A strategic move by Tegna, revealed in their Q1 2024 earnings call transcript, could revolutionize local sports broadcasting and propel women's professional sports to new heights. Tegna's aggressive pursuit of local broadcast rights for women's sports, particularly their deal with the WNBA's Indiana Fever and rising star Caitlin Clark, is a game-changer.

This strategy is about more than just acquiring rights; it's about capitalizing on the evolving landscape of sports viewership and the growing popularity of women's sports. Tegna recognizes the limitations of the pay-TV-only model, evidenced by the financial struggles of Diamond Sports Group, owner of regional sports networks (RSNs). Teams are seeking wider reach, and local broadcast television offers unparalleled audience delivery. The record-breaking 19 million viewers who watched Caitlin Clark's Iowa Hawkeyes in the NCAA women's basketball final on ABC highlight this power.

This viewership, exceeding that of the men's championship game aired on cable, demonstrates the potential of women's sports on broadcast television. Tegna, with its strategic presence in major markets, is perfectly positioned to lead this movement. Their deal with the Indiana Fever, initially limited to the Indianapolis market, has expanded to eleven more broadcast markets, including Tegna's stations in Clark's home state of Iowa. This expansion showcases the confidence in Clark's drawing power and the potential for widespread viewership.

Tegna's Projected Share of Political Advertising Revenue

Tegna's strategic footprint positions them to capture a significant share of political advertising revenue in the 2024 election cycle. The chart below illustrates their coverage of key battleground states and competitive Senate races.

This strategic approach has several implications: First, Tegna is willing to invest in content that resonates with changing viewer preferences, even if it challenges traditional sports broadcasting norms. Second, it highlights their proactive content acquisition strategy in the dynamic sports rights landscape. Lastly, Tegna's embrace of women's sports could be transformative for the WNBA and other women's professional leagues struggling for viewership and media deals.

"**Potential Financial Impact:** * **Increased Advertising Revenue:** Tegna could see a surge in advertising revenue from women's sports broadcasts, particularly with Caitlin Clark's popularity. * **Enhanced Retransmission Leverage:** The value of live local sports content strengthens Tegna's negotiating position with MVPDs (Multichannel Video Programming Distributors) for retransmission agreements. * **Growth of Premion:** Increased engagement with women's sports on Tegna's platforms could drive traffic and revenue to their Premion OTT (Over-the-Top) platform."

Tegna's move, while seemingly subtle in their overall financial strategy, represents a significant turning point for the company and the future of women's sports. If successful, their strategy could lead to similar broadcast deals, ushering in a new era of prominence and financial security for women's professional leagues.

"**Fun Fact:** Tegna is actively involved in supporting female athletes through initiatives like "Sisters in Sports," which empowers young girls to pursue athletic dreams, further demonstrating their commitment to the future of women's sports."