Fort Baker Dumps 1.68 Million TEGNA Shares Worth $34.3 Million

On February 17, 2026, Fort Baker Capital Management LP disclosed in an SEC filing that it sold its entire stake in TEGNA (NYSE:TGNA).

What happened

According to a recent SEC filing dated February 17, 2026, Fort Baker Capital Management LP sold its entire position in TEGNA, reducing its holding by 1,678,588 shares. The estimated transaction value for the sale was $34.30 million, calculated using the quarter’s average share price. The net position change of $34.30 million indicates the total shift in value, which includes both trading activity and stock price movements.

What else to know

• The fund has fully exited TEGNA, which previously represented 1.7% of its reportable assets under management.
• Top holdings after the filing:
  • NASDAQ:FYBR: $40.59 million (4.4% of AUM)
  • NASDAQ:CYBR: $38.63 million (4.2% of AUM)
  • NASDAQ:WBD: $38.24 million (4.2% of AUM)
  • NYSE: EVAC: $37.45 million (4.1% of AUM)
  • NYSE: CWAN: $36.89 million (4.0% of AUM)
• As of February 13, 2026, TEGNA shares were priced at $20.95, up 18.6% over the past year, outperforming the S&P 500 by 6.8 percentage points.

Company overview

Metric	Value
Revenue (TTM)	$2.71 billion
Net income (TTM)	$219.86 million
Dividend yield	2.39%
Price (as of market close 2/13/26)	$20.95

Company snapshot

• Operates 64 television stations in 51 U.S. markets, providing news, entertainment, and digital content; owns multicast networks such as True Crime Network, Quest, and Twist, and produces original programming through VAULT Studios.
• Generates revenue primarily through advertising sales across television, digital, and over-the-top (OTT) platforms, as well as retransmission fees from cable and satellite providers.
• Serves local and national advertisers seeking broad reach, and delivers content to consumers across broadcast, digital, and streaming platforms in the United States.

TEGNA Inc. is a leading U.S. media company with significant scale in local broadcasting and digital content delivery. The company leverages a diversified portfolio of television stations and digital networks to reach a wide audience and drive advertising revenue. Its strategic focus on multi-platform distribution and original content production positions it competitively in the evolving media landscape.

What this transaction means for investors

Fort Baker Capital Management sold numerous positions in the fourth quarter of 2025, though TEGNA was the largest.

The media stock had not made any significant net gains over the last five years, though after falling in most of 2023 and the first half of 2024 bounced back the next year. As an owner of local affiliates, net income suffered in 2025 as the revenue from the political advertising in 2024 disappeared.

Filings never announce why a fund sells. However, the trend that may have induced Fort Baker to sell is cord-cutting. For years, consumers have steadily abandoned traditional TV in favor of streaming services. That and increased attention to video platforms such as Alphabet’s YouTube has reduced interest in this platform.

For now, TEGNA earns a profit and even pays a dividend. Nonetheless, with a business model that appears more uncertain, that was probabaly not enough to keep Fort Baker in the stock.

Will Healy has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Alphabet and Warner Bros. Discovery. The Motley Fool has a disclosure policy.