Group 1 - MediaCo Holding Inc. has announced record-setting audience performance across its broadcast television and radio divisions [1] - EstrellaTV, MediaCo's national broadcast television network, is ranked 1 among all broadcast TV networks in P18–49 prime-time growth this season [1] - EstrellaTV has delivered an impressive +65% year-over-year increase in audience growth [1]

Core Points - Mike Lindell Media Corp. has recruited Heather Mullins as the Chief Pentagon Correspondent, enhancing its news division [1][3] - Mullins has a strong military background and extensive experience in election integrity reporting, which aligns with the company's focus [2][3] - The company aims to provide unbiased coverage from the Pentagon, alongside its existing reporting from the White House and Capitol Hill [3][4] Company Overview - Mike Lindell Media Corp. operates a conservative broadcast network, providing an alternative to mainstream media through its platforms, LindellTV and VOCL [4] - The company has grown to serve over 7 million monthly viewers and has recently gained press access to White House events [4] - LindellTV was rebranded from frankspeech.com in February 2025, and VOCL was rebranded from FrankSocial in September 2024 [4] Personnel and Expertise - Heather Mullins has a background in investigative journalism, particularly in election integrity, and has previously contributed to various media outlets [3] - Mullins expressed her honor in joining LindellTV, emphasizing her commitment to serving the military and the country through journalism [2][3] - Mike Lindell, the CEO, highlighted Mullins as a tremendous asset to the company, expecting her to deliver significant stories from the Pentagon [3]

Summary of E.W. Scripps Company FY Conference Call (November 18, 2025) Company Overview - **Company**: E.W. Scripps Company (NasdaqGS: SSP) - **Industry**: Media and Broadcasting Key Points M&A Activity - Sinclair has reported an 8% stake in E.W. Scripps and is considering a merger, described as a "bear hug" by the analyst [3][4] - E.W. Scripps was engaged in discussions with Sinclair regarding a potential merger but did not reach an agreement, leading to the cessation of talks [4][6] - The complexity of transactions involving family-controlled public companies with highly leveraged balance sheets adds challenges to M&A discussions [7] - There is significant financial benefit to be gained from local broadcast consolidation, with potential synergies estimated at $300 million, representing a 30% uplift to combined forward EBITDA [10][11] Advertising and Market Performance - E.W. Scripps reported a strong Q3 performance with a 2% increase and a Q4 guidance of 10%, attributed to effective sales execution and a strong sports strategy [18] - The company anticipates continued growth in the first half of the next year, although potential headwinds are expected in the latter half due to political crowd-out effects [19] - The company is optimistic about the upcoming political advertising cycle, with a strong competitive footprint in key races [20] Retransmission Revenue - E.W. Scripps is preparing for a significant retransmission renewal year in 2026, with 70% of its subscriber base renewing [24] - The company expects to see a decrease in affiliate expenses moving forward, which could positively impact net retransmission revenue [25] Cost Management and Technology - E.W. Scripps has focused on managing expenses, achieving a mid-single-digit reduction in local media expenses year-over-year [46] - The company is leveraging AI and technology to streamline operations and reduce costs, particularly in production and back-office functions [47][48] Balance Sheet and Deleveraging - E.W. Scripps has completed several asset sales, including a $40 million sale of a Fort Myers station and an $83 million sale of an Indianapolis station, generating approximately $123 million gross [50] - The company aims to reduce leverage from the current mid-four range through cash flow generated from political advertising and growth initiatives [56] Sports Strategy - E.W. Scripps has expanded its sports portfolio, securing rights to women's sports leagues and event-driven sports, which are expected to drive growth [37][39] - The company is optimistic about the stability and growth potential of its local business, supported by additional sports content and a strong local news presence [31] Future Outlook - E.W. Scripps is committed to pursuing transformational M&A opportunities while also focusing on smaller strategic deals [12][13] - The company is optimistic about its ability to manage margins and achieve stable or growing bottom-line performance despite top-line pressures [43][45] Additional Insights - The company is navigating a challenging advertising environment, with national advertising spend impacted by economic factors such as interest rates and tariffs [34] - E.W. Scripps is focused on capturing market share in the connected TV space, which has shown significant growth [36]

Summary of Nexstar Media Group FY Conference Call Company Overview - **Company**: Nexstar Media Group (NasdaqGS:NXST) - **Date of Conference**: November 18, 2025 Key Points Industry Context - The media sector is undergoing significant changes, particularly regarding mergers and acquisitions (M&A) and regulatory environments [2][4][8] - The Federal Communications Commission (FCC) and Department of Justice (DOJ) are pivotal in shaping the regulatory landscape for media consolidation [4][9] M&A Activity - Nexstar's acquisition of Tegna was approved by Tegna shareholders with a 98% affirmative vote, marking a significant step in the merger process [3] - The filing of FCC applications is imminent, allowing the regulatory process to commence [3] - The DOJ's approach to antitrust issues is evolving, with constructive discussions indicating a willingness to consider new information [5][6] Regulatory Environment - The FCC's potential deregulation is seen as beneficial for the industry, with indications from the Trump administration and FCC Chairman Brendan Carr supporting pro-business policies [8][9] - The vacating of the FCC duopoly rule may lead to a more favorable environment for media consolidation [4] Synergies and Integration - Nexstar anticipates $300 million in EBITDA synergies from the Tegna acquisition, with 45% from net retransmission and 55% from operating expense synergies [13][15] - Integration efforts will focus on reducing corporate overhead and consolidating operations in overlapping markets [14][15] - Facility consolidation is expected to yield additional long-term savings, although it may take time to realize these benefits [19][20] Advertising Market Trends - Non-political advertising revenue was flat in Q3, with a slight decline expected in Q4 due to various factors, including programming changes and market conditions [44][46] - The overall advertising market is considered stable, with expectations for continued growth in retransmission revenues [28][33] Programming Strategy - Approximately 40% of CW's programming consists of live sports, with plans to increase this to around 50% [51] - The CW network has improved its ranking from 20th to 8th among broadcast and cable networks since Nexstar's acquisition [53] Future Outlook - Nexstar aims to leverage its scale to enhance local journalism and maintain a robust balance sheet, positioning itself as a leader in the local TV space [67][68] - The transition to ATSC 3.0 and the monetization of spectrum assets are seen as long-term growth opportunities, with initial commercial clients expected soon [60][63] Conclusion - Nexstar is focused on strategic growth through M&A, regulatory navigation, and enhancing its advertising and programming strategies, positioning itself for future success in the evolving media landscape [68]

Core Points - iHeartMedia has initiated its annual transition to holiday music, with over 95 stations nationwide broadcasting festive music 24/7 [1] - The iHeartRadio Holiday Special is returning this year, hosted by Mario Lopez, featuring interviews with various artists [1] Company Summary - iHeartMedia is expanding its holiday music offerings by flipping more than 95 stations to play a mix of contemporary holiday hits and classic Christmas songs [1] - The company continues to engage listeners with special programming, such as the iHeartRadio Holiday Special, enhancing its brand presence during the holiday season [1]

Core Insights - TEGNA Inc. has entered into a definitive agreement with Nexstar Media Group for the acquisition of all outstanding shares at $22.00 per share, valuing the transaction at $6.2 billion, expected to close in the second half of 2026, pending regulatory and shareholder approvals [1][2]. Financial Performance - Total revenue for the third quarter of 2025 decreased by 19% to $651 million, primarily due to lower political advertising revenue and a decline in advertising and marketing services revenue [4][17]. - Distribution revenue fell by 1% to $358 million, attributed to subscriber declines, partially offset by contractual rate increases [4][17]. - Advertising and marketing services revenue decreased by 12% to $273 million, impacted by macroeconomic challenges and the absence of Summer Olympic games [4][17]. - GAAP operating expenses decreased by 3% to $559 million, driven by cost-cutting initiatives, although M&A-related costs increased [4][14]. - GAAP net income attributable to TEGNA Inc. was $37 million, a 75% decrease compared to the previous year, with diluted earnings per share at $0.23 [4][14]. Cash Flow and Debt Management - Net cash flow from operations was $59 million, with adjusted free cash flow at $64 million [4][34]. - TEGNA returned $20 million to shareholders through dividends during the third quarter [4]. - The company called the full $550 million of its 4.75% senior notes due March 15, 2026, which contributed to an 8% decrease in interest expense to $39 million [4][14]. Business Updates - TEGNA has suspended share repurchases but plans to continue paying regular quarterly dividends until the transaction with Nexstar closes [5]. - TEGNA stations received six national Edward R. Murrow Awards, highlighting the company's commitment to quality journalism [8]. Non-GAAP Financial Measures - Adjusted EBITDA for the third quarter decreased by 52% to $131 million, primarily due to lower political advertising and AMS revenue [4][32]. - The net leverage ratio at the end of the third quarter was 2.9x, indicating the company's debt levels relative to its earnings [4][39].

Core Points - LindellTV has been officially included in the Pentagon press corps under the updated media access policy of the Department of War, joining over 60 new media outlets and independent journalists [1][2] - The company aims to provide direct, unfiltered news coverage from the Pentagon, emphasizing transparency and accountability in journalism [1][2] - LindellTV has grown to serve over 7 million monthly viewers across its platforms, which include LindellTV.com and vocl.com [3] Company Overview - Mike Lindell Media Corp. operates a conservative broadcast network, providing an alternative to mainstream media [3] - The company has recently gained press access to White House press conferences, enhancing its reporting capabilities from Washington, D.C. [3] - LindellTV's mission is to challenge narratives and report on significant events affecting the public [1][2]

Core Viewpoint - Saga Communications, Inc. is set to release its Q3 2025 financial results on November 6, 2025, and will hold a conference call to discuss the results and answer selected inquiries from stakeholders [1][2]. Financial Information - The earnings release will include non-GAAP financial measures such as station operating income, trailing 12-month consolidated EBITDA, and same station financial information, with reconciliations to GAAP measures provided [2]. Company Overview - Saga Communications is a media company focused on acquiring, developing, and operating broadcast properties, with an emphasis on enhancing its core radio business through digital, e-commerce, local online news services, and non-traditional revenue initiatives. The company operates in 28 markets, owning or operating 82 FM and 31 AM radio stations, along with 79 metro signals [3].

Core Points - Saga Communications, Inc. has increased its Board of Directors to eight members with the appointment of Gregg Sutherland [1][3] - Gregg Sutherland has a strong background in strategy consulting and corporate governance, having served as a Senior Partner at Ernst & Young and held various board positions [2] - The company aims to reduce the Board size back to seven members at the 2026 Annual Shareholder Meeting [3] Company Overview - Saga Communications is focused on acquiring, developing, and operating broadcast properties, with an emphasis on enhancing its core radio business through digital and e-commerce initiatives [4] - The company operates in 28 markets, managing 82 FM and 31 AM radio stations, along with 79 metro signals [4]

Core Insights - Fox Corporation is a significant player in the U.S. mass media sector, focusing on broadcast television, news, and sports, with a market capitalization of $25 billion [1][2] Financial Performance - For the fourth quarter, Fox Corporation reported revenues of $3.3 billion, reflecting a year-over-year increase of approximately 6% [6] - Adjusted net income for the quarter was $581 million, or $1.27 per share, compared to $423 million, or $0.90 per share, in the same quarter the previous year [6] Stock Performance - FOX stock reached a 52-week high of $57.02 on September 8 and is currently trading 2.8% below this peak [3] - Over the past three months, FOX stock has increased by 7.8%, slightly underperforming the Dow Jones Industrials Average, which gained 8.7% during the same period [3] - Year-to-date, FOX has delivered a return of 21.2%, outperforming the Dow Jones' 8.8% gains [4] - Over the past 52 weeks, FOX stock surged by 46.6%, compared to a 9.9% increase in the Dow Jones [4] Market Position - As a large-cap stock, Fox Corporation demonstrates financial strength, resilient performance, and significant market influence, confirming its competitive positioning within the media industry [2] - The stock has maintained bullish momentum, consistently staying above its 200-day moving average and largely above its 50-day moving average, indicating strong market resilience [5]