of the shares subject to the PSA related to the vesting period that has
already lapsed. Each reporting period during the two-year performance period, we adjust the fair value of the PSAs to the quoted
market value of our stock price. In the event we determine it is no longer probable that we will achieve the minimum performance
criteria specified in the PSA, we reverse all of the previously recognized compensation expense in the period such a
determination is made.

RSU program - We also issue stock-based compensation to employees in the form of RSUs. These awards generally entitle
employees to receive at the end of a specified vesting period one share of common stock for each RSU granted, conditioned on
continued employment for the relevant vesting period. RSUs vest 25% per year and settle annually. RSUs do not pay dividends
or confer voting rights in respect of the underlying common stock during the vesting period. RSUs are valued based on the fair
value of our common stock on the date of grant less the present value of the expected dividends not received during the relevant
vesting period. The fair value of the RSU, less estimated forfeitures, is recognized as compensation expense ratably over the
vesting period.

Total shareholder return program - Prior to 2018, senior executives participated in a performance share award plan (PSU) in

which the number of shares that an executive receives is determined based upon how our total shareholder return (TSR)
compares to the TSR of a peer group of companies during the three-year period. For this PSU award, we recognized the grant
date fair value of each PSU, less estimated forfeitures, as compensation expense ratably over the incentive period. Fair value
was determined by using a Monte Carlo valuation model. Each PSU is equal to and paid in one share of our common stock, but
carries no voting or dividend rights. The number of shares ultimately issued for each PSU award ranged from 0% to 200% of the
award’s target. No PSUs were granted in 2021, 2020, and 2019.

We generally grant both RSUs and performance share awards annually to employees on March 1.

Stock-based Compensation Expense: The following table shows the stock-based compensation related amounts

recognized in the Consolidated Statements of Income for equity awards (in thousands):

RSUs
PSAs
PSUs
Total stock-based compensation

Total income tax benefit

2021

2020

2019

12,806 $
18,709
—
31,515

8,082

11,686 $

8,620
—
20,306

4,297

9,699
9,277
1,170
20,146

4,354

Stock-based compensation net of tax

23,433 $

16,009 $

15,792

RSUs: As of December 31, 2021, there was $26.3 million of unrecognized compensation cost related to non-vested restricted
stock and RSUs. This amount will be adjusted for future changes in estimated forfeitures and recognized on a straight-line basis
over a weighted average period of 2.5 years.

A summary of RSU awards is presented below:

RSU Activity
Unvested at beginning of year

Granted

Vested

Canceled

Unvested at end of year

2021

2020

2019

Weighted
average
fair value

2,614,654 $

1,282,636

(899,282)

(155,720)

2,842,288 $

13.09

17.83

13.21

14.56

15.11

2,132,936 $

1,416,300

(738,159)

(196,423)

2,614,654 $

13.22

13.39

14.03

13.14

13.09

1,567,704 $

1,356,848

(581,479)

(210,137)

2,132,936 $

Weighted
average
fair value

14.65

13.09

16.31

14.53

13.22

PSAs: The PSAs were first granted in 2018. As of December 31, 2021, there was $8.1 million of unrecognized compensation
cost related to non-vested PSAs (holding valuation inputs as of December 31, 2021 constant). This amount will be recognized as
expense over a weighted average period of 1.7 years. A summary for the PSAs activity is presented below:

PSAs Activity
Unvested at beginning of year

Granted

Vested

Canceled

Unvested at end of year

2021

2020

2019

Target
number of
shares

Weighted
average fair
value

Target
number of
shares

Weighted
average fair
value

Target
number of
shares

Weighted
average fair
value

1,142,879 $

553,090

(646,635)

(33,901)

1,015,433 $

12.87

17.48

13.22

14.20

15.04

698,482 $

673,127

(151,511)

(77,219)

1,142,879 $

12.26

13.47

13.40

12.50

12.87

450,085 $

567,356

(261,286)

(57,673)

698,482 $

12.05

12.36

12.16

12.08

12.26

PSUs: As of December 31, 2019, there was no unrecognized compensation cost related to non-vested PSUs as the last

awards fully vested as of December 31, 2019.

A summary of our PSUs is presented below:

PSUs Activity
Unvested at beginning of year

Granted

Vested

Canceled

Unvested at end of year

2019

Target
number of
shares

Weighted
average fair
value

250,840 $

23.92

—

(228,287)

(22,553)

— $

—

23.92

—

Accumulated other comprehensive loss

The elements of our Accumulated Other Comprehensive Loss (AOCL) principally consisted of pension, retiree medical and
life insurance liabilities, foreign currency translation and an unrealized gain on our available-for-sale investment. The following
tables summarize the components of, and changes in AOCL, net of tax (in thousands):

2021
Balance at beginning of year
Other comprehensive gain before reclassifications
Amounts reclassified from AOCL
Balance at end of year

Retirement
Plans

Foreign
Currency
Translation (1)

Available-For-
Sale
Investment

(120,979) $
3,316
4,573
(113,090) $

(97)
552
—

455 $

— $

15,419
—
15,419 $

Total
(121,076)
19,287
4,573
(97,216)

2020
Balance at beginning of year

Other comprehensive gain before reclassifications
Amounts reclassified from AOCL
Balance at end of year

Retirement
Plans

Foreign
Currency
Translation (1)

(142,398) $

16,779
4,640
(120,979) $

(199) $

102
—
(97) $

Total
(142,597)

16,881
4,640
(121,076)

2019
Balance at beginning of year
Other comprehensive income (loss) before reclassifications
Amounts reclassified from AOCL
Balance at end of year
(1) Our entire foreign currency translation adjustment is related to our CareerBuilder investment. We record our share of foreign currency
translation adjustments through our equity method investment.

(136,893) $
(10,339)
4,834
(142,398) $

382 $
(581)
—
(199) $

Total
(136,511)
(10,920)
4,834
(142,597)

Retirement
Plans

Foreign
Currency
Translation (1)

AOCL components are included in the computation of net periodic post-retirement costs which include pension costs
discussed in Note 6 and our other post-retirement benefits (health care and life insurance benefits). Reclassifications out of
AOCL related to these post-retirement plans included the following (in thousands):

Amortization of prior service (credit) cost
Amortization of actuarial loss

Pension payment timing related charges
Total reclassifications, before tax
Income tax effect
Total reclassifications, net of tax

2021

2020

2019

(481) $

5,698

946
6,163
(1,590)
4,573 $

6,690

—
6,209
(1,569)
4,640 $

(481)
6,246

686
6,451
(1,617)
4,834

NOTE 10 – Spectrum repacking reimbursements and other, net

As events occur, or circumstances change, we may recognize non-cash impairment charges to reduce the book value of

goodwill, other intangible assets and other long-lived assets or to record charges (gains) related to spectrum repacking
reimbursements and other efforts, or unique events.

A summary of these items by year (pre-tax basis) is presented below (in thousands):

Reimbursement of spectrum repacking
Property and equipment impairments (gains)
Intangible asset impairments and other charges
Contract termination and other costs related to national sales

Total spectrum repacking reimbursements and other, net

2021

2020

2019

(4,942) $
1,095
—
1,540

(2,307) $

(13,180) $

—
3,225
—

(16,974)
(2,880)
9,063
5,456

(9,955) $

(5,335)

Reimbursement of spectrum repacking: Some of our stations have had to purchase new equipment in order to comply with
the FCC spectrum repacking initiative. As part of this initiative, the FCC is reimbursing companies for costs incurred to comply
with the new requirements. In 2021, 2020 and 2019, we received $4.9 million, $13.2 million, $17.0 million of such
reimbursements, which we have recorded as contra expense. All of our repacked stations have completed their transitions to
their new channels.

Property and equipment impairments (gains): During 2021, we recorded $1.1 million impairment charges associated with the
disposal of operating assets at several of our television stations. In 2019, we recognized a $2.9 million gain related to sale of one
of our real estate properties.

Intangible asset impairments and other charges: In 2020, as a result of our annual impairment analysis we determined that a

radio FCC license experienced a decline in value which resulted in a $1.1 million impairment charge. Also in 2020, we
recognized a $2.1 million impairment charge in connection with eliminating the use of the Justice Network brand name and re-
establishing the business under a new brand name called True Crime Network. In 2019, we recognized $9.1 million of
impairment charges, related to assets classified as held-for sale.

Contract termination and other costs related to national sales: In 2021 and 2019, we incurred $1.5 million and $5.5 million

charges associated with contract termination and other incremental transition costs related to bringing our national sales
organization in-house. Prior to the transition we utilized a third party national marketing representation firm for our national
television advertising.

NOTE 11 – 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. We do not expect the
costs of compliance 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 have been consolidated into a single proceeding in the United States District Court for the Northern District of
Illinois, In re Local Television Advertising Litigation, 1:18-cv-06785, filed on July 30, 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. Fact discovery is now underway
and, under the current schedule, is expected to be completed by December 30, 2022. We deny any violation of law, believe that
the claims asserted in the Advertising Cases are without merit, and intend to defend ourselves vigorously against them.

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.

Commitments: The following table summarizes the expected cash outflow related to our commitments related to licensed

broadcast agreements that are not recorded on our balance sheet as of December 31, 2021. Such obligations include future
payments related to our programming contracts (in thousands). See Note 7 for further information on our lease commitments.
We have $1.35 billion of commitments under programming contracts that include syndicated television station commitments to
purchase programming to be produced in future years. This also includes amounts related to our network affiliation agreements.
Certain network affiliation agreements include variable fee components such as a rate per number of subscribers, which in have
been estimated based on current subscriber levels and reflected in the table below.

Year
2022
2023
2024
2025
2026
Thereafter
Total

Programming
Contracts

808,378
527,113
10,224
4,371
2,823
398
1,353,307

Major Customers: Customers that purchase our advertising and marketing services are comprised of local, regional, and
national advertisers across our markets. Our subscription revenue customers include cable operators and satellite providers for
carriage of our television stations. In 2021, two customers purchased both advertising and marketing services and paid us
compensation related to retransmission consent agreements, which payments in the aggregate represented more than 10% of
consolidated revenues in 2021. These customers represented $410.8 million and $399.7 million of consolidated revenue in fiscal
year ended December 31, 2021. In 2020 we had one major customer that purchased more than 10% of our revenue with $393.4
million, while we had two customers that purchased more than 10% of our revenue with $270.3 million and $251.2 million in
2019.

Related Party Transactions: We have an equity and debt investment in MadHive which is a related party of TEGNA. In
addition to our investment, we also have commercial agreements with MadHive where they support our Premion business in
acquiring OTT advertising inventory, as well as delivering and tracking the ad impressions. During the year ended December 31,

2021, we incurred expenses of $80.3 million as a result of the commercial agreements with MadHive. During the years ended
December 31, 2020 and 2019, we incurred $55.1 million and $34.3 million of expenses respectively, under the commercial
agreements. These expenses are recorded as “Cost of revenue” on our Consolidated Statements of Income. As of December 31,
2021 and 2020 we had accounts payable and accrued liabilities of $8.9 million and $13.5 million, respectively.

In December 2021, we renewed our two existing commercial agreements with MadHive. Simultaneously with the
commercial agreement renewals, we also amended the terms of our existing available-for-sale convertible debt security with
MadHive, which became effective on January 3, 2022. The amendments to the convertible debt agreement modified several
items, including the conversion rights as well as the maturity date of the note. In exchange for the convertible debt modifications,
we received favorable rates 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 rates will provide over the term of the commercial agreements.
We expect to record a gain of $20.8 million in “Other non-operating items, net” in the Consolidated Statements of Income in the
first quarter of 2022, when the terms of the amended convertible debt security become effective. In January 2022, we will also
record an intangible contract asset for $20.8 million which will be amortized to expense over the noncancellable term of the
commercial agreements of two years.

Sale of minority ownership interest in Premion: On March 2, 2020, we sold a minority ownership interest in Premion,
LLC (Premion) for $14.0 million to an affiliate of Gray Television (Gray). In connection with that transaction, Premion and Gray
entered into a commercial arrangement under which Gray resells Premion services across all of Gray’s 113 television markets.
Our TEGNA stations and Gray each have the right to independently sell Premion’s inventory in markets where we both operate a
local television station. The sale of spot television advertising is not part of this agreement, and Gray and our TEGNA stations
continue to sell spot advertising for our respective stations without any involvement from the other party.

In connection with acquiring a minority interest, Gray has the right to sell its interest to Premion if there is a change in control
of TEGNA or if the commercial reselling 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 Consolidated Balance Sheet in the caption
“Redeemable noncontrolling interest.” On the date of sale, we recorded a $14.0 million redeemable noncontrolling interest on the
Consolidated Balance Sheet in connection with Gray’s investment. When the redemption value or the carrying value (the
acquisition date fair value adjusted for the noncontrolling interest’s share of net income (loss) and dividends) is less than the
redemption value, we adjust the redeemable noncontrolling interest to equal the redemption value with changes recognized as
an adjustment to retained earnings. Any such adjustment, when necessary, will be performed as of the applicable balance sheet
date.

NOTE 12 – Subsequent Event

Merger Agreement

On February 22, 2022, TEGNA Inc., a Delaware corporation (the Company), entered into an Agreement and Plan of Merger
(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, the 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 the Company (the Merger), with the Company 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 the Company (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.

The Merger is subject to the approval of the Merger Agreement by the stockholders of the Company and the satisfaction of
customary closing conditions, including receipt of applicable regulatory approvals, and is expected to close in the second half of
2022.

The Merger Agreement contains certain termination rights and provides that, upon termination of the Merger Agreement
under certain specified circumstances, the Company will be required to pay Parent a termination fee of $163,000,000, and
Parent will be required to pay the Company a termination fee of (i) $136,000,000 or (ii) $272,000,000, in each case under certain
specified circumstances.

The Company has made customary representations, warranties and covenants in the Merger Agreement.

If the Merger is consummated, the shares of Common Stock will be delisted from the New York Stock Exchange and

deregistered under the Securities Exchange Act of 1934.

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

None.

ITEM 9A. CONTROLS AND PROCEDURES

Conclusion Regarding the Effectiveness of Disclosure Controls and Procedures

Under the supervision and with the participation of our management, including our principal executive officer and principal

financial officer, we conducted an evaluation of our disclosure controls and procedures, as such term is defined under Rule
13a-15(e) promulgated under the Securities Exchange Act of 1934, as amended (the Exchange Act). Based on this evaluation,
our principal executive officer and our principal financial officer concluded that our disclosure controls and procedures were
effective as of December 31, 2021, the end of the period covered by this annual report.

Management’s Report on Internal Control Over Financial Reporting

Our management is responsible for establishing and maintaining adequate internal control over financial reporting, as such
term is defined in Exchange Act Rule 13a-15(f). Under the supervision and with the participation of our management, including
our principal executive officer and principal financial officer, we conducted an evaluation of the effectiveness of our internal
control over financial reporting based on the framework in Internal Control - Integrated Framework (2013 framework) issued by
the Committee of Sponsoring Organizations of the Treadway Commission. Based on our evaluation, our management concluded
that our internal control over financial reporting was effective as of December 31, 2021.

The effectiveness of our internal control over financial reporting as of December 31, 2021, has been audited by

PricewaterhouseCoopers LLP, an independent registered public accounting firm, as stated in its report which is included herein.

Changes in Internal Control Over Financial Reporting

There have been no material changes in our internal controls or in other factors during our fiscal quarter ended December 31,

2021, that have materially affected, or are reasonably likely to materially affect, our internal controls over financial reporting.

ITEM 9B. OTHER INFORMATION

None.

ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

None.

PART III

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

We incorporate by reference the information appearing under “Your Board of Directors,” “The TEGNA Nominees,”

“Committees of the Board of Directors,” “Committee Charters” and “Ethics Policy” under the heading “Proposal 1 – Election of
Directors” in our 2022 proxy statement, or if the 2022 proxy statement is not filed within 120 days after December 31, 2021, then
we will include such information in a Form 10-K/A we will file with the Securities and Exchange Commission (SEC) within such
timeframe.

ITEM 11. EXECUTIVE COMPENSATION

We incorporate by reference the information appearing under “Executive Compensation,” “Director Compensation,”

“Outstanding Director Equity Awards at Fiscal Year-End” AND “Proposal 1–Election of Directors – Related Transactions” in our
2022 proxy statement, or if the 2022 proxy statement is not filed within 120 days after December 31, 2021, then we will include
such information in a Form 10-K/A we will file with the SEC within such timeframe.

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED
STOCKHOLDER MATTERS

We incorporate by reference the information appearing under “Equity Compensation Plan Information” and “Securities
Beneficially Owned by Directors, Executive Officers and Principal Shareholders” in our 2022 proxy statement, or if the 2022
proxy statement is not filed within 120 days after December 31, 2021, then we will include such information in a Form 10-K/A we
will file with the SEC within such timeframe.

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

We incorporate by reference the information appearing under “Director Nominees” under the heading “2022 Proxy
Statement Summary: Snapshot of 2022 Director Nominees” and “Related Transactions” under the heading “Proposal 1 -
Election of Directors” in our 2022 proxy statement, or if the 2022 proxy statement is not filed within 120 days after December
31, 2021, then we will include such information in a Form 10-K/A we will file with the SEC within such timeframe.

ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES

We incorporate by reference the information appearing under “Report of the Audit Committee” in our 2022 proxy statement, or
if the 2022 proxy statement is not filed within 120 days after December 31, 2021, then we will include such information in a Form
10-K/A we will file with the SEC within such timeframe.

PART IV

ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

(a) Financial Statements, Financial Statement Schedules and Exhibits.

(1)

Financial Statements.

Consolidated Balance Sheets

Consolidated Statements of Income

Consolidated Statements of Comprehensive Income

Consolidated Statements of Cash Flows

Consolidated Statements of Equity and Redeemable Noncontrolling Interest

Notes to Consolidated Financial Statements

(2)

Financial Statement Schedules.

All schedules are omitted as the required information is not applicable or the information is presented in the consolidated

financial statements or related notes.

(3) Exhibits.

EXHIBIT INDEX

Exhibit Number

Exhibit

2-1

3-1

3-2

4-1

4-2

4-3

4-4

4-5

4-6

4-7

4-8

4-9

10-1

10-1-1

10-1-2

10-1-3

10-2

10-2-1

Agreement and Plan of Merger, dated as of February 22,
2022, by and among TEGNA Inc., Teton Parent Corp.,
Teton Merger Corp., and solely for purposes of certain
provisions specified therein, Community News Media
LLC, CNM Television Holdings I LLC, SGCI Holdings III
LLC, P Standard General Ltd., Standard General Master
Fund L.P., Standard General Master Fund II L.P.,
Standard General Focus Fund L.P., CMG Media
Corporation, CMG Media Operating Company, LLC, CMG
Farnsworth Television Holdings, LLC, CMG Farnsworth
Television Operating Company, LLC, Teton Midco Corp.,
Teton Opco Corp., and CMG Farnsworth Television
Acquisition Company, LLC.

Fourth Restated Certificate of Incorporation of TEGNA Inc.

By-laws, as amended through May 12, 2021.

Location

Incorporated by reference to Exhibit 2-1 to TEGNA
Inc.’s Form 8-K filed on February 22, 2022.

Incorporated by reference to Exhibit 3-1 to TEGNA Inc.’s
Form 8-K filed on May 12, 2021.

Incorporated by reference to Exhibit 3-2 to TEGNA Inc.’s
Form 8-K filed on May 12, 2021.

Indenture dated as of March 1, 1983, between TEGNA Inc.
and Citibank, N.A., as Trustee.

Incorporated by reference to Exhibit 4-1 to TEGNA Inc.’s
Form 10-K for the fiscal year ended December 31, 2017.

First Supplemental Indenture dated as of November 5,
1986, among TEGNA Inc., Citibank, N.A., as Trustee, and
Sovran Bank, N.A., as Successor Trustee.

Incorporated by reference to Exhibit 4-2 to TEGNA Inc.’s
Form 10-K for the fiscal year ended December 31, 2017.

Second Supplemental Indenture dated as of June 1, 1995,
among TEGNA Inc., NationsBank, N.A., as Trustee, and
Crestar Bank, as Trustee.

Incorporated by reference to Exhibit 4-3 to TEGNA Inc.’s
Form 10-K for the fiscal year ended December 31, 2017.

Tenth Supplemental Indenture, dated as of July 29, 2013,
between TEGNA Inc. and U.S. Bank National Association,
as Trustee.

Eleventh Supplemental Indenture, dated as of October 3,
2013, between TEGNA Inc. and U.S. Bank National
Association as Trustee.

Incorporated by reference to Exhibit 4-2 to TEGNA Inc.’s
Form 10-Q for the fiscal quarter ended June 30, 2017.

Incorporated by reference to Exhibit 4-8 to TEGNA Inc.’s
Form 10-K for the fiscal year ended December 29, 2013.

Thirteenth Supplemental Indenture, dated as of September
13, 2019, between TEGNA Inc. and U.S. Bank National
Association, as Trustee.

Incorporated by reference to Exhibit 4-1 to TEGNA Inc.’s
Form 10-Q for the fiscal quarter ended September 30,
2019.

Fourteenth Supplemental Indenture, dated as of January 9,
2020, between TEGNA Inc. and U.S. Bank National
Association, as Trustee.

Incorporated by reference to Exhibit 4-1 to TEGNA Inc.’s
Form 10-Q for the fiscal quarter ended March 31, 2020.

Fifteenth Supplemental Indenture, dated as of September
10, 2020, between TEGNA Inc. and U.S. Bank National
Association, as Trustee.

Incorporated by reference to Exhibit 4-1 to TEGNA Inc.’s
Form 10-Q for the fiscal quarter ended September 30,
2020.

Description of Securities.

Incorporated by reference to Exhibit 4-7 to TEGNA Inc.’s
Form 10-K for the fiscal year ended December 31, 2019.

Supplemental Executive Medical Plan Amended and
Restated as of January 1, 2011.*

Incorporated by reference to Exhibit 10-2 to TEGNA Inc.’s
Form 10-K for the fiscal year ended December 26, 2010.

Amendment No. 1 to the Supplemental Executive Medical
Plan Amended and Restated as of January 1, 2012.*

Incorporated by reference to Exhibit 10-1-1 to TEGNA
Inc.’s Form 10-K for the fiscal year ended December 30,
2012.

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 for the fiscal quarter ended June 28, 2015.

Amendment No. 3 to the TEGNA Inc. Supplemental
Executive Medical Plan effective as of November 1, 2016.*

Incorporated by reference to Exhibit 10-1-3 to TEGNA
Inc.’s Form 10-K for the fiscal year ended December 30,
2016.

Supplemental Executive Medical Plan for Retired
Executives dated December 22, 2010 and effective
January 1, 2011.*

Incorporated by reference to Exhibit 10-2-1 to TEGNA
Inc.’s Form 10-K for the fiscal year ended December 26,
2010.

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 for the fiscal quarter ended June 28, 2015.

Exhibit Number

Exhibit

Location

10-2-2

Amendment No. 2 to the TEGNA Inc. Supplemental
Executive Medical Plan for Retired Executives effective as
of November 1, 2016.*

Incorporated by reference to Exhibit 10-2-2 to TEGNA
Inc.’s Form 10-K for the fiscal year ended December 30,
2016.

10-3

TEGNA Inc. Supplemental Retirement Plan Restatement.*

Incorporated by reference to Exhibit 10-2 to TEGNA Inc.’s
Form 10-Q for the fiscal quarter ended September 30,
2007.

10-3-1

10-3-2

10-3-3

10-3-4

10-3-5

10-4

10-4-1

10-4-2

10-4-3

10-4-4

10-4-5

10-4-6

10-4-7

10-4-8

10-4-9

10-4-10

10-4-11

10-5

10-5-1

Amendment No. 1 to the TEGNA Inc. Supplemental
Retirement Plan dated July 31, 2008 and effective August
1, 2008.*

Incorporated by reference to Exhibit 10-1 to TEGNA Inc.’s
Form 10-Q for the fiscal quarter ended September 28,
2008.

Amendment No. 2 to the TEGNA Inc. Supplemental
Retirement Plan dated December 22, 2010.*

Incorporated by reference to Exhibit 10-3-2 to TEGNA
Inc.’s Form 10-K for the fiscal year ended December 26,
2010.

Amendment No. 3 to the TEGNA Inc. Supplemental
Retirement Plan dated as of June 26, 2015.*

Incorporated by reference to Exhibit 10-8 to TEGNA Inc.’s
Form 10-Q for the fiscal quarter ended June 28, 2015.

Amendment No. 4 to the TEGNA Inc. Supplemental
Retirement Plan dated as of November 7, 2017.*

Incorporated by reference to Exhibit 10-3-4 to TEGNA
Inc.’s Form 10-K for the fiscal year ended December 31,
2017.

Amendment No. 5 to the TEGNA Inc. Supplemental
Retirement Plan, dated as of April 26, 2018.*

Incorporated by reference to Exhibit 10-2 to TEGNA Inc.’s
Form 10-Q for the fiscal quarter ended June 30, 2018.

TEGNA Inc. Deferred Compensation Plan Restatement
dated February 1, 2003 (reflects all amendments through
July 25, 2006).*

Incorporated by reference to Exhibit 10-4 to TEGNA Inc.’s
Form 10-K for the fiscal year ended December 31, 2006.

TEGNA Inc. Deferred Compensation Plan Rules for
Post-2004 Deferrals.*

Incorporated by reference to Exhibit 10-3 to TEGNA Inc.’s
Form 10-Q for the fiscal quarter ended July 1, 2007.

Amendment No. 1 to the TEGNA Inc. Deferred
Compensation Plan Rules for Post-2004 Deferrals dated
July 31, 2008 and effective August 1, 2008.*

Incorporated by reference to Exhibit 10-2 to TEGNA Inc.’s
Form 10-Q for the fiscal quarter ended September 28,
2008.

Amendment No. 2 to the TEGNA Inc. Deferred
Compensation Plan Rules for Post-2004 Deferrals dated
December 9, 2008.*

Incorporated by reference to Exhibit 10-4-3 to TEGNA
Inc.’s Form 10-K for the fiscal year ended December 28,
2008.

Amendment No. 3 to the TEGNA Inc. Deferred
Compensation Plan Rules for Post-2004 Deferrals dated
October 27, 2009.*

Incorporated by reference to Exhibit 10-4-4 to TEGNA
Inc.’s Form 10-K for the fiscal year ended December 27,
2009.

Amendment No. 4 to the TEGNA Inc. Deferred
Compensation Plan Rules for Post-2004 Deferrals dated
December 22, 2010.*

Incorporated by reference to Exhibit 10-4-5 to TEGNA
Inc.’s Form 10-K for the fiscal year ended December 26,
2010.

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 for the fiscal quarter ended June 28,
2015.

Amendment No. 6 to the TEGNA Inc. Deferred
Compensation Plan Rues for Post-2004 Deferrals dated as
of December 8, 2015.*

Incorporated by reference to Exhibit 10-4-7 to TEGNA
Inc.’s Form 10-K for the fiscal year ended December 31,
2015.

Amendment No. 7 to the TEGNA Inc. Deferred
Compensation Plan Rules for Post-2004 Deferrals, dated
as of May 3, 2017.*

Incorporated by reference to Exhibit 10-11 to TEGNA
Inc.’s Form 10-Q for the fiscal quarter ended June 30,
2017.

Amendment No. 8 to the TEGNA Inc. Deferred
Compensation Plan Rules for Post-2004 Deferrals, dated
as of November 7, 2017.*

Incorporated by reference to Exhibit 10-4-9 to TEGNA
Inc.’s Form 10-K for the fiscal year ended December 31,
2017.

Amendment No. 9 to the TEGNA Inc. Deferred
Compensation Plan Rules for Post-2004 Deferrals, dated
as of April 26, 2018.*

Incorporated by reference to Exhibit 10-4 to TEGNA Inc.’s
Form 10-Q for the fiscal quarter ended June 30, 2018.

Amendment No. 10 to the TEGNA Inc. Deferred
Compensation Plan Rules for Post-2004 Deferrals, dated
as of November 16, 2018.*

Incorporated by reference to Exhibit 10-4-11 to TEGNA
Inc.’s Form 10-K for the fiscal year ended December 31,
2018.

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 for the fiscal quarter ended June 28, 2015.

Amendment No. 2 to the TEGNA Inc. Deferred
Compensation Plan Restatement Rules for Pre-2005
Deferrals, dated as of May 3, 2017.*

Incorporated by reference to Exhibit 10-12 to TEGNA
Inc.’s Form 10-Q for the fiscal quarter ended June 30,
2017.

10-6-1

10-6-2

10-6-3

10-6-4

10-7

10-7-1

10-7-2

10-7-3

10-7-4

10-7-5

10-8

10-9

Exhibit Number

Exhibit

Location

10-5-2

10-5-3

Amendment No. 3 to the TEGNA Inc. Deferred
Compensation Plan Restatement Rules for Pre-2005
Deferrals, dated as of April 26, 2018.*

Incorporated by reference to Exhibit 10-3 to TEGNA Inc.’s
Form 10-Q for the fiscal quarter ended June 30 2018.

Amendment No. 4 to the TEGNA Inc. Deferred
Compensation Plan Restatement Rules for Pre-2005
Deferrals, dated as of November 16 , 2018.*

Incorporated by reference to Exhibit 10-5-3 to TEGNA
Inc.’s Form 10-K for the fiscal year ended December 31,
2018.

10-6

TEGNA Inc. Transitional Compensation Plan Restatement.*

Incorporated by reference to Exhibit 10-1 to TEGNA Inc.’s
Form 10-Q for the fiscal quarter ended September 30,
2007.

Amendment No. 1 to TEGNA Inc. Transitional
Compensation Plan Restatement dated as of May 4, 2010.*

Incorporated by reference to Exhibit 10-3 to TEGNA Inc.’s
Form 10-Q for the fiscal quarter ended March 28, 2010.

Amendment No. 2 to TEGNA Inc. Transitional
Compensation Plan Restatement dated as of December
22, 2010.*

Incorporated by reference to Exhibit 10-5-2 to TEGNA
Inc.’s Form 10-K for the fiscal year ended December 26,
2010.

Amendment No. 3 to 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 for the fiscal quarter ended June 28,
2015.

Notice to Transitional Compensation Plan Restatement
Participants.*

Incorporated by reference to Exhibit 10-6-4 to TEGNA
Inc.’s Form 10-K for the fiscal year ended December 31,
2015.

TEGNA Inc. 2001 Omnibus Incentive Compensation Plan,
as amended and restated as of May 4, 2010.*

Incorporated by reference to Exhibit 10-2 to TEGNA Inc.’s
Form 10-Q for the fiscal quarter ended March 28, 2010.

Amendment No. 1 to the TEGNA Inc. 2001 Omnibus
Incentive Compensation Plan (Amended and Restated as
of May 4, 2010).*

Incorporated by reference to Exhibit 10-1 to TEGNA Inc.’s
Form 8-K filed on February 25, 2015.

Amendment No. 2 to the TEGNA Inc. 2001 Omnibus
Incentive Compensation Plan (Amended and Restated as
of May 4, 2010) dated as of June 26, 2015.*

Incorporated by reference to Exhibit 10-12 to TEGNA
Inc.’s Form 10-Q for the fiscal quarter ended June 28,
2015.

Amendment No. 3 to the TEGNA Inc. 2001 Omnibus
Incentive Compensation Plan (Amended and Restated as
of May 4, 2010) dated as of February 23, 2016.*

Incorporated by reference to Exhibit 10-1 to TEGNA Inc.’s
Form 8-K filed on February 26, 2016.

Amendment No. 4 to the TEGNA Inc. 2001 Omnibus
Incentive Compensation Plan (Amended and Restated as
of May 4, 2010) effective as of November 1, 2016.*

Incorporated by reference to Exhibit 10-7-4 to TEGNA
Inc.’s Form 10-K for the fiscal year ended December 30,
2016.

Amendment No. 5 to the TEGNA Inc. 2001 Omnibus
Incentive Compensation Plan (Amended and Restated as
of May 4, 2010), dated as of May 3, 2017.*

Incorporated by reference to Exhibit 10-10 to TEGNA
Inc.’s Form 10-Q for the fiscal quarter ended June 30,
2017.

TEGNA Inc. 2020 Omnibus Incentive Compensation Plan.

Form of Director Stock Option Award Agreement.*

10-10

Form of Director Restricted Stock Unit Award Agreement.*

10-10-1

Form of Director Restricted Stock Unit Award Agreement.*

10-10-2

Form of Director Restricted Stock Unit Award Agreement.*

10-10-3

Form of Director Restricted Stock Unit Award Agreement.*

Incorporated by reference to Appendix B to TEGNA Inc.’s
Definitive Proxy Statement on Schedule 14A filed on
March 25, 2020.

Incorporated by reference to Exhibit 10-7-3 to TEGNA
Inc.’s Form 10-K for the fiscal year ended December 30,
2007.

Incorporated by reference to Exhibit 10-5 to TEGNA Inc.’s
Form 10-Q for the fiscal quarter ended June 30, 2018.

Incorporated by reference to Exhibit 10-1 to TEGNA Inc.’s
Form 10-Q for the fiscal quarter ended June 30, 2019.

Incorporated by reference to Exhibit 10-4 to TEGNA Inc.’s
Form 10-Q for the fiscal quarter ended June 30, 2020.

Incorporated by reference to Exhibit 10-1 to TEGNA Inc.’s
Form 10-Q for the fiscal quarter ended June 30, 2021.

10-11

10-11-1

10-11-2

Form of Executive Officer Restricted Stock Unit Award
Agreement.*

Incorporated by reference to Exhibit 10-3-2 to TEGNA
Inc.’s Form 8-K filed on December 11, 2015.

Form of Executive Officer Restricted Stock Unit Award
Agreement.*

Incorporated by reference to Exhibit 10-2 to TEGNA Inc.'s
Form 10-Q for the fiscal quarter ended March 31, 2017.

Form of Executive Officer Restricted Stock Unit Award
Agreement.*

Incorporated by reference to Exhibit 10-1 to TEGNA Inc.’s
Form 10-Q for the fiscal quarter ended March 31, 2018.

Exhibit Number

Exhibit

Location

10-11-3

10-11-4

10-11-5

10-11-6

10-11-7

10-12

10-12-1

10-12-2

10-12-3

10-12-4

10-12-5

10-12-6

10-12-7

10-13

10-14

10-15

10-15-1

10-16

10-16-1

10-16-2

10-17

10-18

Form of Executive Officer Restricted Stock Unit Award
Agreement.*

Incorporated by reference to Exhibit 10-7-18 to TEGNA
Inc.’s Form 10-K for the fiscal year ended December 31,
2018.

Form of Executive Officer Restricted Stock Unit Award
Agreement.*

Incorporated by reference to Exhibit 10-2 to TEGNA Inc.’s
Form 10-Q for the fiscal quarter ended March 31, 2019.

Form of Executive Officer Restricted Stock Unit Award
Agreement.*

Incorporated by reference to Exhibit 10-1 to TEGNA Inc.’s
Form 10-Q for the fiscal quarter ended March 31, 2020.

Form of Executive Officer Restricted Stock Unit Award
Agreement.*

Incorporated by reference to Exhibit 10-3 to TEGNA Inc.’s
Form 10-Q for the fiscal quarter ended June 30, 2020.

Form of Executive Officer Restricted Stock Unit Award
Agreement.*

Incorporated by reference to Exhibit 10-1 to TEGNA Inc.’s
Form 10-Q for the fiscal quarter ended March 31, 2021.

Form of Executive Officer Performance Share Award
Agreement.*

Incorporated by reference to Exhibit 10-3-3 to TEGNA
Inc.’s Form 8-K filed on December 11, 2015.

Form of Executive Officer Performance Share Award
Agreement.*

Incorporated by reference to Exhibit 10-3 to TEGNA Inc.'s
Form 10-Q for the fiscal quarter ended March 31, 2017.

Form of Executive Officer Performance Share Award
Agreement.*

Incorporated by reference to Exhibit 10-2 to TEGNA Inc.’s
Form 10-Q for the fiscal quarter ended March 31, 2018.

Form of Executive Officer Performance Share Award
Agreement.*

Incorporated by reference to Exhibit 10-7-25 to TEGNA
Inc.’s Form 10-K for the fiscal year ended December 31,
2018.

Form of Executive Officer Performance Share Award
Agreement.*

Incorporated by reference to Exhibit 10-1 to TEGNA Inc.’s
Form 10-Q for the fiscal quarter ended March 31, 2019.

Form of Executive Officer Performance Share Award
Agreement.*

Incorporated by reference to Exhibit 10-2 to TEGNA Inc.’s
Form 10-Q for the fiscal quarter ended March 31, 2020.

Form of Executive Officer Performance Share Award
Agreement.*

Incorporated by reference to Exhibit 10-2 to TEGNA Inc.’s
Form 10-Q for the fiscal quarter ended June 30, 2020.

Form of Executive Officer Performance Share Award
Agreement.*

Incorporated by reference to Exhibit 10-2 to TEGNA Inc.’s
Form 10-Q for the fiscal quarter ended March 31, 2021.

Description of TEGNA Inc.’s Non-Employee Director
Compensation.*

Amendment for Section 409A Plans dated December 31,
2008.*

Executive Life Insurance Plan document dated December
31, 2008.*

Amendment No. 1 to the TEGNA Inc. Executive Life
Insurance Plan Document dated as of June 26, 2015.*

Incorporated by reference to Exhibit 10-15 to TEGNA
Inc.’s Form 10-Q for the fiscal quarter ended June 28,
2015.

Incorporated by reference to Exhibit 10-14 to TEGNA
Inc.’s Form 10-K for the fiscal year ended December 28,
2008.

Incorporated by reference to Exhibit 10-15 to TEGNA
Inc.’s Form 10-K for the fiscal year ended December 28,
2008.

Incorporated by reference to Exhibit 10-13 to TEGNA
Inc.’s Form 10-Q for the fiscal quarter ended June 28,
2015.

Key Executive Life Insurance Plan dated October 29,
2010.*

Incorporated by reference to Exhibit 10-1 to TEGNA Inc.’s
Form 10-Q for the fiscal quarter ended September 26,
2010.

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 for the fiscal quarter ended June 28,
2015.

Form of Participation Agreement under Key Executive Life
Insurance Plan.*

Incorporated by reference to Exhibit 10-2 to TEGNA Inc.’s
Form 10-Q for the fiscal quarter ended September 26,
2010.

Omnibus Amendment to Terms and Conditions of Stock
Option Awards dated as of December 31, 2008.*

Omnibus Amendment to Outstanding Award Agreements of
Certain Executives effective as of November 1, 2016.*

Incorporated by reference to Exhibit 10-19 to TEGNA
Inc.’s Form 10-K for the fiscal year ended December 28,
2008.

Incorporated by reference to Exhibit 10-25 to TEGNA
Inc.’s Form 10-K for the fiscal year ended December 30,
2016.

Exhibit Number

Exhibit

Location

10-19

10-19-1

10-20

10-20-1

10-21

10-22

TEGNA Inc. 2015 Change in Control Severance Plan, as
amended through May 30, 2017.*

Incorporated by reference to Exhibit 10-8 to TEGNA Inc.'s
Form 10-Q for the fiscal quarter ended June 30, 2017.

Amendment No. 1 to the TEGNA Inc. 2015 Change in
Control Severance Plan, as amended through May 30,
2017.*

Incorporated by reference to Exhibit 10-27-2 to TEGNA
Inc.’s Form 10-K for the fiscal year ended December 31,
2018.

TEGNA Inc. Executive Severance Plan, as amended
through May 30, 2017.*

Incorporated by reference to Exhibit 10-9 to TEGNA Inc.'s
Form 10-Q for the fiscal quarter ended June 30, 2017.

Amendment No. 1 to the TEGNA Inc. Executive Severance
Plan, as amended through May 30, 2017.*

Incorporated by reference to Exhibit 10-28-2 to TEGNA
Inc.’s Form 10-K for the fiscal year ended December 31,
2018.

Offer Letter between TEGNA Inc. and David T. Lougee,
dated as of May 3, 2017.*

Incorporated by reference to Exhibit 10-1 to TEGNA Inc.'s
Form 8-K filed on May 9, 2017.

Letter Agreement between TEGNA Inc. and Victoria D.
Harker, dated as of May 4, 2017.*

Incorporated by reference to Exhibit 10-2 to TEGNA Inc.'s
Form 8-K filed on May 9, 2017.

Exhibit Number

Exhibit

Location

Incorporated by reference to Exhibit 10-1 to TEGNA Inc.’s
Form 10-Q for the fiscal quarter ended September 29,
2013.

10-23

Amendment and Restatement Agreement, dated as of
August 5, 2013, to each of (i) the Amended and Restated
Competitive Advance and Revolving Credit Agreement,
dated as of March 11, 2002 and effective as of March 18,
2002, as amended and restated as of December 13, 2004
and effective as of January 5, 2005, as amended by the
First Amendment thereto, dated as of February 28, 2007
and effective as of March 15, 2007, as further amended by
the Second Amendment thereto, dated as of October 23,
2008 and effective as of October 31, 2008, as further
amended by the Third Amendment thereto, dated as of
September 28, 2009, as further amended by the Fourth
Amendment thereto, dated as of August 25, 2010 and as
further amended by the Fifth Amendment and Waiver,
dated as of September 30, 2010 (the “2002 Credit
Agreement”), among TEGNA Inc., the several banks and
other financial institutions from time to time parties to the
Credit Agreement (the “2002 Lenders”), JPMorgan Chase
Bank, N.A., as administrative agent (in such capacity, the
“2002 Administrative Agent”), JPMorgan Chase Bank, N.A.
and Citibank, N.A., as syndication agents, and Barclays
Bank PLC, as documentation agent, (ii) the Competitive
Advance and Revolving Credit Agreement, dated as of
February 27, 2004 and effective as of March 15, 2004, as
amended by the First Amendment thereto, dated as of
February 28, 2007 and effective as of March 15, 2007, as
further amended by the Second Amendment thereto, dated
as of October 23, 2008 and effective as of October 31,
2008, as further amended by the Third Amendment thereto,
dated as of September 28, 2009, as further amended by
the Fourth Amendment thereto, dated as of August 25,
2010, and as further amended by the Fifth Amendment and
Waiver, dated as of September 30, 2010 (the “2004 Credit
Agreement”), among TEGNA Inc., the several banks and
other financial institutions from time to time parties to the
Credit Agreement (the “2004 Lenders”), JPMorgan Chase
Bank, N.A., as administrative agent (in such capacity, the
“Administrative Agent”), JPMorgan Chase Bank, N.A. and
Citibank, N.A., as syndication agents, and Barclays Bank
PLC and SunTrust Bank, as documentation agents and (iii)
the Competitive Advance and Revolving Credit Agreement,
dated as of December 13, 2004 and effective as of January
5, 2005, as amended by the First Amendment thereto,
dated as of February 28, 2007 and effective as of March
15, 2007, as further amended by the Second Amendment
thereto, dated as of October 23, 2008 and effective as of
October 31, 2008, as further amended by the Third
Amendment thereto, dated as of September 28, 2009, as
further amended by the Fourth Amendment thereto, dated
as of August 25, 2010 and as further amended by the Fifth
Amendment and Waiver, dated as of September 30, 2010
(the “2005 Credit Agreement” and, together with the 2002
Credit Agreement and the 2004 Credit Agreement, the
“Credit Agreements”), among TEGNA Inc., the several
banks and other financial institutions from time to time
parties to the Credit Agreement (the “2005 Lenders” and,
together with the 2002 Lenders and the 2004 Lenders, the
“Lenders”), JPMorgan Chase Bank, N.A., as administrative
agent (in such capacity, the “2005 Administrative Agent”
and, together with the 2002 Administrative Agent and the
2004 Administrative Agent, the “Administrative Agent”),
JPMorgan Chase Bank, N.A. and Citibank, N.A., as
syndication agents, and Barclays Bank PLC, as
documentation agent, by and between TEGNA Inc., the
Guarantors under the Credit Agreements as of August 5,
2013, the Administrative Agent, JPMorgan Chase Bank,
N.A. and Bank of America, N.A., as issuing lenders and the
Lenders party thereto.

10-23-1

10-23-2

Master Assignment and Assumption, dated as of August 5,
2013, by and between each of the lenders listed thereon as
assignors and/or assignees.

Incorporated by reference to Exhibit 10-2 to TEGNA Inc.’s
Form 10-Q for the fiscal quarter ended September 29,
2013.

Amended and Restated Competitive Advance and
Revolving Credit Agreement, dated as of August 5, 2013,
by and among TEGNA Inc., the several banks and other
financial institutions from time to time parties thereto,
JPMorgan Chase Bank, N.A., as administrative agent, and
JPMorgan Chase Bank, N.A. and Citibank, N.A. as
syndication agents.

Incorporated by reference to Exhibit 10-3 to TEGNA Inc.’s
Form 10-Q for the fiscal quarter ended September 29,
2013.

Exhibit Number

Exhibit

Location

Incorporated by reference to Exhibit 10-4 to TEGNA Inc.’s
Form 10-Q for the fiscal quarter ended September 29,
2013.

Incorporated by reference to Exhibit 10-1 to TEGNA Inc.’s
Form 10-Q for the fiscal quarter ended March 29, 2015.

Incorporated by reference to Exhibit 10-1 to TEGNA Inc.’s
Form 10-Q for the fiscal quarter ended June 28, 2015.

Incorporated by reference to Exhibit 10-2 to TEGNA Inc.’s
Form 10-Q for the fiscal quarter ended September 30,
2016.

Incorporated by reference to Exhibit 10-1 to TEGNA Inc.’s
Form 10-Q for the fiscal quarter ended September 30,
2017.

Incorporated by reference to Exhibit 10-1 to TEGNA Inc.’s
Form 10-Q for the fiscal quarter ended June 30, 2018.

10-23-3

10-23-4

10-23-5

10-23-6

10-23-7

10-23-8

Sixth Amendment, dated as of September 24, 2013, to the
Competitive Advance and Revolving Credit Agreement,
dated as of December 13, 2004 and effective as of January
5, 2005, as amended by the First Amendment thereto,
dated as of February 28, 2007 and effective as of March
15, 2007, as further amended by the Second Amendment
thereto, dated as of October 23, 2008 and effective as of
October 31, 2008, as further amended by the Third
Amendment thereto, dated as of September 28, 2009, as
further amended by the Fourth Amendment thereto, dated
as of August 25, 2010, as further amended by the Fifth
Amendment and Waiver, dated as of September 30, 2010,
and as further amended and restated 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.

Seventh Amendment, dated as of February 13, 2015, to the
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 Sixth Amendment thereto,
dated as of 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.

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 Eight Amendment.

Ninth Amendment, dated as of September 30, 2016, 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 Eighth Amendment thereto, dated as of June 29, 2015,
the Seventh Amendment thereto, dated as of February 13,
2015, and the Sixth Amendment thereto, dated as of
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 Ninth
Amendment.

Tenth Amendment, dated as of August 1, 2017, 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,
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.

Eleventh Amendment, dated as of June 21, 2018, 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, as further amended as of
June 29, 2015, as further amended as of August 1, 2017,
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.

Exhibit Number
10-23-9

10-23-10

10-24

10-24-1

10-24-2

10-24-3

10-25

10-26

10-27

10-28

31-1

Exhibit
Twelfth Amendment, dated as of August 15, 2019, to the
Amended and Restated Competitive Advance and
Revolving Credit Agreement, dated as of December 13,
2004 and effective as of January 5, 2015, as amended and
restated as of August 5, 2013, as further amended as of
June 29, 2015, as further amended as of August 1, 2017,
and as further amended as of June 21, 2018, 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.

Thirteenth Amendment, dated as of June 11, 2020, to the
Amended and Restated Competitive Advance and
Revolving Credit Agreement, dated as of December 13,
2004 and effective as of January 5, 2005, and as amended
and restated as of August 5, 2013, as further amended as
of June 29, 2015, as further amended as of September 30,
2016, as further amended as of August 1, 2017, as further
amended as of June 21, 2018 and as further amended as
of August 15, 2019, 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.

Increased Facility Activation Notice, dated September 25,
2013, 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.

Increased Facility Activation Notice, dated May 5, 2014,
pursuant to the Amended and Restated Competitive
Advance and Revolving Credit Agreement, dated as of
August 5, 2013, by and among TEGNA Inc., JP Morgan
Chase Bank, N.A., as administrative agent, and the several
banks and other financial institutions from time to time
parties thereto.

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, as amended, 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.

Increased Facility Activation Notice, dated as of September
26, 2016, pursuant to the Amended and Restated
Competitive Advance and Revolving Credit Agreement,
dated as of August 5, 2013, as amended, 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.

Asset Purchase Agreement, dated as of March 20, 2019,
by and among Nexstar Media Group, Inc., Belo Holdings,
Inc. and TEGNA Inc.

Agreement and Plan of Merger, dated as of June 10, 2019,
by and among RadiOhio Incorporated, Radio Acquisition
Corp., TEGNA Inc., and Michael J. Fiorile, solely in his
capacity as Stockholder Representative.

Stock Purchase Agreement, dated as of June 10, 2019, by
and among VideoIndiana, Inc., the Sellers named therein,
Michael J. Fiorile, solely in his capacity as Stockholder
Representative, and TEGNA Inc.

Stock Purchase Agreement, dated as of June 10, 2019, by
and among WBNS TV, Inc., the Sellers named therein,
Michael J. Fiorile, solely in his capacity as Stockholder
Representative, and TEGNA Inc.

Location
Incorporated by reference to Exhibit 10-1 to TEGNA Inc.’s
Form 10-Q for the fiscal quarter ended September 30,
2019.

Incorporated by reference to Exhibit 10-1 to TEGNA Inc.’s
Form 8-K filed on June 12, 2020.

Incorporated by reference to Exhibit 10-5 to TEGNA Inc.’s
Form 10-Q for the fiscal quarter ended September 29,
2013.

Incorporated by reference to Exhibit 10-1 to TEGNA Inc.’s
Form 10-Q for the fiscal quarter ended June 29, 2014.

Incorporated by reference to Exhibit 10-1 to TEGNA Inc.’s
Form 10-Q for the fiscal quarter ended September 27,
2015.

Incorporated by reference to Exhibit 10-1 to TEGNA Inc.’s
Form 10-Q for the fiscal quarter ended September 30,
2016.

Incorporated by reference to Exhibit 2-1 to TEGNA Inc.’s
Form 10-Q for the fiscal quarter ended March 31, 2019.

Incorporated by reference to Exhibit 2-1 to TEGNA Inc.’s
Form 10-Q for the fiscal quarter ended June 30, 2019.

Incorporated by reference to Exhibit 2-2 to TEGNA Inc.’s
Form 10-Q for the fiscal quarter ended June 30, 2019.

Incorporated by reference to Exhibit 2-3 to TEGNA Inc.’s
Form 10-Q for the fiscal quarter ended June 30, 2019.

Subsidiaries of TEGNA Inc.

Consent of Independent Registered Public Accounting
Firm.

Certification Pursuant to Rule 13a-14(a) under the
Securities Exchange Act of 1934.

Attached.

Exhibit Number
31-2

Exhibit
Certification Pursuant to Rule 13a-14(a) under the
Securities Exchange Act of 1934.

32-1

32-2

101.INS

101.SCH

101.CAL

101.DEF

101.LAB

Section 1350 Certification.

XBRL Instance Document - the instance document does
not appear in the Interactive Date file because its Inline
XBRL tags are embedded within the Inline XBRL
document.

Inline XBRL Taxonomy Extension Schema Document.

Attached.

Inline XBRL Taxonomy Extension Calculation Linkbase.

Attached.

Inline XBRL Taxonomy Extension Definition Document.

Attached.

Inline XBRL Taxonomy Extension Label Linkbase
Document.

Attached.

Location
Attached.

Attached.

101.PRE

Inline XBRL Taxonomy Extension Presentation Linkbase.

Attached.

104

Cover Page Interactive Data File (formatted as Inline XBRL
and contained in Exhibit 101).

Attached.

For purposes of the incorporation by reference of documents as Exhibits, all references to Form 10-K, 10-Q and 8-K of TEGNA Inc. refer to Forms 10-K, 10-Q and 8-K
filed with the Commission under Commission file number 1-6961.

We agree to furnish to the Commission, upon request, a copy of each agreement with respect to long-term debt not filed herewith in reliance upon the exemption from
filing applicable to any series of debt which does not exceed 10% of our total consolidated assets.

* Asterisks identify management contracts and compensatory plans arrangements.

ITEM 16. FORM 10-K SUMMARY

None.

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused

this report to be signed on its behalf by the undersigned thereunto duly authorized.

Dated: March 1, 2022

TEGNA Inc. (Registrant)

By:

/s/ Victoria D. Harker
Victoria D. Harker
Executive Vice President and Chief Financial Officer
(principal financial officer)

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following

persons on behalf of the registrant in the capacities and on the dates indicated.

Dated: March 1, 2022

/s/ David T. Lougee
David T. Lougee
President and Chief Executive Officer
(principal executive officer)

Dated: March 1, 2022

/s/ Victoria D. Harker
Victoria D. Harker
Executive Vice President and Chief Financial Officer

(principal financial officer)

Dated: March 1, 2022

/s/ Clifton A. McClelland III
Clifton A. McClelland III

Senior Vice President and Controller
(principal accounting officer)

Dated: March 1, 2022

/s/ Gina Bianchini
Gina Bianchini, Director

Dated: March 1, 2022

/s/ Howard D. Elias
Howard D. Elias, Director, Chairman

Dated: March 1, 2022

/s/ Stuart Epstein

Stuart Epstein, Director

Dated: March 1, 2022

/s/ Lidia Fonseca
Lidia Fonseca, Director

Dated: March 1, 2022

/s/ Karen Grimes
Karen Grimes, Director

Dated: March 1, 2022

/s/ David T. Lougee
David T. Lougee, Director

Dated: March 1, 2022

/s/ Scott K. McCune
Scott K. McCune, Director

Dated: March 1, 2022

/s/ Henry W. McGee
Henry W. McGee, Director

Dated: March 1, 2022

/s/ Susan Ness
Susan Ness, Director

Dated: March 1, 2022

/s/ Bruce P. Nolop
Bruce P. Nolop, Director

Dated: March 1, 2022

/s/ Neal Shapiro
Neal Shapiro, Director

Dated: March 1, 2022

/s/ Melinda C. Witmer
Melinda C. Witmer, Director

GLOSSARY OF FINANCIAL TERMS

Presented below are definitions of certain key financial and operational terms that we hope will enhance the reading and understanding of our
2021 Form 10-K.

ADJUSTED EBITDA – Net income attributable to the Company before (1) net (income) attributable to redeemable noncontrolling interest, (2)
income taxes, (3) interest expense, (4) equity (loss) in unconsolidated investments, net, (5) other non-operating items, net, (6) M&A-related
costs, (7) advisory fees related to activism defense, (8) workforce restructuring, (9) spectrum repacking reimbursements and other, net, (10)
depreciation and (11) amortization.

AMORTIZATION – A non-cash charge against our earnings that represents the write off of intangible assets over the projected life of the assets.

BALANCE SHEET – A summary statement that reflects our assets, liabilities and equity at a particular point in time.

BUSINESS ACQUISITION – The acquiring company records the assets and liabilities assumed from the business being acquired at their fair
value, with any excess of the purchase price over such fair value recorded to goodwill. If the purchase price is less than the fair value of the
assets and liabilities acquired, the difference is recognized as a bargain purchase.

CURRENT ASSETS – Cash and other assets that are expected to be converted to cash within one year.

CURRENT LIABILITIES – Amounts owed that will be paid within one year.

DEPRECIATION – A non-cash charge against our earnings that allocates the cost of property and equipment over the estimated useful lives of
the assets.

DIVIDEND – A payment we make to our shareholders from a portion of our earnings.

EARNINGS PER SHARE (basic) – Our earnings divided by the average number of shares outstanding for the period.

EARNINGS PER SHARE (diluted) - Our earnings divided by the average number of shares outstanding for the period, giving effect to assumed
dilution from outstanding performance share awards and restricted stock units.

EQUITY EARNINGS FROM INVESTMENTS – For those investments in which we have the ability to exercise significant influence, but do not
have control, an income or loss entry is recorded in the Consolidated Statements of Income representing our ownership share of the operating
results of the investee company.

FREE CASH FLOW – Is calculated as Adjusted EBITDA (as defined above), further adjusted by adding back (1) stock-based compensation, (2)
non-cash 401(k) company match, (3) syndicated programming amortization, (4) pension reimbursements, (5) dividends received from equity
method investments and (6) reimbursements from spectrum repacking. This is further adjusted by deducting payments made for (1) syndicated
programming, (2) pension, (3) interest, (4) taxes (net of refunds) and (5) purchases of property and equipment.

GAAP – Generally accepted accounting principles in the United States.

GOODWILL – In a business purchase, this represents the excess of amounts paid over the fair value of tangible and other identified intangible
assets acquired net of liabilities assumed.

NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS – The portion of equity and net earnings in consolidated subsidiaries that
is owned by others.

OVER THE TOP (OTT) SERVICES – A service that delivers video content to consumers over the Internet.

PERFORMANCE SHARE AWARD – An equity award that gives key employees the right to earn a number of shares of common stock over an
incentive period based on how our actual adjusted EBITDA and free cash flow (as defined by the PSA agreement) performs as compared to
targets.

PERFORMANCE SHARE UNIT – An equity award that gives key employees the right to earn a number of shares of common stock over an
incentive period based on how our total shareholder return (TSR) compares to the TSR of a representative peer group of companies.

RESTRICTED STOCK – An award that gives key employees the right to shares of our stock, pursuant to a vesting schedule.

RETAINED EARNINGS – Our earnings not paid out as dividends to shareholders.

STATEMENT OF CASH FLOWS – A financial statement that reflects cash flows from operating, investing and financing activities, providing a
comprehensive view of changes in our cash and cash equivalents.

STATEMENT OF COMPREHENSIVE INCOME – A financial statement that reflects our changes in equity (net assets) from transactions and
other events from non-owner sources. Comprehensive income comprises net income and other items reported directly in shareholders’ equity,
principally funded status of postretirement plans and the foreign currency translation adjustment.

STATEMENT OF EQUITY – A financial statement that reflects changes in our common stock, retained earnings and other equity accounts.

STATEMENT OF INCOME – A financial statement that reflects our profit by measuring revenues and expenses.

STOCK-BASED COMPENSATION – The payment to employees for services received with equity instruments such as restricted stock units and
performance share awards.

VARIABLE INTEREST ENTITY (VIE) – A variable interest entity is an entity that lacks equity investors or whose equity investors do not have a
controlling interest in the entity through their equity investments.

SHAREHOLDER SERVICES

TEGNA STOCK
TEGNA Inc. shares are traded on the New York Stock
Exchange under the symbol TGNA. The Company’s
transfer agent and registrar is Computershare. General
inquiries and requests for enrollment materials for the
programs described below should be directed to
Computershare, P.O. Box 505000, Louisville, KY
40233-5000 or by telephone at 1-800-778-3299
or at www.computershare.com/investor.

DIRECT STOCK PURCHASE PLAN
The Computershare CIP Direct Stock Purchase and
Dividend Reinvestment Plan provides TEGNA shareholders
the opportunity to purchase additional shares of the
Company’s common stock through automatic reinvestment
of dividends and optional cash payments. The minimum
cash purchase amount is $10, subject to a maximum
aggregate annual amount of $250,000.

AUTOMATIC CASH INVESTMENT SERVICE FOR THE CIP
This plan provides a convenient method of having money
automatically withdrawn from your checking or savings
account each month and invested in TEGNA stock through
your CIP account.

DIRECT DEPOSIT SERVICE
TEGNA shareholders may have their quarterly dividends
electronically credited to their checking or savings
accounts on the payment date at no additional cost.

CORPORATE GOVERNANCE
We have posted on the Corporate Governance page under
the “Investors” menu of our website (www.tegna.com) our
principles of corporate governance, ethics policy, related
person transaction policy and the charters for the Audit,
Leadership Development and Compensation, Nominating
and Governance and Public Policy and Regulation

Committees of our Board of Directors, and we intend to
post updates to these corporate governance materials
promptly if any changes (including through any
amendments or waivers of the ethics policy) are made.
This site also provides access to our annual report on
Form 10-K, quarterly reports on Form 10-Q and current
reports on Form 8-K as filed with the SEC. Our chief
executive officer and our chief financial officer have
delivered, and we have filed with our 2021 Form 10-K, all
certifications required by the rules of the SEC. Complete
copies of our corporate governance materials and our
Form 10-K may be obtained by writing our secretary at our
corporate headquarters. In accordance with the rules of
the New York Stock Exchange, our chief executive officer
has certified, without qualification, that such officer is not
aware of any violation by TEGNA of the NYSE’s corporate
governance listing standards.

FOR MORE INFORMATION
News and information about TEGNA is available on our
website. Quarterly earnings information will be available in
May, August and November 2022. Shareholders who wish
to contact the Company directly about their TEGNA stock
should call Shareholder Services at TEGNA headquarters,
703-873-6677.

TEGNA HEADQUARTERS
8350 Broad Street, Suite 2000, Tysons, VA 22102
703-873-6600

This report was printed using soy-based inks. The paper
used in this report was purchased from Verso and Finch,
two leading American paper companies supporting
responsible forest management and carrying chain of
custody certifications. The cover and
narrative section also include
10% total recovered fiber/all
post-consumer waste.

TEGNA Inc. | 8350 Broad St., Suite 2000 | Tysons, VA 22102 | www.TEGNA.com