CMLS

• Broadcast revenue faced macro pressure but grew market share in all spot channels as per Miller Kaplan. • Digital marketing services business was a key bright spot, with a 38% Y/Y increase and expected to surpass $100 million run rate early next year. • Cut $5 million of annualized fixed costs, bringing total fixed cost reductions over 5 years to over $175 million. • Accelerated AI use across various functions, with over 100 projects identified, and training the sales force on AI applications. • Culture survey had high response rates and positive scores, and 2025 proxy results showed strong shareholder engagement.

• Q3 total revenue is pacing down low double digits, partially offset by strength in local digital marketing services. • Digital marketing services business is pacing up more than 35% in Q3. • Full-year CapEx is expected to be below the $22.5 million guidance provided previously. • Expect nearly $14 million of noncore asset sales to close by the end of the year.

Total revenue declined by 9.2% in Q2. Digital revenue was up 20%, with the digital marketing services business up 38% year-over-year, accounting for approximately 50% of total digital revenue. Broadcast revenue was affected by macro pressure; local spot outperformed but network revenue was down 20% due to comparison issues, weak sports inventory, and general market conditions. As measured by Miller Kaplan, broadcast spot revenue market share grew in all channels, and digital revenue market share also increased.

• Market headwinds continuing to pressure broadcast revenue. • Uncertainty in the interest rate environment could impact national advertising pacing. • Potential decline in referral search engine traffic may affect the ROI of the digital marketing services business.

Q: Michael Kupinski inquired about national advertising pacing and if there might be improvement with interest rate reductions, and about Q3 pacing.

A: Francisco J. Lopez-Balboa responded that no significant improvement in pacing was seen at that time but things could change quickly.

Q: Michael Kupinski asked about referral search engine traffic impact on the digital marketing services business.

A: Mary G. Berner stated referral search is a small part of the digital business, could impact ROI, and they are constantly fine-tuning.

Q: An unidentified analyst asked about podcasting growth.

A: Mary G. Berner said growth comes from adding new shows, strong execution across audio and video, and multi-platform ad packaging.

Q: An unidentified analyst asked about the pace of OpEx declines.

A: Francisco J. Lopez-Balboa mentioned focus on cost structure, $10 million fixed cost savings in Q2, and continued focus on optimization