President & Chief Operating Officer, Nexstar Media
Search every verified Michael Biard interview, podcast appearance, and on-the-record quote — each transcript cross-checked by AI and human review to confirm speaker identity. Michael Biard, President and COO of Nexstar Media Group, participated in a virtual discussion on June 17, 2025, where he addressed the company's strategy and the state of broadcast television. Biard stated that broadcast television "remains the most important medium for engaging live sports audiences," citing record viewership for events like the Super Bowl and Kentucky Derby. He argued that the reach of broadcast networks is a "critical asset" and that moving sports content exclusively to cable or streaming would mean competing with models like Netflix. Regarding the cable bundle, Biard said "nothing is more premium or more valuable to the bundle than broadcast," and described the removal of "long tail cable networks" as positive for consumers and Nexstar if it frees up dollars for services like theirs. Biard also discussed regulatory and financial topics. He described FCC Chairman Brendan Carr as "refreshingly practical and modern" for recognizing that broadcasters face growth caps while "big tech and big media" do not. Biard noted that Nexstar's M&A strategy, including the Media General and Tribune acquisitions, has created shareholder value through synergies. On retransmission fees, he disagreed that Nexstar has pricing power, stating there is a "disparity of about 40% between the share of fees we pull out of the system versus the share of viewership we deliver." He characterized the CW network as "strategically valuable" for vertical integration and NewsNation as a "fact-based, nonpartisan" cable news network that complements Nexstar's local news presence.
“Nothing is more premium or more valuable to the bundle than broadcast, right? Even versus ESPN, right? We think the calling of those long tail cable networks was really a good thing for us as well, taking cost out of the system where there's no value coming back in. Good for consumers and frankly good for us if it free...”
“Chairman Carr has been refreshingly practical and modern in recognizing that there's something seriously broken with a system that says a company like NextStar and fellow broadcasters can't grow because we're capped while big tech and big media with whom we compete both for advertising and viewers can continue to grow...”
“We've created a lot of shareholder value through our M&A strategy, including doubling the size of the company in 2017 with the Media General acquisition and then doubling the size again in 2019 with the Tribune Media acquisition. That has driven a lot of good synergy for us including retransmission synergies, in-market...”
“We don't agree that we have pricing power in retransmission fees. We certainly have enough scale to be taken seriously, but the media business, particularly on the distribution side, has always been a scaled business. There's still a disparity of about 40% between the share of fees we pull out of the system versus the...”
“The notion that reverse retransmission payments—that is, what affiliated stations pay to their networks—will be capped or regulated came from one commissioner who will resign tomorrow. We haven't seen much traction around that idea and don't spend much time thinking about it as operative.”
“Broadcast television remains the most important medium for engaging live sports audiences. Despite rumors of broadcast TV's demise, it keeps setting new records with events like the Super Bowl, Kentucky Derby, Indy 500, Final Four, Masters, and NFL draft all centered on broadcast with some streaming augment.”
“The CW is a strategically valuable asset because it gives us the ability to control our own destiny on a vertically integrated network all the way down. We can control every platform we go to and have a seat at the table with every distributor for carriage of our stations, allowing us to program in a way that benefits...”
“NewsNation is a fact-based, nonpartisan cable news network that complements our core business. Leveraging our large number of journalists and local news presence in hundreds of markets, NewsNation is still growing and competing head-to-head with established brands that have been around for 30 to 40 years.”
“About 70% of our non-political advertising comes from local advertisers, which tend to be more stable. Our advertising pie is diverse with 60% from services-based businesses and 40% from goods. While auto and insurance categories have been a bit difficult lately, overall we feel good about our advertising portfolio and...”
“Our extensive footprint in 80 to 90% of contested markets gives us stability in political advertising, typically garnering a low teens share of spend in our footprint. As overall television political spend grows, we expect similar trends to continue into the midterms and 2028.”
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