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]

Core Points - Mike Lindell Media Corporation (MLMC) announced the production of a new 10-part series focusing on the recent defamation trial and election news, aiming to cover details that legacy media often overlook [2][8] - The company has welcomed two new writers, Summer Lane and Easton Martin, to enhance its editorial team and broaden its audience reach [3][7] - MLMC operates a conservative broadcast network, LindellTV.com, which has grown to serve over 7 million monthly viewers, providing alternative news coverage [8] Company Developments - Mike Lindell will resume hosting "The Mike Lindell Show" on LindellTV.com after a recent trial, with a focus on current events and election coverage [1][2] - The new series produced by Lindell and Broussard is intended to provide extensive details on the defamation trial and elections, with Lindell expressing confidence that the trial's decision will be reversed on appeal [2][8] - The addition of Summer Lane and Easton Martin is expected to strengthen the company's news reporting capabilities and address perceived gaps in mainstream media coverage [3][7] Writer Profiles - Summer Lane is a bestselling author with a strong background in journalism, known for her engaging reporting style and prolific output, having published 30 books [4][5] - Easton Martin is a reporter with a focus on faith, politics, and culture, currently pursuing a degree in Bible, Theology, and Apologetics, bringing a unique perspective to his work [6][7] Audience Engagement - MLMC aims to provide accurate and timely reporting, recently gaining press access to White House events, which enhances its credibility and reach [8] - The company emphasizes its commitment to delivering news that counters the "fake news" narrative prevalent in mainstream media [7][8]

Core Insights - Mike Lindell Media Corp. operates a conservative broadcast network, LindellTV, which aims to provide an alternative to mainstream media, focusing on in-depth coverage of political events and issues [5]. Group 1: Company Overview - The company has grown to serve over 7 million monthly viewers across its platforms, which include LindellTV.com and vocl.com [5]. - LindellTV was rebranded from frankspeech.com in February 2025 and vocl.com was rebranded from FrankSocial in September 2024 [5]. - The company has recently gained press access to White House press conferences under the Trump administration, enhancing its reporting capabilities [5]. Group 2: Programming and Coverage - LindellTV will feature daily coverage from Capitol Hill by reporter Alison Steinberg, providing news and interviews with lawmakers [2]. - Cara Castronuova serves as the Chief White House Correspondent, offering coverage from the White House as President Trump advances his agenda [3]. - Mike Lindell, the CEO, emphasizes the network's commitment to delivering the truth and in-depth investigative reporting [4]. Group 3: Upcoming Events - A live interview with Colonel Conrad Reynolds discussing paper ballots and election integrity is scheduled for today at 4 PM EDT [1][4].

Summary of Key Points from the Conference Call Industry Overview - The conference focused on the media and sports industry, featuring 13 companies and discussions on regulatory changes, consolidation, and digital media trends [1][2] - Media consolidation remains a significant topic, with notable deals such as Amazon's acquisition of MGM for $8.5 billion and the Discovery and WarnerMedia merger [3] - The shift from traditional media to digital media continues, with American consumers spending approximately eight hours daily on digital platforms, which is double the time spent on traditional media [4] Company Focus: EW Scripps - EW Scripps is a diversified media enterprise with a strong presence in local television, operating 61 TV stations and reaching over 36% of U.S. TV households [9][10] - The company has undergone significant transformation, focusing on expanding its local TV footprint from 27 stations to over 60 in the past decade [14] - Scripps aims to enhance connections between audiences and brands, as well as between advertisers and audiences, to drive financial benefits for shareholders [15] Financial Performance and Capital Allocation - Scripps' primary capital allocation priority is debt reduction, with leverage decreasing from 6x in Q2 of the previous year to 4.9x in the most recent quarter [17][18] - The company has directed 99% of discretionary cash flow towards debt paydown since the ION acquisition in 2021 [18] - Recent refinancing efforts have limited the increase in average debt costs to less than one percentage point despite a challenging rate environment [19] Regulatory Environment and Consolidation - There is optimism regarding deregulation in the broadcast industry, which could facilitate consolidation and benefit local broadcasters [22] - Scripps supports changes to antiquated ownership rules, emphasizing the need for regulations to adapt to the current competitive landscape, including competition from big tech [23][24] - The company sees opportunities for asset swaps and selective sales to improve operational performance rather than being a major buyer in the M&A market [31] Advertising Trends - Local advertising comprises 70% of Scripps' core advertising revenue, with national businesses accounting for 30% [59] - The advertising environment is challenging, with local businesses showing resilience while sectors like automotive are struggling [60][61] - Political advertising is expected to grow, with Scripps positioned to capture a significant share of spending in upcoming elections [79] Sports Programming Strategy - Scripps has developed a national sports strategy leveraging its reach through ION, focusing on underrepresented leagues like the WNBA and NWSL [51][54] - The company has seen significant audience growth, with the Florida Panthers' ratings up 149% compared to the previous RSN model [56] - Scripps anticipates a shift in MLB rights negotiations, likely following a model that combines linear and streaming platforms [57] Connected TV and Future Opportunities - Scripps has reported a 42% increase in connected TV revenue, now exceeding $100 million, indicating a strong growth area [87] - The company is optimistic about the potential of ATSC 3.0 technology to transform local broadcasting, with plans for significant developments in the coming years [94][96] Conclusion - Scripps is focused on improving operational performance, reducing debt, and navigating regulatory changes to enhance its competitive position in the media landscape [44][45] - The company is well-positioned to capitalize on growth opportunities in sports programming and connected TV while adapting to the evolving advertising environment [78][87]

Core Points - TEGNA Inc. announced that its stations received a total of 59 Regional Edward R. Murrow Awards, with three awards for overall excellence, highlighting the company's commitment to impactful journalism [1][2] - KING in Seattle stood out by winning 11 awards in the large market television category, showcasing its leadership in local news [1][4] - The Edward R. Murrow Awards, sponsored by the Radio Television Digital News Association (RTDNA), recognize outstanding achievements in broadcast and digital journalism [2] Company Overview - TEGNA Inc. operates 64 television stations across 51 U.S. markets, reaching over 100 million people monthly through various platforms including web, mobile apps, streaming, and linear television [3] - The company focuses on providing trusted local news and services that are essential for community empowerment and sustainability in local journalism [3]

Nexstar Media Group (NXST) FY Conference Summary Industry Overview - **Industry**: Broadcast Media - **Company**: Nexstar Media Group Key Points and Arguments 1. **Local Station Business Focus**: Nexstar emphasizes the importance of local stations as the foundation of their business, providing relevant content and entertainment to local communities, which fosters strong relationships with advertisers and audiences [4][5] 2. **Regulatory Environment**: The current political landscape is seen as favorable for deregulation, with one party controlling both houses of Congress, which may lead to the removal of outdated regulations that hinder competition with tech giants [6][7] 3. **Future of the Industry**: There is uncertainty about the future of traditional networks, but Nexstar anticipates a consolidation of local groups that could expand their footprint across the U.S. [8][9] 4. **Legal Challenges**: Potential legal challenges are anticipated regarding the removal of ownership caps and duopoly rules, but Nexstar believes the DOJ will be cooperative in merger reviews [10][11] 5. **M&A Strategy**: Nexstar has a strong track record in M&A, with 40 deals completed from 2011 to 2019, and aims to continue creating shareholder value through strategic acquisitions, particularly in larger markets [13][14][19] 6. **Synergy Opportunities**: The company sees opportunities for synergy capture through retransmission optimization and cost efficiencies, especially in owning multiple stations in a market [16][17][19] 7. **Advertising Revenue Composition**: 63% of Nexstar's revenue comes from distribution, which is more insulated from economic changes, while 37% comes from advertising, with a significant portion being local advertising [54][55] 8. **Political Advertising Outlook**: Nexstar expects strong political advertising revenue in 2026, driven by their presence in battleground states and increased spending in upcoming elections [58][60] 9. **News Nation Growth**: The network is focused on increasing awareness and credibility, leveraging local journalists to provide unique perspectives on news stories [49][50][52] 10. **Sports Programming Strategy**: Nexstar is expanding its sports programming, with 40% of CW's schedule now dedicated to live sports, and is exploring opportunities to acquire more sports rights [38][44][45] Additional Important Content - **Impact of Streaming Services**: The introduction of new streaming services is seen as a potential challenge, but Nexstar believes that broadcast components will remain essential for sports leagues [32][35][36] - **ATSC 3.0 Development**: Nexstar is involved in discussions about developing a backup GPS system using spectrum, which could lead to significant revenue contributions in the future [63][64][66] - **Market Dynamics**: The company acknowledges competition from tech companies like Amazon in local advertising markets, emphasizing the need for regulatory changes to level the playing field [12][26] This summary captures the essential insights from the Nexstar Media Group FY Conference, highlighting the company's strategic focus, regulatory environment, and market opportunities.

Core Insights - TEGNA Inc. reported a 5% year-over-year decrease in total revenue, amounting to $680 million, primarily due to lower political advertising revenue and a shift in Super Bowl advertising [4][17] - The company reaffirmed its two-year Adjusted Free Cash Flow guidance for 2024/2025, estimating between $900 million and $1.1 billion [7][25] - TEGNA's net income attributable to the company was $59 million, reflecting a 69% decline compared to the previous year [4][18] Financial Performance - Total company revenue decreased by 5% to $680 million, with distribution revenue remaining flat at $380 million and AMS revenue down 3% to $286 million [4][17] - GAAP operating expenses decreased by 1% to $571 million, while non-GAAP operating expenses remained flat [4][17] - Adjusted EBITDA fell by 22% to $136 million, primarily due to lower political advertising and AMS revenue [4][17] Operational Updates - TEGNA appointed Melissa Zimyeski as vice president of product and Mat Yurow as vice president of growth to enhance digital product management and revenue growth [5] - The company secured local team rights across major sports leagues, including the NBA, WNBA, NHL, and MLB, and expanded partnerships with NFL teams [5] Guidance and Outlook - For the full year 2025, TEGNA expects GAAP revenue to decline by 4% to 7% and non-GAAP operating expenses to remain flat to down 2% [8] - Corporate expenses are projected to be between $40 million and $45 million, with capital expenditures estimated at $50 million to $60 million [7]

Financial Data and Key Metrics Changes - Total media revenue was in line with expectations, with total advertising revenues within guidance range, excluding the impact from an acquisition by Compulse [5][11] - Distribution revenues increased by $15 million year over year, but came in $2 million below guidance due to subscriber churn not catching up [6][21] - Adjusted EBITDA exceeded the high end of guidance by approximately $9 million, driven by better-than-expected media expenses [6][25] Business Line Data and Key Metrics Changes - Local Media segment saw core advertising down 4.5% year over year, while distribution revenues grew year over year but were slightly below expectations [21][23] - Tennis Channel reported strong performance with revenues and adjusted EBITDA in line with guidance, growing by 9% year over year [23][70] Market Data and Key Metrics Changes - Net retransmission revenues grew by mid single digits year over year, with expectations of a two-year mid single-digit CAGR through the end of the year [13][21] - Subscriber churn moderated slightly, with Charter reducing video subscriber discounts by 55% year over year, indicating success in reducing churn [13][21] Company Strategy and Development Direction - The company is transforming its ventures portfolio towards more majority-owned assets, with a focus on strategic acquisitions and partnerships [6][70] - Regulatory optimism exists regarding potential changes to outdated FCC regulations that could benefit the broadcast industry, including easing M&A restrictions [18][58] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding core advertising growth despite reduced visibility due to macroeconomic uncertainties [39][40] - The upcoming political season is expected to drive advertising dollars, with numerous competitive races anticipated [12][21] Other Important Information - The company completed a comprehensive refinancing, extending the debt maturity profile with a weighted average maturity of more than six years [21][30] - Lucy Rutishauser, the CFO, announced her upcoming retirement after over 26 years with the company, with plans for a smooth transition [20][30] Q&A Session Summary Question: Can you address the FCC's ability to cap retransmission rates? - Management indicated that the FCC has the ability to regulate relationships between networks and affiliates, and capping retransmission fees could level the playing field [36][37] Question: What is the visibility on core advertising for the year? - Management noted that while they expect core advertising to grow year over year, visibility has decreased due to uncertainties in key advertising categories [39][40] Question: How did the auto category trend in Q1 and what is expected for Q2? - Management reported no significant bump in auto advertising but noted that Nissan is planning an aggressive ad campaign [47][48] Question: Can you provide insights on the Compulse acquisition? - The acquisition of Compulse is seen as a best-in-class platform delivering double-digit growth, with plans to scale it significantly [70][71] Question: What are the expectations for subscriber churn? - Management confirmed that subscriber churn is expected to remain in the mid-single digits, with year-over-year growth in distribution revenues [78][80]