KING in Seattle is recognized for Overall Excellence in Large Market Television, marking the fourth consecutive year a TEGNA station receives the honorTYSONS, Va., Aug. 15, 2025 (GLOBE NEWSWIRE) -- TEGNA Inc. (NYSE: TGNA) today announced four of its stations have received 2025 National Edward R. Murrow Awards for excellence in broadcast journalism. KING in Seattle was recognized for Overall Excellence, Large Market Television, marking the fourth consecutive year a TEGNA station has received this honor. The ...

Group 1 - Sinclair Broadcast Group Inc. is launching a strategic review of its broadcast business, which may lead to a merger [1] - The company has engaged in discussions with potential merger partners, although no deal is guaranteed [2] - Sinclair is also considering spinning off its Ventures business, which includes the Tennis Channel, with board approval already obtained [2] Group 2 - The media industry anticipates deregulation under the Trump administration, particularly in the broadcast sector, potentially leading to increased mergers and acquisitions [3]

Financial Data and Key Metrics Changes - The company closed on the placement of $750 million of new senior secured second lien notes, using proceeds to pay off outstanding senior notes and a portion of Term Loan B2, leaving $36 million remaining [6] - The second quarter earnings per share were a loss of $0.59, impacted by $38 million of financing transaction costs and other adjustments [16] - Cash and cash equivalents totaled $31.7 million at June 30, with net leverage at the end of Q2 at 4.4x, a half turn below the end of Q1 [16][17] Business Line Data and Key Metrics Changes - Local Media division revenue declined 8% year-over-year due to lack of political advertising revenue, with local media segment profit nearly $56 million compared to $88 million in 2024 [8][12] - Scripps Networks revenue was $206 million, down 1.4% from the previous year, but CTV revenue increased by 57% [13][14] - The Other segment reported a loss of $7 million, an improvement from a loss of $9.2 million in the prior year [15] Market Data and Key Metrics Changes - Local Media distribution revenue was down 1% year-over-year, with a 5% increase in retail advertising [10][11] - The company expects Local Media division revenue to decline in the mid to high 20% range for Q3, while Scripps Networks division revenue is expected to be down low single digits [12][15] Company Strategy and Development Direction - The company is focused on debt reduction as a top priority, with plans to pay off remaining term loan balances through cash flow [7][20] - Scripps is pursuing opportunities for portfolio optimization and local coverage expansion through station swaps and asset sales [21][31] - The company anticipates industry deregulation will enhance its financial strength and local programming capabilities [21][22] Management's Comments on Operating Environment and Future Outlook - Management noted a soft advertising climate but highlighted strong performance in sports advertising, particularly from the NBA Finals and NHL playoffs [9][19] - There is ongoing uncertainty in the advertising market, particularly in the automotive sector, which has seen significant weakness [46][50] - Management remains optimistic about potential recovery in advertising demand as economic uncertainties resolve [50] Other Important Information - The company has introduced an accounts receivable securitization facility with a capacity of $450 million, contributing to debt management [7] - The management team is executing a plan to improve financial performance and operating profile, with a focus on shareholder value [20][26] Q&A Session Summary Question: Insights on deregulation and future opportunities - Management believes greater depth in market is necessary for asset performance and is actively pursuing swaps and asset sales to improve portfolio durability [30][31] Question: Clarification on Q3 guidance - Core advertising is expected to be flat, with political contributions anticipated to build throughout the year, primarily impacting Q4 [35][36] Question: Current advertising environment and advertiser sentiment - The advertising environment is characterized by hesitancy, particularly in the automotive sector, but there is hope for recovery as uncertainties diminish [44][50] Question: Impact of search traffic decline and AI - The company employs technical solutions to protect its IP and anticipates mixed impacts from AI on direct traffic and brand building [52][55] Question: Thoughts on CBS non-renewal in Atlanta market - Management views the CBS non-renewal as a one-off situation rather than a trend, indicating a changing value perception between networks and affiliates [60] Question: Net retransmission margin expectations - The company expects net retrans margin expansion due to expense savings in programming, despite ongoing subscriber churn [62][65] Question: Contribution of sports strategy to core advertising - The sports strategy is estimated to contribute low single digits to core advertising growth, with specific revenue impacts from recent sports events [68][70]

Financial Data and Key Metrics Changes - Nexstar reported second quarter net revenue of $1,230,000,000, a decline of 3.2% compared to the prior year, primarily due to reduced political advertising [17] - Adjusted EBITDA for the second quarter was $389,000,000, representing a 31.7% margin, down $25,000,000 from $414,000,000 in the same quarter last year [24] - Adjusted free cash flow for the quarter was $101,000,000, an increase from $77,000,000 in the previous year [27] Business Line Data and Key Metrics Changes - Advertising revenue decreased by $47,000,000 or 9% year-over-year to $475,000,000, with a $36,000,000 decline in political advertising [18] - Distribution revenue was $733,000,000, essentially flat compared to the prior year, reflecting modest subscriber renewals and MVPD subscriber attrition [17] - The CW network achieved five consecutive quarters of audience growth and was ranked the eighth most-watched network for the first half of 2025 [22] Market Data and Key Metrics Changes - The advertising outlook remains stable, with non-political advertising forecasted to decline in the low single digits year-over-year for the third quarter [19] - Local television news remains the most trusted news source, with audiences of all ages turning to local news programming [11] - The CW's profitability improved by $21,000,000 year-over-year, driven by reduced amortization of broadcast rights and lower operating expenses [22] Company Strategy and Development Direction - Nexstar's strategy focuses on high-impact news and sports programming, with sports now accounting for over 40% of the CW's programming hours [20] - The company is pursuing regulatory reform opportunities, including potential changes to the national ownership cap and the top four rule [14][15] - Nexstar aims to renew distribution agreements and continue the CW's path to profitability, with expectations of achieving profitability in 2026 [16][22] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the advertising environment, noting that trends are performing as expected without significant negative impacts [72] - There are early signs of improvement in video subscriber trends, particularly from major MVPDs [6] - The company remains focused on executing its 2025 objectives and is energized by prospects for regulatory reform [16] Other Important Information - Nexstar returned $238,000,000 or 53% of adjusted free cash flow to shareholders through share repurchases and dividends [6] - The company refinanced its credit facilities and term loans, extending maturities and strengthening its capital structure [30] - The CW's losses in the quarter were better by about $21,000,000 compared to the previous year, with expectations of a 25% reduction in losses for the year [71] Q&A Session Summary Question: Thoughts on Chairman Carr's letters to networks and M&A opportunities - Management indicated that growing the national footprint is strategically important, and they are open to M&A opportunities that create shareholder value [34][35] Question: Importance of increasing O&Os for CW in M&A scenarios - While increasing O&Os is beneficial, it is not the primary strategic priority; the focus remains on overall shareholder value [46] Question: Additional sports opportunities for CW - Management expressed interest in pursuing more college sports and noted the positive response from the advertising community to CW's sports programming [55] Question: Economic environment and ad market trends - Management reported that the ad environment is performing as expected, with no significant negative trends observed [72] Question: Trends in digital advertising - Digital advertising continues to grow, particularly in local markets, with mid-single-digit growth overall [77] Question: CW losses and profitability outlook - CW losses improved by $21,000,000 year-over-year, with expectations of achieving profitability in 2026 [71]

Financial Data and Key Metrics Changes - Nexstar reported second quarter net revenue of $1,230,000,000, a decline of 3.2% compared to the prior year, primarily due to a reduction in political advertising [16] - Adjusted EBITDA for the second quarter was $389,000,000, representing a 31.7% margin, down $25,000,000 from $414,000,000 in the same quarter of the previous year [25] - Adjusted free cash flow for the quarter was $101,000,000, an increase from $77,000,000 in the prior year [27] Business Line Data and Key Metrics Changes - Distribution revenue was $733,000,000, essentially flat compared to the prior year, reflecting modest subscriber renewals and MVPD subscriber attrition [16] - Advertising revenue decreased by $47,000,000 or 9% year-over-year, with political advertising down $36,000,000 [17] - Non-political advertising declined by 2.5% year-over-year, with a notable decline in goods-based advertising, particularly in the automotive sector [17] Market Data and Key Metrics Changes - The company noted early signs of improvement in video subscriber trends from major MVPDs, although a definitive turnaround has not yet been observed [4] - Public trust in local broadcast journalism remains strong, with local television news cited as the most trusted news source according to a 2024 survey [10] Company Strategy and Development Direction - Nexstar is focused on regulatory reform, with recent developments suggesting potential changes to the national ownership cap and the top four rule, which could enhance market opportunities [13] - The company continues to emphasize high-impact news and sports programming, with sports now accounting for over 40% of CW's programming hours [19] - Nexstar aims to achieve profitability for the CW by 2026, with expectations of improved profitability of about 25% in 2025 over 2024 [21] Management's Comments on Operating Environment and Future Outlook - Management expressed a stable outlook for advertising revenue despite broader economic uncertainties, noting that spending intentions remain positive [74] - The company remains optimistic about the advertising outlook, particularly in the context of upcoming political revenue impacts in the second half of the year [73] Other Important Information - Nexstar returned $106,000,000 to shareholders in the quarter, comprising $56,000,000 in dividends and $50,000,000 in stock repurchases [29] - The company refinanced its credit facilities, extending maturities and improving financial flexibility [30] Q&A Session Summary Question: Thoughts on Chairman Carr's letters to networks and M&A opportunities - Management indicated that growing the national footprint is strategically important, and they are open to M&A opportunities that create shareholder value [34] Question: Importance of increasing O&Os for CW in M&A scenarios - While increasing O&Os is beneficial, it is not the primary strategic priority; the focus remains on overall shareholder value [46] Question: Additional sports opportunities for CW - Management expressed interest in pursuing more college sports and noted ongoing discussions in that area [56] Question: Trends in digital advertising - Digital advertising continues to grow, particularly in the local business segment, with overall growth in the mid-single digits [77] Question: Updated thoughts on the economic environment - Management feels the advertising environment is performing as expected, with no significant negative trends observed [73]

Core Insights - TEGNA Inc. reported a 5% decrease in total revenue to $675 million for the second quarter of 2025, primarily due to lower political advertising revenue and advertising and marketing services revenue [3][15][18] - The company reaffirmed its two-year adjusted free cash flow guidance for 2024/2025, estimating it to be between $900 million and $1.1 billion [5][25] - TEGNA's CEO highlighted the company's commitment to enhancing local journalism and expanding digital experiences, alongside a significant increase in local news coverage by 100 hours a day [2][9] Financial Performance - Total company revenue decreased by 5% year-over-year, with distribution revenue remaining flat at $370 million and advertising and marketing services revenue down 4% to $288 million [3][15][18] - GAAP net income attributable to TEGNA Inc. was $68 million, a 17% decline from the previous year, with diluted earnings per share at $0.42 [3][16][34] - Adjusted EBITDA fell 14% to $151 million, primarily due to lower political advertising and AMS revenue, although cost-cutting initiatives provided some offset [3][34] Operational Highlights - The company achieved a net cash flow from operations of $100 million and adjusted free cash flow of $96 million, returning $20 million to shareholders through dividends [3][36] - TEGNA's net leverage ratio stood at 2.8x at the end of the second quarter, with cash and cash equivalents totaling $757 million [3][36] - The company redeemed $250 million of senior notes due in 2026, reflecting proactive debt management [3][36] Strategic Initiatives - TEGNA announced the addition of over 100 hours of new daily local programming across more than 50 markets, aiming to enhance content and distribution channels [9] - The company appointed vice presidents of content to focus on localized storytelling and cross-platform news delivery [9] - A multi-year deal was reached with FOX Corporation to renew station affiliation agreements for six TEGNA markets, covering approximately 7% of TEGNA households [9]

Group 1 - NBCUniversal has completed its 2025-26 upfront negotiations, reporting record ad sales volume but not disclosing total revenue or rates [1] - Live sports events, including the Milan Cortina Olympics, Super Bowl LX, and FIFA World Cup, significantly contributed to the sales effort, surpassing previous benchmarks [1] Group 2 - Peacock accounted for one-third of total upfront ad sales volume, achieving a new record, marking the digital upfront as the largest in the company's history [2] - The return of the NBA to NBC starting this fall was highlighted as another key driver for ad sales, with games also set to stream on Peacock [2]

Core Points - Saga Communications, Inc. will release its Q2 2025 results on August 7, 2025, at 9:00 a.m. EDT, followed by a conference call at 11:00 a.m. EDT [1] - The company encourages inquiries to be submitted via email by 10:00 a.m. EDT on the same day for discussion during the conference call [1] - The earnings release will include non-GAAP financial measures such as station operating income and trailing 12-month consolidated EBITDA, with reconciliations to GAAP measures provided [2] - Saga operates in 28 markets with a portfolio of 82 FM and 32 AM radio stations, focusing on expanding its core radio business through digital and e-commerce initiatives [3]

Core Viewpoint - Mike Lindell Media Corporation and LindellTV are gaining visibility and engagement in Washington, D.C., particularly through interactions with President Trump, contrasting with the legacy media's response [2][3][4]. Group 1: Company Developments - Cara Castronuova, the Chief D.C. White House Correspondent for LindellTV, asked her first question to President Trump during a press event, marking a significant moment for the network [2][3]. - The company has successfully secured press access to White House events, enhancing its credibility and visibility in the media landscape [13]. - Mike Lindell, the CEO, expressed optimism about the news business at LindellTV, emphasizing a shift away from "fake news" and a growing audience that appreciates their reporting style [6][12]. Group 2: Media Interaction - During a press event, President Trump acknowledged the interaction with LindellTV's cameraman, Gary G., who expressed support for Trump's potential 2028 campaign, highlighting a positive rapport between the network and the President [2][3]. - Castronuova's question about media bias during a peace agreement signing was met with a candid response from Trump, indicating a recognition of LindellTV's unique position in the media landscape [4][6]. - The legacy media's reaction to these interactions has been negative, with reports of MSNBC cutting coverage and NBC walking out, suggesting a divide in media narratives [2][4]. Group 3: Audience Engagement - LindellTV claims to serve over 7 million monthly viewers, indicating a substantial audience base that seeks alternative perspectives to mainstream media [13]. - The company aims to provide accurate and unbiased reporting, positioning itself as a credible alternative to traditional media outlets [13]. - There is a noted trend of audiences leaving legacy media, which may impact advertising revenues and the operational viability of those networks [11].

Company Overview - Mike Lindell Media Corp. operates a conservative broadcast network, providing an alternative to mainstream media through its platforms, LindellTV.com and vocl.com [2] - The company has grown to serve over 7 million monthly viewers across its platforms [2] - Recently, the company was granted press access for its reporters to White House press conferences under the Trump administration [2] Recent Developments - During a White House press conference, President Trump acknowledged reporter Cara Castronuova's question regarding the appointment of a Special Prosecutor and the 2020 election [1] - Mike Lindell, Chairman and CEO, emphasized the importance of addressing the 2020 election concerns and securing election platforms, advocating for the use of paper ballots [1]