McEwen Inc.

Good day and thank you for standing by. Welcome to the Q2 2025 Tegna, Inc. Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 1-1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 1-1 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Kirk von Seeland. Please go ahead.

Thank you. Good morning and welcome for our second quarter conference call and webcast. My name is Kirk von Seeland, and I am Tegna's treasurer. Today, our CEO, Mike Stibe, and our CFO, Julie Heskett, will review Tegna's financial performance and results and provide Tegna's third quarter outlook. After that, we'll open the call for questions. Hopefully, you've had the opportunity to review this morning's press release. If you've not yet seen a copy of the release, it's available at tecna.com. Before we get started, I'd like to remind you that this conference call and webcast includes forward-looking statements, and our actual results may differ. Factors that may cause them to differ are outlined in our SEC filings. This presentation also includes certain non-GAAP financial measures. we have provided reconciliations of those measures to the most directly comparable gap measures in the press release. With that, let me turn the call over to Mike.

Thanks, Kirk. Good morning, everybody. Thank you for joining us. Coming up on a year as CEO here, I'm more confident than ever in what sets Tegna apart. Our strong local brands, high-quality local journalism, loyal audiences, deep roots with advertisers, healthy balance sheets, and a terrific team puts us in a position of strength in this evolving moment for the broadcasting industry. On the regulatory front, there seems to be positive progress for the local broadcasters who are working tirelessly for the public interest. Chairman Carr now has his majority and appears to be advancing a clear and encouraging agenda to allow broadcasters more scale in local markets and across the US. Importantly, The 8th U.S. Circuit Court of Appeals recently handed down a decision to vacate the previous FCC's top four prohibition rule, reasoning that the rule was arbitrary and capricious. The ruling will not take effect for a 90-day period while the FCC assesses whether vacating the rule would be unduly disruptive and or cure deficiencies found by the court. However, given Chairman Carr's well-established views on this topic, we believe the ruling will likely take effect following this 90-day period. Of note, the court specifically held that the quadrennial review statute does not provide the FCC authority to tighten existing ownership rules. These developments are a significant step forward for our industry and for Tegna's wide range of options in this evolving landscape. While we track these regulatory developments closely, we're staying focused on the work at hand, elevating Tegna across our key priorities. building a world-class team culture and company operating system that unlocks high-impact execution. Number two, leveraging Tegna's strengths across our stations to improve performance. Number three, fully deploying technology, automation, and AI to supercharge our people and run a more effective operation. Number four, growing digital revenue by deepening engagement with our digital audience. And number five, cutting unnecessary spend in bureaucracy, ensuring time and resources are maximally focused on growing audience and growing revenue. We're scaling with purpose and discipline and doing it fast as part of building a world-class team. We've named five new regional heads of content reporting to Adrian Work. They'll lead content strategy across the country, building centers of excellence and further strengthening Tegna's award-winning journalism. We're delivering on our commitment to innovate and invest in our local newsrooms. We're doubling down in the areas that drive our future, local, content, and digital. Just last month, we announced a major local news expansion, adding dedicated 7 to 9 a.m. streaming programming in over 50 markets. That's more than 100 new hours of local news every single day, giving people more of the critical local news and information they need to thrive in their communities. To support this shift, we're using automation and proprietary AI to boost productivity and speed, giving our journalists more time to do what matters most. By automating routine work, sharing resources, simplifying layers and bureaucracy, we freed up more time and dollars to invest in content. The result is better journalism, faster, and at lower cost. It is a win-win, and it works in every market. We're still early in this game, but CTV streaming is a $30 billion market growing quickly, and we are building the muscle to lead in it by overhauling our sales process, reorienting our focus toward the digital opportunity. The big picture is local wins. Catastrophic events, such as the recent flooding in Texas, highlight the power of local news. There is closer focus on local impact, helping communities rebuild, bringing people together, and helping fundraising for local communities. There's massive opportunity in local news and community storytelling, and we are built to meet that need. Across platforms, we reach more than 100 million people. That reach is transforming how we create, distribute, and monetize content, and how we run the business behind it. We have the historical assets and the team to seize the opportunity and lead in local digital content. Before we wrap, I want to take a moment to recognize our Chief Operating Officer, Lynn Beale, who will be departing at the end of this month after more than 35 years in the industry. It's hard to capture a career like Lynn's in a few sentences. Her leadership across broadcasting has been nothing short of extraordinary. Most recently, she was honored with the 2025 Radio and Television Business Report Lifetime Leadership Award, a fitting tribute to someone who has helped shape the industry. Lynn, your impact on Tegna and the broader industry is significant and lasting. You've been integral to supporting me over the past year and helping us craft a growth strategy that is already bearing fruit. We're grateful and we wish you the very best in your retirement. As we approach the end of my first year, I want to thank the team for their extraordinary efforts to transform the way we operate at Tegna. Talented and motivated people with an important mission, superpowered by technology, can achieve amazing things. and I'm excited for what's ahead. With that, I'll turn it over to Julie for a closer look at our financial performance and third quarter guidance.