Nexstar Media Group Inc at Goldman Sachs Communacopia & Technology Conference Summary

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

Question: Michael Ng - Goldman Sachs Group Inc - Analyst : As we sit here at the conference, we are more aware than ever before about the impact of big technology, big tech on the impact of the media landscape. We've seen all the big tech companies launch some sort of consumer video service, get involved with sports rights that have historically only aired in traditional TV. Could you talk a little bit about some of the big changes that are happening in the industry, including some of the regulatory changes that may be important for the sector and for Nexstar?

Question: Michael Ng - Goldman Sachs Group Inc - Analyst : Yeah. And when you announced the deal, I was surprised at the company's willingness to kind of force the issue of FCC ownership caps right now. I mean, I agree with you that it's a completely antiquated rule like it doesn't really make sense just given all the competition in the broader media landscape. Maybe you can just talk about what gave you all the confidence that we would achieve this regulatory relief to get the proposed acquisition of TEGNA through the finish line.

Question: Michael Ng - Goldman Sachs Group Inc - Analyst : Great. Why don't we stay on the topic of TEGNA and the transaction for a little bit. Obviously, a substantial strategic move, it will expand Nexstar's reach to 80% of US TV households, I believe. Could you elaborate on some of the specific market dynamics, competitive pressures that made TEGNA an attractive target for you all.

Question: Michael Ng - Goldman Sachs Group Inc - Analyst : Yeah. And just following up on the $300 million of expected annual synergies, most of which I think happens within the first-year post closing. What are some of the key components of the synergies? What's the playbook? Is this retrans rate convergence, is this more programming costs? And I'll put reverse comp in there as well or more operational synergies or maybe it's all of the above. 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 08, 2025 / 6:30PM, NXST.OQ - Nexstar Media Group Inc at Goldman Sachs Communacopia & Technology Conference

Question: Michael Ng - Goldman Sachs Group Inc - Analyst : Great. Perry, I was wondering if I could go back to something that you said at the onset, which was really about broadcasting's role in the broader media ecosystem, which has obviously seen a tremendous amount of transformation certainly over the last decade, even more if you look back further than that, which streaming competition and the like. So where does broadcast fit in when you think about consumers and advertisers and content owners with the kind of overhang of big tech and how they're kind of playing in the ecosystem?

Question: Michael Ng - Goldman Sachs Group Inc - Analyst : Great. Perry, you've talked in the past about the role of a local broadcaster, Nexstar in addressing things like media bias, AI, misinformation. On the flip side, you are leading local broadcaster. So how do you balance what could be perceived as some as roles that may not have perfect concentric circles in terms of objectives, right, in terms of driving engagement in ad dollars and then being objective with news reporting.

Question: Michael Ng - Goldman Sachs Group Inc - Analyst : Right. The FCC has made some public statements around deregulation, being an advocate for broadcaster consolidation. I was just wondering if you could talk a little bit about how you see the competitive landscape in broadcasting evolving. What does this all look like an end state?

Question: Michael Ng - Goldman Sachs Group Inc - Analyst : How does Nexstar strategically position all of its local news assets to compete against some of the national news networks, I mean, what you described in terms of on the ground reporting and all of the assets you have in each of your markets, like seems really intriguing to me. And obviously, what you guys are doing with NewsNation is a part of that, but maybe you can expand on that a little bit.

Question: Michael Ng - Goldman Sachs Group Inc - Analyst : Great. Yeah. Maybe we can talk a little bit about the CW. That broadcast network has made, I think, a really remarkable pivot towards sports and sports-related programming, which I think you have said makes up over 40% of viewing hours. You guys have done extensions for the past 12. You have ACC content. How do you see CW's role within the broader sports media landscape? How do you think about your sports portfolio strategy overall? 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 08, 2025 / 6:30PM, NXST.OQ - Nexstar Media Group Inc at Goldman Sachs Communacopia & Technology Conference

Question: Michael Ng - Goldman Sachs Group Inc - Analyst : Great. NewsNation, I feel like I could probably count on one or two hands the number of basic cable networks that are seeing growth in subscribers and viewership and NewsNation is one of them. Could you talk a little bit about the NewsNation brand, the audience programming initiatives that you're pursuing to grow that and the outlook on affiliate fees and advertising within that network.

Question: Michael Ng - Goldman Sachs Group Inc - Analyst : Great. I wanted to ask a little bit about your spectrum holdings and plans for that. As a TV broadcaster, you guys obviously have a tremendous spectrum portfolio, some of which arguably is a little bit less utilized than it was. But what are the opportunities for you to utilize some of that spectrum in the spirit of public service. And what are your plans there?

Question: Michael Ng - Goldman Sachs Group Inc - Analyst : Great. I was wondering if I could ask a little bit about just the state of the current advertising environment for you all national, local, in specific verticals, like where are you seeing pockets of strength versus weakness. 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 08, 2025 / 6:30PM, NXST.OQ - Nexstar Media Group Inc at Goldman Sachs Communacopia & Technology Conference

Question: Michael Ng - Goldman Sachs Group Inc - Analyst : Perry, just to close things out, I was wondering if you could just tie it all together for us and talk about, where you see the key priorities and strategic areas that you're focused on over the next 12 to 24 months?

Question: Michael Ng - Goldman Sachs Group Inc - Analyst : Great. Well, Perry, Lee Ann, has been such a privilege to have you on stage with us here. Thank you so much for your time today.