Nexstar Media Group, Inc. (NASDAQ:NXST) Q2 2023 Earnings Conference Call August 8, 2023 10:00 AM ET

Company Participants

Joe Jaffoni – Investor Relations

Perry Sook – Chairman and Chief Executive Officer

Tom Carter – President and Chief Operating Officer

Lee Ann Gliha – Chief Financial Officer

Conference Call Participants

Dan Kurnos – Benchmark

Steven Cahall – Wells Fargo

Craig Huber – Huber Research Partners

Benjamin Soff – Deutsche Bank

Nick Zangler – Stephens

Alan Gould – Loop Capital Markets

Barton Crockett – Rosenblatt Securities

Jim Goss – Barrington Research

Operator

Good day, and welcome to Nexstar Media Group's Second Quarter 2023 Conference Call. Today's call is being recorded.

I will now turn the conference over to Joe Jaffoni, Investor Relations. Please go ahead, sir.

Joe Jaffoni

Thank you, Maria, and good morning, everyone. Let me just read 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.

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 the 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, 2022, 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 others.

With that, it's now my pleasure to turn the conference over to your host, Nexstar Chairman and CEO, Perry Sook. Perry, please go ahead.

Perry Sook

Thank you, Joseph, and good morning, everyone. We appreciate you joining us today to discuss Nexstar's second quarter results. With me on the call today are Tom Carter, our President and Chief Operating Officer; and Lee Ann Gliha, our CFO. I'll start with a summary of recent highlights and developments followed by Tom's operational review and Lee Ann's financial review.

Recently, some media executives have made public comments calling into question the future of linear broadcast. We respectfully disagree. What can't be questioned is that literally all of the video profit and 80% of the video revenue of the major integrated media companies are generated by the linear model today. Said another way, DTC strategies are reliant on the profits of the linear model to exist. We don't expect the DTV business to go away. We expect to coexist with them and for broadcast to continue to thrive. Linear is not going anywhere.