Nexstar Media Group Inc at UBS Global Media and Communications Conference Transcript

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

Question: John Hodulik - UBS AG - Analyst : Okay. Let's dive into the TRGNA merger. Can you provide us an update on the regulatory process and your thoughts on President Trump's recent comments regarding the merger?

Question: John Hodulik - UBS AG - Analyst : Right. Yeah. It's odd that you're the second presentation in a row where I've asked: What do you think of the President's tweets? But, yeah, here we are.

Question: John Hodulik - UBS AG - Analyst : In the FCC, I've followed Chairman Carr -- and, previously, Commissioner Carr -- on Twitter and just his writings. He strikes me as very deregulation-focused, as you said, and clearing out the clutter and a lot of these legacy rules that serve no purpose in a modern media world. It would seem that -- it just -- again, following him for years, it would seem like the FCC is not going to be much of a problem for you. What -- do you think that the FCC is influenced by what comes down in the White House?

Question: John Hodulik - UBS AG - Analyst : Right. Where do you stand with the DOJ? The DOJ is a little bit more black-box to me. In the past, we've had some okay contact there. But you said that they're on about the same timeline. Just, what's your -- or what's the read you're getting from the DOJ in the process?

Question: John Hodulik - UBS AG - Analyst : Got it. I know, a lot of times, you don't like -- or people don't like prejudging the deal but what divestitures are you expecting to make there to close the deal?

Question: John Hodulik - UBS AG - Analyst : Maybe let's talk about some of the financial benefits for the deal. You've spoken about $300 million in EBITDA synergies. Maybe if you can give us some more detail on where those savings come from, over what time they're realized, and any other financial benefits?

Question: John Hodulik - UBS AG - Analyst : What's the leverage of the combined company, post the deal? And then, what's the target and what's the timeline to --?

Question: John Hodulik - UBS AG - Analyst : Got it. And then, obviously, we're not really through this one yet. But how do you see the the market progressing from there? Would you be interested in additional M&A? Or do you think you're going to see further consolidation in the broadcast world?

Question: John Hodulik - UBS AG - Analyst : Got it. Maybe we could pivot to the advertising market. We talked a little bit about it in the panel this morning. Fox, (inaudible) is here. Like, things are pretty strong. How would you guys characterize the health of the advertising market? Maybe, what are your expectations, as you look out into '26?

Question: John Hodulik - UBS AG - Analyst : The midterms, in particular, how would you stack up the political situation and the races and where the rates that are competitive versus what we've seen in maybe previous midterms? Do you think we're going to continue on this track of growing political spend, as we compare to the last midterms?

Question: John Hodulik - UBS AG - Analyst : Got it. Some streaming companies have suggested that global advertising will become a major part of CTV advertising (inaudible). Do you agree with that? How will you capture locates if it shifts to streaming?

Question: John Hodulik - UBS AG - Analyst : Any interest in moving into streaming with your existing assets? Or is there anything you could do to address that market? And then, what would the strategy [look like]?

Question: John Hodulik - UBS AG - Analyst : Great. Perry, in your opening comments, you talked about some of the distribution deals that are being renewed with the MVPDs in '26. Can you give us a a lay of the land, in terms of what you expect from the negotiations in '26? Should investors expect an acceleration in retrans revenue?

Question: John Hodulik - UBS AG - Analyst : You've previously suggested that there is one more cycle of retrans price increases before leveling off. Does that idea still hold? Or does the TEGNA merger give you enough leverage to support retrans growth for a longer period of time? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 08, 2025 / 8:00PM, NXST.OQ - Nexstar Media Group Inc at UBS Global Media and Communications Conference

Question: John Hodulik - UBS AG - Analyst : Right. Do you think the process of Versant being cleaved off of NBC and maybe, to a lesser extent, because there's no broadcast involved -- but what it looks like the Discovery Global Network being -- losing in NBA and then, being carved off of Warner Brothers, does that accelerate that process where you're getting -- more of the resources of the bundle can accrue to the broadcasters, which are obviously much more sports-specific. I just think that these assets are going to have less bargaining power with the distributors. That -- and my view gives you guys somewhat more bargaining power. Is that -- so that process you laid out, is that a --?

Question: John Hodulik - UBS AG - Analyst : Great. Are you seeing better reverse retrans terms now that a lot of network feeds are on streaming services? How does net retrans evolve, going forward? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 08, 2025 / 8:00PM, NXST.OQ - Nexstar Media Group Inc at UBS Global Media and Communications Conference

Question: John Hodulik - UBS AG - Analyst : Makes sense. Where does The CW stand, in terms of profitability? When do you expect to reach breakeven?

Question: John Hodulik - UBS AG - Analyst : Great. (inaudible) sports. NASCAR has obviously done well year to date. Does this give you confidence in acquiring additional sports rights to add to Nexstar? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 08, 2025 / 8:00PM, NXST.OQ - Nexstar Media Group Inc at UBS Global Media and Communications Conference

Question: John Hodulik - UBS AG - Analyst : What's driving the improvement in NASCAR? Is it just better, more contested races -- or why -- any sense for why things have improved there?

Question: John Hodulik - UBS AG - Analyst : Yeah. My dad thanks you as a massive NASCAR fan. I'm sure he appreciates it. You've been now spoken about the benefits of sunsetting ATSC 1.0 (inaudible) and moving to 3.0. Can you walk through the benefits in the financial implications for Nexstar?

Question: John Hodulik - UBS AG - Analyst : Right. Does the monetization really not start until the end of the decade, once you've cleared -- once you've cleared the spectrum and convert from 1.0 to 3.0? And then, are there any CapEx or spending ramifications to harness the benefits of that?

Question: John Hodulik - UBS AG - Analyst : Great. Maybe just wrapping up, back where we started, at the TEGNA deal, what are the next milestones we should expect maybe over the next few weeks or months that hopefully will make you feel guys feel better about the transaction maybe from the DOJ or from the FCC? Or what are the next things to look out for?

Question: John Hodulik - UBS AG - Analyst : Okay. We'll look out for that. All right. Perry, Lee Ann, I really appreciate you guys being here.