Nexstar Media Group Inc Acquisition of Tegna Inc Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Steven Cahall - Wells Fargo Securities LLC - Analyst : So first, just a two-parter on regulatory. So I think the FCC is still in its comment and reply period on TV ownership rules. I was just wondering how you think about their new framework and how this deal fits into that. And I know that the DOJ is another part of looking at things. I know the top 4 has been vacated. But do you think there's any potential for the DOJ to look at some of the in-market concentration and find anything that you might need to think about divesting? And then just a quick follow-up is, I was wondering if there's a go-shop period for TEGNA, or is the current price and terms pretty much final as far as we know?

Question: Daniel Kurnos - Benchmark Company LLC - Analyst : First, obviously, congrats. The deal benefits are obvious here, I think. Perry, just to follow up on Steve's question, I mean, do you think Congress needs to get involved or the cap raise? And does this preclude you from looking at any other assets until this deal closes? And then, on the synergy side, is there any way to kind of parse out how we're thinking between revenue versus cost synergies? We know TEGNA obviously was under-invested in as they went through their prior process. So just how you're thinking about the synergy makeup would be helpful.

Question: Jason Bazinet - Citi Infrastructure Investments LLC - Analyst : I just had two quick questions. Your presentation says the pro forma entity will cover 80% of U. households. If you included the 50% UHF discount as it exists today, would you happen to know what that number is, i.e., the 80% is what number? And then, my second question is you guys have, in the past, been quite excited about ATSC. I just wonder if you could take a second and talk about what this transaction might mean for the evolution of that technology and your deployment of it.

Question: Alan Gould - Loop Capital Markets LLC - Analyst : Sorry about that. A few questions here. First, you said that the deal will be about 40% accretive to standalone free cash flow. Is that off of last eight quarters annualized, '25 estimate? What's the base there? Let me start with that one.

Question: Alan Gould - Loop Capital Markets LLC - Analyst : Okay. And are there any station divestitures planned in these overlap markets? Are there some markets where you might have three or four stations in a marketplace?

Question: Alan Gould - Loop Capital Markets LLC - Analyst : Okay. And last question. This one, you're talking about 37% synergy of the TEGNA EBITDA, and Tribune was 31%. I realize they're in the same ZIP code, but why is this more accretive? Where is the additional synergy coming from?

Question: Alan Gould - Loop Capital Markets LLC - Analyst : Congratulations on the deal. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. AUGUST 19, 2025 / 2:00PM, NXST.OQ - Nexstar Media Group Inc Acquisition of Tegna Inc

Question: Patrick Sholl - Barrington Research Associates Inc - Analyst : I was just wondering if you could talk a little bit more on the leverage reduction time line and just any sort of sensitivity to that on like the ad market or just general subscriber trends?

Question: Aaron Watts - Deutsche Bank AG - Analyst : Congrats on this announcement. Eager to see you continue to grow and evolve the business. As you create a more national platform here, can you talk a bit more about how that may help you stem the leakage of advertising to digital players, and perhaps relatedly, push forward with selling broadcast advertising, more like digital, to cater to those buyers that exclusively place their buys on digital platforms?

Question: Aaron Watts - Deutsche Bank AG - Analyst : It's all really helpful. Congrats again.