Nexstar Media Group Inc at Citi TMT Conference Summary

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

Question: Jason Bazinet - Citibank Cameroon SA - Analyst : <_ALACRA_META_ABSTRACT>So I would just like to start with a high-level question. If I step back and look at the last, I don't know, five years, six years, all of the big media companies went out and did acquisitions. They focused on national assets, didn't really buy any more TV stations so far. You guys took a different tact. You focused on your local assets. So talk about that, what is it that you see that the rest of the media ecosystem doesn't see? Like what undergirds your strategy?

Question: Jason Bazinet - Citibank Cameroon SA - Analyst : And do you think that the relationships you have and the assets you have, do you think it's more differentiated on the advertiser side? Or do you think it's more differentiated on the programming as it manifests itself with retransmission fees? Or both?

Question: Jason Bazinet - Citibank Cameroon SA - Analyst : What do you think will -- if you had to take a guess at what will happen to local TV station assets over the next few years. There is a -- I think it was Hollywood Reporter article that pointed out that maybe Fox might get bigger, Paramount might get bigger. Do you expect others to sort of follow your path and sort of realize the power of these local assets?

Question: Jason Bazinet - Citibank Cameroon SA - Analyst : Okay. So remind me the year that you started in this local TV business? What year did you -- what did you own --

Question: Jason Bazinet - Citibank Cameroon SA - Analyst : 1996, okay. So there were two big transactions that you did, right? You did Media General and Tribune. This would be the third big one, at least. What have been the lessons that you've learned in terms of the power of scale? Because clearly, your North Star is scale. Does that manifest itself in lower operating expenses? Is it negotiating leverage? Is it some advantage that you feel like you get on the advertising side? Where -- what is this? Because clearly, you see a big benefit. But just unpack it a bit.

Question: Jason Bazinet - Citibank Cameroon SA - Analyst : You used the word parity when you gave that answer. You mean parity and scale relative to the pay TV firms or the networks?

Question: Jason Bazinet - Citibank Cameroon SA - Analyst : Understood. So as you pursued scale, I assume there were a number of TV station assets that you could have considered other than TEGNA. Can you just spend a second and talk about what was it that put TEGNA at the top of your list? What was it that was unique about that collection of assets?

Question: Jason Bazinet - Citibank Cameroon SA - Analyst : That's great. What about integration lessons? Have there been things that you would have done differently as you integrated, I don't know, whatever, the Tribune, whatever the last one, where you said, wow, we could have done that a little bit better, that you think will go smoothly? Or do you feel like, no, we execute -- we set out a plan. We executed against that plan, it's the same plan every time, and this is more cookie-cutter than we might imagine?

Question: Jason Bazinet - Citibank Cameroon SA - Analyst : Okay. So as you sit here today prior to TEGNA, you're sort of at the cap. The FCC has this process underway, where they're going to change the rules as it relates to the cap. We don't know what the final number is. And you guys have been very clear that you would be willing to execute or announce M&A before the paint was dry on these new FCC rules. And now here we are. So can you just paint just a road map for investors of how you see this playing out between the interplay between whatever the FCC is going to do? When you think those rules might become final? And then what your response might be for this pro forma entity?

Question: Jason Bazinet - Citibank Cameroon SA - Analyst : Understood.

Question: Jason Bazinet - Citibank Cameroon SA - Analyst : That makes perfect sense. Can I drill down and talk about synergies for a second? So I think you identified $300 million of synergies under the TEGNA deal within the first 12 months. I think under the last big transaction you did, you sort of upsized the synergies, maybe about 10%. I know everyone's going to wonder if the $300 million is going to move up. So can you just give a little bit of color about what the $165 million, I think that moved to $185 million under the Tribune. Was that sort of conservatism originally? Did you discover some stuff along the way, and it's not a proper read across to say, oh, Ann just always -- REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 03, 2025 / 12:50PM, NXST.OQ - Nexstar Media Group Inc at Citi TMT Conference

Question: Jason Bazinet - Citibank Cameroon SA - Analyst : Okay. You said you're going to use, once this deal closes, all of your free cash flow ex the dividend to pay down debt. What about the free cash flow in the -- before the deal closes? How should investors think about your --?

Question: Jason Bazinet - Citibank Cameroon SA - Analyst : Okay. That's great. Can I ask about NewsNation? You've made some big hires. I mean I watch NewsNation a fair amount.

Question: Jason Bazinet - Citibank Cameroon SA - Analyst : What -- I mean, tell us about NewsNation. What was your original ambition with the creation of NewsNation? How do you think it's going so far? And what do you think comes next?

Question: Jason Bazinet - Citibank Cameroon SA - Analyst : Okay. And what about The CW? You've got majority control of The CW. You did a big pivot there as well.

Question: Jason Bazinet - Citibank Cameroon SA - Analyst : Right. Do you think there is more sort of sports that are out there that you could acquire the rights to? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 03, 2025 / 12:50PM, NXST.OQ - Nexstar Media Group Inc at Citi TMT Conference