Lee Ann Gliha: I think what – yes, I think what we are saying is, at the end of the day, there is a lot of different components that go into our distribution revenue and our net distribution revenue, and as cash is fungible. So, there is different ways for us to make money. There is different ways for our partners to make money. And looking at these things in a vacuum really doesn’t – isn’t sort of instructive. I think the original commentary about those rates being lower was from one of our peers who was saying more of a positive thing, was like, look, we think there is opportunity to grow that. And what we have said and what will be our last comment on this is that we do expect to continue to be able to grow our net distribution revenue in the coming period as our contracts come up for renewal.
Nick Zangler: Great. Thanks so much guys. I appreciate it.
Operator: And our next question comes from the line of Jim Goss with Barrington Research. Please proceed with your question.
Jim Goss: Thank you. Mike’s comments earlier on about the CW having similarities to Fox in the development stage, it does seem like a very reasonable comp. And I know sports would be one fetch way to emulate what they are doing. I am wondering if you might lay out other things you see that you might mimic as you go forward? And how important is the core lineup in primetime to anchoring the platform? And are there preemption restrictions to now own affiliates that you would be implementing?
Mike Biard: Sure. I think the strategy overall is to make the CW more like a proper broadcast network, which is to say to anchor the programming with marquee tent-pole programming led by sports that we know from our experience, and we are starting to see actually play out will increase circulation across the network, raise its awareness. And as I said earlier, kind of develop that muscle memory among viewers as a place to come for programming that historically has not been there. I mentioned the pivot away from teen dramas really towards broad appeal of programming. So, I think what you are going to see in our primetime is really just that. We are going to take some swings across the board. We are going to do it in a disciplined way.
I think Perry and the team here have used the term Moneyball, and we are going to continue to, I think follow that sort of rule of thumb, but we are going to try and program it with a broad appeal programming and anchored by sports that we think will generate a different level and a broader base of viewership than we have seen historically.
Jim Goss: Is there a plan that you would take the 75% up to 100% at some point, or do the other parties seem interested in maintaining minority stake?
Lee Ann Gliha: Look, as we have disclosed, there is quick call mechanisms for us to acquire that stake for them to put it back to us. So, there is an opportunity for that in the future. We will analyze that at the right time.
Jim Goss: Okay. And the last thing, News Nation now a bonafide major network as you are saying. You built it to some extent on the broad platform you had. Are you thinking in terms of going the other way in terms of perhaps Sunday morning simulcast on either the CW network or on your network Nexstar-owned properties or even some news that you might implement.
Perry Sook: We have had some conversations with affiliates about that. I would say that we are somewhat a victim of our own success there in that KTLA, CW affiliate in Los Angeles has a very successful morning show, early evening news Saturday, Sunday morning, weekends. Those are six-hour and seven-hour long broadcasts that are just ratings and revenue bellwethers. I don’t think that they are going to be necessarily interested in trading national for – or trading local for national. I think some of the less resourced CWs may be interested in some news connection with News Nation, but then it’s a question of what’s your return on that investment if you are missing the top 25 markets or something along those lines. That may be getting in the weeds a little bit.
But at this point, I mean there may be opportunities to simulcast some big events like the – well, just I will leave it at that. But big events that to increase the reach and to allow people to sample the CW through a new venue, new kind of programming that might be of interest to them. So, I think I would leave it at that. I am not sure that there are plans that – well, I am sure that there are no plans afoot to put a nightly newscast on the CW using News Nation because, again, of the successful CW affiliates that have their own local. And this network and this company was founded on starting with local and what’s best for local and local stations, local broadcast and then build from there.
Mike Biard: I will just add to that. I think that the pairing of the cable network with the broadcast network whether it’s for sports or news, really does put you in a different league, right. We have seen that historically with different companies, as Perry said, the opportunity to simulcast, whether it’s big events, breaking news, things like that really does put News Nation in a different category now that we have the CW and sample.
Jim Goss: Alright. Thanks very much. Appreciate it.
Operator: And we have reached the end of the question-and-answer session. I will now turn the call back over to management for closing remarks.
Perry Sook: Alright. Well, thank you very much, operator. Before we wrap up, I would like to leave you with just a couple of final thoughts. As we discussed today, we feel that the Nexstar future is very bright. We have strong conviction in our business model, our growth opportunities and our competitive position in the marketplace. The volatility in Nexstar’s share prices, we do not believe is reflective of what’s going on fundamentally in our business. So, we are just going to keep executing and delivering to the shareholders. Over the last 12 months, we have delivered attributable free cash flow of over $1 billion, of which 95% or over $950 million was returned to shareholders in the forms of dividends or share repurchases.
We have a clear set of objectives for creating the greatest long-term value for our shareholders. And obviously, as the top 10 shareholder myself, no one is more aligned with that commitment than I am. So, thank you all for joining with us today. We look forward to speaking to you again when we report our fourth quarter results in the New Year. Thank you.
Operator: And this concludes today’s conference, and you may disconnect your lines at this time. Thank you for your participation.
