TEGNA entered into an Agreement and Plan of Merger with Nexstar Media Group, Inc. on August 18, 2025, for $22.00 per share in cash, with stockholders adopting the agreement on November 18, 2025, and the merger expected to close by the second half of 2026. Total revenues decreased by $390.0 million (13%) to $2.71 billion in 2025 from $3.10 billion in 2024. Net income attributable to TEGNA Inc. decreased by 63% to $219.9 million in 2025 from $599.8 million in 2024. Diluted earnings per share (EPS) decreased by 62% to $1.34 in 2025 from $3.53 in 2024. Political advertising revenue declined $334.4 million (90%) in 2025, consistent with the cyclical even-to-odd-year comparison. Advertising & Marketing Services (AMS) revenue declined $45.5 million (4%) due to ongoing challenges in the television advertising market, the absence of Summer Olympic games in 2025, and lower Premion-related revenue following Gray Media's exit as an exclusive reseller partner. Distribution revenue was down $10.5 million (1%) due to subscriber declines, partially offset by contractual rate increases. Operating income decreased $341.8 million (44%) in 2025 compared to 2024. The company repaid $550 million of unsecured notes that were scheduled to mature in March 2026 using available cash on hand. Goodwill and indefinite-lived intangible assets (primarily FCC broadcast licenses) totaled approximately $5.14 billion as of December 31, 2025, representing about 75% of total assets. TEGNA operates 64 television stations and two radio stations in 51 U.S. markets, reaching approximately 39% of U.S. television households. Strategic priorities include commitment to local journalism, A+ talent and culture, maximizing linear TV business, reimagining news production, integrating sales across platforms, personalized viewer experiences, and 'Zero Waste' operations.