Core Viewpoint - Paramount Global is under scrutiny from US senators regarding its negotiations to settle a $20 billion defamation lawsuit filed by President Trump against CBS News, with concerns that such a deal may violate US anti-bribery laws [1][2]. Group 1: Legal and Regulatory Concerns - Senators Elizabeth Warren, Ron Wyden, and Bernie Sanders have expressed concerns that Paramount may be engaging in improper conduct with the Trump administration in exchange for merger approval with Skydance Media [2][4]. - The lawsuit originates from a 2024 "60 Minutes" interview with then-Vice President Kamala Harris, which Trump claims was edited to favor her, a claim CBS has denied [5][6]. - The senators are requesting detailed information about any concessions discussed with Trump and any internal decisions affecting CBS programming, particularly "60 Minutes" [4][5]. Group 2: Corporate Governance and Management Changes - Shari Redstone, chair of Paramount Global, is reportedly eager to settle the lawsuit, which could impact the proposed $8 billion merger with Skydance Media, from which she stands to gain approximately $2 billion [7]. - Wendy McMahon, CEO of CBS News, resigned amid internal tensions regarding the handling of the Trump lawsuit, indicating a potential shift in corporate strategy [10][13]. - McMahon's departure follows that of Bill Owens, a longtime executive producer of "60 Minutes," raising concerns about editorial independence within CBS [16][20]. Group 3: Audience and Ratings Context - CBS's evening news program is currently averaging fewer than 4 million viewers, trailing behind competitors ABC and NBC, which have significantly higher viewership [17].

Core Viewpoint - Investors are seeking growth stocks that can deliver above-average growth and exceptional returns, but identifying such stocks is challenging due to their inherent risks and volatility [1] Group 1: Growth Stock Identification - The Zacks Growth Style Score system helps identify cutting-edge growth stocks by analyzing real growth prospects beyond traditional attributes [2] - Fox Corporation (FOX) is currently recommended due to its favorable Growth Score and top Zacks Rank [2] Group 2: Earnings Growth - Earnings growth is a critical factor for growth investors, with double-digit growth indicating strong prospects [3] - Fox's historical EPS growth rate is 9.9%, but projected EPS growth for this year is 32.3%, surpassing the industry average of 27.7% [4] Group 3: Asset Utilization - The asset utilization ratio (sales-to-total-assets ratio) is an important metric for growth stocks, indicating efficiency in generating sales [5] - Fox has an S/TA ratio of 0.71, outperforming the industry average of 0.52, indicating better asset utilization [5] Group 4: Sales Growth - Sales growth is another key indicator, with Fox expected to achieve a sales growth of 15.3% this year, compared to the industry average of 0% [6] Group 5: Earnings Estimate Revisions - Positive trends in earnings estimate revisions correlate strongly with near-term stock price movements [7] - The current-year earnings estimates for Fox have been revised upward, with a 1% increase in the Zacks Consensus Estimate over the past month [8] Group 6: Overall Assessment - Fox has earned a Growth Score of B and a Zacks Rank 1 due to positive earnings estimate revisions, indicating it is a potential outperformer for growth investors [10]

Core Points - Comcast has launched a new Lift Zone in partnership with the Liberty Place Housing Complex to enhance digital access and literacy for residents [1][4] - The event included the presentation of 35 laptops to residents, emphasizing Comcast's commitment to supporting veterans [4][5] - Comcast's ongoing Project UP initiative aims to foster digital opportunity, with a $1 billion investment over 10 years, benefiting over 680,000 residents in Knoxville [6] Group 1: Event Details - The opening ceremony featured key local officials, including Knoxville Mayor Indya Kincannon and Knox County Mayor Glenn Jacobs [1][2] - Comcast's Veteran-focused employee resource group, VetNet, contributed by providing personal letters of appreciation to residents [3] Group 2: Community Impact - The Lift Zone offers free high-speed internet access and is located in a housing complex with 32 units for veterans at risk of homelessness [5] - Comcast has hired over 21,000 veterans and military family members since 2015, showcasing its commitment to the veteran community [4][6] Group 3: Long-term Commitment - Comcast has been serving Knoxville for nearly 30 years and has established various initiatives to improve digital access, including the Internet Essentials program [6] - The Lift Zones are part of a broader strategy to provide safe spaces for digital learning and skill acquisition [6]

Core Viewpoint - TEGNA Inc. (NYSE: TGNA) shares have increased by 14% over the past year, primarily driven by expectations of relaxed station ownership rules following the 2024 election, which may lead to potential mergers and acquisitions [1] Company Performance - TEGNA's stock performance has been solid, with a notable gain of 14% in the last year [1] - The increase in stock value is largely attributed to market optimism regarding changes in ownership regulations that could facilitate M&A activity [1]

Core Viewpoint - Nexstar Media Group, Inc. (NASDAQ: NXST) is initiated with a Strong Buy rating and a price target of $239, highlighting its position as the largest local television broadcaster and media platform in the US [1] Company Overview - Nexstar Media Group is recognized for delivering local programming and advertising, establishing itself as a key player in the local media landscape [1] Research Methodology - Moretus Research employs a structured framework to identify companies with durable business models and mispriced cash flow potential, focusing on U.S. public markets [1] - The research emphasizes rigorous fundamental analysis combined with a judgment-driven process, avoiding noise and overly complex forecasting [1] - Valuation methods are based on sector-relevant multiples tailored to each company's business model, emphasizing comparability and relevance [1] Investment Focus - The research coverage targets underappreciated companies undergoing structural changes or temporary dislocations, where disciplined analysis can lead to asymmetric returns [1] - Moretus Research aims to elevate the standard for independent investment research by providing actionable insights and a strong filter for relevant information in equity analysis [1]

Core Insights - The E.W. Scripps Company will present its business strategies at the Gabelli 17th Annual Media & Sports Symposium on June 5, 2025 [1] - Key executives, including CFO Jason Combs and Chief Communications and Investor Relations Officer Carolyn Micheli, will present at 8:30 a.m. Eastern time [1] - The presentation will be available via live webcast for those unable to attend in person, with a replay accessible on the company's website weeks after the event [2] Company Overview - The E.W. Scripps Company is a diversified media company and one of the largest local TV broadcasters in the U.S., operating over 60 stations in more than 40 markets [2] - The company provides quality local journalism and reaches households nationwide through its national news outlets, Scripps News and Court TV, as well as entertainment brands like ION, Bounce, and Grit [2] - Scripps holds the largest broadcast spectrum in the nation and serves professional and college sports leagues with extensive local and national broadcast reach [2]

Core Insights - CBS News has made significant job cuts, including the termination of two bureau chiefs and a senior executive, as part of a broader restructuring ahead of anticipated layoffs at parent company Paramount Global [1][2][5][10] - The layoffs are described as a streamlining effort to centralize the internal newsgathering process, rather than indicative of larger issues within the company [7] - Paramount Global is facing challenges in finalizing an $8 billion merger with Skydance, compounded by legal issues involving a $20 billion lawsuit from President Trump [10][11][14] CBS News Job Cuts - CBS News has quietly let go of Andre Rodriguez, the North Bureau Chief, and Maryhelen Campa, the Southern Region Bureau Chief, both of whom had been with the company for two decades [2][4] - Chad Cross, senior vice president of the Beats & Enterprise unit, was also terminated; he joined CBS News in 2022 [5][6] - An insider noted that the network has already streamlined operations to the point where any additional absences are felt across the team [8] Paramount Global Context - Paramount Global is expected to initiate mass layoffs as early as next month, following a previous round of layoffs that saw thousands of employees let go as part of a $500 million cost-cutting plan [10] - The company is currently negotiating a legal settlement with Trump, who is seeking $100 million, while Paramount aims for a settlement between $15 million and $25 million [15] - The ongoing legal issues and the merger negotiations are being overseen by George Cheeks, co-CEO of Paramount Global and CEO of CBS [12][14]

Summary of Fox Corporation 2025 Conference Call Company Overview - **Company**: Fox Corporation (FOX) - **Date of Conference**: May 14, 2025 Key Industry Insights - **Advertising Performance**: Strong performance in advertising driven by major events like the Super Bowl and elections, with national advertising particularly robust. [4][36] - **Affiliate Revenue**: 25% of the affiliate revenue was booked during fiscal year 2025, indicating strong demand. [4][5] - **Direct-to-Consumer (D2C) Strategy**: Launch of Fox One, a D2C platform, aimed at addressing the cordless market while respecting existing pay TV relationships. [10][13][19] Core Company Strategies - **Focus on Live Events**: The company continues to prioritize live news and sports, which are key revenue drivers. [9][28] - **Capital Allocation**: Emphasis on disciplined capital allocation, including organic investments, M&A, and returning capital to shareholders. [6][75] - **Tubi's Growth**: Tubi has shown significant growth, with revenues up 35% and 97 million monthly active users, primarily targeting the cordless market. [45][46] Financial Performance - **Advertising Trends**: National advertising pricing is up high single digits compared to the previous year, with local advertising showing mixed results. [36][38] - **Fox News Viewership**: Record viewership for Fox News, with significant advertising gains attributed to high engagement. [54][56] - **Free Cash Flow**: Strong free cash flow generation, with $600 million of debt repaid recently, positioning the company for future growth. [73][75] Future Outlook - **Skinny Bundles**: The company is optimistic about the potential of skinny bundles to attract new subscribers and mitigate declines in traditional pay TV. [30][32] - **Sports Rights**: Fox holds significant sports broadcasting rights for several years, providing a competitive edge against new digital entrants like Netflix and Amazon. [61][63] - **Tubi's Role**: Tubi is expected to serve as a marketing platform for Fox One, leveraging its user base to drive subscriptions. [46][50] Additional Considerations - **Valuation Concerns**: There is frustration regarding the market's valuation of Tubi and other hidden assets within the company. [84] - **Wagering Assets**: The company holds valuable wagering assets, including an 18.6% stake in DraftKings, which are not fully reflected in the stock's value. [70][71] - **Content Strategy**: A balanced approach to content spending, focusing on both scripted and non-scripted programming, is maintained. [81][82] Conclusion Fox Corporation is positioned for continued growth through its focus on live events, strategic capital allocation, and leveraging its digital platforms like Tubi and Fox One. The company remains optimistic about its advertising revenue and the potential of new market strategies to enhance its competitive position.

Group 1 - Fox Corporation reported a significant revenue increase of 27% year-over-year, reaching $4.37 billion [1] - The adjusted earnings per share (EPS) for the quarter was $1.10, which exceeded market expectations by a substantial margin [1] - The strong performance in revenue and EPS indicates a positive trend for the company, marking one of its most notable quarters in recent years [1]

Company Moves - Gray Media announced the appointment of Shannon Booth as the new General Manager of WOWT (NBC) in Omaha, Nebraska, succeeding Jim McKernan who is retiring after 44 years in broadcasting [1] - Jacque Harms will take over Shannon's previous role as General Manager of KOLN (CBS) and KSNB (NBC) in Lincoln, Nebraska, as well as KNOP (NBC) and KNPL (CBS) in North Platte, Nebraska [1] Leadership Background - Shannon Booth has over eight years of experience overseeing market-leading television, digital, and streaming products in various Nebraska communities and has held multiple management positions at KCRG in Cedar Rapids, Iowa, for 18 years [3] - Jacque Harms has a media career spanning over 35 years, starting at KNOP in North Platte and previously serving as General Manager of WTOK (ABC) in Meridian, Mississippi, and KKTV (CBS) in Colorado Springs [5][6] Company Overview - Gray Media, Inc. is the largest owner of top-rated local television stations and digital assets in the U.S., serving 113 television markets and reaching approximately 37% of U.S. television households [7] - The company operates 78 markets with the top-rated television station and 99 markets with the first and/or second highest-rated television station during 2024, along with the largest Telemundo Affiliate group [7]