Nexstar Media Group, Inc (NASDAQ:NXST) Q3 2023 Earnings Conference Call November 8, 2023 10:00 AM ET

Company Participants

Joe Jaffoni - Investor Relations

Perry Sook - Chairman and Chief Executive Officer

Mike Biard - President and Chief Operating Officer

Lee Ann Gliha - Chief Financial Officer

Tom Carter - Senior Advisor

Conference Call Participants

Dan Kurnos - Benchmark

Barton Crockett - Rosenblatt Securities

Benjamin Soff - Deutsche Bank

Steven Cahall - Wells Fargo

Craig Huber - Huber Research Partners

Nick Zangler - Stephens Inc

Jim Goss - Barrington Research

Operator

Good day and welcome to Nexstar Media Group’s Third 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, Shamali and good morning everyone. I’ll 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 facts maybe 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 otherwise.

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 all joining us today to discuss Nexstar’s third quarter results. With me today on the call are Mike Biard, our President and Chief Operating Officer as well as Lee Ann Gliha, who is our CFO. Also here listening in and available for questions on what will be his final earnings call, Senior Advisor, Tom Carter.

I’ll start with a summary of recent highlights and developments, followed by Mike’s operations review, and then Lee Ann’s financial review. Nextar third quarter financial results primarily reflect the year-over-year decline in cyclical political advertising as well as the net distribution revenue impact related to our successful negotiation with DIRECTV.