Exceeds expectations. The company blew through our revenue and adj. EBITDA estimates in its first quarter. Revenues increased a strong 9.8% to $827.0 million, nicely above our $793.0 million estimate, and above its previous guidance. Adj. EBITDA was a solid $251.0 million, up 8.2%, and above our $212.0 million estimate. Core and Retransmission revenue trends favorable. The Q1 upside revenue variance was driven by better than expected Core advertising (up 4% versus guidance of 3% to 5%) and better Retransmission revenue, in part related to a true-up. The company expects solid Retrans revenue of $385 million to $390 million in Q2, better than our original estimate. Management indicated that subscriber counts appear stable. Read More >>