Transcript
Introduction
Zack
I'm Zack Fuss and today we are breaking down Nexstar Media Group. Nexstar is a business that may not carry household recognition, but controls more local television stations than any other company in the U.S. My guest today is Simeon McMillan, a founder of media-focused research firm Accrued Interest.
Simeon brings a unique perspective to the sector. He's held roles as a banker and executive within prominent television, cable and radio businesses including Univision Networks and Mediaco. In this discussion we will examine the foundational structure of the broadcast television industry, tracing its evolution from the pre-Internet hub-and-spoke model of the major networks NBC, CBS, ABC and Fox to its current state.
Sim will break down the revenue streams that sustain this ecosystem and how subscriber fees from multichannel video programming distributors MVPDs like YouTube TV and Comcast Cable are distributed among the networks and their affiliates. And then we'll address the impact of cord cutting on subscribers and how those viewership metrics impact pricing power within the television ecosystem.