Nexstar Media Group Inc (NXST) 2025 Q2 法說會逐字稿

Good day, and welcome to the Nexstar Media Group's second quarter 2025 conference call. Today's call is being recorded. I'll now turn the conference over to Joe Jaffoni, Investor Relations. Please go ahead, sir.

大家好，歡迎參加 Nexstar Media Group 2025 年第二季電話會議。今天的通話正在錄音。現在我將會議交給投資者關係部的喬·賈福尼 (Joe Jaffoni)。先生，請繼續。

Thank you, Melissa, and good morning, everyone. I'll start by reading the safe harbor language, and then we'll get right into the call. All statements and comments made by management during this conference call other than statements of historical fact, may be deemed forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995.

謝謝你，梅麗莎，大家早安。我將首先閱讀安全港語言，然後我們就可以直接通話了。除歷史事實陳述外，管理階層在本次電話會議期間所作的所有陳述和評論均可視為《1995 年私人證券訴訟改革法案》所指的前瞻性陳述。

Nexstar cautions that these forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those reflected by the forward-looking statements made during this call. For additional details on these risks and uncertainties, please see Nexstar's annual report on Form 10-K for the year ended December 31, 2024, as filed with the Securities and Exchange Commission and Nexstar's subsequent public filings with the SEC. Nexstar undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Nexstar 警告稱，這些前瞻性陳述受風險和不確定性的影響，可能導致實際結果與本次電話會議期間前瞻性陳述所反映的結果有重大差異。有關這些風險和不確定性的更多詳細信息，請參閱 Nexstar 向美國證券交易委員會提交的截至 2024 年 12 月 31 日的 10-K 表格年度報告以及 Nexstar 隨後向美國證券交易委員會提交的公開文件。Nexstar 不承擔更新或修改任何前瞻性陳述的義務，無論其是否出現新資訊、未來事件或其他原因。

It's now my pleasure to turn the conference over to your host, Nexstar Founder, Chairman and Chief Executive Officer, Perry Sook. Perry, please go ahead.

現在我很高興將會議交給主持人，Nexstar 創辦人、董事長兼執行長 Perry Sook。佩里，請繼續。

Thank you, Joe, and good morning, everyone. We appreciate you all joining us today. Mike Baird, our Chief Operating Officer; and Lee Ann Gliha, our Chief Financial Officer, are with me here this morning.

謝謝你，喬，大家早安。我們感謝大家今天加入我們。我們的營運長 Mike Baird、我們的財務長 Lee Ann Gliha 今天早上和我在一起。

Nexstar delivered another solid quarter of financial results with our second quarter net revenue, adjusted EBITDA and adjusted free cash flow, benefiting from better-than-expected advertising revenue, stable distribution revenue and strong expense management.

Nexstar 在第二季的淨收入、調整後 EBITDA 和調整後自由現金流方面再創佳績，得益於好於預期的廣告收入、穩定的分銷收入和強大的費用管理。

Overall, our core advertising business remains resilient, while the pay TV landscape continues to evolve as we had anticipated. Though we have yet to see a definitive turnaround in video subscriber trends, we are encouraged by consistent early signs of improvement with good reports in recent weeks from two of our largest MVPDs.

整體而言，我們的核心廣告業務依然保持彈性，而付費電視格局繼續按照我們的預期發展。儘管我們尚未看到視訊用戶趨勢的明顯好轉，但最近幾週我們最大的兩家 MVPD 發布的良好報告顯示出持續改善的早期跡象，這令我們感到鼓舞。

For the first half of 2025, Nexstar generated adjusted EBITDA of $770 million and adjusted free flow of nearly $450 million. We returned $238 million or 53% of adjusted free cash flow to shareholders through share repurchases and dividends, reducing our shares outstanding by about 1% while also allocating $132 million to debt.

2025 年上半年，Nexstar 的調整後 EBITDA 為 7.7 億美元，調整後自由流量為近 4.5 億美元。我們透過股票回購和股息向股東返還了 2.38 億美元或 53% 的調整後自由現金流，減少了約 1% 的流通股，同時也分配了 1.32 億美元用於債務。

Near the end of the quarter, we refinanced the company's credit facility and term loans, further strengthening our capital structure and our financial flexibility by extending maturities, which positions our balance sheet well and anticipate expected regulatory relief on the ownership front. The case for local broadcast ownership deregulation remains strong and extends far beyond competitive fairness. It's becoming increasingly clear that bias acknowledge and now admitted in editorial coverage by legacy national networks.

在本季度末，我們對公司的信貸額度和定期貸款進行了再融資，透過延長期限進一步加強了我們的資本結構和財務靈活性，這使我們的資產負債表處於良好狀態，並預計在所有權方面將出現監管放寬。放鬆地方廣播所有權管制的理由仍然強烈，而且其範圍遠遠超出了競爭公平的範疇。越來越明顯的是，傳統國家電視網在社論報導中承認並承認有偏見。

False information provided by AI and social media disinformation are making it almost impossible for Americans to distinguish between fact, opinion and fiction. We firmly believe that Nexstar and the local broadcast industry at large are a solution to these threats.

人工智慧提供的虛假資訊和社群媒體的虛假資訊使得美國人幾乎無法區分事實、觀點和虛構。我們堅信 Nexstar 和整個本地廣播產業能夠解決這些威脅。

Every day, our local national news teams bring the public unbiased fact-based news reporting and information from 113 newsrooms in markets across the country and nationally on NewsNation. We employ almost 6,000 journalists in total, which is more than any other media company in the United States. Our teams all adhere to a strict journalistic code of ethics and our dedicated bringing communities trusted information and local stories that matter to them.

每天，我們當地的國家新聞團隊都會透過 NewsNation 向公眾提供來自全國各市場 113 個新聞編輯室的公正、基於事實的新聞報道和資訊。我們總共僱用了近 6,000 名記者，比美國其他媒體公司都多。我們的團隊都遵守嚴格的新聞道德準則，致力於為社區提供值得信賴的資訊和他們關心的當地故事。

For example, in Central Texas, during the immediate aftermath, the devastating Guadalupe River flooding, our local reporters were on the ground, providing essential news coverage and safety information to our local communities as well as national -- via NewsNation. In addition to covering those events, Nexstar station teams in Abilene, San Angelo and Austin came together to raise nearly $1.4 million for flood victims during a one-hour telephone. Many also volunteered at local relief organizations to help gather and distribute supplies to those in need.

例如，在德克薩斯州中部，在毀滅性的瓜達盧佩河洪水發生後不久，我們的當地記者就在現場，透過 NewsNation 為當地社區以及全國提供重要的新聞報道和安全資訊。除了報導這些事件之外，阿比林、聖安吉洛和奧斯汀的 Nexstar 電台團隊還透過一小時的電話會議為洪水災民籌集了近 140 萬美元。許多人也在當地救援組織擔任志願者，幫助收集和分發物資給有需要的人。

Meanwhile, on big tech social media platforms, Charlotte, NC, chasing clicks, circulated misleading videos, some AI generated and others recycled from unrelated disasters in different states or countries, costly claiming to depict the Central Texas floods.

同時，在大型科技社交媒體平台上，北卡羅來納州夏洛特市為了追逐點擊量，傳播誤導性視頻，其中一些視頻是人工智能生成的，還有一些是從不同州或國家的不相關災難中回收的，並聲稱這些視頻描述了德克薩斯州中部的洪水，代價高昂。

Others exploited the tragedy by creating fake fund raising pages to scan well-meaning donors. This misinformation and mouths undermine search and rescue efforts, erodes public trust and diverts critical resources from legitimate relief organizations. Unfortunately, this is just another clear example of how Big Tech's unchecked reach and prioritization of engagement over accuracy fuels the rapid spread of fake news.

其他人則利用這一悲劇，創建虛假的籌款頁面來掃描善意的捐贈者。這些錯誤訊息和謠言破壞了搜救工作，損害了公眾信任，並轉移了合法救援組織的關鍵資源。不幸的是，這只是大型科技公司不受約束的影響力以及優先考慮參與度而非準確性如何助長了虛假新聞的快速傳播的另一個明顯例子。

Nexstar's commitment to high-quality, trustworthy journalism continues to deliver strong viewership earning trust along with local and national afficionados. As the respected third-party media watch dog has rated virtually all news programming provided by Nexstar local stations as well as News Nation as politically neutral with a reliable rating of reliable for both analyst analysis as well as reporting.

Nexstar 致力於提供高品質、值得信賴的新聞報道，持續吸引大量觀眾，贏得當地和全國愛好者的信任。作為受人尊敬的第三方媒體監督機構，Nexstar 地方電視台和 News Nation 提供的幾乎所有新聞節目均被評為政治中立，分析師分析和報告的可靠性評級為可靠。

In the second quarter, our local journalists earned 52 regional Edward A. Mero Awards for outstanding journalism and exceptional locally produced news programming. Public trust and local broadcast journalism remains strong with American citing local television as the number one most trusted news source according to a 2024 TBB survey. Audiences of all ages and demos are turning into our local news and to other programming with nearly half of Nexstar's 2024 station viewership coming from non-network programming.

第二季度，我們的當地記者憑藉出色的新聞報道和出色的本地新聞節目製作獲得了 52 項地區愛德華·A·梅羅獎。根據 2024 年 TBB 調查，公眾信任度和地方廣播新聞依然強勁，美國人將當地電視列為最值得信賴的新聞來源。各個年齡層和不同背景的觀眾都開始關注我們的本地新聞和其他節目，Nexstar 2024 年電台觀眾中近一半來自非網路節目。

That last point is important. We've seen the number of publications misrepresentation from the latest Nielsen Gauge reports by stating that streaming accounts for over 50% of total viewership. The data reflected in that report only includes information from Nielsen's national panel. It completely excludes local station viewership of local content, which we know to be substantial. If you look exclusively at national viewership of long-form, ad-supported programming, the metric that matters most to advertisers, broadcasting and cable together account for 70% of total ad impressions.

最後一點很重要。我們看到，許多出版物都對最新的尼爾森測量報告進行了虛假陳述，聲稱串流媒體佔總收視率的 50% 以上。該報告中反映的數據僅包括尼爾森全國小組的資訊。它完全排除了當地電視台對當地內容的觀眾，而我們知道，當地內容的觀眾數量是相當可觀的。如果只看全國長篇廣告節目的收視率，那麼對廣告主來說最重要的指標就是廣播和有線電視合計佔總廣告展示次數的 70%。

We believe that the continued strength of our webcast and cable news assets is a direct result of our long-term strategic focus on high-impact news and sports programming. We began in 2019 by converting WGN America, the entertainment network we acquired in the Tribune acquisition into News Nation. We made a similar strategic decision with the -- our acquisition of the majority stake in the CW broadcast network in 2022, shifting its focus from scripted series to more broad-based and audience expanding programming, including a full slate of live sports.

我們相信，我們的網路廣播和有線新聞資產的持續強勁是我們長期策略重點關注高影響力新聞和體育節目的直接結果。我們於 2019 年開始將收購論壇報時獲得的娛樂網絡 WGN America 轉變為 News Nation。我們做出了類似的策略決策——我們在 2022 年收購了 CW 廣播網絡的多數股權，將其重點從劇本系列轉向更廣泛、觀眾群不斷擴大的節目，包括全套現場體育賽事。

I'm proud to share that we achieved several operational milestones during the quarter, highlighting the continued success of our strategies. In April, we celebrated NewsNation's one-year anniversary of expanding its news programming to become a 24/7 cable news network.

我很自豪地告訴大家，我們在本季實現了幾個營運里程碑，突顯了我們策略的持續成功。今年四月，我們慶祝了 NewsNation 擴大新聞節目規模、成為全天候有線新聞網絡一周年。

In June, NewsNation was ranked the number one basic cable network for year-over-year growth with overall viewership increasing by nearly 50% and by 67% in the adult age to 25-54 demographic according to Nielsen. We believe NewsNation's programming and unique base reporting is resonating with viewers who are looking for a refreshingly balanced and impartial take on the news.

根據尼爾森的數據，今年 6 月，NewsNation 被評為同比增長第一的基本有線電視網絡，其整體收視率增長了近 50%，其中 25-54 歲成年人的收視率增長了 67%。我們相信，NewsNation 的節目和獨特的基礎報導會引起那些尋求令人耳目一新的平衡和公正的新聞報導的觀眾的共鳴。

And at the CW, we've now achieved five consecutive quarters of audience growth and the CW was the number eight ranked network in total audience for the first half total audience growth, I should say, for the first half of 2025. This is a direct result of the success of our programming strategy, including the introduction of sports, which now accounts for over 40% of our total programming hours.

在 CW，我們現在已經實現了連續五個季度的觀眾增長，並且 CW 在 2025 年上半年的總觀眾增長中排名第八。這是我們節目製作策略成功的直接結果，其中包括體育節目的引入，目前體育節目占我們總節目時長的 40% 以上。

Turning to regulatory reform. There have been significant positive developments since our last earnings call. In mid-July, the FCC move to refresh the record on the national ownership cap, opening the door for a new order from the FCC to modify or eliminate the cap perhaps by the end of this year, we've had our comments on Monday in that proceeding. And on July 23, Circuit vacated a top four rule, which prohibits the owner of television broadcast stations from running two of the top four rated stations in the local market, finding that the SEC's historical justification for retaining the rule arbitrary and capricious.

轉向監理改革。自從我們上次財報電話會議以來，我們已經取得了重大的積極進展。7 月中旬，FCC 採取行動刷新國家所有權上限的記錄，為 FCC 可能在今年年底前發布修改或取消上限的新命令打開了大門，我們已於週一就該程序發表了評論。7 月 23 日，巡迴法院撤銷了“前四名規則”，該規則禁止電視廣播電台所有者在當地市場運營收視率排名前四的電台中的兩家，巡迴法院認為，美國證券交易委員會保留該規則的歷史依據過於武斷和反复無常。

We applaud Chairman's Car vocal support of the court's decision, describing the FCC's prior retention of the top four prohibition as a decision to retain a regulation that does not match marketplace realities.

我們讚揚卡主席對法院判決的大力支持，並稱聯邦通信委員會先前保留前四項禁令的決定是保留與市場現實不符的法規。

In summary, the continued success and consistency of Nexstar's financial performance reflects our stable diversified revenue base, disciplined operations and continued execution across our portfolio. With our unmatched scale, robust free cash flow and consistent track record of delivering value, we remain well positioned to seize the significant opportunities that lie ahead.

總之，Nexstar 財務表現的持續成功和一致性反映了我們穩定多元化的收入基礎、嚴謹的營運和整個投資組合的持續執行。憑藉我們無與倫比的規模、強勁的自由現金流和持續創造價值的記錄，我們始終處於有利地位，能夠抓住未來的重大機會。

We were energized by the prospects of regulatory reform, and we remain laser-focused on executing on our 2025 objectives, which include renewing upcoming distribution agreements continuing the CW's path to profitability next year and preparing for significant midterm election activity again in 2026.

監管改革的前景讓我們充滿活力，我們將繼續專注於實現 2025 年的目標，其中包括續簽即將簽訂的分銷協議、繼續 CW 明年的盈利之路，並為 2026 年再次舉行的重要中期選舉活動做好準備。

With that said, let me turn the call now over to Mike Baird. Mike?

話雖如此，現在讓我把電話轉給麥克貝爾德。麥克風？

Thanks, Perry, and good morning, everyone. Nexstar delivered second quarter net revenue of $1.23 billion, a decline of 3.2% compared to the prior year primarily reflecting the year-over-year reduction in political advertising.

謝謝，佩里，大家早安。Nexstar 第二季淨收入為 12.3 億美元，較前一年下降 3.2%，主要原因是政治廣告年減。

Second quarter distribution revenue of $733 million was essentially flat compared to the prior year quarter primarily reflecting the modest number of subscribers renewed in 2024 compared to 2023 and MVPD subscriber attrition, partially offset by contractual rate escalators growth in vMVPD drivers and the addition of CW affiliations on certain of our stations.

第二季分銷收入為 7.33 億美元，與去年同期基本持平，主要原因是 2024 年續約的用戶數量與 2023 年相比較少，且 MVPD 用戶流失，但 vMVPD 驅動因素的合約費率自動調整成長以及我們某些電台增加 CW 附屬機構部分抵消了這一影響。

Although the industry continues to see subscriber attrition, we note recent earnings reports from our distribution partners suggest marginal improvements in subscriber trends. Several industry observers have noted charters trending video performance with at least one highlighting video as a significant opportunity in the context of the Cox transaction.

儘管該行業的用戶流失現象持續存在，但我們注意到，我們的分銷合作夥伴最近發布的收益報告表明用戶趨勢略有改善。一些產業觀察家指出，包機趨勢影片表現至少有一個突出的影片是考克斯交易背景下的一個重要機會。

We're encouraged by those trends and continue to monitor the space closely as we work to secure agreements that are better aligned with the value Nexstar delivers to our partners and their customers.

這些趨勢讓我們感到鼓舞，我們將繼續密切關注這一領域，並努力達成與 Nexstar 為我們的合作夥伴及其客戶提供的價值更加一致的協議。

Advertising revenue of $475 million decreased $47 million or 9% over the comparable prior year quarter, primarily reflecting a $36 million year-over-year decrease in political advertising. Nonpolitical advertising declined by 2.5% year-over-year, slightly better than our expectations.

廣告收入為 4.75 億美元，比去年同期減少 4,700 萬美元，或 9%，主要反映了政治廣告收入年減 3,600 萬美元。非政治廣告較去年同期下降2.5%，略優於我們的預期。

Non-political advertising was impacted by a high single-digit decline in goods-based advertising of which more than half was attributable to the automotive category and a slight reduction in services-based advertising, though this segment remains much more stable and resilient overall, contributing positively to the quarter we saw growth in key categories, including attorneys and home repair, along with improved performance from some of our national digital businesses, including best reviews.

非政治廣告受到商品廣告高個位數下降的影響，其中一半以上歸因於汽車類別，以及服務類廣告略有減少，但這一領域總體上仍然更加穩定和有彈性，為本季度我們看到的關鍵類別，包括律師和房屋維修的增長，以及我們的一些全國數字業務，包括最佳評論，的業績改善做出了積極貢獻。

We generated approximately $9 million in political advertising revenue during the quarter, primarily driven by issue spending related to the One Big Beautiful Bill, the New York City Mayoral primary and the Virginia primaries. Looking ahead to the third quarter, nonpolitical advertising is currently forecast to be down in the low single digits on a year-over-year basis. This is despite the comp of 2024 Olympic-related advertising and the benefit in part from the lack of political crowd out in the quarter.

本季度，我們的政治廣告收入約為 900 萬美元，主要得益於與「一項偉大的美麗法案」、紐約市長初選和維吉尼亞州初選相關的議題支出。展望第三季度，目前預計非政治廣告的年減幅度將達到個位數。儘管 2024 年奧運相關廣告有所增長，且部分受益於本季缺乏政治擠出效應，但情況仍然如此。

Although some broader economic headlines may suggest caution, our view of the advertising outlook remains stable for now. As we noted on last quarter's call, approximately 15% of our total revenue is tied to goods-based businesses that could be impacted by tariffs.

儘管一些更廣泛的經濟新聞可能暗示謹慎，但我們對廣告前景的看法目前仍然穩定。正如我們在上個季度的電話會議上指出的那樣，我們總收入的約 15% 與可能受到關稅影響的商品業務有關。

Turning to CW. As Perry mentioned earlier, we continue to see favorable returns on our programming investments, with SportsNow accounting for more than 40% of the CW's programming hours, and we continue to build the CW Sports portfolio. During the second quarter, we renewed our agreement with the PAC-12 conference to naturally broadcast nine college football games this fall, including a new PAC-12 double feature on Saturday, September 6, showcasing two of the key schools that will anchor the expanded PAC-12 conference next year.

轉向 CW。正如佩里之前提到的，我們的節目投資繼續獲得豐厚的回報，其中 SportsNow 佔據了 CW 節目播出時間的 40% 以上，而且我們還在繼續打造 CW 體育組合。在第二季度，我們與 PAC-12 聯盟續簽了協議，將在今年秋季自然轉播九場大學橄欖球比賽，其中包括 9 月 6 日星期六的 PAC-12 新雙場特輯，展示明年擴大後的 PAC-12 聯盟的兩所重點學校。

We also announced a multiyear partnership with the Professional Ballers Association to air 10 live events on Sunday afternoon beginning in 2026. And in July, we announced a multiyear agreement with professional bull riders to be the exclusive live broadcast partner of the PBR teams series on Saturdays and Sundays. The CW will air the first of 11 PBR events this year this coming Saturday, August 9.

我們也宣布與職業籃球協會建立多年合作關係，從 2026 年開始每週日下午直播 10 場賽事。今年 7 月，我們宣布與職業鬥牛士達成多年協議，成為週六和週日 PBR 團隊系列賽的獨家直播合作夥伴。CW 將於 8 月 9 日星期六播出今年 11 場 PBR 活動中的首場。

Our sports programming continues to perform well, demonstrating both the power of broadcast television and the CW network specifically. Both WWE NXT and NASCAR Xfinity racing ratings are up 7% and 16%, respectively, versus second quarter of last year when those events were primarily on cable. Moreover, our entire CW programming strategy is working. As mentioned, we've seen five consecutive quarters of primetime ratings growth, elevating the CW in position as the eighth watch network overall for the first half of this year.

我們的體育節目繼續表現良好，展示了廣播電視和 CW 網路的實力。與去年第二季這些賽事主要在有線電視上播出時相比，WWE NXT 和 NASCAR Xfinity 賽車的收視率分別上漲了 7% 和 16%。此外，我們的整個 CW 程式設計策略正在發揮作用。如上所述，我們已經看到黃金時段收視率連續五個季度成長，使 CW 成為今年上半年收視率第八的電視網。

On any given night, CW is now beating the big four networks with regularity, with 126 instances since the beginning of this broadcast season in October 2024, versus 53 in the entire prior season firmly establishing the CW as a major broadcast network.

如今，CW 在任何一個晚上都能經常擊敗四大電視網，自 2024 年 10 月本廣播季開始以來，CW 已經擊敗了四大電視網 126 次，而整個上一季的 CW 則只有 53 次，這牢牢確立了 CW 的主要廣播電視網地位。

In the second quarter, as expected, the CW's profitability improved by $21 year-over-year, driven by reduced amortization of broadcast rights and lower operating expenses following our Q4 restructuring. Our outlook for the year remains unchanged, and we continue to project improved profitability of about 25% in 2025 over 2024 with our continued expectation of achieving profitability in 2026.

第二季度，正如預期的那樣，CW 的盈利能力同比增長 21 美元，這得益於第四季度重組後廣播權攤銷的減少和運營費用的降低。我們對今年的展望保持不變，我們繼續預測 2025 年的盈利能力將比 2024 年提高約 25%，並繼續預計 2026 年實現盈利。

In addition, the company continues to benefit from moving CW affiliations to our owned and operated stations. During the quarter, we filed agreements to move three additional CW affiliations next month to Nexstar stations in Charlotte, North Carolina; Erie, Pennsylvania; and Elmira, New York.

此外，將 CW 附屬機構轉移到我們擁有和經營的電台後，公司將繼續受益。在本季度，我們提交了協議，計劃下個月將另外三家 CW 附屬機構遷移至北卡羅來納州夏洛特、賓夕法尼亞州伊利和紐約州埃爾邁拉的 Nexstar 電台。

To close, let me reiterate confidence in Nexstar's long-term outlook and the enduring strength of our broadcast business model. Our news and sports-focused programming strategies continue to deliver demonstrable results for the CW and NewsNation, and we remain committed to unlocking greater value from these valuable assets as our audiences continue to expand. As the industry continues to evolve, we believe the momentum is shifting in favor of our core businesses, and we remain committed to pursuing opportunities that drive long-term value for our shareholders.

最後，請容許我重申我對 Nexstar 的長期前景和廣播業務模式持久實力的信心。我們以新聞和體育為重點的節目策略繼續為 CW 和 NewsNation 帶來顯著的成果，隨著觀眾群的不斷擴大，我們將繼續致力於從這些寶貴資產中釋放更大的價值。隨著產業的不斷發展，我們相信發展動能正在轉向有利於我們的核心業務，我們將繼續致力於尋求為股東創造長期價值的機會。

With that, it's my pleasure to turn the call over to Lee Ann for the remainder of the financial review. Lee Ann?

有了這些，我很高興將剩餘的財務審查交給 Lee Ann。李安？

Thank you, Mike, and good morning, everyone. Mike gave you most of the details on the revenue side and on the CW. So I'll provide a review of expenses, adjusted EBITDA and adjusted free cash flow, along with a review of our capital allocation activities. Together, second quarter operating and SG&A expenses, excluding D&A and corporate expenses declined by $13 million or 2%, primarily driven by our operational restructuring initiatives undertaken in the fourth quarter offset in part by increased variable expenses related to our growth in digital revenue.

謝謝你，麥克，大家早安。麥克向你提供了有關收入方面和 CW 的大部分細節。因此，我將對費用、調整後的 EBITDA 和調整後的自由現金流以及我們的資本配置活動進行審查。總體而言，第二季度的營運和銷售、一般及行政費用（不包括折舊及攤銷前費用和公司費用）下降了 1,300 萬美元，降幅為 2%，這主要得益於我們在第四季度採取的營運重組舉措，但與數位收入增長相關的變動費用增加部分抵消了這一影響。

Q2 2025 total corporate expense was $64 million, including noncash compensation expense of $21 million compared to $54 million, including noncash compensation expense of $20 million in the second quarter of 2024. The $10 million increase is primarily due to onetime expenses associated with the refinancing we completed in the quarter.

2025 年第二季公司總支出為 6,400 萬美元，其中包括 2,100 萬美元的非現金薪酬支出，而 2024 年第二季公司總支出為 5,400 萬美元，其中包括 2,000 萬美元的非現金薪酬支出。1000 萬美元的增加主要是由於我們本季完成的再融資相關的一次性費用。

Q2 2025 depreciation and amortization was $197 million versus $208 million in the comparable prior year for a decrease of $11 million. Of these amounts included in our definition of adjusted EBITDA is $79 million related to the amortization of broadcast rights for Q2 of 2025 compared to $87 million Q2 2024. The decrease in amortization of broadcast rights by $8 million was primarily due to lower programming costs of CW versus the comparable prior year quarter.

2025 年第二季折舊和攤提為 1.97 億美元，而去年同期為 2.08 億美元，減少了 1,100 萬美元。在我們定義的調整後 EBITDA 中，有 7,900 萬美元與 2025 年第二季的轉播權攤銷有關，而 2024 年第二季為 8,700 萬美元。廣播權攤銷減少 800 萬美元，主要是由於 CW 的節目製作成本與去年同期相比有所降低。

Q2 2025 income from equity method investments, which primarily reflects our 31% ownership in TV Food Network, declined by $5 million versus the comparable prior year quarter primarily related to TV Food Network lower revenue. Putting it all together on a consolidated basis, second quarter adjusted EBITDA was $389 million, representing a 31.7% margin and a decrease of $25 million from the second quarter 2024 of $414 million.

2025 年第二季權益法投資收入（主要反映我們在 TV Food Network 的 31% 所有權）與去年同期相比下降了 500 萬美元，這主要與 TV Food Network 收入下降有關。綜合來看，第二季調整後的 EBITDA 為 3.89 億美元，利潤率為 31.7%，比 2024 年第二季的 4.14 億美元減少 2,500 萬美元。

Moving to components of free cash flow and adjusted free cash flow. Second quarter CapEx was $29 million, a decrease from $37 million in the second quarter of last year due primarily to timing of CapEx projects and lower total amount of CapEx in non-election years.

轉向自由現金流和調整後自由現金流的組成部分。第二季的資本支出為 2,900 萬美元，較去年第二季的 3,700 萬美元有所下降，主要原因是資本支出項目的時間安排以及非選舉年的資本支出總額較低。

Second quarter net interest expense was $97 million, a reduction of $16 million from the second quarter of 2024. On a cash basis, this compares to $94 million in Q2 2025 versus $110 million in Q2 2024. The reduction in interest expense was primarily related to a reduction in SOFR and Nexstar's reduced debt balances.

第二季淨利息支出為 9,700 萬美元，較 2024 年第二季減少 1,600 萬美元。以現金計算，2025 年第二季為 9,400 萬美元，而 2024 年第二季為 1.1 億美元。利息支出的減少主要與 SOFR 的減少和 Nexstar 的債務餘額的減少有關。

Second quarter operating cash taxes were $140 million compared to $164 million last year. Payments for capitalized software obligations and pension credits proceeds from disposal of assets and insurance recoveries were $14 million versus $16 million in last year's Q2.

第二季營業現金稅為 1.4 億美元，去年同期為 1.64 億美元。資本化軟體債務的支付以及資產處置和保險賠償的退休金抵免收益為 1,400 萬美元，而去年第二季為 1,600 萬美元。

Cash dilutions from the Food Network were $11 million in the second quarter, which amounted captured in our free cash flow and adjusted free cash flow definition. This amount reflects our pro rata share of distribution to cover tax from our proportionate share in the income of the JV. Included in the second quarter's adjusted EBITDA excluded from adjusted free cash flow is $11 million of income for amortization from equity method investments, which is primarily our pro rata share of Food Network and income in the second quarter of 2025.

美食頻道的現金稀釋在第二季為 1,100 萬美元，這筆金額已計入我們的自由現金流和調整後的自由現金流定義中。該金額反映了我們按比例分配的份額，以支付合資企業收入中相應份額的稅款。第二季調整後的 EBITDA（不包括調整後的自由現金流）中包括 1,100 萬美元的權益法投資攤銷收入，這主要是我們在 Food Network 的按比例分配的份額以及 2025 年第二季度的收入。

In Q2, programming amortization costs were lower than cash payments by $2 million compared to Q2 '24 as certain different programming payments were paid. Putting this all together, consolidated second quarter 2025 adjusted free cash flow was $101 million as compared to $77 million in last year's Q2.

在第二季度，由於支付了某些不同的節目費用，節目攤銷成本比現金支付低 200 萬美元，與 24 年第二季度相比。綜合以上因素，2025 年第二季合併調整後自由現金流為 1.01 億美元，去年第二季為 7,700 萬美元。

A few additional points of guidance with respect to adjusted free cash flow. We are currently projecting CapEx of $25 million to $30 million in Q3 based on the current yield curve and our mandatory amortization, Q3 interest expense is expected to be in the $93 million range. Q3 2025 cash taxes are expected to be in the $35 million to $40 million range.

關於調整後的自由現金流，還有幾點額外的指導。根據目前殖利率曲線和強制攤銷，我們目前預計第三季的資本支出為 2,500 萬至 3,000 萬美元，預計第三季的利息支出將在 9,300 萬美元左右。預計 2025 年第三季的現金稅將在 3,500 萬至 4,000 萬美元之間。

And in Q3 '25, cash distributions from the Food Network are expected to be in the low mid-single-digit million dollar range, and payments for programming are expected to be in excess of amortization by about $25 million due primarily to the prepayment of future programming payments and payment of deferred programming.

在 2025 年第三季度，美食頻道的現金分配預計將達到數百萬美元左右，而節目製作費用預計將超過攤銷額約 2500 萬美元，這主要歸因於未來節目製作費用的預付和延期節目製作費用的支付。

Turning to capital allocation in our balance sheet. Together with the cash from operations generated in the quarter and cash on hand, we returned $106 million to shareholders comprised of $56 million in dividends and the repurchase of $50 million of stock at an average price of $159.71 per share, reducing our shares outstanding.

轉向我們資產負債表中的資本配置。加上本季產生的經營現金和庫存現金，我們向股東返還了 1.06 億美元，其中包括 5,600 萬美元的股息和以平均每股 159.71 美元的價格回購 5,000 萬美元的股票，從而減少了我們的流通股數。

During the quarter, we completed the refinancing of our revolver, Term Loan A and Term Loan B and Mission completed the refinancing of its revolver. In connection with the refinance, we extended our maturities on our revolvers and Term Loan A to June 2030 and extends the maturity under -- to June 2032.

在本季度，我們完成了循環信貸、定期貸款 A 和定期貸款 B 的再融資，Mission 完成了其循環信貸的再融資。在再融資方面，我們將循環信貸和定期貸款 A 的到期日延長至 2030 年 6 月，並將 - 的到期日延長至 2032 年 6 月。

In addition, we increased the size of our revolver to $750 million and eliminated the 10 to 11 basis point spread adjustment across all the facilities we -- in addition, we converted our covenant calculation to reflect a last eight quarters annualized EBITDA calculation for the denominator to better align with broadcast industry practice and better reflect our leverage across an election year where we generate additional political advertising revenue and a nonelection year when we do not.

此外，我們將循環信貸額度增加到 7.5 億美元，並取消了所有信貸設施的 10 到 11 個基點利差調整——此外，我們將契約計算轉換為反映過去八個季度年度化 EBITDA 計算的分母，以更好地符合廣播行業慣例，並更好地反映我們在選舉年（我們沒有產生額外的政治反應收入）和非選舉的政治槓桿。

We closed the refinancing on June 27, and Nexstar's outstanding debt at June 30, 2025, was $6.4 billion, a reduction of $101 million for the quarter as we made optional repayments on our debt balances. Our cash flows at quarter end was $234 million, including $23 million of cash related to the CW. Because we designated the CW as an unrestricted subsidiary, the losses associated with the CW are not included in our calculation of leverage purposes of our credit agreement.

我們於 6 月 27 日完成了再融資，截至 2025 年 6 月 30 日，Nexstar 的未償債務為 64 億美元，由於我們對債務餘額進行了可選償還，本季度減少了 1.01 億美元。我們季度末的現金流為 2.34 億美元，其中包括與 CW 相關的 2,300 萬美元現金。由於我們將 CW 指定為不受限制的子公司，因此與 CW 相關的損失不包括在我們信貸協議的槓桿目的計算中。

As such, our net first lien covenant ratio for Nexstar at June 30, 2025, which is now calculated on the last eight quarter annualized basis was 1.8 times, which is well below our first lien and only covenant of 4.25 times. Total net leverage for Nexstar was 3.9 times at quarter end. These lever statistics are calculated pursuant to the description in our credit agreement.

因此，截至 2025 年 6 月 30 日，Nexstar 的淨第一留置權契約比率（以過去八個季度的年化基礎計算）為 1.8 倍，遠低於我們的第一留置權和唯一契約 4.25 倍。季度末，Nexstar 的總淨槓桿率為 3.9 倍。這些槓桿統計數據是根據我們的信用協議中的描述計算的。

With that, I will open up the call for questions. Operator, can you go to our first question.

現在，我將開始提問。接線員，您能回答我們的第一個問題嗎？

(Operator Instructions) Dan Kurnos, the Benchmark Company.

（操作員指示） Dan Kurnos，Benchmark 公司。

Perry, just any quick thoughts on Chairman Car continuing to write letters to the networks? And if there might be any changes coming in the way the affiliate relationships are handled. And then from an M&A perspective, how do you think about the end market opportunity versus cap expansion if the cap does get raised? You've obviously got JSAs to go after. You have a very enviable balance sheet position. So if there's any way to frame broadly what you might be looking at or any situation to consider that would be super helpful.

佩里，對於卡主席繼續給電視網寫信，您有什麼看法嗎？以及處理關聯關係的方式是否可能發生任何變化。然後從併購的角度來看，如果上限確實提高，您如何看待終端市場機會與上限擴張？顯然，你需要遵守 JSA。您的資產負債表狀況令人羨慕。因此，如果有任何方法可以廣泛地概括您可能正在關注的內容或需要考慮的任何情況，那將非常有幫助。

We'll start working backwards on that. I would say that as far as acquisition opportunity, growing our national footprint probably has more strategic importance to the company than simply double in markets where we had a single station, which is -- we're already kind of doubled up in about half of our markets.

我們將開始對此進行逆向工作。我想說，就收購機會而言，擴大我們的全國覆蓋範圍可能對公司具有更大的戰略重要性，而不是簡單地在我們只有一個站點的市場中翻一番，也就是說 - 我們已經在大約一半的市場中實現了翻番。

But again, what will govern our M&A activity is what has always governed what is the highest and best use of our cash balance sheet in the interest of growing shareholder value. And so I don't know that I can make a blanket statement about that. I think that from our perspective, there are a number of conversations going on. And I would say just broadly that everybody is talking to everybody.

但是，再次強調，決定我們併購活動的因素始終是如何以最高和最佳的方式利用我們的現金資產負債表，以實現股東價值的成長。所以我不知道我是否能對此做出一個概括性的陳述。我認為從我們的角度來看，有很多對話正在進行中。我想籠統地說，每個人都在與每個人交談。

Out of that, we hope to find a love connection that would allow us to create shareholder value well beyond what would be created by simply buying back our own stock. So that's kind of a broad brush of the M&A landscape. Obviously, with the balance sheet, we would be willing to increase our leverage profile slightly for the right acquisition. And then leveraging the free cash flow of the target, I mean, you can do your own math to determine what the upside of those could be.

由此，我們希望找到一種愛的聯繫，使我們能夠創造股東價值，遠遠超出僅僅回購自己的股票所能創造的價值。這就是對併購情勢的大致概述。顯然，有了資產負債表，我們願意為了正確的收購稍微增加我們的槓桿率。然後利用目標的自由現金流，我的意思是，你可以自己計算一下，以確定這些好處是什麼。

As it relates to Chairman Car and sending letters to the networks from our perspective, that's at this point between Chairman Car and the networks. And we obviously have a -- we'll have a vested interest in the outcome, but I think that the administration and Chairman car wants to make sure that the relationships are in some semblance of balance. It's a symbiotic relationship. The networks need us to distribute their programming and their advertising we rely on the networks for programming.

就卡爾主席和向網路發送信件而言，從我們的角度來看，這是卡爾主席和網路之間的問題。顯然，我們對結果有既得利益，但我認為政府和主席希望確保這種關係保持某種平衡。這是一種共生關係。網路需要我們分發他們的節目，他們的廣告也依賴網路進行節目製作。

Although to the extent that network by network, one of the things we buy from the network is exclusivity in addition to the programming the extent the programming is less and less exclusive, it is less and less valuable to us. So we'll make our case with the networks in private negotiations. And I think it's certainly proper for Chairman Car to take a look at the relationship and determine if things are in balance or if things have swung too far one way or the other, and we certainly applaud him for asking the questions.

儘管就各個網絡而言，除了節目製作之外，我們從網絡購買的東西之一就是獨家播放權，但隨著節目製作越來越缺乏獨家性，其對我們來說價值也越來越低。因此，我們將透過私下談判向網路提出我們的訴求。我認為卡爾主席應該檢視兩國關係，確定雙方關係是否平衡，或是否已經偏離正軌，我們當然對他提出這些問題表示讚賞。

Jason Bazinet, Citi.

花旗銀行的 Jason Bazinet。

And I just ask a two-parter on M&A, if that's okay. Point number one is would you say it's important to you to increase your O&Os and the CW as you think through M&A scenarios? Or is that sort of something that you can continue to do organically as you've been doing since you've got control of the CW.

如果可以的話，我只想問一下關於併購的兩部分問題。第一點是，當您考慮併購方案時，您是否認為增加 O&O 和 CW 對您來說重要？或者說，自從您控制了 CW 之後，您就能繼續有機地做這些事情了。

And my second one is, do you mind -- I think you've indicated on the last call that you don't feel like you need all of these rules to be solidified before you might announce a transaction. And do you mind just elaborating on what ends up happening if you have a transaction that's announced and let's say, a broadcaster or a pay TV firm challenges, whatever the FCC decides in core, like how -- it seems very complicated to me. So anything you can add would be helpful.

我的第二個問題是，您介意嗎——我認為您在上次通話中已經表示過，您認為在宣布交易之前不需要鞏固所有這些規則。您是否介意詳細說明一下，如果您宣布了一項交易，並且假設一家廣播公司或付費電視公司提出質疑，那麼最終會發生什麼，無論聯邦通信委員會的核心決定是什麼，這對我來說似乎非常複雜。因此，您添加的任何內容都會有所幫助。

Sure. As it relates to the rules and regulations has promulgated currently by the FCC, I mean there are waiver processes in place to get the waiver to own two of the top four rated stations in the marketplace. So perhaps what I was referring to, that rule doesn't have to change for those kinds of transactions to happen and you see have proposed transactions that will go through the regular card process.

當然。至於它與聯邦通信委員會 (FCC) 目前頒布的規則和條例有關，我的意思是，有豁免程序可以獲得豁免，從而擁有市場上排名前四的電台中的兩個。所以也許我指的是，這條規則不需要改變，這些類型的交易就會發生，而且你會看到已經提出的交易將透過常規卡片流程進行。

I think it's important to understand that the FCC has a regulatory process when you file an application and then it gets put on pulp notice. People can't comment and then reply comments and the FCC will do its work. And so that all takes time.

我認為，重要的是要了解，當您提交申請並收到紙漿通知時，FCC 有一個監管流程。人們不能發表評論然後回覆評論，而 FCC 將會開展其工作。所以這一切都需要時間。

And I think what I was referring to is other things can happen during that time as well. for example, that the SEC could choose to rule on this refreshed the record proceeding and could choose to based on the circuit ruling choose to make changes, at least develop a proceeding that could lead to changes in the end market regulations. So nothing happens in a vacuum.

我認為我指的是在此期間還可能發生其他事情。例如，美國證券交易委員會可以選擇對此作出裁決，刷新記錄程序，並可以選擇根據巡迴裁決做出改變，至少制定一項可能導致最終市場法規變化的程序。所以真空中什麼事也不會發生。

And any transaction we propose would provide regulatory remedies under the current rules, but realizing those rules could change and some of those former regulations could become moved during dependency of a transaction. So I think that all of that would have to be taken into account by the parties and the counterparties before going down that road, but we think it's entirely possible that two things can happen at the same time.

我們提出的任何交易都會根據現行規則提供監管補救措施，但我們意識到這些規則可能會發生變化，並且一些先前的法規可能會在交易依賴期間發生變化。因此，我認為在採取這項措施之前，各方和交易對手都必須考慮到所有這些因素，但我們認為兩件事完全有可能同時發生。

That makes sense -- unless to be all nos. Is that the strategic priority?

這很有道理——除非全是否定的。這是戰略重點嗎？

Well, listen, is a positive outcome to certain M&A activity if we can increase the footprint of our own stations at the CW, obviously, that provides a financial benefit to the CW, but also the local station that may or may not be earning distribution revenue at the level that we earn for our CW stations. So it is not the #1 strategic priority, but it is certainly something we look at when looking at transactions. And if that is a byproduct, it tends to benefit the company more than one way.

嗯，聽著，如果我們能夠擴大我們自己的電台在 CW 的覆蓋範圍，那麼對於某些併購活動來說，這是一個積極的結果，顯然，這不僅會給 CW 帶來經濟利益，還會給當地電台帶來利益，因為當地電台可能獲得或可能不獲得與我們為 CW 電台賺取的分銷收入相同的收入。因此，它不是首要的戰略重點，但它肯定是我們在考慮交易時要考慮的事情。如果這是副產品，它往往會為公司帶來多方面的好處。

Stephen Cahall, Wells Fargo.

富國銀行的史蒂芬‧卡霍爾 (Stephen Cahall)。

So on the CW, you talked about, I think, 40% of Time is now aired with sports. I was wondering what additional sports opportunities you see out there in terms of leagues or parts of leagues that you think could continue to grow that, assuming that, that is, in fact, the strategy of the CW to continue to add more sports as a percentage.

所以在 CW 上，您談到了，我認為現在 40% 的時間都在播放體育節目。我想知道，就聯賽或聯賽的部分內容而言，您認為還有哪些額外的體育機會可以繼續增長，假設這實際上是 CW 的策略，即繼續按百分比增加更多的體育項目。

And then the second question, I was just wondering if you could go a little bit deeper on the ad market. So it sounds like things are performing about as expected, maybe even a little bit better. I was wondering if you could talk about maybe how much digital is growing? And then any trends between what you're seeing at local stations versus your national revenue, which I think is a little bit bigger for you than it is for a lot of your peers.

第二個問題，我想知道您是否可以更深入地探討廣告市場。因此聽起來事情的進展大致符合預期，甚至可能更好一些。我想知道您是否可以談談數位化的成長速度有多快？然後，您在當地電台看到的收入與全國收入之間的任何趨勢，我認為對你們來說，這個趨勢比對您的許多同行來說要大一些。

I will speak to the second part of that question, Steven, and then Michael can speak to the first part. But the bright spot in our end support in the second quarter at the national network level, and part of that is News Nation being the number one basic cable network for year-over-year growth in the month of -- as of the month in June and the CW moving into the eighth rank network in terms of total audience for the first half of 2025.

我將談談這個問題的第二部分，史蒂文，然後邁克爾可以談談第一部分。但我們第二季度在全國網路層面的最終支持中出現了亮點，其中一部分原因是 News Nation 成為當月同比增長率第一的基本有線電視網絡——截至 6 月份，而 CW 在 2025 年上半年的總觀眾人數方面進入第八位的網絡。

So dollars are following the eyeballs, which are leading to increased revenues at the at our National Networks business. So that certainly is positive performing better than our internal expectations in the quarter and certainly year-to-date.

因此，資金隨著眼球而流，從而導致我們國家網路業務的收入增加。因此，這無疑是積極的，表現優於我們本季以及今年迄今的內部預期。

And Michael, I'll turn it over to you to respond more to the sports question.

邁克爾，我將把話題交給你來更多地回答有關體育的問題。

Yeah, it's a good segue. I mean part of what we're seeing in the performance of the CW is driven by the addition of sports. We now have a little bit of a track record under our belt. Certainly, the advertising community is responding to the consistent ratings that we've delivered. I talked about in my opening remarks, the consistent performance year-on-year that we've seen, particularly at Xfinity in the quarter, 20-plus races into the year, we've seen consistent week after week growth.

是的，這是一個很好的過渡。我的意思是，我們看到的 CW 表現的部分原因是體育節目的增加。現在我們已經取得了一些成績。當然，廣告界對我們提供的一致評級做出了回應。我在開場白中談到了我們看到的同比穩定表現，特別是本季度 Xfinity 的表現，今年已經舉辦了 20 多場比賽，我們看到了每週持續的增長。

Certainly, the industry was responding to it. If you look at motorsport as a whole, the industry is starting to talk about the Xfinity performance and particularly the smart decision that NASCAR made to invest its rights with CW for the long term.

當然，業界正在對此做出回應。如果從整體上看賽車運動，你會發現整個行業開始談論 Xfinity 的表現，尤其是 NASCAR 做出的將其權利長期投資於 CW 的明智決定。

So I think in terms of looking forward, yes, there are other opportunities out there, and we absolutely are interested in pursuing them. I think if you look broadly at category as college sports is one that we're interested in. certainly had some test with the ACC and the PAC-12. We have ongoing discussions with some others in that space right but nothing I can announce today.

因此我認為，展望未來，是的，還有其他機會，我們絕對有興趣去追求它們​​。我認為，如果從廣義上看，大學體育是我們感興趣的類別之一。當然，我們也對 ACC 和 PAC-12 進行了一些測試。我們正在與該領域的其他人進行討論，但今天我還不能宣布任何消息。

Benjamin Soff, Deutsche Bank.

德意志銀行的班傑明‧索夫。

I wanted to first ask about virtual MVPDs. It sounds like this is one area the FCC could look into. So can you remind us where the economics for these services stand today compared to the traditional ecosystem. And what's your level of optimism these rules could get changed? And then there's some new sports-centric streaming services launching soon. I'm curious if you think these products might impact the broader pay TV ecosystem or not?

我想先詢問有關虛擬 MVPD 的問題。這聽起來像是聯邦通訊委員會可以調查的一個領域。那麼，您能否提醒我們，與傳統生態系統相比，這些服務目前的經濟狀況如何？您對於這些規則的改變有多樂觀？一些以體育為中心的新串流服務即將推出。我很好奇，您是否認為這些產品可能會影響更廣泛的付費電視生態系統？

Maybe I'll just start with just on the economics in terms of -- I think your question was just around the vMVPDs versus the MVPDs. Those are really sort of the same -- no change in terms of what we've been talking about historically there. Obviously, MVPDs, we have the ability to negotiate directly so we get paid on a gross basis, the virtual MVPDs. We are -- we work through the networks and we get paid on a net basis. And we're looking to kind of grow both revenue streams over time as we renegotiate these contracts.

也許我只是想從經濟學的角度開始——我認為你的問題只是關於 vMVPD 與 MVPD。這些實際上都是一樣的——就我們歷史上談論的內容而言沒有任何變化。顯然，對於 MVPD，我們有能力直接談判，因此我們可以按總額獲得報酬，即虛擬 MVPD。我們透過人脈工作並按淨收入獲得報酬。隨著我們重新談判這些合同，我們希望隨著時間的推移增加這兩種收入來源。

I'll turn it to Mike to talk about some of the stuff that was launched recently or is going to be launched.

我將請麥克來談談最近推出或即將推出的一些產品。

Yeah, I think it's going to be launched later this month. I think the question is really around FOX One and the ESP and D2C app. I think the headline is we're optimistic they will be neutral and potentially a net positive for the pay TV business. And I'll start with the fact that both companies, both Disney and FOX remain highly invested in the success of pay TV and they've both been expressed about intentionally designing their respective D2C products and business models and make them complementary to pay TV rather than cannibalistic.

是的，我認為它將在本月晚些時候推出。我認為問題實際上圍繞著 FOX One 和 ESP 和 D2C 應用程式。我認為標題是我們樂觀地認為它們將保持中立並可能對付費電視業務產生淨積極影響。首先我要說的是，迪士尼和福克斯這兩家公司都對付費電視的成功投入了大量資金，他們都表示有意設計各自的 D2C 產品和商業模式，使它們與付費電視相輔相成，而不是互相蠶食。

And that fact is pretty clear on the pricing of very switch is respectful of their wholesale pricing with ATV distributors. Specifically at $50 combined for FOX and ESPN, most folks would agree that pay TV is an attractive alternative given the relatively modest incremental cost for a significantly more robust set of programming, especially sports.

事實是，每個 switch 的定價都十分尊重其與 ATV 經銷商的批發價格。具體來說，FOX 和 ESPN 的收費總計為 50 美元，大多數人都會同意付費電視是一個有吸引力的選擇，因為只需支付相對適中的增量成本，就能獲得更加豐富的節目，尤其是體育節目。

And by the way, a good chunk of that incremental programming is owned by Disney, who will have a broad slate of networks not available through SPN, right, network FX, Nat Geo, for instance. FOX's product will be a little different in that regard, but they've been clear about their intentions repeatedly saying that their product is narrowly targeted at the cordless audits.

順便說一句，這些新增節目的很大一部分歸迪士尼所有，迪士尼將擁有 SPN 無法提供的大量網絡，例如 FX 網絡、國家地理網絡。FOX 的產品在這方面會有所不同，但他們已經明確表示他們的意圖，並多次表示他們的產品主要針對無線審計。

Further, both have bundled these products with their pay TV deals, making them an added feature for pay TV subs. And that model goes back to the Disney Charter deal in the fall of '23. And at the time, you may recall, we were on record that we believe that would ultimately be a good thing for the health and viability of pay TV, including our business.

此外，兩家公司都將這些產品與付費電視交易捆綁在一起，使其成為付費電視用戶的附加功能。這種模式可以追溯到 1923 年秋季的迪士尼包機協議。您可能還記得，當時我們曾公開表示，我們相信這最終將對付費電視（包括我們的業務）的健康和生存力有利。

And as I mentioned in my prepared remarks, Charter's pursuit of that model seems to be proving that out in the positive via sub trends that we've seen. Incidentally, I see Disney deal with the NFL as a further investment in pay TV, given that they did not acquire ownership of or the digital rights to red zone, which remain with the league. So I think all the value from Red Zone for Disney will be derived in distributing it together with the balance of their linear portfolio inside pay TV.

正如我在準備好的演講中提到的那樣，Charter 對該模型的追求似乎透過我們所看到的子趨勢以積極的方式證明了這一點。順便說一句，我認為迪士尼與 NFL 的交易是對付費電視的進一步投資，因為他們沒有獲得紅區的所有權或數位版權，這些仍然屬於聯盟。因此，我認為《紅區》對迪士尼的所有價值都將來自於將其與付費電視內部的線性投資組合餘額一起分發。

And finally, I want to add that we hope FOX is successful in targeting the cordless audience because the 24/7 feet of our FOX stations, the largest group of FOX affiliates will be included in FOX One, and subscribers without in all of our FOX market will enjoy Fox just as pay TV subscribers do today. That is via our station.

最後，我想補充一點，我們希望 FOX 能夠成功瞄準無線觀眾，因為我們的 FOX 電台（最大的 FOX 附屬機構群體）全天候播出，這些電台將被納入 FOX One，而我們所有 FOX 市場的無線訂閱用戶都將像今天的付費電視訂閱用戶一樣享受 Fox 的服務。那是透過我們的電台。

Craig Huber, Research Partners.

Craig Huber，研究合夥人。

Perry, I wanted to ask you if you could. What is your updated thoughts on the business environment, the economic environment here in the US? How are you feeling about that right now, say, where your head was at coming into this calendar year, and then, Lee Ann, I do want to ask you, just some housekeeping questions maybe I missed this, what were the CW losses in the quarter? Were they materially different? And I think you had about $41 million loss a year ago. And do you still think you're on track have CW losses for the year down about 20%?

佩里，我想問你是否可以。您對美國的商業環境和經濟環境有何最新看法？您現在對此有何感想，比如說，您對今年的打算是什麼，然後，李安，我確實想問您一些基本問題，也許我錯過了，本季度 CW 的損失是多少？它們有實質的不同嗎？我認為你們一年前損失了大約 4100 萬美元。您是否仍然認為今年 CW 的損失將下降約 20%？

Maybe I'll just take that one -- that one first. We did -- in Mike's comments, you did talk about the CW losses in the quarter were better by about $21 million. We do still expect to improve the total losses by about 25% over the course of the year and achieve profitability sometime in '26.

也許我會先選擇那個——那個。我們確實——在麥克的評論中，你確實談到了本季 CW 的損失減少了約 2100 萬美元。我們仍然預計今年的總損失將減少約 25%，並在 26 年的某個時候實現盈利。

I would say in terms of the ad environment, in terms of our forecast for the year and our internal budgeting and metrics, I think it's performing about as expected. There are puts and takes, as you can imagine. As we look at our forward pace, we're pleased at the forecast, and we certainly don't see any integration in our forward-looking pace numbers versus what we've delivered in the first half of the year.

我想說，就廣告環境、我們對今年的預測以及我們的內部預算和指標而言，我認為它的表現大致符合預期。正如您所想的，其中有得有失。當我們展望未來步伐時，我們對預測感到滿意，而且我們當然沒有看到我們的前瞻性步伐數字與我們今年上半年交付的數字有任何融合。

Obviously, the back half of the year has a lot more political revenue impact which means more crowd out, which means more inventory available back for general market advertising. So that's something we experienced in the back half of every odd year.

顯然，下半年的政治收入影響會更大，這意味著更多的擠出效應，也意味著有更多的庫存可用於一般市場廣告。這就是我們在每個奇數年的後半年都會經歷的事情。

But at this point, we have -- things are unfolding, we think, pretty much as expected. And everybody keeps waiting for the shoe to drop. And quite frankly, we haven't seen it. We think that the ad trends and the economy are what they are. And I think tariff uncertainty may lead to uncertainty, but it hasn't led to a freezing up of people's either spending or intentions to spend. And I think all of that at this point in time is a net positive

但就目前而言，我們認為事情正在順利展開，基本上符合預期。每個人都在等鞋子掉下來。坦白說，我們還沒看到。我們認為廣告趨勢和經濟就是如此。我認為關稅不確定性可能會導致不確定性，但並沒有導致人們的支出或消費意願凍結。我認為目前所有這些都是積極的

Alan Gould, Loop Capital Markets.

艾倫·古爾德（Alan Gould），Loop Capital Markets。

I've got two, please. First, can you give us a comment on the pacings or what you're seeing the trends in digital advertising? And secondly, any surprise in the comment letters in the refresh proceeding? And what are the next steps? I think there's refined comments. And then what has to happen next before the FCC could make some changes?

我有兩個，謝謝。首先，您能否就數位廣告的節奏或趨勢給我們一些評論？其次，刷新過程中的評論信中有什麼令人驚訝的地方嗎？下一步是什麼？我認為有精緻的評論。那麼在 FCC 做出改變之前，接下來需要發生什麼事呢？

Maybe I'll just take the first, digital continues to be an area of focus for us and an area of strength in terms of growth. We're seeing that grow overall kind of the mid-single digits and then at a higher rate at our low business. So that's digital.

也許我只想說第一個，數位化仍然是我們關注的領域，也是我們成長的優勢領域。我們看到，整體成長率達到了中等個位數，而低端業務的成長率則更高。這就是數位化的。

In the refresh proceeding, obviously, our comments, we feel stand for themselves. I think in terms of everything else that I've read thus far and I haven't read all of them, I think everybody is pretty much talking their own book. I was -- I won't say I was shocked to see that the pay TV industry does not want to see the national ownership cap go away. That's been their predictable response to any deregulation in our space for quite some time.

在更新過程中，顯然，我們認為我們的評​​論是站得住腳的。我認為就我迄今為止讀過的所有其他書而言（雖然我還沒有讀完所有書），我認為每個人幾乎都在談論自己的書。我——我不會說我感到震驚，因為付費電視行業不願意看到國家所有權上限消失。相當長一段時間以來，這都是他們對我們領域的任何放鬆管製做出的可預見的反應。

So I think at this point, the comment period has ended There'll be a reply comment deadline later this month, I believe it's August 22. And at that point, it will under advisement to the Chairman and the staff and others at the commission, and we'll see what comes after that point.

所以我認為此時評論期已經結束。本月晚些時候將會有一個回覆評論的截止日期，我相信是 8 月 22 日。到那時，它將向委員會主席、工作人員和其他人員提供建議，然後我們再看看接下來會發生什麼。

But I certainly think that the Chairman initiating the refresh proceeding in the case he feels there are lots of rules on the books, some of which have nothing to do with us. Some things have to do with telegraph regulations that are still on the books.

但我確實認為，如果主席認為現有規則很多，而其中一些與我們無關，那麼他就可以啟動更新程序。有些事情與仍然存在的電報法規有關。

And I think that his goal is to eliminate unnecessary regulation, whether it affects the telegraph industry the broadcast industry. And we applaud that effort to do that, and we want to participate via our comments and suggestions as part of that process. But as to the timing of an outcome, I really can't predict that is up to the Chairman and his staff.

我認為他的目標是消除不必要的監管，無論這是否影響電報業或廣播業。我們對此努力表示讚賞，並希望透過我們的評論和建議參與這一進程。但至於結果的時機，我真的無法預測，這取決於主席和他的工作人員。

Patrick Sholl, Barrington Research.

巴林頓研究公司的 Patrick Sholl。

I just had a couple more questions just on the ad market. Just as you've been adding sports programming to CW, could you just talk about like where your ad rates stand relative to some of your broadcast peers that you're getting much higher up in terms of like the viewership level for CW?

我對廣告市場還有幾個問題。就像你們一直在為 CW 添加體育節目一樣，能否談談你們的廣告費率相對於一些廣播同行而言如何，為什麼你們在 CW 的收視率方面要高得多？

Yeah, sure. I think we have a pretty good handle in the marketplace for like-to-like programming. So we know what Xfinity NASCAR rates were last year. We feel good about that. We've actually seen pretty sizable growth in rates year-on-year. So both volume and rate, same with the cost sports. So each category sort of has its own marketplace with a pretty good handle on that, as I said, and we feel we're doing on par or better really in each case.

是的，當然。我認為我們在同類節目市場上有很好的把握。所以我們知道去年 Xfinity NASCAR 的費率是多少。我們對此感到很高興。事實上，我們看到利率比去年同期大幅成長。因此，無論是數量或速率，都與成本運動相同。因此，正如我所說，每個類別都有自己的市場，我們對市場有很好的把握，我們覺得在每種情況下我們都做得相當好或更好。

Okay. And just on the -- in terms of like the broader ad market, I guess you addressed this a little bit, but can you just maybe talk about like just within the categories, how -- if there's been any sort of adjustment in how they've been shifting their spending between Q2 and Q3. I know you provided like the overall trajectory or your overall pacing for Q3. Just give us a little bit more detail on some of the dynamics there.

好的。就更廣泛的廣告市場而言，我想您已經稍微談到了這一點，但您能否談談在各個類別中，他們在第二季度和第三季度之間如何調整支出？我知道您提供了第三季的整體軌跡或整體步調。請向我們詳細介紹那裡的一些動態。

Yeah. I would say not from a category perspective, there's not a whole heck of a lot of difference in terms of what we -- in terms of the categories that are up and the categories that are down we continue to see strength in attorneys and home repair and manufacturing. Those continue to be good performers for us. And then on the negative side, we continue to see auto be a problem area for us on that end. So I think there's not like a -- there's various things that come in and come out, but like nothing worth noting.

是的。我想說的是，從類別角度來看，就上升的類別和下降的類別而言，並沒有太大的差異，我們繼續看到律師、房屋維修和製造業的強勁表現。對我們來說，這些仍然表現良好。而從消極的一面來看，我們繼續看到汽車成為我們面臨的一個問題領域。所以我認為，沒有什麼——有各種各樣的事情發生，但沒有什麼值得注意的。

[Kadir Rishi, Rishi Capital Group].

[Kadir Rishi，Rishi Capital Group]

Okay. I just had a quick one. Given the potential for the opportunities on the M&A on the horizon and the success you had in the past, does the attractiveness of these substantial opportunities? Has it led to any internal adjustments of the previously announced time lines for leadership transition?

好的。我剛剛快速吃了一頓。考慮到即將出現的併購機會的潛力以及您過去的成功，這些實質機會是否具有吸引力？這是否導致先前宣布的領導層換屆時間表出現內部調整？

I'm not sure. Are you speaking about me?

我不知道。你是在說我嗎？

Yeah. Just -- if the effectiveness of have any consolidation has led you to rethink your planned retirement.

是的。只是——如果任何合併的有效性導致您重新考慮您的退休計劃。

I have no plans to retire. I'm not going to wear anytime soon. And typically, in terms of any announcement regarding an employment agreement, that comes toward the end of the current employment agreement and they're -- quite honestly a lot of things going on here right now, and that's not at the top of the list yet. But I don't think you have to worry too about my engagement here being the third largest shareholder. I am very engaged every day, all day and have the best interest in the outcome of everything we do.

我沒有退休計劃。我近期內不會穿。通常，就任何有關僱傭協議的公告而言，這些公告都是在當前僱傭協議即將結束時發布的，而且坦白說，現在這裡發生了很多事情，而這還不是最重要的事情。但我想你也不必擔心我身為第三大股東的身份。我每天都整天投入工作，並且對我們所做的每件事的結果非常感興趣。

Okay. Great. Now I appreciate that. I must have misunderstood some comments from a call about a year ago. Thank you for that.

好的。偉大的。現在我很感激這一點。我肯定誤解了大約一年前電話中的一些評論。謝謝你。

Thank you. Ladies and gentlemen, this concludes our question-and-answer session. I'll turn the floor back to Mr. Sook for any final comments.

謝謝。女士們、先生們，我們的問答環節到此結束。我將把發言權交還給 Sook 先生，請他發表最後的評論。

Thank you very much, operator, and thank you all for joining us here today. We appreciate your time, and we look forward to reporting on our third quarter results in early November. And with that, we wish you a good day, and we will ask you all to disconnect. Thank you very much. Bye now.

非常感謝，接線生，也感謝大家今天加入我們。感謝您的時間，我們期待在 11 月初報告我們的第三季業績。最後，我們祝您有美好的一天，並請大家斷開連線。非常感謝。再見了。

Thank you. This concludes today's conference call. You may disconnect your lines at this time.

謝謝。今天的電話會議到此結束。現在您可以斷開線路。