Nexstar Media Group, Inc. (NXST) Presents at Deutsche Bank 34th Annual Media, Internet & Telecom Conference Transcript

SA Transcripts158.89K FollowersFollow5ShareSaveCommentsPlay Earnings CallPlay Earnings Call Nexstar Media Group, Inc. (NXST) Deutsche Bank 34th Annual Media, Internet & Telecom Conference March 9, 2026 11:40 AM EDT Company Participants Perry Sook - Founder, Chairman & CEOLee Gliha - Executive VP & CFO Conference Call Participants Benjamin Soff - Deutsche Bank AG, Research Division Presentation Benjamin SoffDeutsche Bank AG, Research Division Good morning, everyone. My name is Benjamin Soff. I'm the equity analyst at Deutsche Bank covering TV broadcasters, and I'm very pleased to be joined today by Nexstar's Chairman and CEO, Perry Sook; and CFO, Lee Ann Gliha. Thanks for being here. Perry SookFounder, Chairman & CEO Thank you for having us. Question-and-Answer Session Benjamin SoffDeutsche Bank AG, Research Division You reported 4Q earnings a couple of weeks ago. Looking back to 2025, what were some of the highlights for Nexstar? And what are your key priorities for 2026? Lee GlihaExecutive VP & CFO Maybe I'll kick that off. We had, I think, really good 2025. We had record odd year revenue, which was fantastic for us. We had -- in the fourth quarter, we actually generated a positive 4.5% growth in our nonpolitical advertising revenue, which was an improvement from what we had thought at the time when we did our third quarter earnings, which was a positive signal regarding the advertising market. Again, in 2025, we were able to reduce our overall operating expenses by being very focused on making sure that we were streamlining operations where we could. And so we were able to actually reduce costs benefiting the bottom line. And then going into 2026, we're very excited about the opportunity that is coming for us with respect to the TEGNA acquisition. But beyond that, in 2020 -- at the end of 2025, we renewed about 60% of our distribution deals representing 60% of our subscribers. And so