Nexstar Media Group, Inc. (NXST) Q3 2020 Earnings Call Transcript @themotleyfool #stocks $NXST

Perry A. SookChairman and Chief Executive Officer

It’s approximately — it depends on the market, but the average across the company over-the-air viewership is approximately 15% to 16% of TV households. I mean that’s in terms of distribution. But because the over-the-air viewers have fewer choices, necessarily the viewership in those homes to the over-the-air stations would be higher. Just because there’s — it’s not a 500 channel universe, it’s maybe a 40 or 50 channel universe.

Craig HuberHuber Research Partners — Analyst

Great. That’s all I have. Thank you.


We’ll take our next question from Bryan Kraft with Deutsche Bank. Please go ahead.

Bryan KraftDeutsche Bank — Analyst

Hi. Good morning. I just had a few quick ones. First, any update on the relationship with Peacock? Has that evolved at all yet? I wanted to ask you also on the balance sheet. Just how are you thinking about the mix of bank versus bonds? Does it make sense? Are you to refinance more of the term loans into fixed rate debt at this point, given where interest rates are? And then last one, are you seeing any impact from — I know the ad revenue trends are very encouraging. But is there an underlying any kind of negative impact there from the lack of full broadcast schedules on your viewership? For example, is it hurting the lead-ins to evening news or anything?

Perry A. SookChairman and Chief Executive Officer

I’ll answer the first and the last and leave the middle question for our CFO, COO and President. Who now has more titles than me. We — obviously, the networks through September and October did not — we’re patchworking together schedules. I’ll remind you that network Primetime revenue that we generate here at Nexstar represents between 15% and 16% of our ad-supported revenue where over half of our ad-supported revenue comes from local news. And those viewership levels have continued to be up year-over-year, and they’ve come down from the — probably the high increases in second quarter, but we’re still up virtually across the board with our local news product. So if anything, it’s been a net positive in the areas where we make the most of our money, but there’s been no real effect in terms of the networks patch we’re quoting their schedules so far.

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