My LinkedIn feed is full of reports of TEGNA's job cuts this week. This makes TEGNA just the latest to have layoffs or buyouts.
Here is the memo from executive vice president and chief operating officer of media operations Lynn Beall, who will depart from TEGNA in mid-2025:
"Today, we’re sharing that we’re centralizing our marketing team. This team will share the same goals as stations – growing audience and revenue.
We know this change won’t be easy, but it is a necessary step to becoming more focused, effective and strategic in our marketing efforts. This will eliminate duplication of work and allow us to apply best practices across the entire organization.
The team will oversee key areas including the growth of our stations and audience, digital marketing, consumer insights, community engagement, commercial production and strategic initiatives like sponsorships and sports. This structure will include regional marketing leaders who will oversee multiple stations and markets. We encourage everyone to apply for roles on the new team.
Unfortunately, because not everyone will have a seat in the new structure, we have also created a transition period for marketing employees through mid-January.
We’re very thankful for the hard work and dedication of our marketing teams and the positive impact they’ve made in serving our communities."
NewscastStudio reports that TEGNA is creating seven regional marketing hubs to eliminate hundreds of marketing jobs from its local television stations.
FTVLive says that more than marketing jobs were also cut.
TEGNA tried to merge with Standard General in 2022, but regulatory pushback killed that effort. So, maybe this is preparation for the next deal.
Just today, TEGNA issued a release stating its Board of Directors declared a regular quarterly dividend of 12.5 cents per share, payable on January 2, 2025, to stockholders of record as of the close of business on December 6, 2024.
In Texas, TEGNA owns KHOU Houston, WFAA Dallas, KENS San Antonio, KVUE Austin, KCEN Waco, KAGS College Station, KYTX Tyler, KIII Corpus Christi, KBMT-KJAC Beaumont, KXVA Abilene and KIDY San Angelo.
