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]

Financial Data and Key Metrics Changes - Total company revenue for Q2 decreased by 5% year over year to $675 million, aligning with the outlook range of down 4% to 7% [17] - Adjusted EBITDA in Q2 decreased by 14% year over year to $151 million, primarily due to declines in high-margin political and AMS revenues [24] - Non-GAAP expenses finished down 3% year over year, driven by operational cost-cutting initiatives [23] Business Line Data and Key Metrics Changes - AMS revenue declined by 4% year over year to $288 million, reflecting ongoing macroeconomic headwinds [18] - Distribution revenue in Q2 was flat year over year at $370 million, impacted by subscriber declines but partially offset by contractual rate increases [21] - Digital products delivered strong double-digit growth year over year for the third consecutive quarter, indicating a positive trend in digital revenue [20] Market Data and Key Metrics Changes - Approximately 35% of traditional subscribers are up for renewal at the end of this year, with 30% up for renewal in 2026 [21] - The company is experiencing a shift in advertising dynamics, with expectations of a decline in total company revenue by 18% to 20% year over year in Q3 due to the cyclical nature of the business [26] Company Strategy and Development Direction - The company is focused on building a world-class team culture and leveraging strengths across its stations to improve performance [8] - There is a commitment to fully deploy technology, automation, and AI to enhance operational efficiency and reduce costs [9] - The company is investing in local journalism and digital development, with a significant expansion in local news programming [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's position amidst regulatory changes that may benefit local broadcasters [7] - The outlook for the advertising market remains cautious due to economic uncertainty, but management believes advertisers will eventually return [49] - The company is committed to returning 40% to 60% of adjusted free cash flow to shareholders over the two-year period of 2024 and 2025 [25] Other Important Information - The company is on track to achieve annualized core non-programming savings of $90 million to $100 million by the end of 2025, having already achieved 80% of this target [23] - The Chief Operating Officer, Lynn Beal, will be retiring at the end of the month after over 35 years in the industry [14] Q&A Session Summary Question: Thoughts on NBC deal structure amidst scrutiny - Management values the network affiliate relationship and is focused on maintaining constructive partnerships, with no specific comments on the NBC deal structure [35] Question: Urgency in M&A perspective - Management believes deregulation is necessary and coming, creating significant profit opportunities for the broadcast industry, and they are open to being either a buyer or seller depending on opportunities [36] Question: Areas of cost savings using technology - Management highlighted automation in transcription, video editing, and identifying news stories as key areas where AI is being utilized to reduce costs [44] Question: Outlook for core advertising in Q3 - Management expects core advertising to decline in the low double to mid-teens range year over year, influenced by the previous year's Summer Olympics and changes in the Premion reseller partnership [52] Question: Market conditions for M&A - Management indicated a strong balance sheet and a focus on creating value for shareholders, engaging in the market to identify opportunities [59] Question: Trends in reverse retransmission agreements - Management noted a bend in the curve for programming fees, with opportunities to renegotiate favorable terms as agreements come up for renewal [61]

Financial Data and Key Metrics Changes - Total company revenue for Q2 decreased by 5% year over year to $675 million, aligning with the outlook range of down 4% to 7% [16] - Adjusted EBITDA in Q2 decreased by 14% year over year to $151 million, primarily due to declines in high-margin political and AMS revenues [23] - Cash and cash equivalents totaled $757 million at quarter end, with net leverage finishing at 2.8 times [24] Business Line Data and Key Metrics Changes - AMS revenue declined by 4% year over year to $288 million, reflecting ongoing macroeconomic headwinds [16] - Distribution revenue was flat year over year at $370 million, impacted by subscriber declines but partially offset by contractual rate increases [19] - Non-programming expenses decreased by 3% year over year due to operational cost-cutting initiatives [21] Market Data and Key Metrics Changes - The digital products segment showed strong double-digit growth year over year for the third consecutive quarter, indicating a positive trend in digital revenue [17] - The CTV streaming market is valued at $30 billion and is growing rapidly, presenting significant opportunities for local news and community storytelling [11] Company Strategy and Development Direction - The company is focused on building a world-class team culture, leveraging strengths across stations, deploying technology and AI, and growing digital revenue [8] - A major local news expansion was announced, adding dedicated streaming programming in over 50 markets, resulting in over 100 new hours of local news daily [9][10] - The company aims to achieve $90 million to $100 million in annualized core non-programming savings by the end of 2025, having already achieved 80% of this target [22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's position amidst regulatory changes that may benefit local broadcasters [6][7] - The outlook for Q3 anticipates a revenue decline of 18% to 20% year over year, attributed to the cyclical nature of the business and the absence of significant political advertising [25] - Management remains optimistic about the long-term growth opportunities in digital initiatives and local journalism [27] Other Important Information - The Chief Operating Officer, Lynn Beal, will be retiring at the end of the month after over 35 years in the industry, marking a significant transition for the company [12][13] - The company is committed to returning 40% to 60% of adjusted free cash flow to shareholders over the 2024-2025 period [23] Q&A Session Summary Question: Thoughts on NBC deal structure amidst scrutiny - Management values the network affiliate relationship and is focused on preserving the linear bundle while engaging constructively with network partners [33] Question: Urgency in M&A perspective - Management believes deregulation is necessary and sees significant profit pool opportunities in the broadcast industry, remaining disciplined in M&A approaches [34][35] Question: Areas of cost savings using technology - Examples include automating transcription and video editing, as well as improving workflows to allow journalists to focus on high-leverage activities [41][43] Question: Outlook for core advertising in Q3 - The advertising market may be softer due to economic uncertainty, with expectations for core advertising to decline in the low double to mid-teens range year over year [48] Question: M&A market perspective - Management sees opportunities for value creation through acquisitions, swaps, and sales, maintaining a strong balance sheet to capitalize on these opportunities [54] Question: Trends in reverse comp agreements - Programming fee agreements are showing favorable terms for both parties, with a flattening trend in programming fee expenses [57]

Core Insights - TEGNA reported Q2 2025 non-GAAP earnings per share of $0.44, exceeding analyst forecasts of $0.36, while GAAP revenue was $675 million, surpassing expectations by $3.4 million but down 4.9% year-over-year [1][2][5] Financial Performance - Non-GAAP EPS was $0.44, down 12% from $0.50 in Q2 2024 [2] - GAAP revenue of $675 million decreased from $710 million in Q2 2024, reflecting a 4.9% decline [2][5] - Adjusted EBITDA was $151 million, down 14.3% from $176 million in Q2 2024 [2] - Net income attributable to TEGNA Inc. was $67.9 million, a 17.3% decrease from $82.1 million in Q2 2024 [2] Business Overview - TEGNA operates a portfolio of local TV stations and digital properties, focusing on news, sports, and entertainment [3] - The business model relies heavily on advertising and distribution fees, with increasing emphasis on digital and streaming initiatives [3] Strategic Focus - The company is prioritizing local journalism and digital transformation, expanding local content and developing digital platforms [4] - Cost control measures are a key strategy, with GAAP operating expenses down 3% to $553 million [8] Advertising and Revenue Trends - Political advertising revenue fell sharply from $31.6 million in Q2 2024 to $8.2 million in Q2 2025, a 74% decrease [5] - Advertising and marketing services revenue dropped 4% to $288 million, although local sports rights revenue increased [5] - Distribution revenue was reported at $369.6 million, with subscriber declines offset by contractual fee increases [6] Content and Programming Initiatives - TEGNA plans to add over 100 hours of new daily local programming across more than 50 markets [7] - The company received 59 Regional Edward R. Murrow Awards for excellence in journalism, indicating strong performance in local news [7] Future Outlook - For Q3 2025, GAAP revenue is expected to decline by 18-20% compared to the prior year, primarily due to reduced political and Olympic event spending [10] - Adjusted free cash flow guidance for 2024/2025 is reaffirmed at $900 million to $1.1 billion [10] - Capital expenditures are projected at $50-60 million for the full year 2025 [10]

Core Points - Gray Media and Graham Media Group's joint fundraiser, Together for Texas, has raised over $1,104,000 for communities affected by flooding in Central Texas and the Hill Country [1] - The campaign was launched in response to the flooding on July 4, with Gray stations in 113 markets and Graham Media Group's KSAT and KPRC encouraging donations for The Salvation Army's relief efforts [1][2] - Donations are being used to provide essential supplies such as food, water, and emotional support, as well as recovery needs like clean-up supplies and assistance for small businesses [3][4] Company Overview - Gray Media, Inc. is the largest owner of local television stations in the U.S., reaching approximately 37% of U.S. television households across 113 markets [6] - The company operates 78 markets with top-rated television stations and has the largest Telemundo Affiliate group with 44 markets [6] - Graham Media Group consists of seven local media outlets and offers a range of digital media tools and advertising solutions, operating in multiple states [7]

Financial Data and Key Metrics Changes - Total revenue declined by 9.2%, slightly better than previous guidance, with a 5% decline excluding political impacts and comparisons to the Daily Wire and Dan Bongino [4][19] - EBITDA for the quarter was $22.4 million, with net income down approximately 20% [19][21] - Digital revenue increased by 20% year-over-year, with the Digital Marketing Services (DMS) business growing by 38% [19][10] Business Line Data and Key Metrics Changes - The DMS business now represents roughly 50% of total digital revenue, reflecting strong growth and performance [19] - Local digital marketing services business outperformed, growing at a rate nearly double that of radio peers and more than four times the expected growth rate of the digital ad market [8][10] - Broadcast advertising faced headwinds, particularly among national advertisers, with network revenue down 20% due to various factors including comparison issues and reduced inventory [12][21] Market Data and Key Metrics Changes - The overall market environment continued to pressure national spot and network revenue channels, with local spot showing slight improvement compared to national [11][32] - Key performing categories in spot included travel and financial, while pharma and insurance led in network [21] Company Strategy and Development Direction - The company is focusing on digital growth areas while continuing to reduce fixed costs, having achieved $175 million in fixed cost reductions over the past five years [5][15] - There is an emphasis on leveraging AI for business efficiencies and growth opportunities across all functions [5][16] - The company aims to surpass a $100 million run rate in DMS early next year, with increasing contribution margins expected [9] Management's Comments on Operating Environment and Future Outlook - Management noted that macro pressures are expected to persist in the short term, but they believe the company will continue to outperform peers in controllable areas [4][17] - The company ended the quarter with $97 million in cash, including a $55 million draw on its ABL revolver, providing significant flexibility [5][17] - Management expressed confidence in the core assets of the company and its ability to drive new areas of growth despite high leverage and market challenges [18] Other Important Information - The company has seen a positive culture survey with high employee engagement scores, indicating strong internal morale [18] - Non-core asset sales are expected to generate nearly $14 million by the end of the year [22] Q&A Session Summary Question: Is there an expectation for improvement in national advertising pacing? - Management indicated that while a lower interest rate environment should generally benefit advertising channels, there has not been a significant improvement in pacing at this time [25][26] Question: What is the impact of declining referral search engine traffic on digital marketing services? - Management noted that referral search is a small part of their digital business and they are not heavily dependent on it, focusing instead on geo-targeting and other strategies [28][29] Question: Are there any advertising categories showing signs of stabilization? - Management highlighted that professional services, home products, automotive, financial, and entertainment are key categories, with slight improvements in local spot versus national [31][32]

Financial Data and Key Metrics Changes - Total advertising revenue was within guidance range, with core advertising revenue up year over year on an as-reported basis [11] - Distribution revenues were below expectations, but still up year over year in the first half of the year and flat in the second quarter [11][30] - Adjusted EBITDA was comfortably above the midpoint of guidance range, driven by better-than-expected media expenses [11][31] - Consolidated media revenue was $777 million, slightly below guidance, reflecting expected industry dynamics in a non-political year [30] - Consolidated adjusted EBITDA was $103 million, exceeding the midpoint of guidance, but down $55 million year over year [31] Business Line Data and Key Metrics Changes - Local Media segment delivered adjusted EBITDA of $99 million, with distribution revenue of $380 million, down 1% year over year [28] - Tennis Channel generated adjusted EBITDA of $13 million, with total revenue of $68 million, up 1% year over year but below guidance [28] - Digital Remedy, now part of Sinclair, recorded $38 million in revenue and $7 million in adjusted EBITDA in the second quarter [30] Market Data and Key Metrics Changes - Multicast networks experienced record growth, with significant year-over-year coverage growth among Nielsen-rated broadcast networks [18] - Core advertising revenue was down 4.7% year over year, impacted by macroeconomic and tariff-related pressures [29] Company Strategy and Development Direction - The company is focusing on transforming its ventures portfolio towards majority-owned assets for greater operational control [11][14] - Sinclair is actively pursuing M&A opportunities following recent deregulation rulings, which are expected to enhance growth and synergies [20][21] - The company aims to leverage its strong balance sheet and financial flexibility to capitalize on M&A activity in the sector [27] Management's Comments on Operating Environment and Future Outlook - Management acknowledged macroeconomic uncertainties but noted signs of improvement in certain advertising categories [19] - The regulatory environment is viewed positively, with recent rulings expected to provide growth opportunities [21][24] - Management expressed confidence in the company's ability to navigate challenges and capitalize on upcoming opportunities, particularly with the return of sports programming [54] Other Important Information - The company appointed a new CFO, Narinder Sahai, who brings extensive financial leadership experience [5][7] - The acquisition of Digital Remedy for approximately $30 million is expected to enhance Sinclair's capabilities in omni-channel media activation [12][30] Q&A Session Summary Question: Regulatory commentary and potential M&A activity - Management indicated a strong position for potential M&A activity following recent deregulation rulings, which are expected to accelerate growth opportunities [20][50] Question: Subscriber trends with virtual distributors - Management noted that a significant virtual MVPD lost subscribers in the second quarter, but expects a rebound with the upcoming football season [43][44] Question: Contribution from announced deals and guidance on retransmission - Management expects tens of millions of dollars in additional EBITDA from upcoming JSA buy-ins and has adjusted retransmission growth guidance to low single digits [51] Question: Core advertising performance outlook - Management remains cautiously optimistic about core advertising performance, anticipating improved demand as sports seasons commence [53][54] Question: Guidance clarification and Ventures monetization process - Management clarified that the sale of four stations impacted Q2 and will affect Q3, and discussed the evaluation process for monetizing Ventures assets [58][62]

Financial Performance - Total advertising revenue for 2Q25 was $322 million, within the guidance range of $318-336 million[11] - Distribution revenue for 2Q25 was $434 million, slightly below the guidance range of $439-441 million[11] - Total media revenue for 2Q25 was $777 million, slightly below the guidance range of $778-798 million[11] - Adjusted EBITDA for 2Q25 was $103 million, above the mid-point of the guidance range of $91-107 million[11] - The company repurchased $81 million of 2027 notes for $77 million[11] Ventures Portfolio - Ventures received $6 million in cash distributions during 2Q25[12] - Ventures made incremental investments of approximately $11 million in 2Q25[12] - Ventures had $393 million in cash at quarter-end[12] - The total book value of non-EBITDA generating assets in the Ventures portfolio is $726 million[16] Strategic Initiatives - Sinclair acquired the remaining stake in Digital Remedy in March 2025 for approximately $30 million[15]

Novo Nordisk - Novo Nordisk is implementing cost cuts due to increased competition from Eli Lilly and generic versions of its obesity drug Wegovy, leading to a slower growth outlook for its treatments in the second half of the year [3][4] - The company expects sales growth to be between 8-14% and operating profit growth to be 10-16% at constant exchange rates, a decrease from previous expectations of 13-21% and 16-24% respectively [3] - The lowered sales outlook for 2025 is attributed to lower growth expectations for the second half of 2025, compounded GLP-1 usage, slower market expansion, and competition [4] - Investors have reacted negatively, wiping off approximately $95 billion from Novo Nordisk's market value following a profit warning and the appointment of a new CEO [5] Disney (ESPN) - Disney's ESPN has reached a non-binding agreement with the NFL to acquire key NFL media assets in exchange for a 10% equity stake in ESPN [5][6] - Under the agreement, ESPN will take over ownership and operations of NFL Network, integrate it into its streaming and pay-TV platforms, and gain rights to the RedZone brand [6][7] - ESPN's platforms will license three additional NFL games per season and shift four games from its schedule to NFL Network, which will continue airing seven games each season [7] - The financial terms of the deal were not disclosed, and it is subject to regulatory approval, with potential valuation in the billions [8] OpenAI - OpenAI is reportedly exploring a secondary share sale that could value the company at around $500 billion, allowing current and former employees to cash out [9][10] - The company aims to raise several billion dollars through this sale, with interest from existing investors like Thrive Capital [10] - OpenAI is also working on a $40 billion primary funding round led by SoftBank at a $300 billion valuation to support AI research and infrastructure expansion [10]

Core Insights - Disney's theme parks exceeded Wall Street estimates, with total revenue rising 2% to $23.7 billion in the fiscal third quarter, while adjusted earnings per share increased to $1.61 from $1.39 [1] Financial Performance - Operating income across Disney's three segments (Entertainment, Experiences, Sports) grew 8% to $4.6 billion, with ESPN making significant announcements regarding its new streaming service and acquiring the NFL Network [2] - Total revenue in the U.S. increased by 1% to $3.9 billion, but income dipped by 7% due to higher programming and production costs [3] - Entertainment profit dropped 15% to $1 billion, with revenue slightly increasing by 1% to $10.7 billion, impacted by lower box office performance compared to the previous year [4] - Direct-to-Consumer revenue rose 6% to $6.2 billion, with streaming profit of $346 million compared to a loss of $19 million a year ago, and Disney+ subscribers reached 128 million [5][6] Segment Analysis - Linear Networks revenue fell 15% to $2.27 billion, with operating income declining 28% to $697 million, primarily due to the Star India transaction [8] - Domestic Parks & Experiences revenue jumped 10% to $6.4 billion, with operating income growing 22% to $1.7 billion, driven by increased spending and hotel stays [10] Strategic Developments - Disney completed its acquisition of the remaining stake in Hulu from Comcast/NBCUniversal, marking a significant move in its streaming strategy [6] - The company is focused on integrating Hulu into Disney+ and expanding its global park experiences, indicating a strong commitment to growth in both streaming and physical experiences [12]