Financial Data and Key Metrics Changes - The company generated adjusted EBITDA of $156 million, which is at the upper end of the guidance range of $140 million to $160 million and represents a 4% increase compared to the prior year [4][15] - Consolidated revenue for the quarter was up 0.5% year over year, exceeding the guidance of down low single digits; excluding political impacts, revenue increased by 1.5% [4][12] Business Line Data and Key Metrics Changes - The Digital Audio Group reported revenue of $324 million, up 13.4% year over year, and adjusted EBITDA of $108 million, up 17.1% year over year, with adjusted EBITDA margins increasing to 33.2% from 32.2% [5][18] - Podcast revenue within the Digital Audio Group grew 28.5% year over year to $134 million, significantly above the guidance of low 20s [5][19] - The Multiplatform Group's revenue was $545 million, down 5.4% year over year, with adjusted EBITDA of $96 million, down 7.6% [7][19] - The Audio and Media Services Group reported revenue of $68 million, down 3.3% year over year, while adjusted EBITDA remained flat at $24 million [20] Market Data and Key Metrics Changes - The top 50 advertisers for the total company were up 9% year over year, and the four largest advertising agency groups were up 14% year over year [14] - The largest category gainers in advertising revenue included financial services, telecom, professional services, and healthcare, while the categories that declined included restaurants, political, media publishing, and entertainment [13] Company Strategy and Development Direction - The company is focused on cost management, aiming to generate $150 million in net savings in 2025, with $40 million in savings realized in Q2 [10][16] - The company is enhancing its ad tech platform to allow broadcast radio inventory to be bought and sold like digital advertising [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to generate positive financial results despite a still uncertain macro environment [4][10] - The company anticipates third quarter adjusted EBITDA in the range of $180 million to $220 million, with revenue expected to be down low single digits compared to the prior year [22][23] Other Important Information - The company’s net debt was approximately $4.6 billion, with total liquidity of $527 million and a cash balance of $236 million [20] - The company plans to pay back its ABL facility in the second half of the year as free cash flow builds [21] Q&A Session Summary Question: Follow-up on guidance and growth categories - Management indicated that while they haven't provided specific category growth trends for Q3, the performance of top advertisers and advertising agency relationships serves as a leading indicator for future performance [28][29] Question: Differences in growth trends between digital streaming and podcasting - Management noted that podcasting is experiencing significant growth, but did not provide detailed granularity on audience differences [30][31] Question: Clarification on EBITDA guidance range - Management explained that the wider EBITDA range reflects uncertainty in the marketplace and revenue mix considerations [34][37] Question: Expectations for net cost savings in Q3 - Management confirmed that the expected net cost savings for Q3 would be similar to Q2 at $40 million [38] Question: Inquiry about programmatic advertising and demand-side platforms - Management stated that progress has been made in programmatic advertising, and the new Chief Business Officer will help drive these efforts [42]

Group 1: Disney and NFL Partnership - The NFL has acquired a 10% stake in ESPN in exchange for distribution rights to the NFL Network and RedZone, among other assets, marking a significant partnership between Disney and the NFL [1][3] - Disney reported a 3% increase in revenue to $23.7 billion, but faced a 15% decline in linear TV, indicating ongoing challenges with cord-cutting [3] - ESPN will now have access to six additional NFL games, increasing its total from 22 to 28, which is expected to enhance its streaming offerings [3][5] Group 2: Streaming Strategy and Market Position - The integration of NFL content into ESPN's streaming service is seen as a strategic move to attract and retain subscribers, especially as Disney bundles its services with Disney Plus and Hulu [6][8] - Disney's streaming revenue is projected to reach $24.7 billion, while Netflix's is at $44.3 billion, with analysts suggesting that Disney Plus could surpass Netflix in subscribers by 2026 [15][22] - The deal positions Disney to create a comprehensive sports platform that could appeal to both casual and hardcore sports fans, potentially boosting advertising revenue through targeted ads [8][11] Group 3: Competitive Landscape - The partnership with the NFL may create challenges for competitors like Fox, Discovery, and Comcast, as they scramble to secure live sports content [4][5] - The NFL's ambition to reach $25 billion in annual revenue by 2027 aligns with Disney's strategy to further monetize its media assets [5] - The deal could lead to a consolidation of sports content on ESPN, making it a primary destination for sports fans and potentially affecting the distribution of other sports leagues [10][11] Group 4: Financial Performance of Other Companies - Rivian reported a $140 million revenue shortfall due to changes in EV tax credits, which may benefit traditional automakers [19][21] - Shopify had a strong quarter with revenue of $2.7 billion, beating analyst expectations, and reported a 31% year-over-year increase in GMV [22][23] - Upstart achieved over 100% revenue growth and originated 159% more loans year-over-year, marking its first GAAP profitable quarter since Q2 of 2022 [24][25]

Group 1 - The NFL's part-ownership of Disney's ESPN highlights the league's significance in supporting the struggling traditional television industry [2] - Geico and Progressive are recognized for their contributions to maintaining the financial viability and entertainment value of linear television through their advertising efforts [2][3] - The advertising strategies of Geico and Progressive, featuring memorable characters and campaigns, play a crucial role in sustaining the traditional television model [3]

Financial Data and Key Metrics Changes - Total revenue in Q2 2025 was $772 million, a decrease of 7% from 2024, but 1% above the high end of original guidance for the quarter [6] - Adjusted EBITDA was $169 million in Q2 2025, a decrease of 25% from 2024 [7] - The company reported a net loss of $56 million in Q2 2025 compared to a net income of $22 million in 2024 [6] Business Line Data and Key Metrics Changes - Political advertising revenue was lower in 2024 but exceeded expectations in Q2 2025, generating $9 million compared to a guidance of $2-3 million [20] - Core advertising revenue was down about 3% versus 2024, with automotive down high single digits, while legal advertising grew double digits [18][19] - Digital revenue increased by 8%, and new local direct business grew over 2% in 2025 [19] Market Data and Key Metrics Changes - The company is entering new markets through acquisitions, including Lafayette, Louisiana, and Lansing, Michigan, which will enhance local news offerings [10][11] - The company expects to leverage new sales and sports strategies in the newly acquired markets [11] Company Strategy and Development Direction - The company is focused on M&A activities to strengthen its market presence and create duopolies, with recent transactions expected to be cash flow accretive [11][24] - The company aims to reduce debt and leverage, finishing Q2 2025 with a first lien leverage ratio of 2.99 times and total leverage of 5.6 times [12][23] - Future strategic focus will be on obtaining regulatory approvals for announced transactions and ensuring smooth transitions for stakeholders [12] Management's Comments on Operating Environment and Future Outlook - Management noted a cautious tone among advertisers, particularly in the automotive sector, but saw stronger core activity than projected [18] - The company anticipates challenges in providing guidance for Q3 due to various market conditions, including the impact of the Olympics on advertising revenue [21] - Management expressed optimism about the future, highlighting the potential for significant cash flow generation from upcoming political cycles [66] Other Important Information - The company declared a quarterly dividend of $0.08 per share [13] - Significant progress was made in strengthening the balance sheet, with a reduction of $22 million in outstanding indebtedness during Q2 2025 [12] Q&A Session Summary Question: Comments on the balance sheet improvements - Management acknowledged the efforts in improving the balance sheet and expressed pride in the team's work [30][32] Question: Future M&A opportunities - Management indicated that while there are no current plans for additional transactions, they remain open to opportunities that arise [33][36] Question: Impact of CBS affiliation change on retransmission revenue - Management confirmed that the change in CBS affiliation would impact retransmission revenue, but emphasized ongoing efforts to create a sustainable model [90]

Financial Performance - Gray Media's 2Q25 total revenue exceeded guidance, reaching $772 million [9] - Core advertising revenue for 2Q25 was $361 million, a 3% decline [9] - Retransmission revenue for 2Q25 was $369 million, aligning with guidance [9] - Adjusted EBITDA for the six months ending June 30, 2025, was $329 million [11] - The company reduced debt principal by $22 million in 2Q25 [12] Debt and Leverage - As of 2Q25, Gray Media's leverage ratio was 560x [12] - First lien leverage ratio at 2Q25 was 299x [12] - Total outstanding principal secured by a first lien as of June 30, 2025, was $3112 billion [15] - Adjusted Total Indebtedness was $5460 billion as of June 30, 2025 [15] Strategic Initiatives - Gray Media is focused on a multi-pronged deleveraging approach, including refinancing and debt reduction [21] - The company issued 9625% 2L Secured Notes to extend portfolio duration and reduce 1L leverage [23]

Core Viewpoint - Trump Media and Technology Group Corp. has expanded its Truth+ streaming platform by adding British news broadcaster GB News, aiming to connect with a global audience and challenge mainstream media narratives [1][3]. Company Overview - Trump Media operates Truth Social, a social media platform focused on free expression, and Truth+, a streaming service offering family-friendly content [5]. - The company is also launching Truth.Fi, a financial services and FinTech brand [5]. GB News Overview - GB News has rapidly grown to become Britain's Number One News Channel as of July 2025, surpassing established networks like BBC News Channel and Sky News [6]. - The network was recognized as the fastest growing news and media website in the U.S. in 2024 [6]. - GB News plans to launch live daily programs from Washington, D.C. in September [6]. Expansion Details - GB News will be available for free on the Truth+ platform across various devices, including iOS, Android, and connected TVs [2]. - The collaboration aims to provide unique reporting and commentary to a broader international audience [3].

Core Viewpoint - Gray Media, Inc. has agreed to acquire Allen Media Group's television stations in ten markets for $171 million, which is expected to enhance Gray's market presence and create new duopolies in several regions [1][2]. Group 1: Transaction Details - The acquisition includes local television stations in three new markets: Columbus-Tupelo, Mississippi; Terre Haute, Indiana; and West Lafayette, Indiana, all of which had the highest all-day ratings in 2024 according to Comscore [2]. - The transaction is anticipated to close in the fourth quarter of 2025, pending regulatory approval and waivers of FCC local ownership rules [4]. Group 2: Market Impact - The acquisition will strengthen Gray's presence in seven other markets by creating new duopolies, allowing for enhanced local news, weather, and sports programming [2]. - Gray Media currently operates in 113 television markets, reaching approximately 37% of U.S. television households, with a significant number of top-rated stations [7]. Group 3: Company Background - Gray Media is the largest owner of top-rated local television stations and digital assets in the U.S., with a diverse portfolio that includes video production companies and digital marketing services [7]. - Allen Media Group, founded by Byron Allen, operates 28 network affiliate broadcast television stations and ten 24-hour HD television networks, serving nearly 300 million subscribers [8].

Core Points - The E.W. Scripps Company reported $540 million in revenue for Q2 2025, a decrease of 5.8% from the previous year [7][25] - The company experienced a loss attributable to shareholders of $51.7 million, or 59 cents per share, compared to a loss of $13 million, or 15 cents per share, in the prior-year quarter [9][17] - Key highlights included a station swap with Gray Media, a renewed agreement with WNBA, and a successful refinancing of $750 million in bonds [4][5][8] Financial Performance - Revenue for the Local Media segment was $335 million, down 8.3% year-over-year, while Scripps Networks revenue was $206 million, down 1.4% [10][12] - Total costs and expenses decreased to $457 million from $479 million in the prior-year quarter [7] - The company’s net leverage improved to 4.4x, down from 4.9x at the end of Q1 2025 [7] Strategic Initiatives - The company is focusing on its Scripps Sports strategy, capitalizing on the popularity of women's sports and the decline of regional sports networks [3] - The recent station swap with Gray Media aims to enhance local news coverage and financial performance [4] - Scripps plans to expand its local sports and news strategies in key markets, leveraging new duopolies created by the station swap [4] Revenue Drivers - Sports programming contributed positively to revenue performance, with streaming and connected TV revenue growing 57% in Q2 [3] - The WNBA and NWSL partnerships are significant contributors to the Networks division, helping to stabilize revenue amidst economic uncertainty [3][12] - Political revenue was significantly lower at $2.6 million compared to $28.2 million in the prior-year quarter, reflecting the absence of an election year [18] Financial Condition - As of June 30, cash and cash equivalents totaled $31.7 million, with total debt at $2.7 billion [13] - The company completed refinancing transactions that improved its financial position, including paying off $719 million in term loans [14] - The Scripps Howard Fund raised over $125,000 for flood relief efforts in Central Texas [7]

Core Insights - Warner Bros. Discovery (WBD) reported Q2 2025 earnings of 63 cents per share, exceeding the Zacks Consensus Estimate of a loss of 16 cents, compared to a loss of $4.07 per share in the same quarter last year [1][9] - Revenues increased by 1% year over year to $9.81 billion, slightly missing the Zacks Consensus Estimate by 0.15% [1] - The company ended Q2 2025 with 125.7 million global subscribers, an increase of 3.4 million sequentially [3][4] Revenue Breakdown - Advertising revenues decreased by 10% excluding foreign exchange, primarily due to declines in domestic linear audiences [2] - Distribution revenues remained relatively unchanged, with growth in global streaming subscribers offset by declines in domestic linear pay TV subscribers [2] - Content revenues increased by 16% excluding foreign exchange, driven by higher box office revenues from theatrical releases [2] - Other revenues declined by 19% year over year, impacted by separation-related costs [2] Segment Performance - Streaming segment revenues reached $2.8 billion, up 9% year over year, with subscriber revenues growing by 10% to $2.7 billion [5] - The Studios segment reported revenues of $3.8 billion, a 55% increase year over year, with profits rising to $863 million from $210 million a year ago [6] - Global Linear Networks revenues decreased by 9% year over year to $4.8 billion, with advertising revenues plunging by 12% [7] Financial Position - WBD ended Q2 2025 with $35.6 billion in gross debt and a net leverage ratio of 3.3x [11] - The company reduced gross debt by $2.7 billion during the quarter, including a $1.5 billion term loan repayment [10][11] - Cash and cash equivalents increased to $4.88 billion from $3.89 billion as of March 31, 2025 [11] Future Guidance - WBD targets at least 150 million streaming subscribers by the end of 2026 and anticipates a profit of approximately $1.3 billion from the streaming segment in 2025 [13] - The Studios segment is expected to return to $3 billion in EBITDA, driven by successful content releases [13]

Financial Data and Key Metrics Changes - For Q2 2025, net revenue decreased by $1.5 million or 5% to $28.2 million compared to $29.7 million last year [16] - Station operating expense decreased by $1.1 million or 4.6% to $22.2 million for the quarter [16] - Operating income for the quarter was $1.4 million compared to $2.1 million last year [16] - Net income for the quarter was $1.1 million compared to $2.5 million for the same period last year [17] - For the six-month period, net revenue decreased by $2.6 million or 4.7% to $52.4 million compared to $55 million last year [19] - The company reported a net loss of $447,000 for the six-month period compared to net income of $924,000 last year [19] Business Line Data and Key Metrics Changes - Total interactive revenue increased by 7% for the quarter and 10% for the six-month period, with profit margins of 58% for the quarter and 55% for the six-month period [21] - E-commerce revenue grew by 17% for Q2 and is up 8% for the six-month period [22] - The online news initiative revenue grew by 26% for the quarter and 51% for the six-month period compared to 2024 [21] Market Data and Key Metrics Changes - The company is currently pacing down approximately 1% for Q3, but September is pacing up 1.5% [22] - Local direct revenue is pacing down 4.4%, local agency down 0.8%, and national down 19.1% for Q3 [23] Company Strategy and Development Direction - The company is focusing on reducing unnecessary operating expenses, reinvesting in research and development, and training media advisers to navigate a fragmented marketplace [12][13] - The management emphasizes the importance of maintaining a strong digital culture and improving digital revenue as part of their growth strategy [10][11] - The company is exploring the sale of non-core assets and tower sites to fund stock buybacks and dividends [25][31] Management Comments on Operating Environment and Future Outlook - Management expressed optimism about the future despite current challenges, stating that traditional revenue verticals are showing signs of recovery [11] - The company is committed to selling its way out of the current macroeconomic challenges rather than cutting costs [12] - Management highlighted the need for talented media advisers to help advertisers navigate a complex marketplace [12] Other Important Information - The company paid a quarterly dividend of $0.25 per share, totaling approximately $1.6 million [24] - Saga has paid over $138 million in dividends since 2012 and has repurchased over $58 million in stock [24] - The company has $24.9 million in cash and short-term investments as of August 4, 2025 [25] Q&A Session Summary Question: Can you discuss Q3 pacing and the growth of the digital business? - Management noted strong growth in the digital business and positive pacing for Q3, despite fragmentation in search traffic [28][29] Question: What are the capital allocation plans? - Management confirmed non-binding negotiations to sell tower sites, expecting proceeds in the high 7-figure or low 8-figure range, with some proceeds allocated for stock buybacks and dividends [31]