Subsequent Event (Details) - USD ($)
$ / shares in Units, $ in Millions

12 Months Ended

Feb. 22, 2022

Dec. 31, 2021

Dec. 31, 2020

Subsequent Event [Line Items]

Common stock, par value (in dollars per share)

$ 1

$ 1

Subsequent Event

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.

Subsequent Event

Subsequent Event [Line Items]

Common stock, par value (in dollars per share)

$ 1.00

Subsequent Event | Teton Parent Corp | Business Combination Termination Scenario One

Subsequent Event [Line Items]

Termination fee

$ 136

Subsequent Event | Teton Parent Corp | Business Combination Termination Scenario Two

Subsequent Event [Line Items]

Termination fee

272

Subsequent Event | Teton Parent Corp

Subsequent Event [Line Items]

Termination fee

$ 163

Conversion price (in dollars per share)

$ 24.00