312/222-3394 or [email protected]. Nexstar owns, operates, programs or provides sales and other services to 197 television stations and related digital multicast signals reaching 115 markets or approximately 39% of all U.S. television households (reflecting the FCC's UHF discount). Investor Contacts: Thomas Carter Chief Financial Officer Nexstar Media Group, Inc. 972/373-8800 Joseph Jaffoni, Jennifer Neuman JCIR 212/835-8500 or [email protected] We've only had one hospitalization, and that person has fully recovered. I don't think anyone listening to this call. We as I've said before, we have a staff of red orations and two full-time staff that do nothing but check scripts in reporting for unconscious bias and bias in our writing, and we've had very spirited discussions about that even in the rehearsals. From. To access the conference call, interested parties may dial 323-794-2423, conference ID 1891423 (domestic and international callers). It's not down 7% but it's closer to the previous quarter's results. The 41% rise in second quarter net revenue reflects growth in total television advertising revenue as we drove year-over-year increases in same station new-to-television business and strong shares of political spending in our markets as well as a 71% year-over-year increase in distribution fee revenues. The I was wondering about the promotion efforts to create visibility for News Nation as that is coming to the far. Participants can also listen to a live webcast of the call through the “Events and Presentations” section under “Investor Relations” on Nexstar’s website at www.nexstar.tv. But I can give you a little color on both. Does that mean they're not likely to be cold? XBRL Filings, Code of Business Conduct Obviously, we are still getting an uplift from the virtual MVPD, so that they the traditional MVPD subscriber loss is somewhat recouped, but certainly not all recouped by the virtual MVPDs. Headquartered in Irving, Texas, Nexstar Media Group, Inc. is the largest local broadcast television group in the United States and one of the world’s leading diversified media companies.
We don't get a lot of money from restaurants unless it's QSR, and they're making mints through their drive through. Nielsen Holdings plc And relatedly, we have more broadcast content going direct-to-consumer like CBS All Access and Peacock. We know it's going to be self-funding. Obviously, the demand is where the audience is, and that's where the audience is for us right now. And we're hopeful that the audience gains, at least some of them will be sticky when and I hate to use this term when the new normal settles in as to whatever it is.
We keep tabs by every market as to various stages of reopening. I appreciate that. As it relates to additional streaming services, they're at some point, they've become kind of a sameness to them and it's all about the content. Thank you. Adjusted EBITDA and free cash flow reflect approximately $27 million in distributions from equity investments related to our 31% ownership in the TV Food network. And it's amazing clay and in Los Angeles and WGN in Chicago, independent stations, by and large, but producing copious amounts of local news are ranking number one in all dayparts, beating all of the network O&Os in virtually every newscast. Our approach marries proprietary Nielsen data with other data sources to help clients around the world understand what's happening now, what's happening next, and how-to best act on this knowledge. Asset Types Photos Video Audio Documents Events Standard Basic Search.
The long tail will determine how much. They are based on our negotiating ability. Second quarter total interest expense amounted to $82 million, up from $51 million in the same period in 2019, while cash interest expense was $78 million compared to $49 million last year, with increases due to, obviously, the increased debt associated with the Tribune funding, partially offset by lower interest rates.
Forward-looking statements include information preceded by, followed by, or that includes the words “guidance,” “believes,” “expects,” “anticipates,” “could,” or similar expressions. For example, last night in our rehearsals, we did a story on the first women police chief in Colorado Springs.
As it relates to CBS All Access, we participate in that. Nexstar’s portfolio includes primary affiliates of NBC, CBS, ABC, FOX, MyNetworkTV and The CW. And we have another 20% that are working remotely. So there are some that that are fungible and others that that are not. 312-222-3394 or [email protected], © 1998-2020, Nexstar Media Group, Inc. | All rights reserved, Nexstar Media Group Announces Strategic Operational Realignment to Leverage Value of Proprietary Local Content Across Multiple Platforms, Nexstar Media Group Declares Quarterly Cash Dividend of $0.56 per Share. At the same time, Nexstar has a strong balance sheet, including approximately $665 million in cash as of June 30, with an access to another $140 million under our revolving credit facility.
Company to Combine Nexstar Broadcasting and Nexstar Digital Subsidiaries to Drive Synergies, Create Operational Efficiencies, Reduce Expenses and Enhance Financial Results. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this press release might not occur. Does the I guess, for Tom, does the target leverage ratio for this year contemplate any buybacks in the second half? I would say in my comments earlier, I did report that our viewership, and I highlighted the 18 to 34 demographic. And without our services, you have an inferior offering to the viewing public. Please go ahead, sir. Did any of that play a role in your retrans negotiations during that period? Thanks very much, Tom. Perry, I have two for you. [Operator Instructions] And we'll take our first question from John Janedis with Wolfe Research.
212/835-8500 or [email protected], Media Contact: And also does it make you think about moving from like a per sub basis sorry, to a per sub basis from a fixed programming fee where you can. So I assume it's a little bit better than that then? Nonoperating cash taxes associated with the gains on the asset sales and legal settlements in Q3 will be approximately $83 million. Contribution from Nexstar's 31.3% ownership stake in the television food network and other investments acquired in the Tribune transaction is included in the full income statement under income or loss on equity investments net and in the cash flow statement under distributions from equity investments. Investor Contacts: During the early days of the pandemic, there seem to be a surge in or a pretty good increase, at least in usage and even sampling of broadcast and other video in categories that didn't take or didn't tend to it. Email Alerts. So now let's open the call to Q&A to address your specific areas of interest. In addition, the merger of Nexstar Digital LLC into Nexstar Inc. is estimated to increase the restricted payment capacity under the two outstanding Nexstar Inc. bond issues by approximately $150 million, thereby allowing for more aggressive activity under our recently expanded repurchase authorization and other initiatives to enhance shareholder value.”. IR Press Releases. This press release includes forward-looking statements. IR Home. As I've said to other people, I fully expect our capital allocation attitude to change from playing defense to playing offense sometime right around Labor Day.
I'll try and do my best with it here. Nexstar Media Group, Inc. Obviously, it was up in April, 151%, 83% in May, and 89% in June over the prior year. We're proceeding on budget with our investment related to the launch of WGN America's primetime national newscast News Nation on September one and prioritized capital expenditures to maintain maximum flexibility in the current environment, meaning the timing of certain capex can be built late until later quarters, if required. We had one top 10 that we're pleased with the results on. With that, I'll start with a review of Nexstar's Q2 income statement and balance sheet data, after which, I'll provide an update on our capital structure and some points of guidance. Sorry.
Great. I mean, look at the amount of money that both camps have raised that the attendant packs and special interest groups have raised supporting those candidates as well as down ballot candidates. As you guys may know, Sinclair on the call right before you said their second quarter subs were down about 7%, including the benefit on the virtual side.
Nielsen Investor Relations +1.646.654.8153 [email protected]. Ongoing capex and transaction capex totaled $40 million. And again, given the size and scope of the operation, that wouldn't be deemed to be material. Nexstar Inc. And again, you're talking a potential uplift of 0.25 million to one million subscribers on a Nielsen reported, I think, 75 million subscriber base. Nexstar also owns WGN America, a growing national general entertainment cable network and a 31.3% ownership stake in TV Food Network, a top tier cable asset. "Our alliance with Nexstar will leverage Nielsen's unique suite of measurement services to establish a cross-platform currency that will provide audience insights across local linear TV, cable, mobile, desktop and over-the-top. As such, despite the economic pressures related to the pandemic, Nexstar's top-line growth and operating and expense management disciplines resulted in a 38.7% increase in net income and record second quarter broadcast cash flow, adjusted EBITDA and free cash flow with those net metrics growing 28%, 49% and 127%, respectively, on a year-over-year basis. Our sales teams will share hard data with advertisers -- large or small, national or local – to present the strategic benefits of impression measurement which will allow brands and advertisers to maximize the reach and effectiveness of their spending across every available media channel.". Few questions. The digital business unit will be led by Karen Brophy who will assume the role of President, Digital with responsibility for Nexstar’s 121 local websites, programmatic, data science, social media, group sales and partnerships as well as the ongoing streamlining of the Company’s ad tech stack to better align Nexstar with today’s digital environment.
The evidence is in our results in July and our pacing in August and our pacing in September, all substantially better than where we exited second quarter and then we performed in second quarter.
So again, we are in flux. I would say that they're actually up a little bit because we're we've included a fair amount of Tribune subscribers that are non-big four affiliates, where our net retrans margin is substantially in excess of 50%. During the first half of 2020, we allocated approximately $594 million in cash from operations and investments toward debt reduction, opportunistic share repurchases, and cash dividends.
So there is some hedge there at this point, and we're not ready to call the ball as to what the most preferable term is. Participants can also listen to a live webcast of the call through the “Events and Presentations” section under “Investor Relations” on Nexstar’s website at www.nexstar.tv. Questions and answers will be taken only from participants on the conference call. Please call five minutes in advance to ensure that you are connected. But I was wondering if any of that has proven sustainable or otherwise might be in terms. All sports comprises about 10% of our advertising revenue. As always, our Chief Financial Officer, Tom Carter, is on the call with me this morning. We're in rehearsals now and my first impressions of the product are very positive.
As it relates to WGN America, we have had and Dana Zimmer and her team have been out presenting WGN America to every MVPD with which we already do business and also those that do not carry WGN WGN America, and that's primarily in legacy Nexstar markets, and we have an opportunity with renewals between now and the end of the year.
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