Leadership - CEO and Editor in Chief - Over the last few decades ran the company into the ground. They dug a hole the company has not been able to pull itself out of. The company was not doing well in the late 90s, but since 2001 with multiple wars were being waged, the money was rolling in by the truckload
But, leadership decided that was time to invest in anything they felt like, except the company. They had flawed products, outdated products, flawed processes, and ineffective management - as well as many crappy workers - but leadership literally had no business sense. One was an editor, the other a sales person. Together, they didn't know how to lead a company, let alone keep up with the challenges of the digital era and new competition.
So, they spent the last decade and a half going whichever way the wind blew. If a buddy or contact met them at a trade show and said "I'd like to see xyz," With not a single ounce of research or planning, they would start building a whole new product based on that conversation. If we were lucky, it was based on "multiple" conversations. Because "my contact who is a so-and-so said we should be doing this, and I thought it was a great idea." Or, "I want to build an XYZ, so let's build an XYZ and launch it in 6 months."
I am not kidding the EIC, said in a meeting once - almost verbatim: "A friend of mine met with me at the Paris Air Show, he's a blah blah at ABC Co. He asked me if we do social media outreach. I had to say 'No.' We should start offering social media marketing services to other companies because they need it. " ... What? We are a news company, not a marketing agency. We didn't even have OUR OWN social media team - we had a couple editors who knew how to post on Twitter. How are we supposed to offer social marketing services? Yet, he made a plan for the company's rebirth over the next several years with "social media services" as the cornerstone. WHY?!
So, when all was said and done, $50K or 100K into a failed product they'd shutter it, furlough everyone for a week, and fire some people to make up for the mistake. Not once did they think - "Maybe shooting from the hip is a bad idea." Nope, they doubled down on even dumber products. Like throwing hail marys with a blindfold on.
TEGNA finally fired the CEO after a botched reorg and got a new one in 2014. He was more responsive and forward thinking, but sought consensus to a fault. The new guy couldn't make a decision to save a life. If he did make a decision, it came only after months of redundant committee meetings. Then he wouldn't hold anyone accountable to the plans! So all the leftover cronies and bad elements that were still doing bbq's at the old leadership's homes, continued to refuse to adapt and blatantly disregarded plans for change - and even wrote letters to the CEO about how they were not going to do what he wanted. Not only did they get to stay and further screw everyone else over, they even got bonuses and raises while the company was barely breaking even. Some other people in that same year 2015 got 1% raises - 1%!! And that was the first raise most of them got in 9 years! Completely ridiculous.
Now in 2016, after TWO reorgs, TWO CEOs, and TWO layoffs in as many years, the company was sold, and guess what - MORE LAYOFFS and another new CEO. Not to mention there has been an exodus over the last year of not less than 45 people leaving on their own accord - some without jobs to go to. It's a mess. And it's very sad. It was a company with great potential that was squandered by arrogant, short-sighted, and selfish leadership.