Q4 2025 Nexstar Media Group Inc Earnings Call

February 26, 2026

Today's call is being recorded I will now turn the conference over to Joe <unk> Investor Relations. Please go ahead Sir.

Thank you Michelle and good morning, everyone. Let me read the Safe Harbor language and then we'll get right into the call all statements and comments made by management. During this conference call other than statements of historical fact may be deemed forward looking statements for purposes of the private Securities Litigation Reform Act of 1095 Nexstar.

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 todays call for.

For additional details on these risks and uncertainties. Please see <unk> annual report on Form 10-K for the year ended December 31, 2024 as filed with the U S Securities and Exchange Commission and Nexstar subsequent public filings with the SEC.

Operator: Good day, and welcome to the Nexstar Media Group's Q4 2025 conference call. Today's call is being recorded. I will now turn the conference over to Joe Jaffoni, Investor Relations. Please go ahead, sir.

Operator: Good day, and welcome to the Nexstar Media Group's Q4 2025 Conference Call. Today's call is being recorded. I will now turn the conference over to Joe Jaffoni, Investor Relations. Please go ahead, sir.

Nexstar 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 Nexstar founder Chairman and Chief Executive Officer Perry Sook Perry. Please go ahead.

Joe Jaffoni: Thank you, Rochelle, and good morning, everyone. Let me read the Safe Harbor language, and then we'll get right into the call. All statements and comments made by management during this conference call, other than statements 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 today's call. For additional details on these risks and uncertainties, please see Nexstar's annual report on Form 10-K for the year ended 31 December 2024, as filed with the US Securities and Exchange Commission, and Nexstar's subsequent public filings with the SEC.

Thank you Joseph and good morning, everyone. Thank you for joining us today.

Byrd, our Chief operating Officer, and Lee <unk>, Our Chief Financial Officer are with me on the call as always.

Joe Jaffoni: 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 today's call. For additional details on these risks and uncertainties, please see Nexstar's annual report on Form 10-K for the year ended 31 December 2024, as filed with the US Securities and Exchange Commission, and Nexstar's subsequent public filings with the SEC.

Next our fourth quarter financial results capped a year marked by strong execution and bold strategic actions to shape, our future of the business.

We delivered on all key operational priorities in 2025, including successfully reviewing and renewing distribution agreements representing over 60% of our subscriber base.

Elevating the CW in news nation to top tier networks.

Pending our affiliation agreements with both ABC and my network PV and pursuing regulatory reform through our landmark agreement to acquire TEG map.

Joe Jaffoni: Nexstar 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, Nexstar Founder, Chairman, and Chief Executive Officer, Perry Sook. Perry, please go ahead.

These achievements together with the return of midterm election political advertising in 2026, all set the stage for a very exciting year of growth ahead for Nexstar as reflected in our Standalone nexstar pre tagged on full year adjusted EBITDA guidance of $1 95 billion to $2 5 billion.

Perry Sook: Thank you, Joseph, and good morning, everyone. Thank you for joining us today. Mike Baird, our Chief Operating Officer, and Leanne Gliha, our Chief Financial Officer, are with me on the call as always. Nexstar's Q4 financial results capped a year marked by strong execution and bold strategic action to shape our future of the business. We delivered on all key operational priorities in 2025, including successfully reviewing and renewing distribution agreements representing over 60% of our subscriber base, further elevating The CW and NewsNation to top-tier networks, extending our affiliation agreements with both ABC and MyNetworkTV, and pursuing regulatory reform through our landmark agreement to acquire TEGNA.

The rationale for the next <unk> combination is becoming increasingly clear consolidation is accelerating across the broader media industry from the Hulu Bubo transaction to the proposed charter Cox merger to the upcoming sale of Warner Brothers discovery against this backdrop, our transaction represents a pivotal and critical critical opportunity.

Thank you, Joseph, and good morning, everyone. Thank you for joining us today. Mike Biard, our Chief Operating Officer, and Lee Gliha, our Chief Financial Officer, are with me on the call. As always, Nexstar's fourth quarter financial results capped a year marked by strong execution and bold strategic action to shape the future of the business.

To establish a framework for local television broadcasters to more effectively compete with big Tech and with Big media, while strengthening our ability to deliver high quality local journalism to our communities.

We delivered on all key operational priorities in 2025, including successfully reviewing and renewing distribution agreements representing over 60% of our subscriber base.

I am pleased to report that we remain on track and are making great progress on our path to closing our HSR filings in our FCC license transfer applications have all been submitted.

Perry Sook: These achievements, together with the return of midterm election political advertising in 2026, all set the stage for a very exciting year of growth ahead for Nexstar, as reflected in our standalone Nexstar pre-TEGNA full-year Adjusted EBITDA guidance of $1.95 billion to $2.05 billion. The rationale for the Nexstar TEGNA combination is becoming increasingly clear. Consolidation is accelerating across the broader media industry, from the Hulu-Fubo transaction to the proposed Charter-Cox merger, to the upcoming sale of Warner Bros. Discovery. Against this backdrop, our transaction represents a pivotal and critical opportunity to establish a framework for local television broadcasters to more effectively compete with big tech and with big media, while strengthening our ability to deliver high-quality local journalism to our communities. I'm pleased to report that we remain on track and are making great progress on our path to closing.

Further elevating The CW and NewsNation to top-tier networks, extending our affiliation agreements with both ABC and MyNetworkTV, and pursuing regulatory reform through our landmark agreement to acquire TEGNA,

We have responded to all inquiries from the Doj the FCC and the state attorneys general and we continue to work with all regulatory and legal bodies to fulfill any remaining request.

Our explanation for closes by the end of second quarter of 2026 and that remains unchanged.

These achievements together with the return of midterm, election political advertising in 2026, all set the stage for a very exciting year of growth ahead for nexstar as reflected in our Standalone. Nexstar pretea full year adjusted ebitda guidance of 1.95 billion to 2.05 billion.

We look at recent <unk>.

Industry strategic activity.

Cash has been a consistently coveted asset because of the scale reach and results it delivers to premium programming, especially sports.

The numbers speak for themselves. This past season, the NFL delivered its highest viewership in 16 season up 7% year over year, largely driven by broadcast.

In home and away markets broadcast still delivers the majority of the NFL Thursday night football audience versus Amazon Prime the Nba's returned to broadcast fueled a 16% year over year increase in regular season viewership through mid February and that marks the highest average NBA audience at this point in the season since 2018.

The rationale for the next, our Technic combination is becoming increasingly clear consolidation is accelerating across the broader media industry from the hulo. Fubo transactions, to the proposed Charter Cox merger to the upcoming sale of Warner Brothers. Discovery against this backdrop. Our transaction represents a pivotal and crit critical opportunity to establish a framework for local television. Broadcasters to more effectively compete with big Tech and with big media while strengthening our ability to deliver high-quality local journalism to our communities.

Perry Sook: Our HSR filings and our FCC license transfer applications have all been submitted. We have responded to all inquiries from the DOJ, the FCC, and the state attorneys general. We continue to work with all regulatory and legal bodies to fulfill any remaining requests. Our explanation for close is by the end of Q2 of 2026. That remains unchanged. If we look at recent industry strategic activity, broadcast has been a consistently coveted asset because of the scale, reach, and results it delivers to premium programming, especially sports. The numbers speak for themselves. This past season, the NFL delivered its highest viewership in 16 seasons, up 7% year-over-year, largely driven by broadcast. In home and away markets, broadcast still delivers the majority of the NFL Thursday Night Football audience versus Amazon Prime.

I'm pleased to report that we remain on track and are making great progress on our path to closing our HSR filings and our FCC. Licensed transfer applications have all been submitted

The NBA all Star game also benefited with the highest ratings in 15 years in its first year back on NBC and finally, the Winter Olympics also delivered their strongest viewership in years. The data is clear when it comes to delivering scaled audiences, where premium live sports and events broadcast remains unmatched.

See, and the stated Attorneys General and we continue to work with all Regulatory and legal bodies to fulfill any remaining requests.

Our explanation for close is by the end of second quarter of 2026 and that remains unchanged.

In this regard Nexstar has own sports focused programming strategy.

Is delivering excellent results and enabled the CW to exceed our financial expectations in 2025.

If we look at recent in Industry, strategic activity broadcast has been a consistently coveted asset because of the scale reach and results it delivers to premium programming especially Sports.

CW finished the year as the 10th most watched AD supported network and the second fastest growing network overall, delivering a 19% year over year increase in viewership in 2025, we improve the network's cash flow by an improved an impressive 32% and we anticipate continued financial improvement for the net.

The numbers speak for themselves. This past season, the NFL delivered, its highest viewership in 16 Seasons up 7%. Year-over-year. Largely driven by broadcast.

Perry Sook: The NBA's return to broadcast fueled a 16% year-over-year increase in regular season viewership through mid-February. That marks the highest average NBA audience at this point in the season since 2018. The NBA All-Star Game also benefited with the highest ratings in 15 years in its first year back on NBC. Finally, the Winter Olympics also delivered their strongest viewership in years. The data is clear when it comes to delivering scaled audiences for premium live sports and events. Broadcast remains unmatched. In this regard, Nexstar's own sports-focused programming strategy is delivering excellent results and enabled The CW to exceed our financial expectations in 2025. The CW finished the year as the 10th most-watched ad-supported network and the second fastest-growing network overall, delivering a 19% year-over-year increase in viewership.

Work as we move through 2026 with profitability expected by the fourth quarter of this year.

In Home and Away markets broadcast, still delivers, the majority of the NFL Thursday night football, audience versus Amazon Prime, the NBA's returned to broadcast fueled a 16% year-over-year increase in regular season viewership through mid-February and that marks the highest average NBA audience at this point in the season since 2018.

The continued success of our long term strategic focus on high impact news and sports programming is further validated by the performance of news nation, which posted its strongest year ever in total day primetime and daytime viewership and in 2025 was the fastest growing cable news network in the adult 25 54 demographic.

The NBA All-Star Game also benefited with the highest ratings in 15 years in its first year back on NBC. And finally, the Winter Olympics also delivered their strongest viewership in years. The data is clear when it comes to delivering scaled audiences for premium live sports and events broadcast remains unmatched.

Consumer awareness of news nation has increased to over 40% its highest level to date with over 50% awareness among viewers of news.

In this regard, next star's, own sports, Focus programming. Uh, strategy is delivering, excellent results and enabled the CW to exceed our financial expectations in 2025.

These results reflect the pack that news nation programming and unique fact based reporting is resonating with viewers looking for a balanced and impartial take on the news.

Perry Sook: In 2025, we improved the network's cash flow by an impressive 32%. We anticipate continued financial improvement for the network as we move through 2026, with profitability expected by Q4 of this year. The continued success of our long-term strategic focus on high-impact news and sports programming is further validated by the performance of NewsNation, which posted its strongest year ever in total day, primetime, and daytime viewership, and in 2025, was the fastest-growing cable news network in the adult 25 to 54 demographic. Consumer awareness of NewsNation has increased to over 40%, its highest level to date, with over 50% awareness among viewers of news. These results reflect the fact that NewsNation's programming and unique fact-based reporting is resonating with viewers looking for a balanced and impartial take on the news.

Looking ahead as we had anticipated and discussed on prior calls we are beginning to see more stable subscriber trends smell.

Smaller DC DTC platforms are being integrated into multichannel pay TV packages and distributors continue to launch new value priced skinny bundles, many focusing on broadcast and news programming in Q4 charter posted sequential quarterly growth in video subscribers and overall the data is encouraging to NEK.

Starz distribution outlook.

While we are focused on closing our proposed acquisition of <unk>, we remain equally disciplined and executing against Nexstar as core business.

The CW finished the year as the 10th, most watched ad supported Network and the second fastest growing Network overall, delivering in 19% year-over-year increase in viewership in 2025. We improved the Network's Cash Flow by an improve, uh, an impressive 32% and we anticipate continued Financial Improvement for the network. As we move through 2026, with profitability expected. By the fourth quarter of this year, the continued success of our long-term, strategic, focus on high impact, news and Sports Programming is further validated by the performance of news nation, which posted its strongest year ever in total de Prime Time, and daytime viewership and in 2025 was the fastest growing Cable News Network in the adult 2554 demographic.

Beyond maximizing the political advertising opportunities presented by the midterm elections, our top two priorities in 2026, our digital optimization and expense rationalization.

Consumer awareness of news nation has increased to over 40%. Its highest level to date, with over 50% awareness among viewers of news.

As a key growth engine and we continued to expand our audience reach including local CPB apps now live in 108 markets and broadened advertiser solutions across our owned and third party inventory.

Perry Sook: Looking ahead, as we had anticipated and discussed on prior calls, we're beginning to see more stable subscriber trends. Smaller DTC platforms are being integrated into multichannel pay TV packages, and distributors continue to launch new value-priced skinny bundles, many focusing on broadcast and news programming. In Q4, Charter posted sequential quarterly growth in video subscribers, and overall, the data is encouraging to Nexstar's distribution outlook. While we are focused on closing our proposed acquisition of TEGNA, we remain equally disciplined in executing against Nexstar's core business. Beyond maximizing the political advertising opportunities presented by the midterm elections, our top two priorities in 2026 are digital optimization and expense rationalization. Digital is a key growth engine, and we continue to expand our audience reach, including local CTV apps now live in 108 markets, and broaden advertiser solutions across our own and third-party inventory.

These results reflect the fact that news nation's programming and unique fact-based reporting is resonating with viewers looking for a balanced and impartial take on the news.

Looking ahead, as we had anticipated and discussed on prior calls, we're beginning to see more stable subscriber trends.

Despite AI search headwinds digital revenue grew high single digits in 2025 and double digits in our local business and in 2026, we expect digital revenues past, our national advertising revenue and important milestone that strengthens our long term non political advertising trajectory.

At the same time, we are further streamlining and centralizing our operations automating select production functions aligning incentive compensation closely with performance actions, which we expect will drive additional operating expense reductions and enhanced execution across the company.

Smaller DC DTC platforms are being integrated into multi-channel. Pay TV packages and Distributors. Continue to launch new value price, skinny bundles, many focusing on broadcast and news programming in Q4 Charter. Posted sequential quarterly growth in video subscribers and overall. The data is encouraging to next star's distribution Outlook.

While we are focused on closing, our proposed acquisition of tegna, we remain equally disciplined and executing against next star's Core Business.

Touching briefly on political AD impact projects about $10 $8 billion in total political advertising for the 'twenty five 'twenty six election cycle a record amount for the mid terms with broadcasting expected to capture nearly 50% of that total or about 528 billion, we expect to capture a low.

Beyond maximizing the political advertising opportunities presented by the midterm elections. Our top 2 priorities in 2026 are digital optimization and expensed rationalization

Perry Sook: To state, despite AI search headwinds, digital revenue grew high single digits in 2025 and double digits in our local business. In 2026, we expect digital revenue to surpass our national advertising revenue, an important milestone that strengthens our long-term, non-political advertising trajectory. At the same time, we are further streamlining and centralizing our operations, automating select production functions, aligning incentive compensation closely with performance, actions which we expect will drive additional operating expense reductions and enhanced execution across the company. Touching briefly on political, Ad Impact projects about $10.8 billion in total political advertising for the 2025, 2026 election cycle, a record amount for the midterms, with broadcasting expected to capture nearly 50% of that total or about $5.28 billion.

digital is a key growth engine and we continue to expand our audience. Reach, including local, CTV apps. Now live in 108 markets, and broaden Advertiser Solutions across our owned and third-party inventory.

Double digit share of total broadcast political advertising spend for the current cycle as our positioning remains excellent with a presence in more than 80% of the condensed contested election markets.

In summary, our assets to generate consistently strong free cash flow, which we've used to create the clean balance sheet that we have today to return capital to shareholders and pursue highly accretive M&A like pigment.

Despite AI search headwinds, digital revenue grew high single digits in 2025 and double digits in our local business. And in 2026, we expect digital revenue to surpass our national advertising revenue—an important milestone that strengthens our long-term non-political advertising trajectory.

Have executed with our proven playbook and grounded in our steadfast community to localism.

We are energized by the significant prospects before us and we remained laser focused on executing our 2026 objectives, including closing our acquisition of <unk> capitalizing on the midterm election, political advertising opportunity and continuing to optimize our business operations all of which we anticipate will contribute to shareholder value create.

At the same time, we are further streamlining and centralizing. Our operations automating. Select production functions. Aligning incentive compensation clo closely with performance actions which we expect will drive additional operating expense reductions and enhanced execution across the company.

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So now with all that said, let me turn the call over to Mike Beard, Michael Thanks.

Perry Sook: We expect to capture a low double-digit share of total broadcast political advertising spend for the current cycle, as our positioning remains excellent, with a presence in more than 80% of the contested election markets. In summary, our assets generate consistently strong free cash flow, which we've used to create the clean balance sheet that we have today, to return capital to shareholders and pursue highly accretive M&A, like TEGNA, and have executed with our proven playbook and grounded in our steadfast community to localism. We are energized by the significant prospects before us, and we remain laser focused on executing our 2026 objectives, including closing our acquisition of TEGNA, capitalizing on the midterm election political advertising opportunity, and continuing to optimize our business operations, all of which we anticipate will contribute to shareholder value creation.

Thanks, Perry and good morning, everyone Nexstar delivered fourth quarter net revenue of 1.29 billion.

A decline of 13, 4% compared to the prior year, primarily reflecting the year over year reduction in political advertising offset by better than expected growth in non political advertising revenues.

Touching briefly on political ad impact projects about 10.8 billion dollars in total political advertising for the 2526 election cycle. A record amount for the midterms with broadcasting expected to capture, nearly 50% of that total or about 5.28 billion. We expect to capture a low double-digit share of total broadcast political advertising, spend for the current cycle as our positioning remains, excellent. With the presence in more than 80% of the condesce, contested election markets.

Fourth quarter distribution revenue of $720 million increased $6 million or 8% compared to the prior year quarter and primarily reflects increased rates growth in Z Mvpds subscribers and the addition of CW affiliations on certain of our stations offset in part by <unk>.

Take the clean balance sheet that we have today to return Capital, to shareholders, and pursue, highly accretive m&a, like tegna and have executed with our proven Playbook and grounded in our steadfast Community to localism.

By Mvpds subscriber attrition.

In 2025, we renewed distribution agreements covering more than 60% of our subscribers extended our network affiliation agreements with ABC in my network to 2027, and renegotiated affiliation and Dnb PD agreements for the CW covering about two thirds of its subscribers.

Perry Sook: Now, with all that said, let me turn the call over to Michael Biard. Michael?

We are energized by the significant prospects before us and we remain laser focused on executing our 2026 objectives, including closing our acquisition of tegna capitalizing on the midterm election political advertising opportunity and continuing to optimize our business operations. All of which we anticipate will contribute to shareholder value creation.

Michael Biard: Thanks, Perry. Good morning, everyone. Nexstar delivered Q4 net revenue of $1.29 billion, a decline of 13.4% compared to the prior year, primarily reflecting the year-over-year reduction in political advertising, offset by better-than-expected growth in non-political advertising revenues. Q4 distribution revenue of $720 million increased $6 million, or 0.8%, compared to the prior year quarter, primarily reflects increased rates, growth in vMVPD subscribers, and the addition of The CW affiliations on certain of our stations, offset in part by MVPD subscriber attrition. In 2025, we renewed distribution agreements covering more than 60% of our subscribers, extended our network affiliation agreements with ABC and My Network to 2027, renegotiated affiliation and vMVPD agreements for The CW, covering about two-thirds of its subscribers.

Looking ahead, we have approximately 30% of subscribers up for renewal this year.

In 2026 on a standalone nexstar only basis, we are projecting distribution revenue growth to be in the low single digits on a gross basis and in the mid single digits on a net basis for the full year <unk>.

So, now with all that said, let me turn the call over to my beard, Michael. Thanks, Perry. And good morning everyone. Next, to our delivered fourth quarter, net revenue of 1.29 billion dollars a decline of 13.4% compared to the prior year. Primarily reflecting the year-over-year reduction in political advertising offset by better than expected growth in non-political advertising revenues,

Our projections are based on our current and expected contract terms and an improvement in the rate of subscriber attrition.

Turning back to our results for Q4, 2025 advertising revenue of $549 million decreased $209 million or 27, 6% over the comparable prior year, primarily reflecting $233 million year over year decrease in political advertising to $21 million.

Fourth quarter distribution revenue of $720 million increased $6 million, or 0.8%, compared to the prior year quarter, and primarily reflects increased rate growth in MVPD subscribers and the addition of CW affiliations on certain of our stations, offset in part by MVPD subscriber attrition.

However, non political advertising was up four 5% in the quarter better than the expectation of a low single digit decrease we mentioned in our last earnings call.

Michael Biard: Looking ahead, we have approximately 30% of subscribers up for renewal this year. In 2026, on a standalone Nexstar-only basis, we are projecting distribution revenue growth to be in the low single digits on a gross basis and in the mid single digits on a net basis for the full year. Our projections are based on our current and expected contract terms and an improvement in the rate of subscriber attrition. Turning back to our results for Q4 2025. Advertising revenue of $549 million decreased $209 million, or 27.6%, over the comparable prior year, primarily reflecting $233 million year-over-year decrease in political advertising to $21 million.

In 2025, we renewed distribution agreements covering more than 60% of our subscribers. We extended our network affiliation agreements with ABC and MyNetworkTV to 2027, and renegotiated affiliation and VMVPD agreements for The CW, covering about two-thirds of its subscribers.

We saw a later than anticipated spending last quarter driving broad based improvement across all advertising segments, including local national network and digital.

Looking ahead, we have approximately 30% of subscribers up for Renewal this year.

Top advertising categories in the quarter, where gaming banking attorneys and sports betting driven by the legalization of online sports betting in Missouri.

In 2026 on a standalone nexstar only basis. We are projecting distribution Revenue growth to be in the low single digits on a growth basis and in the mid single digits on a net basis for the full year.

<unk> was once again, our largest declining category, but our focus on developing new digital advertising products with auto dealers, partially offset that decline.

Our projections are based on our current and expected contract terms and an improvement in the rate of subscriber attrition.

For the first quarter Nonpolitical advertising is currently forecast to be flattish on a year over year basis, primarily due to the negative relative to impact of the Super Bowl airing on NBC. This year compared to Fox last year, where we have a stronger footprint. However.

Michael Biard: However, non-political advertising was up 4.5% in Q4, better than the expectation of a low single-digit decrease we mentioned in our last earnings call. We saw later than anticipated spending in Q4, driving broad-based improvement across all advertising segments, including local, national, network, and digital. Top advertising categories in Q4 were gaming, banking, attorneys, and sports betting, driven by the legalization of online sports betting in Missouri. Auto was once again our largest declining category, but our focus on developing new digital advertising products with auto dealers partially offset that decline. For Q1, non-political advertising is currently forecast to be flattish on a year-over-year basis, primarily due to the negative relative impact of the Super Bowl airing on NBC this year compared to Fox last year, where we have a stronger footprint.

Turning back to our results for Q4 2025, advertising revenue of $549 million decreased $209 million, or 27.6%, over the comparable prior year, primarily reflecting a $233 million year-over-year decrease in political advertising to $21 million.

However, this negative comparison will be partially offset by the incremental advertising from the Winter Olympics on NBC. So.

So far this year, we've seen strong viewership and advertiser demand for marquee sports content with more than a 20% increase in advertising for the 2026 Super Bowl and Milan Cortina Olympics compared to the comparable 2022 Super Bowl and Beijing Olympics.

however, non-political advertising was up 4.5% in the quarter better than the expectation of a low single-digit decrease, we mentioned in our last earnings call

We saw later than anticipated spending last quarter driving broad-based improvement across all advertising segments, including local national network and digital.

On the political side, we generated approximately $21 million in political advertising revenue during the quarter, primarily driven by Virginia statewide general election, and spending on general election spending in California's Redistrict, Inc.

Top advertising categories in the quarter were gaming, banking, attorneys, and sports betting, driven by the legalization of online sports betting in Missouri.

That proposition and early Governor's race spending.

Ottawa was, once again, our largest declining category, but our focus on developing new digital advertising products with auto dealers partially offset that decline.

With the return of the midterm election cycle in 2026, we look forward to once again, demonstrating the value of broadcast television to candidates and campaigns looking to communicate to the electorate through political advertising on TV.

As Perry mentioned, we expect to generate a low double digit percentage of total broadcast political advertising for the year.

Michael Biard: However, this negative comparison will be partially offset by the incremental advertising from the Winter Olympics on NBC. This year, we've seen strong viewership and advertiser demand for marquee sports content, with more than a 20% increase in advertising for the 2026 Super Bowl and Milano Cortina 2026, compared to the comparable 2022 Super Bowl and Beijing Olympics. On the political side, we generated approximately $21 million in political advertising revenue during the quarter, primarily driven by Virginia's statewide general election and general election spending and California's redistricting ballot proposition and early governor's race spending. With the return of the midterm election cycle in 2026, we look forward to once again demonstrating the value of broadcast television to candidates and campaigns looking to communicate to the electorate through political advertising on television.

For the first quarter non-political, advertising is currently forecast to be flattish on a year-over-year basis. Primarily due to the negative relative impact of the Super Bowl airing on NBC this year compared to Fox last year where we have a stronger footprint.

As a reminder, industry advertising forecasts are provided on a gross basis and Nexstar reports advertising revenue, including political net of agency commissions.

However, this negative comparison will be partially offset by the incremental advertising from the Winter Olympics on NBC

so far this year, we've seen strong viewership and Advertiser demand for Marquee Sports content with

As in previous election years, we expect roughly 20% of our full year political advertising revenue to be earned in the first half of 2026 with the remaining 80% in the second half.

more than a 20% increase in advertising for the 2026 Super Bowl and Milan Cortina Olympics compared to the comparable 2022, Super Bowl and Beijing Olympics.

Political advertising is also expected to impact nonpolitical advertising driving displacement in the back half of the year.

On the political side, we generated approximately 21 million dollars in political advertising Revenue during the quarter.

On the expense side, we remain focused on continuously improving the operational efficiency of our business and in 2025, we reduced recurring cash operating expenses by one 6% as a result of the operational restructuring we implemented in Q4 2024 in Q1 2025 and continued rationalization of programming costs at the <unk>.

Primarily driven by Virginia's Statewide general election. And spending on general election, spending and California's redistricting ballot proposition and early governor's race spending.

Michael Biard: As Perry mentioned, we expect to generate a low double-digit percentage of total broadcast political advertising for the year. As a reminder, industry advertising forecasts are provided on a gross basis, and Nexstar reports advertising revenue, including political, net of agency commissions. As in previous election years, we expect roughly 20% of our full-year political advertising revenue to be earned in the first half of 2026, with the remaining 80% in the second half. Political advertising is also expected to impact non-political advertising, driving displacement in the back half of the year.

With the return of the midterm election cycle in 2026. We look forward to once again, demonstrating the value of broadcast, television to candidates and campaigns looking to communicate to the electorate through political advertising on television.

Looking ahead as Perry mentioned, you can expect us to deliver additional cash operating expense savings across the business in 2026.

As Perry mentioned, we expect to generate a low double-digit percentage of total broadcast pop political advertising for the year.

Turning to the CW.

Audiences are consistently showing up for our live sports lineup and that momentum is translating into progress toward our financial targets.

As a reminder, industry advertising forecasts are provided on a gross basis. And next, our reported advertising revenue, including political, is net of agency commissions.

With its debut on CW sports the NASCAR O'reilly Autoparts series, formerly the Xfinity series delivered its most watched season in four years up 10% year over year, averaging over 1 million viewers across 33 races.

As in previous election years, we expect roughly 20% of our full year, political advertising Revenue to be earned in the first half of 2026.

With the remaining 80% in the second half.

Michael Biard: On the expense side, we remain focused on continuously improving the operational efficiency of our business, in 2025, we reduced recurring cash operating expenses by 1.6% as a result of the operational restructuring we implemented in Q4 2024 and Q1 2025, and continued rationalization of programming costs at The CW. Looking ahead, as Perry mentioned, you can expect us to deliver additional cash operating expense savings across the business in 2026. Turning to The CW, audiences are consistently showing up for our live sports lineup. That momentum is translating into progress toward our financial targets. With its debut on CW Sports, the NASCAR O'Reilly Auto Parts series, formerly the Xfinity series, delivered its most-watched season in four years, up 10% year-over-year, averaging over 1 million viewers across 33 races.

College football also posted double digit gains averaging 456000 viewers per week with ACC match ups on the CW up 26%.

Political advertising is also expected to impact non-political advertising, driving displacement in the back half of the year.

<unk> men's and women's basketball is also off to a strong start this season with total viewers up 35% through the first 10 games.

And NASCAR and the CW is returns strong with the O'reilly auto parts series season opener at Daytona delivering $2 3 million viewers, including more viewers in the 18 to 49 demo for any addition of this race since 2018.

Is by 1.6% as a result of the operational. Restructuring, we implemented in Q4 2024 and q1, 2025 and continued. Rationalization of programming costs at the CW.

Looking ahead is Perry. Mentioned, you can expect us to deliver additional cash operating expense savings across the business in 2026.

The momentum continued last week in Atlanta, where we've delivered $1 4 million average viewers, representing the best performance for this race since 2016.

According to the CW.

Audiences are consistently showing up for our live sports lineup, and that momentum is translating into progress toward our financial targets.

With 100 additional hours of sports programming expected in 2026, nearly 47% of the CW schedule will be sports or sports adjacent at.

At the same time, we're strengthening our primetime lineup with premium entertainment, including Wildcards. The final season of ball American Police 24, seven and refresh game shows Scrabble hosted by Craig Ferguson, and trivial pursuit, which will air not only on the CW, but will also be licensed for syndication downstream.

Michael Biard: College football also posted double-digit gains, averaging 456,000 viewers per week, with ACC matchups on The CW up 26%. ACC men's and women's basketball is also off to a strong start this season, with total viewers up 35% through the first 10 games. NASCAR on The CW has returned strong, with the O'Reilly Auto Parts series season opener at Daytona delivering 2.3 million peak viewers, including more viewers in the 18 to 49 demo for any edition of this race since 2018. The momentum continued last week in Atlanta, where we've delivered 1.4 million average viewers, representing the best performance for this race since 2016. With 100 additional hours of sports programming expected in 2026, nearly 47% of The CW schedule will be sports or sports adjacent.

With its debut on CW Sports, the NASCAR O'Reilly Auto Parts series formerly the Xfinity series delivered. Its most watched season in 4 years up, 10% year-over-year averaging over 1 million viewers across 33 races

College football also posted double digit gains averaging, 456,000 viewers per week with ACC match ups on the CW up 26%.

ATC men's and women's basketball is also off to a strong start this season, with total viewership up 35% through the first 10 games.

Our overall programming strategy is delivering results.

CW outperforming big four primetime telecasts 273 times across total viewers and key demos in the 2020 for 2025 season, that's up from just 45 times a year ago.

And NASCAR on the CW has returned strong with the O'Reilly Auto Parts series season opener at Daytona delivering 2.3 million Peak viewers including more viewers in the 18-49 demo for any addition of this race. Since 2018

Similarly news nation continues to hit consistent ratings milestones in 2025 news nation remain the number one fastest growing cable news network in the 25 to 54 demo for.

The momentum continued last week in Atlanta, where we've delivered 1.4 million average viewers representing the best performance for this race since 2016.

For the year news nation surpassed EMS now 60 times and CNN 40 times in head to head telecast across total viewers and in the 25 to 54 and 35% to 64 demos as compares to the 2024 period when news nation surpassed MSNBC four times and CNN two times in head to head telecast.

Michael Biard: At the same time, we're strengthening our primetime lineup with premium entertainment, including Wild Cards, the final season of All American, Police 24/7, and refreshed game shows, Scrabble, hosted by Craig Ferguson, and Trivial Pursuit, which will air not only on The CW but will also be licensed for syndication downstream. Our overall programming strategy is delivering results, with The CW outperforming Big Four primetime telecasts 273 times across total viewers and key demos in the 2024/2025 season. That's up from just 45 times a year ago. Similarly, NewsNation continues to hit consistent ratings milestones. In 2025, NewsNation remained the number one fastest growing cable news network in the 25 to 54 demo.

With 100 additional hours of sports programming expected in 2026, nearly 47% of The CW schedule will be sports or sports-adjacent.

So to close I want to reiterate our confidence in our long term outlook and the enduring strength of <unk> business model, our programming strategy anchored by live news and sports continues to deliver results for the CW and news nation, and we remain committed to unlocking even greater value from these assets as our audiences grow.

At the same time or prime time lineup with premium entertainment including wild cards, the final season of All American police 24/7. And refresh games shows Scrabble hosted by Craig Ferguson and Trivial Pursuit which will are not only on the CW but will also be licensed for syndication Downstream.

Our overall programming strategy is delivering results.

Our local programming strategy is similarly anchored by our unrivalled live news product and the proposed <unk> acquisition will create a substantial and immediate value for shareholders, while advancing the public interest bus by strengthening local broadcast journalism and providing an expanded range competitive broadcast and digital advertising solutions across our portfolio of local and.

With the CW outperforming Big 4 Prime Time telecasts 273 times across total viewers and key Demos in the 2024 2025 season. That's up, from just 45 times a year ago.

Michael Biard: For the year, NewsNation surpassed MSNBC 60 times and CNN 40 times in head-to-head telecasts across total viewers and in the 25 to 54 and 35 to 64 demos. This compares to the 2024 period, when NewsNation surpassed MSNBC 4 times and CNN 2 times in head-to-head telecasts. To close, I want to reiterate our confidence in our long-term outlook and the enduring strength of Nexstar's business model. Our programming strategy, anchored by live news and sports, continues to deliver results for The CW and NewsNation, and we remain committed to unlocking even greater value from these assets as our audiences grow.

Similarly, news Nation continues to hit consistent ratings, milestones in 2025 news Nation. Remained. The number 1 fastest, growing Cable News Network in the 25- 54 demo

National assets.

And with that it's my pleasure to turn the call over to Lee and for the remainder of the financial review.

Thank you Mike and good morning, everyone. Mike gave you most of the details on the revenue side and on the CW. So I'll provide a review of expenses adjusted EBITDA and adjusted free cash flow along with a review of our capital allocation activities and our 2020. Thanks go ahead.

For the year news Nation surpassed Ms. Now 60 times and CNN 40 times in head-to-head telecasts across total viewers and in the 25- 54 and 35 to 64 demos

as compared to the 2024 period, when news Nations, surpassed MSNBC 4 times in CNN 2 times in head-to-head telecasts,

Combined fourth quarter direct operating operating and SG&A expenses, excluding depreciation and amortization and corporate expenses decreased by $7 million or <unk>, 9%, driven primarily by reduced commissions from sale of political advertising revenue in Q4, 'twenty four reduced used in production expenses reduced promotions from our operational restructuring initiatives.

Michael Biard: Our local programming strategy is similarly anchored by our unrivaled live news product, and the proposed TEGNA acquisition will create a substantial and immediate value for shareholders, while advancing the public interest by strengthening local broadcast journalism and providing an expanded range of competitive broadcast and digital advertising solutions across our portfolio of local and national assets. With that, it's my pleasure to turn the call over to Leanne for the remainder of the financial review. Leanne?

So, to close, I want to reiterate our confidence, in our long-term Outlook in the enduring strength, of nexstar business model. Our programming strategy anchored, by live news and sports continues to deliver results for the CW and news nation. And we remain committed to unlocking even greater value from these assets as our audiences grow.

And lower administrative and Montana.

Q4, 2025, total corporate expense was $65 million, including noncash compensation expense of $20 million compared to $48 million, including noncash compensation expense of $20 million in the fourth quarter of 2024, the increase of $17 million is primarily due to onetime costs associated with our proposed acquisition of <unk>.

Lee Ann Gliha: Thank you, Mike, good morning, everyone. Mike gave you most of the details on the revenue side and on The CW, so I'll provide a review of expenses, Adjusted EBITDA, and adjusted free cash flow, along with a review of our capital allocation activities and our 2026 guidance. Combined Q4 direct operating and SG&A expenses, excluding depreciation and amortization, and corporate expenses, decreased by $7 million, or 0.9%, driven primarily by reduced commissions from sale of political advertising revenue in Q4 2024, reduced news and production expenses, reduced promotions from our operational restructuring initiatives, and lower administrative and one-time expenses. Q4 2025 total corporate expense was $65 million, including non-cash compensation expense of $20 million, compared to $48 million, including non-cash compensation expense of $20 million in Q4 2024.

And the impact of a reduction in the bonus reserve in the fourth quarter of 24 that was larger than the fourth quarter of 'twenty five.

Q4, 2025 amortization of broadcast rights included in our definition of adjusted EBITDA was $75 million a reduction of $23 million from 90 from $98 million in the fourth quarter of 24, primarily due to timing programming at the CW <unk>.

Our local, programming strategy is similarly anchored, by our own rivaled live news products and the proposed Tega acquisition will create a substantial and immediate value for shareholders while advancing the public interest by by strengthening local broadcast journalism, and providing an expanded range of competitive broadcast, and digital Advertising Solutions across our portfolio of local and National Assets. And with that, it's my pleasure to turn the call over to Leanne for the remainder of the financial review. Lance, thank you. Mike and good morning everyone. Mike gave you most of the details on the revenue side and on the CW. So I'll provide a review of expenses adjusted evida and adjusted free cash flow along with a review of our Capital allocation activities and our 2026 guidance.

Q4, 2025 income from equity method investments, which primarily reflects our 31% ownership in TV food network reduced by amortization of basis difference declined by $12 million in the quarter are 67% primarily related to TV food network lower revenue. We also wrote down our investment in TV and now are consistent with other companies in the entertainment cable networks.

Combined, fourth quarter, direct operating operating and sgna expenses. Excluding depreciation and amortization and corporate expenses decreased by 7 million or 0.9% driven by reduced commissions from sales and political advertising revenue, and Q4 of 24, reduced news and production expenses reduced, promote promotions from our operational, restructuring initiative and lower administrative, and 1 time.

Yes.

Putting it all together on a consolidated basis fourth quarter, adjusted EBITDA was $433 million, representing a 33, 6% margin and a decrease of $195 million from the fourth quarter 24 of $628 million moving.

Lee Ann Gliha: The increase of $17 million is primarily due to one-time costs associated with our proposed acquisition of TEGNA and the impact of reduction in the bonus reserve in Q4 2024, that was larger than Q4 2025. Q4 2025 amortization of broadcast rights included in our definition of adjusted EBITDA was $75 million, a reduction of $23 million from $98 million in Q4 2024, primarily due to timing of programming at The CW. Q4 2025 income from equity method investments, which primarily reflects our 31% ownership in TV Food Network, reduced by amortization and basis difference, declined by $12 million in the quarter, or 67%, primarily related to TV Food Network's lower revenue. We also wrote down our investment in TV Food Network, consistent with other companies in the entertainment cable network space.

Moving to the components of free cash flow and adjusted free cash flow in our fourth quarter Capex was $54 million, an increase of $19 million from 30 $35 million in the fourth quarter last year, primarily due to an investment in real estate at one of our property.

Q4 2025 total corporate expense was 65 million, including non-cash compensation, expense of 20 million, compared to 48 million, including non-cash compensation, expense of 20 million. In the fourth quarter of 2024, the increase of 17 million is primarily due to 1-time costs associated with our proposed, acquisition of tagna, and the impact of a reduction. In the bonus Reserve in the fourth quarter. 24, that was larger than the fourth quarter of 25.

Fourth quarter net interest expense was $91 million a reduction of $13 million from the fourth quarter of 2020 for on a cash basis. This compares to $89 million in Q4 2025 versus $101 million in Q4 2020 for the reduction in interest expense was primarily related to reduction in sulfur and reduced debt balances.

Uh, Q4 2025 amortization of broadcast rights included in our definition of adjusted, but de was 75 million. Our reduction of 23 million from 9 from 98 million. In the fourth quarter of 24, primarily due to the timing of programming at the CW.

Fourth quarter operating cash taxes were $33 million compared to $67 million in 2024, a decrease of $34 million primarily related to decreased pre tax operating income in 2025.

Lee Ann Gliha: Putting it all together, on a consolidated basis, Q4 Adjusted EBITDA was $433 million, representing a 33.6% margin and a decrease of $195 million from Q4 2024 of $628 million. Moving to the components of free cash flow and Adjusted free cash flow, Q4 CapEx was $54 million, an increase of $19 million from $35 million in Q4 last year, primarily due to an investment in real estate at one of our properties. Q4 net interest expense was $91 million, a reduction of $13 million from Q4 2024. On a cash basis, this compares to $89 million in Q4 2025 versus $101 million in Q4 2024.

Which primarily reflects our 31% ownership and TV, Food Network reduced by amortization of basis difference, declined by 12 million in the quarter or 67% primarily related to TV Food, Network's lower Revenue. We also wrote down our investment in TV Food Network consistent with other companies in the entertainment cable network space.

Related to decreased non election political advertising.

Payments for capitalized software obligations net of proceeds from disposal of assets and insurance recoveries were $6 million versus $4 million last year in.

Putting it all together on a Consolidated basis. Fourth quarter adjusted Eva de was 433, million representing, a 33.6% margin and a decrease of 195 million from the fourth quarter, 24 of 628 million.

In Q4 cash programming amortization costs were greater than cash payments by $19 million versus lower by $13 million in 2024, and certain programming payments of our prepaid.

Moving to the components of free cash flow and adjusted free cash flow. Fourth quarter CapEx was $54 million, an increase of $19 million from $35 million in the fourth quarter last year, primarily due to an investment in real estate at one of our properties.

Pulling this all together consolidated fourth quarter 2025, adjusted free cash flow was $214 million as compared to $411 million last year.

Lee Ann Gliha: The reduction in interest expense was primarily related to a reduction in SOFR and reduced debt balances. Q4 operating cash taxes were $33 million, compared to $67 million in 2024, a decrease of $34 million, primarily related to decreased pre-tax operating income in 2025, related to decreased non-election political advertising. Payments for capitalized software obligations, net of proceeds from disposal of assets and insurance recoveries were $6 million versus $4 million last year. In Q4, cash programming amortization costs were greater than cash payments by $19 million versus lower by $13 million in 2024, as certain programming payments were prepaid. Pulling this all together, consolidated Q4 2025 adjusted free cash flow was $214 million, as compared to $411 million last year. Now turning to our 2026 guidance.

Now turning to our 2026 guidance, we believe Nexstar Standalone 2026, adjusted EBITDA will be in the range of $1 95 to $2 5 billion carrying Mike already provided some of the key assumptions that are embedded in that guidance, including one expectation for growth in net distribution revenue growth to be up low and mid single digits.

Fourth quarter. Net, interest expense was 91 million, our reduction of 13 million from the fourth quarter of 2024 and the cash basis, this compares to 89 million in Q4, 2025 versus 101 million in Q4 2024, the reduction in interest expense was primarily related to reduction in so far and reduced debt balances.

Secondly, based on contract renewals completed in 2025 and expected in 2026 and an improvement in subscriber attrition trends.

Fourth quarter, operating cash. Taxes were 33 million compared to 67 million in. In 2024, a decrease of 34 million primarily related to decreased pre-tax operating income in 2025 related to decreased non-election political advertising.

Political advertising revenue should be an amount equal to a low double digit market share of broadcast political advertising and we will have a displacement impact on non political advertising in the back half of the year three total operating and corporate expenses corporate expenses and amortization of broadcast rights. Excluding one time charges will again decline year over year.

Uh, payments, for capitalized software obligations, net of proceeds from disposal of assets and insurance. Recoveries were 6 million versus 4 million last year.

In Q4 cash. Programming amortization costs were greater than cash payments by 19 million versus lower by 13 million in 2024 a certain programming payments were prepaid.

Due to our continued plans to affect our business by focusing on efficiencies and reducing programming costs.

And four we expect the CW will continue to reduce its losses by another 30% in 2026 from 2025 level and achieve profitability in the fourth quarter.

Pulling this all together Consolidated. Fourth quarter, 2025 adjusted. Free cash flow was 214 million as compared to 411 Million last year.

Lee Ann Gliha: We believe Nexstar standalone 2026 Adjusted EBITDA will be in the range of $1.95 to 2.05 billion. Perry and Mike already provided some of the key assumptions that are embedded in that guidance, including, one, our expectation for growth in net distribution revenue growth to be up low in mid-single digits, respectively, based on contract renewals completed in 2025 and expected in 2026, and an improvement in subscriber attrition trends. Two, political advertising revenue should be an amount equal to a low double-digit market share of broadcast political advertising and will have a displacement impact on non-political advertising in the back half of the year.

Now, turning to our 2026 guidance.

We Believe nexstar.

Key factors different from our current expectations, which could affect our outlook for adjusted EBITDA for 2020, either positively positively or negatively those factors include among other things the rate of growth of our attrition of pay TV subscribers, the health of the local and national advertising market or renegotiation of certain distribution and affiliation.

On terms favorable to the company and the attributable net income related to our 31, 3% ownership stake in TV food network, we do not intend to update this guidance on a quarterly basis.

Lee Ann Gliha: 3, total operating corporate expense, corporate expenses and amortization of broadcast rights, excluding one-time charges, will again decline year-over-year due to our continued plans to affect our business by focusing on efficiencies and reducing programming costs. 4, we expect The CW will continue to reduce its losses by another 30% in 2026 from 2025 levels and achieve profitability in Q4. Key factors differing from our current expectations, which could affect our outlook for Adjusted EBITDA for 2026, either positively or negatively. Those factors include, among other things, the rate of growth or attrition of pay TV subscribers, the health of the local and national advertising markets, our renegotiation of certain distribution and affiliation agreements on terms favorable to the company, and the attributable net income related to our 31.3% ownership stake in TV Food Network.

As a few additional points of guidance with respect to.

Adjusted free cash flow, we are currently projecting capex of $125 million to $130 million for the year and 30% to $35 million in the first quarter based on the current yield curve. We anticipate full year 2025 cash interest expense to be in the $355 million to $365 million area and improvement of $11 million versus 2025 levels.

Standalone 2026 adjusted. EBA will be in the range of 1.95 to 2.05 billion per and Mike already provided. Some of the key assumptions that are embedded in that and guidance, including 1, our expectation for growth in net distribution Revenue growth to be up low in mid, single digits respectively, based on contract renewals completed in 2025 and expected in 2026 and an improvement in subscriber. Attrition Trends to political advertising, Revenue should be in an amount equal to a low double-digit market share of broadcast, political advertising and will have a displacement impact on non-political advertising in the back. Half of the Year 3, total operating corporate expense corporate expenses. And amortization of broadcast rights, excluding 1-time charges will again decline year-over-year due to our continued plans to affect our business, by focusing on efficiencies and reducing programming costs.

And 4, we expect the CW will continue to reduce his losses by another 30%, in 2026 from 2025 levels, and achieve profitability in the fourth quarter.

At the midpoint, we project next our cash interest expense, including the spread on our floating rate debt instrument. The current silver forward curve and the coupon on our fixed rate debt along with our expectations for debt repayment, which includes our mandatory amortization of approximately $111 million Q1 interest.

Non interest expense is expected in the $85 million range.

Full year 2026 cash taxes are expected to be approximately 315 to 325 in the $315 million to $325 million range, an increase versus 2025.

Lee Ann Gliha: We do not intend to update this guidance on a quarterly basis. As a few additional points of guidance with respect to Adjusted Free Cash Flow, we are currently projecting CapEx of $125 to $130 million for the year and $30 to $35 million in Q1. Based on the current yield curve, we anticipate full year 2025 cash interest expense to be in the $355 to $365 million area, an improvement of $11 million versus 2025 levels at the midpoint. We project Nexstar's cash interest expense, including the spread on our floating rate debt instruments, the current SOFR forward curve, and the coupons on our fixed-rate debt, along with our expectations for debt repayments, which includes our mandatory amortization of approximately $111 million.

He factors differing from our current expectations, which could affect our outlook for adjusted deep adopt for 2026. Either a positive positively or negatively, those factors include among other things. The rate of growth or attrition of pay TV subscribers, the health of the local and National advertising markets, are renegotiation of certain distribution and the affiliation agreements on terms, favorable to the company and the attributable. Net income related to our 31.3% ownership stake in TV. Food Network, we do not intend to update this guidance on a quarterly basis.

$208 million due to an expected improved income primarily a result of the election year for cash taxes, and the use of 26% tax rate when calculating our estimated tax for one time and other adjustments. The first quarter includes only a very small amount of state income tax in the $2 $6 million range. As a reminder, we will use the annual evasion method for tax.

Any tax related to the fourth quarter of 2006 will be largely differed 27 and.

In 2026 payments for programming are expected to be in excess of amortization by $25 million to $30 million due primarily to an investment in programming for future years with approximately $1 million of that in the first quarter.

Lee Ann Gliha: Q1 interest, Q1 interest expense is expected in the $85 million range. Full year 2026 cash taxes are expected to be approximately 315 to 325, in the $315 to $325 million range, an increase versus 2025 of $208 million due to an expected improved income, primarily a result of the election year. For cash taxes, we use a 26% tax rate when calculating our estimated tax before one-time and other adjustments. The Q1 includes only a very small amount of state income tax in the $2.6 million range. As a reminder, we will use the annualization method for tax, meaning tax related to the Q4 of 2026 will be largely deferred to 2027.

Turning to capital allocation and our balance sheet together with cash from operations generated in the quarter and cash on hand.

Uh as a few additional points of Guidance, with respect to a adjusted free, cash flow. We are currently projecting capex of 125 to 130 million for the year and 30 to 35 million in the first quarter. Based on the current yield curve. We anticipate fully year 2025 cash interest expense to be in the 3555 to 365 million area and Improvement of 11 million versus 2025 levels at the midpoint we project next door's, cash interest expense, including the spread on our floating rate, debt instruments, the current sofa forward curve and the coupons on our fixed rate debt along with their expectations for debt repayments which includes our mandatory amortization of approximately 111 million.

Q1 intrastate, q1 interest expense is expected in the 85 million range.

We returned $56 million to shareholders comprised entirely of dividend as we are conserving cash for acquisition of <unk>.

For the year, we returned $351 million or 42% of our adjusted free cash flow to shareholders in the form of $226 million of dividends and $125 million of share repurchases, reducing our year end shares outstanding by 1% to $33 million.

Full year. 2026 cash, taxes are expected to be approximately 315 to 325 in the 315 to 325 million range and increase versus 2025.

Of 208 million due to an expected, improved income, primarily results of the election year for cash taxes. We use a 26% tax rate when calculating our estimated tax before 1 time, another adjustments.

<unk> outstanding debt at December 31, 2025 was $6 3 billion.

The first quarter includes only a very small amount of state income tax, in the $2.6 million range.

A reduction of $26 million for the quarter as he made quarterly amortization payments are.

Lee Ann Gliha: In 2026, payments for programming are expected to be in excess of amortization by $25 to 30 million, due primarily to an investment in programming for future years, with approximately $1 million of that in Q1. Turning to capital allocation and our balance sheet. Together with cash from operations generated in the quarter and cash on hand, we returned $56 million to shareholders, comprised entirely of dividends, as we are conserving cash for our acquisition of TEGNA. For the year, we returned $351 million, or 42% of our adjusted free cash flow to shareholders in the form of $226 million of dividends and $125 million of share repurchases, reducing our year-end shares outstanding by 1% to 30.3 million.

Our cash balance at quarter end was $280 million, including $13 million of cash related to the CW.

Uh, as a reminder, we will use the annualization method for tax, meaning tax related to the fourth quarter of 26 will be deferred to 27.

Because we designated the CW in an unrestricted subsidiary the losses associated with the CW are not accounted for in our calculation of leverage for purchases of our credit agreement as such our first lien covenant ratio for Nexstar as of December 31, 2025 for the last eight quarters annualized was 171 times, which is well below.

Payments for programming are expected to be in excess of amortization by 25 to 30 million due primarily to an investment in programming for future years with approximately 1 million of that in the first quarter.

Our first lien and only covenant of four to five times, our total net leverage for Nexstar was 309 times at quarter end.

Turning to Capital allocation in our balance sheet uh together with cash from operations generated in the quarter and cash on hand. We returned 56 million to shareholders comprised entirely of dividends as we are conserving, cash for acquisition of tagna.

Our 2026 cash flow will be deployed first to fulfill our mandatory obligations, including debt repayment of $111 million and $36 million of pension and defined benefit plan contributions.

Lee Ann Gliha: Nexstar's outstanding debt at 31 December 2025 was $6.3 billion, a reduction of $26 million for Q4 as we made quarterly amortization payments. Our cash balance at Q4 end was $280 million, including $13 million of cash related to The CW. Because we designated The CW as an unrestricted subsidiary, the losses associated with The CW are not accounted for in our calculation of leverage for purposes of our credit agreement. As such, our first lien covenant ratio for Nexstar as of 31 December 2025 for the last eight quarters annualized was 1.71x, which is well below our first lien and only covenant of 4.25x. Our total net leverage for Nexstar was 3.09x at Q4 end.

Uh for the year, we've returned 351 million or 42% of our adjusted free cash flow to shareholders in the form of 226 million of dividends and 1205 million of shared purchases reducing our year-end shares outstanding by 1% to 30.3 million.

Dissipated 2026 dividend of approximately $228 million and to build cash balances to fund the acquisition of <unk>.

Nexstar is outstanding debt at December 31st, 2025 with 6.3 billion dollars, our reduction of 26 million for the quarter as we made quarterly amortization payments.

In January we announced our dividend maintaining the same level as 2025 as excess cash will be used to fund the acquisition of China based on our stock price as of yesterday, our dividend represents a three 2% yield which puts us in the 73% alcohol dividend dividend paying stocks in the S&P 400 for dividend yield.

Our cash balance at quarter end was 280 million, including 13, million dollars of cash related to The CW.

Because we designated The CW as an unrestricted subsidiary, the losses associated with The CW are not accounted for in our calculation of leverage for purposes of our credit agreement.

With that I'll open up the call for questions. Operator can you go to our first question.

Thank you.

We will now be conducting a question and answer session. If you would like to ask a question. Please press star one on your telephone keypad, a confirmation tone will indicate that Youre line is in the question queue. You May press star two to remove yourself from the queue we're participating.

Lee Ann Gliha: Our 2026 cash flow will be deployed first to fulfill our mandatory obligations, including debt repayments of $111 million and $36 million of pension and defined benefit plan contributions, the anticipated 2026 dividend of approximately $228 million, and to build cash balances to fund the acquisition of TEGNA. In January, we announced our dividend, maintaining the same level as 2025, as excess cash will be used to fund the acquisition of TEGNA. Based on our stock price as of yesterday, our dividend represents a 3.2% yield, which puts us in the 73rd percentile of all dividend-paying stocks in the S&P 400 for dividend yield. With that, I'll open up the call for questions. Operator, can you go to our first question?

As such our first lean, uh Covenant ratio for nexstar as of December. 31st 2025 for the last 8 quarters annualized was 1.71 times which is well below our first lean and only Covenant of 4.25 times our total net leverage for nexstar was 3.09 times that quarter end.

Events using speaker equipment, it may be necessary to pick up the handset before pressing the star keys.

And then we'll go into our first question, we'll hear from Dan <unk> with benchmark.

Great. Thanks, Good morning, I appreciate all the color as usual Perry as you might imagine given the presidential tweet recently, I think investor anxiety around when we might get an FCC cap elimination has increased a little bit. So any color you can give us around wording.

Our 2026 cash flow will be deployed first to fulfill our mandatory obligations, including debt repayments of $111 million and $36 million of pension and defined benefit plan contributions. The anticipated 2026 dividend of approximately $228 million and to build cash balances to fund the acquisition of Tegna.

Timing on how that process might play out would be helpful and then.

In January, we announced our dividend, maintaining the same level as 2025, as excess cash will be used to fund the acquisition of Tagma based on our stock price. As of yesterday, our dividend represents a 3.2% yield, which puts us in the 73rd percentile of all dividend-paying stocks in the S&P 400 for dividend yield.

Separately on the expense side.

Operator: Thank you. We will now be conducting a question-and-answer session. If you would like to ask a question, please press star 1 on your telephone keypad. A confirmation tone will indicate that your line is in the question queue. You may press star 2 to remove yourself from the queue. For participants using speaker equipment, it may be necessary to pick up the handset before pressing the star keys. We'll go on to our first question. We'll hear from Dan Kurnos with Benchmark Stonex.

With that, I'll open up the call for questions. Operator, can you go to our first question?

But all of you really super helpful like kind of walk through the pieces I guess since you guys called out.

Thank you.

The digital optimization.

And expense rationalization as your two priorities given all of the AI tools that are out there, but we're hearing from peers. What we're hearing from kind of the broader tech landscape and how much of that is sort of embedded in the guide you've given this year. How much is applicable on say like content cost reduction for things like CW or news nation.

We will now be contacting a question and answer session. If you would like to ask a question, please press star 1 on your telephone keypad. A confirmation tone will indicate that your line is in the question queue. You may press star 2 to remove yourself from the queue for participants using speaker equipment. It may be necessary to pick up the handset before pressing the star keys.

Any way you can help us frame up kind of the opportunity set you see there to continue to sort of this expense reduction momentum would be helpful. Thank you.

Dan Kurnos: Great. Thanks. Good morning. Appreciate all the color as usual. Perry, as you might imagine, you know, given the presidential tweet recently, I think investor anxiety around when we might get an FCC cap elimination has increased a little bit. Any color you can give us around wording, timing, and how that process might play out would be helpful. Separately, on the expense side, you know, both, all of you really super helpful, like, kind of walk through the pieces. I guess, since you guys called out digital optimization and expense rationalization as your two priorities, you know, given all of the AI tools that are out there, what we're hearing from peers, what we're hearing from, you know, kind of the broader tech landscape, I mean, how much of that is sort of embedded in the guide you've given this year?

And then we'll go on to our first question. We'll hear from Dan Kernos with Benchmark Stonex.

Dan I'll take the first part.

We would hope to not characterize investor anxiety around the elimination of the cap and approval of our deal I would hope that that anxiety, which turned into enthusiasm.

We certainly appreciate the support of.

The president vis vis his tweet and follow on comments by the <unk>.

Chairman of the FCC and his support for the deal and as to timing that's really the purview of the regulatory agencies. We are working very very diligently to complete all of the information requests.

Great, thanks. Good morning. Appreciate all the color as usual. Um, Perry as you might imagine, you know, given the presidential tweet recently, I think investor anxiety around when we might get, uh, an FCC cap elimination has increased a little bit, so any color you can give us uh, around wording timing and how that process might play out would be helpful and then separately on the expense side. Um, you know both all of you really super helpful like kind of walk through the pieces I guess since you guys called out.

As things go the FCC shot clock wood.

Dan Kurnos: How much is applicable on, say, like, content cost reduction for things like CW or NewsNation? Just any way you can help us frame up, you know, kind of the opportunity set you see there to continue sort of this expense reduction momentum would be helpful. Thank you.

<unk> expire on June the first of this year so.

We remain consistent in our belief that the transaction will close before the end of second quarter.

We are hopeful that we can close sooner than that but we'll obviously continue to engage with the regulatory agencies to try and get to the to the desired result, not only on the national ownership cap, but the.

Perry Sook: Well, Dan, I'll take the first part. I would hope to not characterize investor anxiety around the elimination of the cap and approval of our deal. I would hope that that anxiety would turn into enthusiasm. We certainly appreciate the support of the president, vis-à-vis his tweet, and follow-on comments by the chairman of the FCC and his support for the deal. As to timing, that's really the purview of the regulatory agencies. We are working very diligently to complete all of the information requests. You know, as things go, the FCC shot clock would technically expire on 1 June of this year. We remain consistent in our belief that the transaction will close before the end of Q2.

Digital optimization and expense rationalization is your 2, Pryor, you know, given all of the AI tools that are out there. What we're hearing from peers, what we're hearing from, you know, kind of the broader Tech landscape. I mean, how much of that is sort of embedded in the guide, you've given this year, how much is applicable on say, like content cost reduction for things like CW or news Nation? Just any way you can help us frame up, you know, kind of the opportunities that you see there to continue, sort of this expense reduction momentum would be helpful. Thank you.

The approval of our transaction.

On the on your questions about digital expense, maybe I'll, just I'll take digital one.

I think that.

Nexstar has got a tremendous local sales force we have over 500 count.

It's across the country relationships with over 50000 advertisers, our advertisers really value our TV product, but they also value our app and our website and they are also increasingly looking for audiences audience extension opportunities because we have those great local relationships, we're able to sell.

More and sell a broader audience, not just including our local TV audience, but if somebody wants more entertainment or they want more.

Perry Sook: We are hopeful that we can close sooner than that, but we'll obviously continue to engage with the regulatory agencies to try and get to the desired result, not only on the national ownership cap, but the approval of our transaction.

Different demographics, we can sell that and add that onto the portfolio. So we've had good success with that especially on our local side and that really had been driving the growth and as Perry mentioned this will be a good year for us because we do expect our digital revenue to eclipse, our national TV advertising revenue, which digital has a different trajectory which should ask.

Well then I'll take the first part I'm not. I I would hope to not characterize investor anxiety around the elimination of the cap and approval of our deal. I would hope that that anxiety would turn into enthusiasm, uh, we certainly appreciate the support of, uh, the president Visa V, his tweet and and follow on comments by the, uh, uh, chairman of the FCC and his support for the deal. And as to timing, that's really, uh, the purview of the regulatory agency. So we are uh, working very uh, very diligently to complete all of the information requests. Um, you know, as things go, the FCC shot clock would, uh, technically expire on June the 1st, uh, of this year. So we uh, we remain consistent in our belief that the transaction will close uh before the end of second quarter. Uh we are hopeful that we can close sooner than that but uh we'll obviously continue to engage with the Regulatory Agencies to try and get to

Lee Ann Gliha: On your questions about digital and expense, maybe I'll take digital first. You know, I think that, you know, Nexstar has got a tremendous local sales force. We have, you know, over 1,500 sales folks across the country, relationships with over 50,000 advertisers. Our advertisers really value our television products, but they also value our apps and our websites, and they are also increasingly looking for, you know, audience extension opportunities. Because we have those great local relationships, we're able to, you know, sell more and sell, you know, a broader audience, not just including our local television audience, but if somebody wants more entertainment or they want more different demographics, we can sell that and add that onto the portfolio.

Really help our longer term.

Growth with respect to net revenue.

On the expense side, we are.

Continuing to just look at the business in ways to optimize the operation and are there ways that we can do things in a different way that is more centralized or two.

Create use new technologies to help create efficiencies in the.

In our local operations and even more essentially and so we are just continuing to re imagine that that's one of the benefits we have because of the scale of our business. We just have a good opportunity to be able to do some of those things and you saw in our 2025 results and Youll see it again in our 2026 results.

Lee Ann Gliha: We've had good success with that, especially on our local side, and that's really had been driving the growth. As Perry mentioned, this will be a good year for us because we do expect our digital revenue to, you know, eclipse our national television advertising revenue, which, you know, digital has a different trajectory, which should actually really help our longer term growth with respect to net revenue. On the expense side, you know, we are continuing to just look at the business in ways to, you know, optimize the operations. Are there ways that we can do things in a different way that's more centralized or to create use new technologies to, you know, help create efficiencies in our local operations and even more centrally?

Thank you. Thank you.

Our next question, we'll hear from Benjamin <unk> with Deutsche Bank.

On the, uh, on your questions, about digital and expense, maybe I'll just, I'll take digital first, you know, I think that, um, you know, nexstar has got a tremendous, local sales force, we have, you know, over 1500 sales. Uh, folks across the country, uh, relationships with over 50,000 advertisers, uh, our advertisers really value our, our television products, but they also value our apps and our websites. And they are also increasingly looking for, you know, audience audience, extension opportunities. And because we have those great local relationships, we're able to, uh, you know, sell more and sell, you know, a broader audience, not just including our local television audience, but if somebody wants more entertainment, or they want more, um, different demographics. We can sell that and add that on to the portfolio. So we've had good success, uh, with that, especially on our local side and that's really had been driving the growth. And its Perry mentioned, this will be a, a good year for us because we do expect our digital Revenue to, you know, Eclipse. Our national television advertising Revenue which, you know, digital has a a

Good morning, Thanks for the question another one on the regulatory side now that you're a bit deeper into that process have there been any surprises so far in your conversations with regulators and in particular do you have a sense for how the Doj might plan to view in market consolidation and what could that mean in terms of requiring any divestitures or not.

Different trajectory which should actually really help our our longer term, um, growth with respect to, uh, net revenue.

And then Im curious what youre seeing as far as the macro environment. So far in 2026 as it relates to advertising. Thank you.

Um, on the expense side, you know, we are, uh, continuing to just look at the business in ways to, you know, optimize the operations and are there ways that we can do things in a, in a different way, that's more centralized or to, uh, create, um, use new technologies to, you know, help create efficiencies in the, in the, in our local operations.

Lee Ann Gliha: We are just continuing to reimagine that, and that's one of the benefits we have because of the scale of our business. We just have, you know, a good opportunity to be able to do some of those things. You saw it in our 2025 results, and you'll see it again in our 2026 results.

Sure as it relates to the regulatory process.

Are we continuing to engage vigorously with the Doj and I think you provided some excellent material to them.

And even more centrally. And so, we are just continuing to reimagine that and that's 1 of the benefits. We have because of the scale of our business, we just have, you know, a good opportunity to be able to do some of those things. And you saw

Guarding the definition of market or redefinition of video, which is where we really compete.

In our, our 2025 results and you'll see it again in our 2026 results.

[Analyst] (The Benchmark Company): Thank you.

Dan Kurnos: Thank you.

Lee Ann Gliha: Thank you.

Thank you. Thank you.

Obviously, they have yet to render a decision so.

Operator: Our next question, we'll hear from Benjamin Soff with Deutsche Bank.

We will obviously defer to their judgment, but I think that the information that we provided has been strong and we're laser focused on that so we feel very good about where we are the dialogue. We've had the progress we've made the endorsements that we've received.

Benjamin Soff: Good morning. Thanks for the question. Another one on the regulatory side. Now that you're a bit deeper into that process, have there been any surprises so far in your conversations with regulators? In particular, do you have a sense for how the DOJ might plan to view in-market consolidation, and what could that mean in terms of requiring any divestitures or not? I'm curious what you're seeing in, as far as the macro environment so far in 2026 as it relates to advertising. Thank you.

Our next question, we'll hear from Benjamin Saw with Deutsche Bank.

But as to transaction particulars, we're just not we're just not there yet in terms of those expectations.

Patients.

But as we reported.

Historically, we expect that if there are any divestitures they would be de minimis to the overall value of the deal.

Perry Sook: Sure. As it relates to the regulatory process, I mean, we continue to engage vigorously with the DOJ. I think it provided some excellent material to them, regarding the definition of market or redefinition of video, which is where we really compete. Obviously, they have yet to render a decision, so, you know, we will obviously defer to their judgment. I think that the information that we provided has been strong, and we're laser focused on that. We feel very good about where we are, the dialogue we've had, the progress we've made, the endorsements that we've received. As to transaction particulars, we're just not there yet in terms of those expectations.

Good morning. Thanks for the question. Another 1 on the regulatory side, now that you're a bit deeper into that process. Have there been any surprises so far in your conversations with regulators. And in particular, do you have a sense for how the doj might plan to view in Market consolidation? And what could that mean, in terms of requiring, any devest or not? And then, I'm curious what you're seeing in as far as the macro environment, so far in 2026 as it relates to advertising. Thank you.

And then just on the overall macro environment I think we're feeling.

Decent about it I think one of the things that we'd like to track within our overall advertising.

Categories, and what percentage of the categories are increasing versus decreasing in terms of the revenue growth and we're seeing.

In the first quarter versus the fourth quarter, a greater percentage that are increasing.

We saw in the fourth quarter so.

I think we're we have some guidance here of flattish in terms of our non political advertising in the first quarter. So we're feeling we're feeling decent about the macro outlook.

Sure, as it relates to the, uh, the regulatory process. Uh, I mean, we continue to engage, uh, vigorously with the DOJ. And I think we provided some excellent material to them, uh, regarding the definition of market or redefinition of video, which is where we really compete. Um, obviously they have yet to render a decision, so, uh, you know, we will obviously defer to their judgment, uh, but I think that the information that we provided has been strong and we're laser focused on that.

Thank you.

And next we'll move to Aaron Watts with Deutsche Bank.

So, uh, we feel very good about where we are in the dialogue. We've had the progress, we've made the endorsements that we've received. Uh, but as to transaction particulars, we're just not—we're just not there yet in terms of, of, of—

Perry Sook: As we've reported historically, we expect that if there are any divestitures, they would be de minimis to the overall value of the deal.

Hi, everyone. Thanks for having me on two questions maybe one for you to start just based on.

Of those expectations. Uh, but as we've reported

Your performance to close out 25 in your view into 'twenty six any change in your outlook for pro forma leverage once you close the <unk> deal.

Lee Ann Gliha: Yeah. Just on the overall macro environment, I think we're feeling, you know, decent about it. I think one of the things that we like to track is, within our overall advertising categories, is what percentage of the categories are increasing versus decreasing in terms of the revenue growth. We're seeing in Q1 versus Q4, a greater percentage that are increasing than we saw in Q4. You know, we had some guidance here of, you know, flattish in terms of our non-political advertising in Q1, we're feeling decent about the macro outlook.

historically, we expect that. If there are any divers, they would be uh, diminished to the overall uh value of the deal.

Not really now.

Okay great.

Then.

Secondly for me on the advertising side Perry. This question is a bit of an offshoot of when I asked you at the time, you announced the <unk> deal.

Programmatic buying marketplace continues to grow and gain influence how do you see that impacting your AD sales overall over the near term horizon.

And how are you currently participating are planning to participate in that marketplace with your AD inventory.

Yes, and then um, just on the overall macro environment, I think we're feeling, you know, decent about it. I think 1 of the things that we'd like to track is within our overall advertising, uh, categories is what percentage of the categories are increasing in terms of the their revenue growth, and we're seeing um in the first quarter, versus the fourth quarter, a greater percentage that are increasing um, than we saw in in the fourth quarter. So um, I think we're, you know, we had some guidance here of, you know, flattish, in terms of our non-political advertising in the first quarter. So we're feeling we're feeling.

Benjamin Soff: Thank you.

Decent about the uh, the macro Outlook.

Sure well in terms of programmatic digital advertising part of the acquisition of <unk> will include the acquisition of premiere on which as their platform for programmatic digital advertising.

Thank you.

Operator: Next, we'll move to Aaron Watts with Deutsche Bank.

And next I'll move to Aaron Watts with Deutsche Bank.

Aaron Watts: Hi, everyone. Thanks for having me on. Just two questions. Leigh Ann, maybe one for you to start. Just based on your performance, to close out 2025 and your view into 2026, any change in your outlook for pro forma leverage, once you close the TEGNA deal?

I think there are some some real opportunity there to overlay that technology and that sales force with our inventory, which currently is not on the Permian platform. So that is an upside in operating the business I wouldn't necessarily characterize it as a synergy, but obviously, we think that will prove as time goes on as.

Lee Ann Gliha: Oh, not really, no.

Hi everyone. Thanks for having me on uh, just 2 questions leam, maybe 1 for you to start just based on your performance, uh, to close out 25 and your view into 26, any change in your outlook for pro-forma, leverage, uh, once you close the tenant deal,

Aaron Watts: Okay, great. Secondly, for me, on the advertising side, Perry, this question's a bit of an offshoot of one I asked you at the time you announced the TEGNA deal. The programmatic buying marketplace continues to grow and gain influence. How do you see that impacting your ad sales overall over the near-term horizon? How are you currently participating or planning to participate in that marketplace with your ad inventory?

Oh, not really know.

Okay, great. Uh, and then

To programmatic on linear.

We already are in that business to a certain extent with companies like IBM ITN and cadence, who basically are doing a very manual version of programmatic.

Secondly, for me, on the advertising side. Perry, this question is a bit of an offshoot of when I asked you at the time, you announced the Techno deal.

Linear.

We are working.

Internally and with external partners to develop a.

Perry Sook: Sure. Well, in terms of programmatic digital advertising, you know, part of the acquisition of TEGNA will include the acquisition of Premion, which is their platform for programmatic digital advertising. We think there's some real opportunity there to overlay that technology and that sales force with our inventory, which currently is not on the Premion platform. That, that is an upside in operating the business. I wouldn't necessarily characterize it as a synergy, but obviously, we think that will prove as time goes on. As to programmatic on linear, I mean, we already are in that business to a certain extent with companies like IDN, ITN, and Cadent, who basically are doing a very manual version of programmatic in linear.

Are you planning to participate in that marketplace with your ad inventory?

A programmatic linear solution that we're in.

In the early early stages of trying to develop with other other partners.

We need to reduce the frictional cost of buying linear inventory.

And I think technology is a way to do that.

And I think that.

We'd like to get to the point, where we have a single seamless system from pitch to pay regardless of where the impressions are located that you're attempting to access and so that's my vision and where I would like us to get to obviously when people ask me, what we're going to do on.

Day, two of the of the tagged acquisition closing it's to work on that project and work has started already and we've got it pretty.

Pretty good task force together and do another update here in a couple of weeks so we intend to.

Perry Sook: We are working internally and with external partners to develop a programmatic linear solution that we're, you know, in the early stages of trying to develop with other partners. You know, we need to reduce the frictional cost of buying linear inventory, and I think technology is a way to do that. I think that, you know, we'd like to get to the point where, you know, we have a single seamless system from pitch to pay, regardless of where the impressions are located, that you're attempting to access. That's my vision and where I would like us to get to. Obviously, when people ask me what we're gonna do on, you know, day two of the Tegna acquisition closing, it's to work on that project.

Sure. Well, in terms of programmatic digital advertising, you know, part of the acquisition of techno will include the acquisition of Premium, which is their, uh, platform for, uh, programmatic digital advertising. Uh, we think there's some some real opportunity there to Overlay that, uh, technology and that Salesforce with our inventory, which currently is not on the premium platform. So that that is a an upside in operating the business. I wouldn't necessarily characterize it as a Synergy, but obviously, we think that will prove as time goes on as to programmatic on linear. I mean, we already are in that business to a certain extent with companies like idn ITN and Caden to basically are doing a very manual, uh, version of programmatic, um, in linear.

Try and obviously the largest one of the largest purveyors of advertising in the world I think that we were ranked by one analyst is the 18th largest purveyor of advertising in the in the world.

We have a lot to gain by getting that right and removing the frictional cost of buying linear TV trying to make it more akin to the buy sell process of of digital inventory and at the end of the day, it's really.

Should be one one set of inventory one process seamless as I've said from Fitch to pay.

Internally and with external partners to develop a, a, a programmatic linear solution that we're, you know, we're in the, the, uh, earlier, early stages of trying to develop with other, other partners. Uh, you know, we need to reduce the frictional cost of buying linear inventory. And I think technology is a way to do that, and, uh, and I think that, you know, we'd like to get to the point where, you know, we have a single, seamless system from pitch to pay, regardless of where the impressions are.

That's the gold standard that we're going to try and work to achieve.

I appreciate it thanks, Mike.

And next to move to Patrick Ho with Barrington Research.

Perry Sook: Work has started already, and we've got a pretty good task force together. I'll do another update here in a couple of weeks. We intend to try. Obviously, as one of the largest purveyors of advertising in the world, I think that we were ranked by one analyst as the 18th largest purveyor of advertising in the world. We have a lot to gain by getting that right and removing the frictional costs of buying linear television and trying to make it more akin to the buy-sell process of digital inventory. At the end of the day, it's really should be one set of inventory, one process, seamless, as I said, from pitch to pay.

Hi, Thanks for taking the question I guess, maybe just a quick follow up on advertising can you provide just a little bit more detail on.

Located that you're, uh, attempting to access. And so, uh, that's my vision and where I would like us to get to. Obviously, when people ask me what we're going to do on, you know, day 2 of the Tegna acquisition closing, it's to work on that project and, you know, work has started already and we've got it.

Some of the categories that we're increasing or decreasing.

As we start to lap the initial tariff headwinds if youre kind of seeing any gray.

Greater enthusiasm from the.

The Supreme Court ruling.

So with respect to the just the categories.

Auto was our our biggest decliner, but not by like any sort of.

Pretty good task force together and, you know, I'm doing other update here in in a couple of weeks. So we we intend to uh, try and and obviously is the largest 1 1 of the largest purveyors of advertising in the world. I think that we were ranked by 1 analysts as the 18th largest, purveyor of advertising in the, in the world. Uh, we have a lot to gain by getting that. Right. And removing the frictional costs of of buying linear television and trying to make it more akin to the buy sell process of of digital inventory. And at the end of the day, it's really, you know.

Perry Sook: That's the gold standard that we're going to try and work to achieve. Appreciate it. Thanks, Greg.

Outstanding amount, but.

But we did see the rate of decline being offset by within that category by good growth on the digital side and we're actually seeing a pretty nice improvement in that auto trend into the first quarter.

Should be 1 1, set of inventory, 1 process seamless as I said from Pitch to pay, uh, and that's the gold standard that we're going to try and work to achieve.

Appreciate it. Thanks bye.

Operator: Next, we'll move to Patrick Sholl with Barrington Research.

Move to Patrick.

Patrick Sholl: Hi, thanks for taking the question. I guess maybe just a quick follow-up on advertising. Could you provide just a little bit more detail on some of the categories that were increasing or decreasing? You know, it's as we start to lap the initial tariff headwinds, if you're kind of seeing any greater enthusiasm from the Supreme Court ruling.

So we're feeling we're feeling good about that with respect to the other top categories in gaming and sports betting that was a great category in the fourth quarter that was mostly due to the Missouri legalization and then at <unk>.

Pixel with barington research.

Anything kind of other than that even on the downside nothing really was distinguished I think I mentioned earlier that we did see more.

More category, increasing then decreasing overall and we're seeing that trend continue into the first quarter.

Hi. Uh, thanks for taking the question. I guess maybe just a quick follow-up on on Advertising. Could you provide just a little bit more detail on, uh, some of the categories that were increasing or decreasing and, you know, it it's uh, as we start to to lap the initial tariff, headwinds if if you're kind of seeing any uh greater enthusiasm uh from the the the Supreme Court ruling

Lee Ann Gliha: With respect to the just the categories, you know, auto was our, you know, our biggest decliner, but not by like any sort of, you know, outstanding amount. We did see, you know, the rate of decline being offset by, within that category, by, you know, good growth on the digital side. We're actually seeing a pretty nice improvement in that auto trend into the Q1. We're feeling good about that. With respect to the other top categories, we had gaming and sports betting. That was a great category in the Q4. That was mostly due to the Missouri legalization. You know, anything kind of other than that, even on the downside, nothing really was distinguished.

Even a little bit better in the first quarter. So things are things are looking okay, I would say and.

But there's nothing really like to read into the various categories.

So um with respect to the um, just the categories. Um, you know, Otto was our, you know, our biggest decline but not by like, any sort of

No outliers that are driving the driving the transaction.

Driving the outcome, one way or the other with.

With respect to the tariffs.

I don't know that we've seen anything in particular, there I would remind you I think one of the points that we always like to make is.

60% of our <unk>.

<unk> revenue comes from services categories versus good service goods categories. So we do have a little bit of a natural hedge there because we are much more service focus and focus.

I wouldn't say that there's been anything that people have been talking about with respect to tariffs as of yet, but we'll keep you posted.

Lee Ann Gliha: I think I mentioned earlier that we did see, you know, more categories increasing than decreasing overall, and we're seeing that trend continue into Q1, and be even a little bit better in Q1. Things are looking okay, I would say. You know, but there's nothing really like to read into the various categories, you know, no outliers that are driving the transaction or driving the outcome one way or the other. You know, with respect to the tariffs, I don't, you know, I don't know that we've seen anything in particular there.

Okay. Thank you.

And next we will go on to Craig Huber with Keybanc Research partners.

You know, outstanding amount, um, but we did see, you know, the rate of decline being offset by within that category by, you know, good growth on the digital side, and we're actually seeing a, a pretty nice Improvement in that auto Trend into the first quarter. Uh, so we're feeling, we're feeling good about that. With respect to the other top categories, we had gaming and sports betting. That was a great category in the fourth quarter that was mostly due to the, um, Missouri, legalization. And then, you know, anything kind of other than that, even on the downside nothing really was distinguished. Um, I think I mentioned earlier that we did see, um, you know, more uh, categories, increasing then decreasing overall. And we're seeing that Trend continue, uh, into the first quarter, uh, in in be even a little bit better in the first quarter, so,

Great. Thank you good broad question here.

Uses of AI in your operations can you just give us some examples of things that are moving the needle that you're excited about that AI is helping you whether it be on the cost savings front are enhancing.

To speed up things et cetera, just some examples there would be helpful. Thank you.

Lee Ann Gliha: I would remind you, I think one of the points that we always like to make is, you know, it's about 60% of our advertising revenue comes from services categories versus goods categories. We do have a little bit of a natural hedge there because we are much more service-focused than goods-focused. I wouldn't say that there's been anything that people have been talking about with respect to tariffs as of yet, but we'll keep you posted.

Sure Craig I'll take that.

We've actually deployed some AI tools across the organization inside our local newsrooms.

Really to help us just on.

The workflow front make the process a little bit more efficient.

It allows us to take a story and optimize it for multi platform for instance, it allows us to efficiently find.

Sources of information and leads.

Ross multiple places all at one time, so I think looking forward, we're in the middle of deploying some AI for our sales.

Patrick Sholl: Okay, thank you.

To tariffs as of yet, but we'll keep you posted.

Okay. Uh, thank you.

Operator: Next, we'll go on to Craig Huber with Huber Research Partners.

Our sales team.

We expect will help us with prospecting sales development.

Craig Huber: Craig, thank you. I've got a broad question here. The uses of AI in your operations, can you just give us some examples of things that are moving the needle, that you're excited about, that AI is helping you, whether it be on the cost savings front or enhancing your product to speed up things, et cetera? Just some examples there would be helpful first. Thank you.

And next, we'll go on to create cuber with Huber research partners.

And also with workflow and operations on that front as well so.

Uh, great, thank you. We got a broad question here. Um, do you

Early early days, yet, but we are optimistic about some of the potential thats out there as technology starts to slowdown into into our industry.

And then Mike.

So I just want to go ahead go ahead no go ahead.

Perry Sook: Sure, Craig, I'll take that. We've actually deployed some AI tools across the organization inside our local newsrooms, really to help us just on the workflow front, make the process a little bit more efficient. Allows us to take a story and optimize it for multi-platform, for instance. It allows us to efficiently find sources of information and leads across multiple places all at one time. I think looking forward, we're in the middle of deploying some AI for our sales, our sales team, that we expect will help both with prospecting, sales development, and also with workflow and operations in that front as well.

Use AI in your operations. Can you just give us some examples of things that are moving? The needle that you're excited about? That AI is helping you, whether it be on the cost-savings front or enhancing, you know, product to speed up things Etc. Just some examples. There will be helpful first. Thank you.

Sorry, Greg just sorry.

Also ask.

Just maybe an update on alternative uses of spectrum I don't think we've heard about that lately, maybe just sort of update us on whats happened in last year would be the plans are.

Sure. Okay, I'll take that, uh, We've we've actually deployed, uh, some AI tools across the organization inside our local newsrooms, um, really to help us just to uh, on the workflow front make the process a little bit more efficient.

This coming year I know, it's a long way out to be meaningful for your company and your peers, but just want an update on alternative uses of spectrum. Please.

Sure.

To underscore what you said it is a long way out before it's meaningful for us of our peers.

Last year as you know, we formed a joint venture with with three of our fellow broadcasters edge being wireless.

That organization is really just at the early stages of formulating its management team and its go to market strategy.

Perry Sook: We, early days yet, but we're optimistic about some of the potential that's out there as that technology starts to flow down into our industry.

Allows us to, uh, take a story and optimize it for multi-platform, for instance, that allows us to finally find, uh, sources of information and leads, uh, across, uh, multiple places all at 1 time. So, I think looking forward, we're, uh, in the middle of deploying some AI for our sales. Uh, our sales team, uh, that we expect will help of with prospecting sales development, uh, and also with workflow and operations in that front as well.

Youll see them in the coming year be in the market with products that are out there right now talking with customers I think again early days, but we're starting to see some early orders flow.

Craig Huber: Sorry, do you want to go ahead? Go ahead.

So we uh, early early days yet, but we're optimistic about uh some of the potential that's out there as that, that technology starts to flow down into, uh, into our industry.

Craig Huber: Sorry, do you want to go ahead? Go ahead.

and then my

Lee Ann Gliha: No, no, go ahead. Sorry, Greg.

Craig Huber: Sorry. I wanted to also ask, just maybe an update on alternative uses of spectrum. I don't think we've heard about that lately. Maybe just sort of update us on what's happened in the last year and what maybe the plans are this coming year. I know it's a long way out to be meaningful for your company and your peers, but just sort of an update on alternative uses of spectrum, please.

Some of that as proof of concept some of it as actual revenue.

But we're optimistic.

That that that business will take off and really demonstrate to.

To the market.

The unique.

<unk>.

The unique broadcast.

Our benefits of our broadcast spectrum.

Michael Biard: Sure. I think to underscore what you said, it is a long way out before it's meaningful for us or our peers. In the last year, as you know, we formed a joint venture with three of our fellow broadcasters, Edgebeam Wireless. That organization is really just at the early stages of formulating its management team and its go-to-market strategy. I think you'll see them in the coming year be in the market with products. They're out there right now talking with customers. I think again, early days, but we're starting to see, you know, some early orders flow. Some of that is proof of concept, some of it is actual revenue.

For for high speed data transmission.

Sorry, do you want to go ahead? Go ahead. No, no, go ahead. Sorry, Craig. Sorry. I want to also ask um, just maybe an update on on, on an alternative uses of spectrum. I don't think we've heard about that lately. Maybe just sort of update us on what's happened in the last year. Maybe the plans are, um, this this coming year. I know it's a long way out to be meaningful for your company and your peers, but just just sort of an update on alternative uses of spectrum, please.

Great. Thank you.

Thanks Steven.

Wells Fargo will have our next question.

Thank you and I joined a little late so I apologize.

Ask anything that causes you to repeat yourself on.

On the regulatory process around <unk>.

<unk> had a lot of information about the direction of the FCC I think that one seems increasingly clear at least of the conclusion, we're going to get the Doj is a little more of a black box and I think the initial commentary as you expect minimal divestitures I was just wondering if you could give us the latest and greatest on what your perception is as to how the Doj.

Michael Biard: We're optimistic that business will take off and really demonstrate to the market the unique broadcast or benefits of a broadcast spectrum for high-speed data transmission.

Sure, I I I, I think the underscore what you said, it is a long way out before it's meaningful for us or our peers. So in the last year, as you know, we formed a joint venture with uh, with 3 of our uh, fellow broadcasters uh, Edge beam Wireless. Uh, that organization is really just at their early stages of formulating, its management team and its go to market strategy. Uh, I think you'll see them, uh, in the coming year, uh, be in the market, uh, with products. Um, they're out there right now talking with customers, I think again early days, but we're starting to see, you know, some early orders flow. Um, some of that is proof of concept. Some of it is actual Revenue.

<unk> is now looking at markets and what sort of precedent this transaction could be for kind of the future of how the Doj looks at broadcast ownership within markets.

But we're optimistic, uh, that that uh, that business will take off and really demonstrate, uh, to the market, uh, the unique.

Uh, the unique broadcast um or benefits of a, a broadcast Spectrum.

Craig Huber: Great. Thank you.

And then also just a question on synergies <unk> has some good digital advertising businesses I'm guessing that scale helps in political cycles I don't think any of those benefits are in your synergy guidance do you have any experience with these from deals like Tribune or even CW that you could share.

For uh, for high-speed data transmission.

Great. Thank you.

Operator: Steven Cahall with Wells Fargo will have our next question.

And Stephen Cahill with Wells, Fargo, we'll have our next question.

Steven Cahall: Thank you. I joined a little late, so I apologize if I ask anything that causes you to repeat yourself. On the regulatory process around TEGNA, you know, the press has had a lot of information about the direction of the FCC. I think that one seems increasingly, you know, clear, at least of the conclusion we're going to get. The DOJ is a little more of a black box, and I think the initial commentary is you expect minimal divestitures. I was just wondering if you could give us the latest and greatest on what your perception is as to how the DOJ is now looking at markets and what sort of a precedent this transaction could be for kind of the future of how the DOJ looks at broadcast ownership within markets. Then also just a question on synergies.

In terms of where there could be some opportunities for kind of one plus one equals more than two and some of those revenues over time. Thank you.

Very good.

Sorry, Stephen on the regulatory front as I said earlier, we have provided.

Reams of information to the Doj and studies from economists that we've hired that talk about the definition of the marketplace and the need for a redefinition of <unk>.

Video, which is where we compete.

And obviously, we provided that information, but we at this point have not had any definitive.

Feedback as to how they are interpreting that information.

Steven Cahall: You know, TEGNA has some good digital advertising businesses. I'm guessing that scale helps in political cycles. I don't think any of those benefits are in your synergy guidance. Do you have any experience with these from, you know, deals like Tribune or even The CW that you could share, in terms of where there could be some opportunities for kind of one plus one equals more than two in some of those revenues over time? Thank you.

As to the topic of divestitures, we have had no conversations about divestitures at all at this point in the process.

Not to say that it won't come up later in the process, but again, we continue to maintain that if there were divestitures it would be minimal.

Thank you. Um and I joined a little late, so I apologize if I ask anything that causes you to repeat yourself, um, on the regulatory process around tegna. You know, the, the Press has had a lot of information about the direction of the FCC. I think that 1 seems increasingly, you know, clear. At least of the conclusion, we're going to get the doj is a little more of a black box and I think the initial commentaries you expect to minimal. Devest, I was just wondering if you could give us the latest and greatest on what your perception is, is to how the doj is, uh, now looking at markets and and what sort of precedent, this transaction could be for kind of the future of how the doj looks at broadcast ownership within markets. Um, and then also, just a question on synergies, you know, tekna has some good digital advertising businesses. I'm guessing that scale helps in political Cycles. I don't think any of those benefits are in your Synergy, Guidance. Do you have any experience with these from, you know, deals like Tribune or

Percentage and not meaningful to the deal.

Perry Sook: Greg, on, I'm sorry, Steven, on the regulatory front, as I said earlier, we have provided reams of information to DOJ and studies from economists that we've hired that talk about the definition of the marketplace and the need for a redefinition of video, which is where we compete. Obviously, we've provided that information, but we, at this point, have not had any definitive feedback as to how they're interpreting that information. As to the topic of divestitures, we have had no conversations about divestitures at all at this point in the process. Not to say that it won't come up later in the process, but again, we continue to maintain that if there were divestitures, it would be a minimal percentage and not meaningful to the deal.

CW, that you could share in terms of where there could be some opportunities for kind of 1 plus 1 equals more than 2 in some of those revenues over time. Thank you.

And so I think the agencies.

Jay is meant to be a black box.

Closures they are not required to be public.

But I have read the.

Information that we provided and the economic studies that I think are highly highly credit credible and very very convincing.

But.

It is obviously up to the folks at the Doj and Theres been some change in personnel there and so other folks are getting up to speed, but it's up to the Doj and the FCC to render their opinion and ultimately to come to a decision, but we feel very good about the work that's been done the information Thats been provided the endorsements we have had and.

A stage at which we are in the process. So we're very confident that we will get through a finish line in the timeframe that we've outlined.

And then on the synergies I would just safety on the digital side Perry mentioned earlier, China has this business premium which is really focused on the CTV and market, which we know is growing very nicely and so we're excited about the opportunity to bring our stations to bear in that market and a little bit of a bit.

Perry Sook: You know, I think the agencies, you know, the DOJ is meant to be a black box, not. The disclosures there are not required to be public. I have read the information that we provided and the economic studies that I think are highly credible and very, very convincing. It is obviously up to the folks at the DOJ, and there's been some change in personnel there, and so other folks are getting up to speed. It's up to the DOJ and to the FCC to render their opinion and ultimately to come to a decision. We feel very good about the work that's been done, the information that's been provided, the endorsements we've had, and the stage at which we are in the process.

<unk> way, so we're feeling positive about that but you are correct we have not.

Put any revenue synergies into other than the Retrans synergies.

We've talked about previously into our synergy and our into our synergy number and then with respect to political I think we at all as you know that all comes down to what market is it where there is a contested election and where does the $1 need to go to the one of the things that we thought was going to be beneficial about this transaction as it does give us more exposure to some of the political.

Perry Sook: We're very confident that we will get to a finish line in the timeframe that we've outlined.

Markets.

We have a presence in Georgia, but we didn't have a presence in Atlanta. They have got some great stations in Maine that are they contested election market they've got station in Toledo, Ohio, which.

Lee Ann Gliha: On the synergies, I would just say, Steve, you know, on the digital side, as Perry mentioned earlier, TEGNA has, this business, Premion, which is really focused on the CTV, end market, which we know is growing very nicely. We're excited about the opportunity to, you know, bring our stations to bear in that market in a little bit of a bigger way. So we're feeling positive about that, but you're correct, we have not, put any revenue synergies into, other than, the retrans synergies that we've talked about previously, into our synergy number. With respect to political, you know, I think, you know, it all, as you know, that all comes down to what market is it, where there's a contested election and where do the dollars need to go?

The process. But again, we continue to maintain that, if there were to be vestures, it would be a minimal, uh, percentage, uh, and not meaningful to, uh, to the deal. Um, and, and, and so, you know, I, I think the agencies, you know, the DOJ is meant to be a black box—not, the disclosures there are not required to be public, uh, but I have read the, uh, information that we provided in the economic studies that I think are highly, highly credible and very, very convincing, but, um, it, it is at the DOJ and there's been some change in personnel there, and so other folks are getting up to speed. But it's up to the DOJ and to the FCC to, uh, render their opinion and ultimately to, to come to a decision. But we, we feel very good about the work that's been done, the information that's from been provided, the endorsements we've had, and the stage at which we are in the process. So we're, we're very confident that we will get to a finish line in the time frame that we've outlined.

It could also be a good market political market for us so in Phoenix, Arizona and the other one where they have.

A larger market are larger station then than we do there. So all of those things, we think should accrue to the political picture going forward and we're optimistic on getting this deal closed in advance of that.

Of the of the.

Cycle this year.

Great. Thank you.

And, and then on the synergies, I would just say, see, you know, on the digital side, the Perry mentioned earlier, tagga has uh, this business premium, which is really focused on the CTV, uh, End Market, which we know is growing very nicely. And so, we're excited about the opportunity to, you know, bring our stations to bear in, in that market, and a little bit of a bigger way. So we're feeling positive about that. But you're correct, we have not, uh, put any Revenue synergies into other than, um, the retrans energies that we've, we've, we've talked about previously.

Thank you.

And next we'll hear from Jason Bazinet with Citi.

Okay at risk of showing my own ignorance im going to ask US. This question.

Lee Ann Gliha: One of the things that we thought was going to be beneficial about this transaction is it does give us more exposure to some of those political markets. We have a presence in Georgia, but we didn't have a presence in Atlanta. They've got some great stations in Maine, is a contested election market. They've got a station in Toledo, Ohio, which could also be, you know, a good market, political market for us. Phoenix, Arizona, is the other one, where they have a larger market or a larger station than we do there.

I think you said on the call that you think the digital ads will exceed your national AD revenues.

And I think the last time, you disclosed digital AD revenues is around $400 million.

And I sort of think of your national AD revenues as being with the CW network and would've said, it's already bigger than your national ads, So what am I missing.

Yeah. So I think all you're really missing there is that VW is national advertising, but really like.

Lee Ann Gliha: All of those things we think should accrue to the political picture going forward, and, you know, we're optimistic on getting this deal closed in advance of the cycle this year.

Subsegment of that network National advertising, we also have to get national advertising at our stations, which are national buyers that then look to place their ads.

Steven Cahall: Great. Thank you.

Lie into our Synergy in into our Synergy number. And then with respect to political, you know, I think you know we it all as you know that all comes down to what Market is it where there's a contested election and where do the dollars need to go. And so to the 1 of the things that we thought was going to be beneficial about this transaction is, it does give us more exposure to some of those political markets. Uh, we we have a presence in Georgia, but we didn't have a presence in Atlanta. They've got some great stations in Maine, that are as a contested election Market. They've got a station in Toledo, Ohio, which um, could also be, you know, a good Market political market for us. So, and Phoenix, Arizona is the other 1 where they have, um, a a larger market or a larger station than, uh, than we do there. So all of those things we think should occur to, uh, the political picture going forward. And, you know, we're we're optimistic, um, getting this deal closed in advance of the, of the, um, of the cycle this year.

In local market. So those are that's the other piece that we referred to as national.

Lee Ann Gliha: Thank you.

Great. Thank you.

Thank you.

Operator: Next, we'll hear from Jason Bazinet with Citi.

Thank you.

Jason Bazinet: ... Okay, at risk of showing my own ignorance, I'm going to ask this question. I think you said on the call that you think the digital ads will exceed your national ad revenues. I think the last time you disclosed digital ad revenues is around $400 million. I sort of think of your national ad revenues as being at The CW network, and would have said it's already bigger than your national ad. What am I missing?

And next, we'll hear from Jason Besnate with Citi.

Thank you that will conclude the question and answer session I would now like to turn the floor back to Terry for closing remarks.

Thank you operator, I appreciate everyone joining us today and we're very pleased at the results that we were able to post for 2025 strong financial results solidly in line with our expectations that we set last year at this time, despite the changing media landscape. Our performance demonstrates that we have both durability and <unk>.

Okay. At at risk of sharing my own ignorance. I'm going to ask a test, this question. Um I think you said on the call that you think the digital ads will exceed your National ad revenues.

and I think the last time you disclosed digital ad, revenues is around 400 million,

Lee Ann Gliha: Yeah. I think all you're really missing there is that The CW is national advertising, but it's really like a subsegment of that, right? It's network national advertising.

And I I sort of think of your National ad revenues as being at the CW Network and would have said it's already bigger than your National ad. So what what am I missing?

Ability in our broadcast model and the operational execution expertise of this management team.

Jason Bazinet: Yeah.

Lee Ann Gliha: We also have significant national advertising at our stations, which are, you know, national buyers that then look to place their ads, you know, in local markets. That's the other piece that we refer to as national.

We look forward to closing our pending acquisition of pigment and bringing that operational expertise to bear on our synergy plan and reinforcing our position as the largest local broadcast company in the United States. Thank you for your continued support over these last 22 years of quarterly earnings calls and we look forward to updating you on your next on our next earnings call.

Jason Bazinet: I see. Thank you.

Yeah, so I think all you're really missing there is that CW is national advertising, but it's really like a, a sub-segment of that, right? It's network national advertising. We also have significant national advertising at our stations, which are, you know, national buyers that then look to place their ads, you know, in local markets. So that's the other piece that we refer to as national.

I see. Thank you.

Operator: Thank you. That will conclude the question and answer session. I would now like to turn the floor back to Parisa for closing remarks.

In about 90 days' time, thank you have a great day.

Thank you. This does conclude today's teleconference. You may now disconnect your lines.

Perry Sook: Thank you, operator. Appreciate everyone joining us today. We're very pleased at the results that we were able to post for 2025. Strong financial results, solidly in line with our expectations that we set last year at this time. Despite the changing media landscape, our performance demonstrates that we have both durability and stability in our broadcast model and the operational execution expertise of this management team. We look forward to closing our pending acquisition of TEGNA and bringing that operational expertise to bear on our synergy plan and reinforcing our position as the largest local broadcast company in the United States. Thank you for your continued support over these last 22 years of quarterly earnings calls. We look forward to updating you on our next earnings call, in about 90 days time. Thank you. Have a great day.

Thank you, that will conclude the question and answer session. I would now like to turn the floor back to Perry. So for closing remarks,

Thank you, operator. Uh, appreciate everyone joining us today, and uh, we're very pleased at the results that we were able to post for 2025—strong financial results, solidly in line with our expectations that we set last year at this time. Despite the changing media landscape, our performance demonstrates that we have both durability and stability in our broadcast model and the operational execution expertise of this management team. We look forward to closing our pending acquisition of TEGNA and bringing that operational expertise to bear on our synergy plan and reinforcing our position as the largest local broadcast company.

Operator: Thank you. This does conclude today's teleconference. You may now disconnect your line.

Company in the United States. Thank you for your continued support over these last 22 years, of quarterly, earnings calls and we look forward to updating you on your next. On our next earnings call. Uh, in about 90 days time, thank you have a great day.

Thank you. This does conclude today's teleconference, you may now disconnect your line,

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