Nexstar Media Group, Inc.

of historical fact may be deemed forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995. Nexstar cautions that these forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those reflected by the forward-looking statements made during this call. For additional details on these risks and uncertainties, please see Nexstar's annual report on Form 10-K for the year ended December 31, 2024, as filed with the Securities and Exchange Commission. and Nextar's subsequent public filings with the SEC. Nextar undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. It's now my pleasure to turn the conference over to your host, Nextar founder, chairman, and chief executive officer, Perry Suk. Perry, please go ahead.

Thank you, Joe, and good morning, everyone. We appreciate you all joining us today. Mike Baird, our chief operating officer, and Leanne Gleha, our chief financial officer, are with me here this morning. Next, I delivered another solid quarter of financial results with our second quarter net revenue, adjusted EBITDA, and adjusted free cash flow benefiting from better than expected advertising revenue, stable distribution revenue, and strong expense management. Overall, our core advertising business remains resilient while the pay TV landscape continues to evolve as we had anticipated. Though we have yet to see a definitive turnaround in video subscriber trends, we are encouraged by consistent early signs of improvement, with good reports in recent weeks from two of our largest MVPDs. For the first half of 2025, Nexstar generated adjusted EBITDA of $770 million and adjusted free cash flow of nearly $450 million. We returned $238 million, or 53%, of adjusted free cash flow to shareholders through share repurchases and dividends, reducing our shares outstanding by about 1%, while also allocating $132 million to debt repayment. Near the end of the quarter, we refinanced the company's credit facilities and term loans, further strengthening our capital structure and our financial flexibility by extending maturities, which positions our balance sheet well in anticipation of expected regulatory relief on the ownership front. The case for local broadcast ownership deregulation remains strong and extends far beyond competitive fairness. It's becoming increasingly clear that bias, acknowledged and now admitted in editorial coverage by legacy national networks, false information provided by AI, and social media disinformation are making it almost impossible for Americans to distinguish between fact, opinion, and fiction. We firmly believe that Nexstar and the local broadcast industry at large are a solution to these threats. Every day, our local and national news teams bring the public unbiased, fact-based news reporting and information from 113 newsrooms in markets across the country and nationally on NewsNation. We employ almost 6,000 journalists in total, which is more than any other media company in the United States. Our news teams all adhere to a strict journalistic code of ethics and are dedicated to bringing communities trusted information and local stories that matter to them. For example, in central Texas during the immediate aftermath of the devastating Guadalupe River flooding, our local reporters were on the ground providing essential news coverage and safety information to our local communities as well as national audiences via NewsNation. In addition to covering those events, Nextar station teams in Abilene, San Angelo, and Austin came together to raise nearly $1.4 million for flood victims during a one-hour telethon. Many also volunteered at local relief organizations to help gather and distribute supplies to those in need. Meanwhile, on big tech social media platforms, charlatans chasing clicks circulated misleading videos, some AI-generated and others recycled from unrelated disasters in different states or countries, falsely claiming to depict the Central Texas floods. Others exploited the tragedy by creating fake fundraising pages to scam well-meaning donors. This kind of misinformation and malfeasance undermines search and rescue efforts, erodes public trust, and diverts critical resources from legitimate relief organizations. Unfortunately, this is just another clear example of how big tech's unchecked reach and prioritization of engagement over accuracy fuels the rapid spread of fake news. Nexstar's commitment to high-quality, trustworthy journalism continues to deliver strong viewership, earning trust along with local and national aficionados. At Fontes, the respected third-party media watchdog has rated virtually all news programming provided by Nextar local stations, as well as News Nation, as politically neutral, with a reliable rating of reliable for both analysis as well as reporting. In the second quarter, our local journalists earned 52 regional Edward R. Murrow Awards for our outstanding journalism and exceptional locally produced news programming. Public trust in local broadcast journalism remains strong, with Americans citing local television news as the number one most trusted news source, according to a 2024 TBB survey. Audiences of all ages and demos are turning into our local news and to other programming, with nearly half of Nexstar's 2024 station viewership coming from non-network programming. That last point is important. We've seen the number of publications misrepresent data from the latest Nielsen Gage reports, by stating that streaming accounts for over 50% of total viewership. The data reflected in that report only includes information from Nielsen's national panel. It completely excludes local station viewership of local content, which we know to be substantial. If you look exclusively at national viewership of long-form ad-supported programming, the metric that matters most to advertisers, broadcasting and cable together account for 70% of total ad impressions. We believe that the continued strength of our broadcast and cable news assets is a direct result of our long-term strategic focus on high-impact news and sports programming. We began in 2019 by converting WGN America, the entertainment network we acquired in the Tribune acquisition, into NewsNation. We made a similar strategic decision with our acquisition of the majority stake in the CW broadcast network in 2022, shifting its focus from scripted series to more broad-based and audience-expanding programming, including a full slate of live sports. I'm proud to share that we've achieved several operational milestones during the quarter, highlighting the continued success of our strategies. In April, we celebrated NewsNation's one-year anniversary of expanding its news programming to become a 24-7 cable news network. In June, NewsNation was ranked the number one basic cable network for year-over-year growth, with overall viewership increasing by nearly 50%, and by 67% in the adults aged to 25-54 demographic, according to Nielsen. We believe NewsNation's programming and unique fact-based reporting is resonating with viewers who are looking for a refreshingly balanced and impartial take on the news. And at the CW, we've now achieved five consecutive quarters of audience growth, and the CW was the number eight ranked network in total audience for the first half, total audience growth, I should say, for the first half of 2025. This is a direct result of the success of our programming strategy, including the introduction of sports, which now accounts for over 40% of our total programming hours. Turning to regulatory reform, there have been significant positive developments since our last earnings call. In mid-July, the FCC moved to refresh the record on the national ownership cap, opening the door for a new order from the FCC to modify or eliminate the cap, perhaps by the end of this year. We filed our comments on Monday in that proceeding. And on July 23rd, the Eighth Circuit vacated a top four rule, which prohibits the owner of television broadcast stations from owning two of the top four rated stations in a local market, finding that the FCC's historical justification for retaining the rule was arbitrary and capricious. We applaud Chairman Carr's vocal support of the court's decision, describing the FCC's prior retention of the top four prohibition as a decision to retain a regulation that does not match marketplace realities. In summary, the continued success and consistency of Nexstar's financial performance reflects our stable, diversified revenue base, disciplined operations, and continued execution across our portfolio. With our unmatched scale, robust free cash flow, and consistent track record of delivering value, we remain well positioned to seize the significant opportunities that lie ahead. We are energized by the prospects of regulatory reform, and we remain laser-focused on executing on our 2025 objectives, which include renewing upcoming distribution agreements, continuing the CW's path to profitability next year, and preparing for significant midterm election activity again in 2026. With that said, let me turn the call now over to Mike Baird. Mike?

Thanks, Perry, and good morning, everyone. Nexstar delivered second quarter net revenue of $1.23 billion, a decline of 3.2%, compared to the prior year, primarily reflecting the year-over-year reduction in political advertising. Second quarter distribution revenue of $733 million was essentially flat compared to the prior year quarter, primarily reflecting the modest number of subscribers renewed in 2024 compared to 2023 and MVPD subscriber attrition, partially offset by contractual rate escalators, growth in VMVPD subscribers, and the addition of CW affiliations on certain of our stations. Although the industry continues to see subscriber attrition, we note recent earnings reports from our distribution partners suggest marginal improvements in subscriber trends. Several industry observers have noted Charter's trending video performance, with at least one highlighting video as a significant opportunity in the context of the Cox transaction. We're encouraged by those trends and continue to monitor the space closely as we work to secure agreements that are better aligned with the value Nexstar delivers to our partners and their customers. Advertising revenue of $475 million decreased 47 million, or 9%, over the comparable prior year quarter, primarily reflecting a $36 million year-over-year decrease in political advertising. Nonpolitical advertising declined by 2.5% year-over-year, slightly better than our expectations. Nonpolitical advertising was impacted by a high single-digit decline in goods-based advertising, of which more than half was attributable to the automotive category, and a slight reduction in services-based advertising, though this segment remains much more stable and resilient overall. Contributing positively to the quarter, we saw growth in key categories, including attorneys and home repair, along with improved performance from some of our national digital businesses, including best reviews. We generated approximately $9 million in political advertising revenue during the quarter, primarily driven by issue spending related to the One Big Beautiful Bill, the New York City mayoral primary, and the Virginia primaries. Looking ahead to the third quarter, nonpolitical advertising is currently forecast to be down in the low single digits on a year-over-year basis. This is despite the comp with 2024 Olympic-related advertising and the benefit in part from the lack of political crowd out in the quarter. Although some broader economic headlines may suggest caution, our view of the advertising outlook remains stable for now. As we noted on last quarter's call, approximately 15% of our total revenue is tied to goods-based businesses that could be impacted by tariffs. Turning to the CW, as Perry mentioned earlier, we continue to see favorable returns on our programming investments, with sports now accounting for more than 40%, of the CW's programming hours. And we continue to build the CW sports portfolio. During the second quarter, we renewed our agreement with the Pac-12 Conference to nationally broadcast nine college football games this fall, including a new Pac-12 double feature on Saturday, September 6th, showcasing two of the key schools that will anchor the expanded Pac-12 Conference next year. We also announced a multi-year partnership with the Professional Bowlers Association to air 10 live events on Sunday afternoons, beginning in 2026. And in July, we announced a multi-year agreement with the professional bull riders to be the exclusive live broadcast partner of the PBR Teams series on Saturdays and Sundays. The CW will air the first of 11 PBR events this year this coming Saturday, August 9th. Our sports programming continues to perform well, demonstrating both the power of broadcast television and the CW network specifically. Both WWE NXT and NASCAR Xfinity Racing ratings are up 7% and 16% respectively versus second quarter of last year when those events were primarily on cable. Moreover, our entire CW programming strategy is working. As mentioned, we've seen five consecutive quarters of primetime ratings growth, elevating the CW into position as the eighth most watched network overall for the first half of this year. On any given night, CW is now beating the big four networks with regularity, with 126 instances since the beginning of this broadcast season in October 2024 versus 53 in the entire prior season, firmly establishing the CW as a major broadcast network. In the second quarter, as expected, the CW's profitability improved by $21 million year over year, driven by reduced amortization of broadcast rights and lower operating expenses following our Q4 restructuring. Our outlook for the year remains unchanged, and we continue to project improved profitability of about 25% in 2025 over 2024, with our continued expectation of achieving profitability in 2026. In addition, the company continues to benefit from moving CW affiliations to our owned and operated stations. During the quarter, we finalized agreements to move three additional CW affiliations next month to Nextar stations in Charlotte, North Carolina, Erie, Pennsylvania, and Elmira, New York. To close, let me reiterate confidence in Nextar's long-term outlook and the enduring strength of our broadcast business model. Our news and sports-focused programming strategies continue to deliver demonstrable results for the CW and News Nation. and we remain committed to unlocking greater value from these valuable assets as our audiences continue to expand. As the industry continues to evolve, we believe the momentum is shifting in favor of our core businesses, and we remain committed to pursuing opportunities that drive long-term value for our shareholders. With that, it's my pleasure to turn the call over to Leanne for the remainder of the financial review. Leanne?