Nexstar Media Group, Inc. (NXST) Q3 2020 Earnings Call Transcript @themotleyfool #stocks $NXST
I would say, generally speaking, Q3 as a quarter was down mid-teens on a same-station basis core. And with the exception of October, I would say it’s going to be down mid- to high single digits so far in Q4.
Kyle Evans — Stephens — Analyst
Thank you. And then, Perry, you ripped through those network renewal metric numbers for ’21 and ’22 — I’m sorry, could you replay those again?
Perry A. Sook — Chairman and Chief Executive Officer
I am sorry, what was that…
Tom Carter — Chief Operating Officer and Chief Financial Officer
In — they — kind of retrans renewals?
Kyle Evans — Stephens — Analyst
You gave the network — I thought there were network renewal numbers for ’21 and ’22. Maybe I misheard that.
Tom Carter — Chief Operating Officer and Chief Financial Officer
Well, it’s not so much renewal. It’s what we have booked. And again, this is on page — it’s either page 14 or page 16 of the 10-K, where we list out by the big four affiliates what is coming up. And if you do the math, through the end of ’21, we have approximately 80% of our affiliates done. If you think about that, that’s, call it, 20% up for renewals? Well, we have 18% of our retrans renewals up between now and the end of ’21. So that’s the synergy and the lack of any sort of arbitrage with regard to the retrans revenue and the affiliation. And then through the end of ’22, we’ve got 70% of our network affiliations under contract. So really, the bulk of the renegotiation of the affiliation comes in ’23 and beyond.
Kyle Evans — Stephens — Analyst
Got it. Last one. Is WGN’s core material to the model today and what would it look like in 3Q? Thanks.
Perry A. Sook — Chairman and Chief Executive Officer
Are you talking about WGNA?
Kyle Evans — Stephens — Analyst
Yes.
Perry A. Sook — Chairman and Chief Executive Officer
WGNA’s advertising revenue is a nine-digit number, fairly low in the…
Tom Carter — Chief Operating Officer and Chief Financial Officer
I would say it’s high single digits of total core advertising.