Fort Baker Dumps 1.68 Million TEGNA Shares Worth $34.3 Million

By Will Healy – Mar 17, 2026 at 8:06PM ESTKey PointsSold 1,678,588 shares of TEGNA; estimated trade value was $34.30 million based on quarterly average pricing.Quarter-end position value declined by $34.30 million, reflecting both the share sale and price movement over the period.Represents an approximately 3.7% change in 13F reportable assets under management.Fund now holds zero shares of TEGNA, with a position value of $0.The stake was previously approximately 1.7% of the fund’s AUM as of the prior quarter.On February 17, 2026, Fort Baker Capital Management LP disclosed in an SEC filing that it sold its entire stake in TEGNA (TGNA 0.32%).What happenedAccording 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 knowThe 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 overviewMetricValueRevenue (TTM)$2.71 billionNet income (TTM)$219.86 millionDividend yield2.39%Price (as of market close 2/13/26)$20.95Company snapshotOperates 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 investorsFort 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.ExpandNYSE: TGNATEGNAToday's Change(-0.32%) $-0.07Current Price$20.39Key Data PointsMarket Cap$3.3BDay's Range$20.37 - $20.6652wk Range$14.87 - $21.35Volume26KAvg Vol1.7MGross Margin32.60%Dividend Yield2.44%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.Read NextMar 3, 2023 •By Eric VolkmanWhy Tegna Stock Tanked This WeekSep 21, 2021 •By James BrumleyWhy Tegna Jumped Nearly 11% TodaySep 16, 2021 •By Jason HawthorneWhy Shares of Tegna Jumped Almost 20% This WeekMar 6, 2020 •By Daniel MillerWhy TEGNA Shares Are Soaring 28% Friday MorningOct 18, 2019 •By John Ballard3 Incredibly Cheap Media StocksMar 1, 2019 •By Daniel SparksWhy TEGNA Stock Jumped FridayAbout the AuthorWill Healy is a contributing Motley Fool stock market analyst covering technology and consumer goods industries.

Before The Motley Fool, Will was a freelance writer covering stocks and personal finance for MSN Money, Yahoo! Finance, and Nasdaq. Earlier in his career, he was an expert in geographic information systems, applying spatial and IT skills to perform RF and demographic analysis in the telecom industry. He holds a bachelor’s degree in journalism from Texas A&M University and an MBA in finance and strategy from the University of Texas at Dallas.TMFWillHealyX@HealyWritingStocks MentionedTEGNANYSE: TGNA$20.40(-0.32%)-$0.07Clearwater AnalyticsNYSE: CWAN$23.38(-0.19%)-$0.05Warner Bros. DiscoveryNASDAQ: WBD$27.66(+0.53%)+$0.15Eqv Ventures Acquisition Corp. IINYSE: EVAC$10.07(-0.20%)-$0.02AlphabetNASDAQ: GOOGL$310.91(+1.75%)+$5.35AlphabetNASDAQ: GOOG$309.33(+1.61%)+$4.91*Average returns of all recommendations since inception. Cost basis and return based on previous market day close.