Nexstar Media Group (NXST) 33rd Annual Media, Internet & Telecom Conference summary

2024 performance highlights and strategic initiatives

• Achieved record revenue and record political revenue in 2024, driven by unique business model and scale.

• Implemented significant cost reductions, eliminating duplicate positions and streamlining operations, with savings to be realized in 2025.

• Advanced ATSC 3.0 initiative by consolidating joint ventures, positioning for industry leadership.

• Brought sales organization in-house and accelerated digital revenue initiatives.

Industry trends and market outlook

• Cord cutting rate is moderating due to shrinking pool of non-sports/news viewers and rising direct-to-consumer prices.

• Bundling and improved MVPD packages are helping slow subscriber attrition, with further moderation expected in coming years.

• Sustained improvement in cord cutting would reduce top-line pressure and support stable revenue.

Distribution, pricing, and regulatory environment

• Expects continued unit rate growth in distribution revenue, with broadcast TV still undercompensated relative to viewership.

• Scale is key to outperforming in distribution revenue; flat growth guided for 2025 with major renewals ahead.

• Industry is united in seeking repeal of national ownership cap and duopoly rules, with bipartisan support for deregulation.

• FCC action on regulatory reform hinges on confirmation of a third Republican commissioner.