Sook: Sports Properties Looking to Broadcasting
Nexstar is seeing increased interest from sports entities looking to air games on broadcast TV, said CEO Perry Sook Monday in the company’s Q2 earnings call. The company's CW network has inked deals with NASCAR and the collegiate Atlantic Coast…
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Conference. Nexstar’s Q2 net revenue was $1.24 billion, was “essentially flat” compared with 2022’s Q2, said an earnings release. “On paper, both ACC and NASCAR make money for the CW over time,” said Sook on the call. “We feel good about where we will end up and now it’s all just about getting to the starting line.” Sook said the company experienced some “softness” in adverting in Q2 but chalked it up to the company’s strong presence in large markets, where local advertisers behave similarly to national advertisers that have been affected by recession concerns. Sook denounced claims that on-demand offerings have supplanted linear video. “What can't be questioned is that literally all of the video profit and 80% of video revenue of the major integrated media companies are generated by the linear model today,” Sook said. Asked about ATSC 3.0, Sook said he doesn’t expect major revenue gains from the new standard for at least five years, though he highlighted the possibility of using 3.0 to provide a backup to GPS (see 2304170012). Nexstar is “confident” the ongoing Writer’s Guild of America strike won’t affect its content on the CW, since most of that programming was either already developed or unscripted, Sook said.