Obviously, if we are successful, we would look at other dayparts, but we're taking very much of a crawl, walk, run approach to this. Some of them are discretionary that we will add back in. Auto is improving. That $40 million to $45 million variance will now be paid in Q3. Most folks woke up this morning reading about the Biden's buy that he's placing, starting on September one in 15 states. As such, our full year 2020 expectation for net political revenue in the low $400 million range remains unchanged. Thanks for taking the question. And on behalf of the entire Nexstar Nation, our Board and our management team, thank you for your continued interest, support, and for joining us today. Again, we're very pleased with our progress, and we're pleased that our strong financial position, and we're excited about the launch of WGN America and the advent of the political spending season that will all be upon us before our next call. As it relates to WGN America, we have had and Dana Zimmer and her team have been out presenting WGN America to every MVPD with which we already do business and also those that do not carry WGN WGN America, and that's primarily in legacy Nexstar markets, and we have an opportunity with renewals between now and the end of the year. I would say our experience with subscribers is not materially different than that of the vMVPDs. An S&P 500 company, Nielsen has operations in over 100 countries, covering more than 90% of the world's population. So I assume it's a little bit better than that then? FAQs. Nexstar's leading local platform is well positioned to withstand this environment due to several factors, including our differentiated broadcast and digital sales programs, the continued growth of our distribution revenue stream and what are projected to be record levels of political spending here in 2020. So at this point, the damage is more reputational than financial, and then we'll see how deep the government wants to get involved in taking a look and potentially regulating these companies more symmetrically with the way we're regulated. Questions and answers will be taken only from participants on the conference call. The long tail will determine how much. Nexstar also owns WGN America, a growing national general entertainment cable network and a 31.3% ownership stake in TV Food Network, a top tier cable asset. I'm wondering if you could talk a little bit about your reverse compensation agreements as sub declines are accelerating. Investor Contacts: In summary, despite the unprecedented challenge of the pandemic, our scale, leadership, flexibility, synergy realization, and operation plans are generating results. Spectrum repack capex totaled $13 million and received approximately $26 million of reimbursements from the FCC during the quarter. We don't get a lot of money from restaurants unless it's QSR, and they're making mints through their drive through. Specifically, Nexstar has solid visibility in terms of our contractual distribution economics through December of 2022 as we completed new multiyear retransmission consent agreements representing approximately 70% of our subscribers at year-end 2019 as well as new long-term network affiliation contracts with CBS, Fox, and NBC. We're not there yet, but I can see there from here and when that happens, then I would imagine we wouldn't sit here with an unnatural $600 million of cash on our balance sheet. Okay, great. And then the thoughts on either Facebook, Twitter as it relates to core political, if that stays in the digital bucket or if you could pick some of that up? You guys are the largest. So again, we are in flux. So some of the discretionary costs will get added back in, but that will be more than offset by higher advertising revenues in the second quarter. And at present, we're cautiously optimistic about the return of live sports, as live news and sports programming continues to generate the strongest levels of viewership across our all demographics. The I was wondering about the promotion efforts to create visibility for News Nation as that is coming to the far. And without conventions to fund and without rallies to fund, the one-way to reach people is to provide cash television. IR Home. With our successful 2019 renewal of retransmission consent agreements representing approximately 70% of our subscriber base, with approximately 17% of the base to be renewed this year, our significant net retrans revenue growth in 2020 will complement the strong political growth and spending that we're seeing. Nielsen is divided into two business units. Second quarter total interest expense amounted to $82 million, up from $51 million in the same period in 2019, while cash interest expense was $78 million compared to $49 million last year, with increases due to, obviously, the increased debt associated with the Tribune funding, partially offset by lower interest rates. There's a lot in there to unpack. About Nexstar Media Group, Inc.Nexstar Media Group is a leading diversified media company that leverages localism to bring new services and value to consumers and advertisers through its traditional media, digital and mobile media platforms. The new operational structure will align the Company’s national leadership in local content production with management teams that are broadcasting and digital subject matter experts to maximize the value of Nexstar’s content, national reach and significant consumer digital usage across multiple platforms. As a reminder, we received cash distributions from TV Food on a quarterly basis with the largest payment recorded during the first quarter of each year. Yes. About Nexstar Media Group, Inc. We have had 145 confirmed cases in the company since the beginning of the pandemic, remarkably out of a workforce of about 13,000 that that of people that are out in the community. But from a pure financial advertising point of view, it's not all that material to our top or bottom-line. Under the terms of the agreement, Nielsen will also provide Nexstar with its Scarborough Qualitative Service, which offers actionable and dynamic insights on the product consumption habits, demographics, lifestyles and media usage of today's consumers, as well as several cross-platform solutions and digital measurement services including Digital TV Ratings (DTVR), Digital Content Ratings (DCR) and Digital Ad Ratings (DAR). IR Event Calendar. We're currently not buying stock, but I would anticipate that to get revisited here in the not-too-distant future. Thanks, Perry, and good morning, everybody. At the same time, we converted the Tribune enterprise to Nexstar’s operating, sales and other protocols and successfully and cost-effectively launched News Nation on WGN America. The digital business unit will be led by Karen Brophy who will assume the role of President, Digital with responsibility for Nexstar’s 121 local websites, programmatic, data science, social media, group sales and partnerships as well as the ongoing streamlining of the Company’s ad tech stack to better align Nexstar with today’s digital environment. Listen, I think the most direct transfer could be in political. Is that reasonable? And any color on advertising and distributor reception to News Nation? Nexstar Finance Holdings, Inc. So net retrans margins are down more than a little bit for this year. It's just that our economics are a little bit different because we've got rate that helps us offset that but it's consistent with our expectations. Before joining Nexstar in 2018, she served as Senior Vice President of Strategy and Operations at Hearst Newspapers where she led key initiatives in video, audience development and business operations. Nielsen Global Connect provides consumer packaged goods manufacturers and retailers with accurate, actionable information and insights and a complete picture of the complex and changing marketplace that companies need to innovate and grow. So there is some COVID fatigue, I think, but I also think there is increased interest in local news and we consider ourselves to be the last bastion of local news with the diminution of newspaper and radio, local coverage and content. SEC Filings. And you'll have some added expense coming back in, but that's the extent of some of the pushes and the pulls on expenses. For the third quarter, we project recurring cash corporate overhead, exclusive of stock comp and transaction cost to be approximately $23 million and we will easily meet our run rate cash corporate overhead guidance of approximately $120 million for the entire year. Broadcast would deliver news reporting that is fact based, impactful, and unbiased, and we're confident that there are more Americans than ever before that were seeking just that. Did I guess correctly gross high 20s, net mid-teens? At the same time, Nexstar has a strong balance sheet, including approximately $665 million in cash as of June 30, with an access to another $140 million under our revolving credit facility. Search Search Headlines Only. Thanks. If you have the content that people want, they will find a way to consume you, whether that's over-the-air or whether that's through a pay service or through a streaming service that we're paid to be on. But when do you feel comfortable that there's not going to be any negative surprises on the political spending side? But again, we've got our we've got the country divided up into six zones, and we have zone producers, and their job is to know exactly what's going on in those zones in all of those newsrooms and what might be of interest to a national audience. Tom, I'll let you address how linear you want to get on guidance. As part of the corporate streamlining, Nexstar Broadcasting, Inc. will be renamed Nexstar Inc. All Rights Reserved. Joe Jaffoni - Investor Relations. I'm thinking it's a little too early to be making any comments with regard to that. If people of certain platforms are refusing those ads, that money has to go somewhere. In addition, the merger of Nexstar Digital LLC into Nexstar Inc. is estimated to increase the restricted payment capacity under the two outstanding Nexstar Inc. bond issues by approximately $150 million, thereby allowing for more aggressive activity under our recently expanded repurchase authorization and other initiatives to enhance shareholder value.”.
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