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    Daniel Kurnos • The Benchmark Company, LLC

    Daniel Kurnos's questions to E W Scripps Co (SSP) leadership

    Daniel Kurnos's questions to E W Scripps Co (SSP) leadership • Q2 2025

    Question

    Daniel Kurnos of The Benchmark Company LLC asked about E.W. Scripps' strategy regarding media industry deregulation, including potential station swaps and asset sales. He also requested a breakdown of the Q3 guidance, particularly the drivers behind the core advertising and distribution revenue outlook.

    Answer

    President and CEO Adam Symson explained that the company plans to leverage deregulation through swaps and select asset sales to improve its portfolio and accelerate debt paydown, noting a favorable regulatory environment. CFO Jason Combs clarified the Q3 guidance, stating that core advertising is expected to be flat due to a slow start to the quarter but should build toward September. He also noted that distribution revenue would be similar to Q2's performance.

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    Daniel Kurnos's questions to E W Scripps Co (SSP) leadership • Q1 2025

    Question

    Daniel Kurnos inquired about how Scripps is positioned to capitalize on potential FCC regulatory changes and asked for insights into the Scripps Networks' Q2 revenue guidance, back-half visibility, and long-term margin potential beyond the stated 400-600 basis points improvement.

    Answer

    CEO Adam Symson stated that with regulatory relief, Scripps would pursue growth through swaps and select asset sales to gain national scale and in-market depth. CFO Jason Combs noted that while the upfront outlook is positive, it's too early for specifics. He cautioned against extrapolating the strong 32% Q1 network margin, reiterating the 400-600 bps annual improvement goal and explaining that year-over-year comps get tougher in the back half. Symson attributed strong network revenue to the successful live sports strategy, particularly the high demand for WNBA and NWSL inventory.

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    Daniel Kurnos's questions to E W Scripps Co (SSP) leadership • Q4 2024

    Question

    Daniel Kurnos of The Benchmark Company asked about the potential impact of FCC deregulation on Scripps' strategy, questioning whether the company sees itself as a buyer or seller. He also requested an outlook on distribution revenue for the next one to three years, including commentary on subscriber trends and recent network deals with NBC and CBS.

    Answer

    President and CEO Adam Symson stated that Scripps would actively pursue opportunities from deregulation to improve its operating profile, including potential station swaps or sales of non-strategic assets, but noted the balance sheet currently limits its ability to be a buyer. CFO Jason Combs addressed distribution revenue, explaining that with about 20% of subscribers up for renewal later in the year, Q1 would likely see a mid-single-digit decline similar to Q4, driven by subscriber churn. Adam Symson added that he expects network affiliation fees to decrease over time to reflect the changing media landscape.

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    Daniel Kurnos's questions to E W Scripps Co (SSP) leadership • Q3 2024

    Question

    Daniel Kurnos from The Benchmark Company, LLC asked about the revenue impact from cost cuts at Scripps News, plans for further corporate restructuring, the outlook for acquiring more local sports rights, and potential programming changes at the Networks division.

    Answer

    CFO Jason Combs stated the revenue impact from Scripps News changes would be minimal as the focus remains on CTV. CEO Adam Symson confirmed they are 'not done yet' with efficiency efforts and expressed optimism about acquiring more local sports rights as the RSN model struggles. Symson also pointed to the success of women's sports and CTV as key drivers for the Networks division.

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    Daniel Kurnos's questions to Nexstar Media Group Inc (NXST) leadership

    Daniel Kurnos's questions to Nexstar Media Group Inc (NXST) leadership • Q2 2025

    Question

    Daniel Kurnos of The Benchmark Company LLC asked about Nexstar's view on FCC Chairman Carr's scrutiny of network-affiliate relationships and the company's M&A priorities between in-market consolidation and national cap expansion.

    Answer

    Chairman & CEO Perry A. Sook responded that while the affiliate relationship issue is between the FCC and the networks, he applauds the inquiry. On M&A, Sook stated that growing the national footprint is likely more strategic than in-market deals, but the primary driver remains creating shareholder value. He noted they would consider increasing leverage for the right acquisition.

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    Daniel Kurnos's questions to Nexstar Media Group Inc (NXST) leadership • Q1 2025

    Question

    Daniel Kurnos asked about the potential timeline for broadcast ownership deregulation following the confirmation of a fifth FCC commissioner and how much the FCC can accomplish versus Congress.

    Answer

    Chairman and CEO Perry Sook stated he expects an NPRM (Notice of Proposed Rulemaking) would be a likely first step to revisit ownership rules. He highlighted bipartisan support from Congress urging FCC action and expressed confidence that the FCC has the authority to modify or eliminate the national cap and in-market rules, noting the Chairman's willingness to also consider waivers.

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    Daniel Kurnos's questions to Nexstar Media Group Inc (NXST) leadership • Q4 2024

    Question

    Daniel Kurnos from Benchmark inquired about the opportunity in sports rights given the MLB/ESPN situation, sought clarification on subscriber trend assumptions in guidance, and asked about the timing of upcoming distribution renewals.

    Answer

    Executive Perry Sook confirmed that the 60% of subscriber renewals are back-end weighted to the second half of the year and noted that The CW's recent sports performance puts it on the map for future national rights deals. CFO Lee Ann Gliha added that guidance assumes a slight improvement in subscriber attrition, with the benefit of renewals primarily impacting 2026.

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    Daniel Kurnos's questions to Nexstar Media Group Inc (NXST) leadership • Q3 2024

    Question

    Daniel Kurnos of The Benchmark Company asked about the likelihood of media ownership deregulation under the new administration, its potential impact on capital allocation, whether News Nation could benefit from advertiser brand safety concerns, and the forward-looking path to profitability for The CW network.

    Answer

    Executive Perry Sook stated that deregulation is a top bipartisan priority for Nexstar, viewing it as a potential catalyst for multiple expansion. He positioned News Nation as a safe environment for advertisers amid concerns about toxicity in the news daypart. CFO Lee Ann Gliha added that The CW's loss reduction is on track, with a focus on monetizing new sports programming and leveraging significant distribution renewals in 2025 to drive future profitability.

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    Daniel Kurnos's questions to Tegna Inc (TGNA) leadership

    Daniel Kurnos's questions to Tegna Inc (TGNA) leadership • Q2 2025

    Question

    Daniel Kurnos of The Benchmark Company LLC asked about TEGNA's NBC affiliate relationship amid FCC scrutiny and about the company's sense of urgency regarding M&A given potential deregulation.

    Answer

    President, CEO & Director Mike Steib responded that TEGNA values its symbiotic network partnerships and approaches them constructively. Regarding M&A, he stated that while deregulation is expected to create significant opportunities, TEGNA will remain disciplined, evaluating all options including acquisitions, sales, and swaps to maximize shareholder value.

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    Daniel Kurnos's questions to Tegna Inc (TGNA) leadership • Q2 2025

    Question

    Daniel Kurnos of The Benchmark Company LLC inquired about TEGNA's NBC affiliate relationship amid regulatory scrutiny and TEGNA's sense of urgency regarding M&A opportunities following potential deregulation.

    Answer

    President & CEO Mike Steib emphasized that network relationships are symbiotic and TEGNA approaches them constructively. On M&A, he stated that while deregulation presents significant opportunities, TEGNA will remain disciplined, acting as either a buyer or seller to maximize shareholder value, leveraging its strong balance sheet.

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    Daniel Kurnos's questions to Tegna Inc (TGNA) leadership • Q1 2025

    Question

    Daniel Kurnos followed up on M&A, asking about TEGNA's appetite to become substantially larger if ownership caps are removed. He also requested an update on the performance of the Premion CTV advertising business during the quarter.

    Answer

    CEO Mike Steib responded that TEGNA is philosophically a buyer of assets priced below their value and a seller of assets priced above their value, emphasizing flexibility in the current dynamic environment. Regarding Premion, he highlighted positive feedback from sales teams and customers. CFO Julie Heskett added that Premion's total revenue remains 'flattish' quarter-to-quarter, with high-single to low-double-digit growth in local advertising being offset by declines in national.

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    Daniel Kurnos's questions to Tegna Inc (TGNA) leadership • Q4 2024

    Question

    Daniel Kurnos asked about the strategic intent behind the 'TV station of the future' initiative, questioning if it's more for cost savings or to reinvigorate top-line growth, and also about plans to evolve Premion's growth trajectory.

    Answer

    CEO Mike Steib explained that operational efficiencies serve both goals: freeing up resources can drive more sales and content creation for revenue growth, or it can unlock cost savings. Regarding Premion, he stated the key growth driver is better equipping and incentivizing TEGNA's local sales force to leverage their existing client relationships to sell the platform.

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    Daniel Kurnos's questions to Tegna Inc (TGNA) leadership • Q3 2024

    Question

    Daniel Kurnos inquired about any philosophical differences with the new CEO's vision, sought more directional detail on the five strategic opportunities mentioned, and asked for clarification on Premion's growth trajectory.

    Answer

    CEO Mike Steib emphasized a renewed focus on execution and creating better products across platforms, not just cost-cutting. CFO Julie Heskett clarified that Premion had a tough Q3 but is expected to return to growth in Q4, driven by its local business which saw double-digit growth in the third quarter.

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    Daniel Kurnos's questions to Sinclair Inc (SBGI) leadership

    Daniel Kurnos's questions to Sinclair Inc (SBGI) leadership • Q2 2025

    Question

    Daniel Kurnos of The Benchmark Company LLC asked about Sinclair's potential M&A aggressiveness given regulatory changes, the likelihood of remedies on the network affiliate side, and the specific factors behind the weaker-than-expected performance of virtual MVPDs.

    Answer

    President & CEO Christopher Ripley responded, expressing confidence in managing reverse compensation with networks, noting that networks launching direct-to-consumer services bolsters Sinclair's negotiating position. He explained that a major virtual MVPD experienced a significant subscriber loss in Q2, which impacted distribution revenue, but he anticipates a rebound with the upcoming football season.

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    Daniel Kurnos's questions to Sinclair Inc (SBGI) leadership • Q1 2025

    Question

    Daniel Kurnos of The Benchmark Company asked about the FCC's authority to cap reverse retransmission fees and the outlook for core advertising given reduced visibility.

    Answer

    President and CEO Chris Ripley affirmed the FCC's ability to regulate the network-affiliate relationship, viewing it as part of a broader, welcome deregulatory trend. COO Rob Weisbord stated that while Sinclair still expects core advertising to grow year-over-year, visibility has significantly decreased due to macroeconomic and tariff uncertainties impacting key advertisers.

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    Daniel Kurnos's questions to Sinclair Inc (SBGI) leadership • Q4 2024

    Question

    Daniel Kurnos from The Benchmark Company asked about the expected revenue impact of ATSC 3.0 over the next few years following the NAB's petition to sunset ATSC 1.0. He also questioned the outlook for subscriber trends and net retransmission revenue, referencing the 'great rebundling' at Charter.

    Answer

    President and CEO Christopher Ripley described the NAB filing as a 'watershed day' that will significantly boost the ATSC 3.0 revenue opportunity by freeing up spectrum. He anticipates small revenues in 2025, with a significant ramp-up after 2028. Regarding subscriber trends, Ripley expressed increased optimism, citing positive early results from Charter's bundling strategy and improving churn trends at other MVPDs, which he believes supports a very positive outlook for Sinclair's net retransmission revenue.

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    Daniel Kurnos's questions to Sinclair Inc (SBGI) leadership • Q3 2024

    Question

    Daniel Kurnos of The Benchmark Company followed up on distribution revenue, asking if recent renewals included immediate step-ups or had timing elements. He also inquired about underlying core advertising trends post-election and the potential impact of a Trump presidency on core advertising, given Sinclair's FOX exposure.

    Answer

    President and CEO Christopher Ripley confirmed that, generally, renewals include immediate step-ups as well as significant annual escalators. COO and President of Local Media Rob Weisbord addressed core advertising, noting that the Q4 decline is only two-thirds of historical levels due to improved pricing systems. He highlighted strong sports viewership, including college football and the World Series, and pointed out that the key automotive category was only down 1% despite political crowd-out, expressing cautious optimism for next year.

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    Daniel Kurnos's questions to Magnite Inc (MGNI) leadership

    Daniel Kurnos's questions to Magnite Inc (MGNI) leadership • Q2 2025

    Question

    Daniel Kurnos from The Benchmark Company LLC questioned the potential impact of agentic AI and chat tools on the DV+ business and asked for an outlook on the contribution from live sports.

    Answer

    CEO Michael Barrett noted that Magnite's business is diversified across mobile apps and CTV, with many publisher clients being destination sites less reliant on search. He added that AI chat platforms could become new publisher partners. On live sports, he stated it's still early days but encouraging, citing the FanDuel partnership, though it's too early to dimensionalize the financial contribution.

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    Daniel Kurnos's questions to Magnite Inc (MGNI) leadership • Q4 2024

    Question

    Daniel Kurnos inquired about the medium-term growth outlook for Magnite's CTV ex-TAC business given recent major client wins, and asked whether the company's new data initiatives are aimed at improving existing operations or creating new, incremental revenue streams.

    Answer

    CEO Michael Barrett reiterated expectations to outgrow the mid-teens CTV market annually and confirmed the Netflix partnership is on track to make them a top client by the end of 2025. CFO David Day added that the 2025 guidance, excluding political impact, implies CTV growth closer to 20%. On data, Barrett affirmed it represents a new bucket of revenue, as Magnite's curation tools allow the company and its publishers to participate in data sale economics, a shift from data fees traditionally captured by DSPs.

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    Daniel Kurnos's questions to Magnite Inc (MGNI) leadership • Q3 2024

    Question

    Daniel Kurnos asked about the balance between first-party and third-party ad stacks and signal strength, as well as potential new use cases for commerce media beyond the United Airlines deal.

    Answer

    CEO Michael Barrett differentiated the data landscape, stating CTV will be a predominantly first-party data world, while DV+ will rely on a portfolio of third-party signals. On commerce media, he highlighted a growing appetite from companies that own their screens, particularly in travel, and noted Magnite is expertly positioned with its video ad server and monetization capabilities to capitalize on this sell-side focused opportunity.

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    Daniel Kurnos's questions to Magnite Inc (MGNI) leadership • Q3 2024

    Question

    Daniel Kurnos asked about the future split between first-party and third-party ad stacks and signal strength, and inquired about incremental use cases for programmatic in commerce media beyond the United Airlines deal.

    Answer

    CEO Michael Barrett predicted that DV+ will rely on a portfolio of third-party data solutions, while CTV will be a predominantly first-party data environment where Magnite is central. On commerce media, he noted strong interest from companies with owned screens, like in the travel sector. He positioned Magnite as expertly suited to capitalize on this sell-side-focused opportunity, citing its comprehensive video ad serving and monetization capabilities.

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    Daniel Kurnos's questions to Angi Inc (ANGI) leadership

    Daniel Kurnos's questions to Angi Inc (ANGI) leadership • Q2 2025

    Question

    Daniel Kurnos posed a hypothetical question about whether a few top pros could dominate zip codes, making total pro count less relevant, and asked about the drivers of revenue per lead growth beyond category expansion.

    Answer

    CEO Jeff Kip acknowledged the hypothesis but noted that homeowner preference for choice (2-3 pros) makes it different from other markets. For revenue per lead, he identified the primary driver as migrating pros from the legacy, heavily discounted 'ads' model to the new platform, which offers better value at a lower discount. Other factors include potential pricing power from higher win rates.

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    Daniel Kurnos's questions to Angi Inc (ANGI) leadership • Q1 2025

    Question

    Daniel Kurnos followed up on the pro network, asking if the strategy is to cultivate a smaller, more engaged pool of high-value pros, thereby lowering customer acquisition costs. He also inquired about the company's evolving strategy for paid marketing channels, such as social media, following the recent business reset.

    Answer

    CEO Jeffrey Kip confirmed the strategy is to acquire fewer but higher-capacity pros, which has already increased the net margin on new cohorts by nearly 150% year-over-year. He also noted the opportunity to reactivate pros from their database. On paid marketing, Kip highlighted tremendous success in growing SEM acquisition and expanding into display networks and META's ecosystem at a good ROI. He credited the strong paid marketing team for helping drive proprietary lead growth back to neutral and stated this success is a key part of their forward-looking strategy.

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    Daniel Kurnos's questions to Porch Group Inc (PRCH) leadership

    Daniel Kurnos's questions to Porch Group Inc (PRCH) leadership • Q2 2025

    Question

    Daniel Kurnos asked for clarification on the significant increase in the insurance services take rate, the company's investment strategy given high margins, and the potential growth impact from the newly approved attachment of warranty and moving services to insurance policies.

    Answer

    CFO Shawn Tabak explained that the reciprocal model was converting premium to revenue more efficiently than expected. CEO Matt Ehrlichman added that Porch is managing margins to balance current profitability with long-term growth investments. He noted that a quota share program adjustment is also helping drive surplus back to the reciprocal. Strategically, Ehrlichman emphasized that bundling warranty and moving services is a key differentiator to make Porch Insurance the premier product for homebuyers.

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    Daniel Kurnos's questions to Porch Group Inc (PRCH) leadership • Q1 2025

    Question

    Daniel Kurnos asked for clarity on the high insurance take rate in Q1, the company's willingness to accelerate investments given the strong start, and its ability to pass through premium increases from rising replacement values.

    Answer

    Executive Shawn Tabak explained that the ~50% conversion of reciprocal written premium to revenue is sustainable, driven by policy fees, management fees, and the captive reinsurance arrangement. Executive Matthew Neagle detailed plans to reinvest in growth by engaging more agents, expanding to new geographies, and enhancing product offerings. He also confirmed that Porch's proprietary data provides an advantage in adjusting for replacement values and targeting lower-risk segments, allowing for confident pricing adjustments.

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    Daniel Kurnos's questions to Porch Group Inc (PRCH) leadership • Q4 2024

    Question

    Daniel Kurnos questioned the drivers behind the raised 2025 guidance so soon after the Investor Day, seeking specifics on gross written premium trends and agency receptiveness to the new PIRE insurance structure.

    Answer

    CEO Matt Ehrlichman attributed the confidence to the successful PIRE formation and strong early growth execution. CFO Shawn Tabak highlighted opportunities to increase the conversion of premium to high-margin revenue. COO Matthew Neagle added that re-engagement efforts with agents, including new leadership and incentive plans, are showing positive early results.

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    Daniel Kurnos's questions to IAC Inc (IAC) leadership

    Daniel Kurnos's questions to IAC Inc (IAC) leadership • Q2 2025

    Question

    Daniel Kurnos asked for an update on the total addressable market for Decipher Plus, including new opportunities like CTV. He also inquired about data quality and click-through rates from Google, given recent reports suggesting improvements for some brands.

    Answer

    People Inc. CEO Neil Vogel stated that Decipher Plus is performing well and is expected to be a material contributor by 2026, expanding their TAM by 4-5x, not including the promising new CTV opportunity. Regarding traffic quality, both Vogel and IAC CFO Christopher Halpin confirmed that while there is a click-through rate decline from AI overviews, it is manageable and far less dramatic than some reports suggest, as their premium content is less likely to be fully disintermediated by AI answers.

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    Daniel Kurnos's questions to IAC Inc (IAC) leadership • Q3 2024

    Question

    Daniel Kurnos asked if DDM requires more investment to achieve full distribution in the ad tech ecosystem and whether IAC's 'de-conglomeration' signals a long-term philosophical shift.

    Answer

    Executive Christopher Halpin confirmed DDM's ad tech stack is in excellent shape, with ongoing efforts focused on integrating D/Cipher with more demand-side platforms and developing managed service capabilities. IAC CEO Joey Levin clarified that 'de-conglomeration' is a near-term priority to simplify and focus, not a permanent change. He noted IAC has always cycled between slimming down and expanding, and adding new businesses remains a future possibility.

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    Daniel Kurnos's questions to Vivid Seats Inc (SEAT) leadership

    Daniel Kurnos's questions to Vivid Seats Inc (SEAT) leadership • Q2 2025

    Question

    Daniel Kurnos of The Benchmark Company LLC inquired about Vivid Seats' take rate strategy amid a competitive environment and how the company plans to balance profitability with competitiveness following its new cost-saving measures. He also asked for a breakdown of the sources for the annualized savings.

    Answer

    CEO Stan Chia stated the company is focused on unit economics and plans to emerge leaner to drive sustainable growth into 2026. CFO Lawrence Fey clarified that the Q2 take rate was influenced by mix shifts, not price increases, and the focus remains on competitiveness. Fey detailed that the savings are from fixed expenses, primarily G&A (people and software) and fixed marketing, not variable costs tied to volume.

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    Daniel Kurnos's questions to Vivid Seats Inc (SEAT) leadership • Q1 2025

    Question

    Daniel Kurnos inquired about the company's view on recent regulatory proposals, the dynamic between primary and secondary ticket markets, and the strategy for diversifying marketing channel mix.

    Answer

    CEO Stan Chia stated that Vivid Seats supports all regulations promoting price transparency, believing it creates a level playing field that favors their leaner cost structure. CFO Larry Fey clarified that the company's main challenge is market share, not a lack of industry demand. Chia highlighted partnerships like United Airlines and investments in AI-driven social media as key initiatives to diversify volume away from competitively pressured channels.

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    Daniel Kurnos's questions to Vivid Seats Inc (SEAT) leadership • Q4 2024

    Question

    Daniel Kurnos asked about the company's strategy for competing for market share, including the potential use of contra take rate, and how Vivid Seats plans to make market share gains 'sticky' in a price-sensitive environment. He also questioned the potential for share buybacks.

    Answer

    CEO Stan Chia emphasized that their strategy focuses on driving customer loyalty and repeat business, which reached a high of 61%, through differentiated products like their loyalty program and Game Center, rather than competing solely on price. CFO Larry Fey confirmed that share buybacks are a core part of their capital allocation strategy and will be a key consideration.

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    Daniel Kurnos's questions to Vivid Seats Inc (SEAT) leadership • Q3 2024

    Question

    Daniel Kurnos asked about the potential impact of the change in U.S. administration on antitrust and M&A, the ability to maintain pricing gaps with primary venues, and the dynamics of free cash flow conversion.

    Answer

    CEO Stanley Chia stated it was too early to speculate on the new administration's impact and emphasized the secondary market's value to the entire ecosystem. CFO Lawrence Fey explained that the 60%+ free cash flow conversion target remains valid in a normal growth environment. He noted 2024's lower growth created a working capital headwind, but expects a return to the 60-70% range in 2025 as growth normalizes.

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