And we have another 20% that are working remotely. Turning back to some second quarter highlights. As such, we expect to be free cash flow positive in the third and fourth quarters. 212/835-8500 or firstname.lastname@example.org, Media Contact: All actual results also reflect the impact of onetime transaction expenses incurred in the quarters, both in the quarters and the six month period ending June 30, 2020, and June 30, 2019. First, wondering if you could give us some color on what you're seeing in terms of subscriber declines in your markets. I think it's a little we have very few days in August here. So there are some that that are fungible and others that that are not. We are efforting to get distribution at the launch or shortly thereafter on other OTT services, and that will be a value add, where WGN America is not currently distributed. In the next quarter.
Total net debt approximated $7.4 billion at June 30 compared to $7.6 billion at March 31, and $8.3 billion at 12/31/2019. It is obviously demonstrated that local news is a product that people want and are willing to pay for.
So we think its business as usual from a distribution revenue standpoint. Nexstar has emerged as an industry leader by aligning its business goals with its organization-wide commitment to localism, innovation and growth.
IR Home. I forget what exactly the first quarter is. We have implemented a range of cost-cutting initiatives, which resulted in operating and corporate expense savings in excess of $40 million from budgeted second quarter levels. At the onset of the pandemic, Nexstar took immediate actions to adopt our business to the current environment and to preserve liquidity in order to best position the company for long-term success as we return to normalized operations. We're currently not buying stock, but I would anticipate that to get revisited here in the not-too-distant future. So we think there's a purpose for that, and there's a reason for that. ET that morning to review the results. Did I guess correctly gross high 20s, net mid-teens? Nielsen Global Media, the arbiter of truth for media markets, provides media and advertising industries with unbiased and reliable metrics that create a shared understanding of the industry required for markets to function. It's not down 7% but it's closer to the previous quarter's results. Same-station distribution fee revenue was up 28%, and continuing digital revenues were down 18.2% reflecting local agency services revenue growth of approximately 8%, while station website revenue was down approximately 30% due to softer local customer buying trends related to the pandemic. So I think I'd leave it at that, but we're very excited about the prospect of introducing an alternative in primetime to entertainment, sports and opinion programming and that the product will reach a we'll strike a core and resonate with the audience and audience growth and advertiser growth will continue. You may now disconnect. Same-station pro forma fixed expenses, excluding programming expenses, were down 18% over the year-over-year period due to synergies related from the Tribune acquisition and the previously mentioned expense reduction activities in response to the pandemic. Gary Weitman The first one is just if you can quantify the sequential improvement for core in July versus total 2Q 2020 or even the pro forma year-over-year change so far in July? Having Internet problems, like a lot of people in the neighborhood. Secondly, did I hear correctly that you're on track for a mid-teens net retrans growth this year? Oct 12, 2020. It's now just on us to deliver. No. And that just speaks to the power of localism that you're not dependent on network lead in or lead out to generate your audience, you're doing it on your own. Nexstar owns, operates, programs or provides sales and other services to 197 television stations and related digital multicast signals reaching 115 markets or nearly 39% of all U.S. television households. Charter of the Compensation Committee Leadership. So that's a very positive initial indication. Hi guys, thanks for having me on. Yes, good morning. As a result, we're confident in our liquidity position and ability to service our debt through these challenging times and do not anticipate liquidity or covenant issues as we move through the year. We deploy that by actually repaying debt and looking at stock repurchases, but that's a multi variable equation. And in fact, our July political billing exceeded that of all of Q2. For an incremental approximately 200,000 to 250,000 subs that could add WGN America. During the first half of 2020, we allocated approximately $594 million in cash from operations and investments toward debt reduction, opportunistic share repurchases, and cash dividends. Obviously, we saw substantial sequential improvement in core ad trends in July versus not only June but the entire quarter. With our successful 2019 renewal of retransmission consent agreements representing approximately 70% of our subscriber base, with approximately 17% of the base to be renewed this year, our significant net retrans revenue growth in 2020 will complement the strong political growth and spending that we're seeing. I'm wondering if there's a way for you to position yourself to sort of gather at least that role and maybe you have something more sustainable. 2018 Annual Report We'll now take our next question from Zack Silver with B. Riley. And then in the month of June, despite comparison, our local websites were up 60% compared to the prior year. And one last thing. With that, it's now my pleasure to turn the conference call over to your host, Nexstar Chairman, President, and CEO, Perry Sook. As it related to COVID, I didn't know if you meant how it affected the company or what we're seeing in our markets. 675 6th Avenue, 3rd Fl. But on the whole, I think the our expectations for auto are that it will be left down sequentially going forward as will most of core advertising. So even that is incremental. So tune in, it launches on September 1.
The we have I'm very impressed with the job that Dave Rodham and his sales team have done in assembling advertisers for the Premier week of WGN America's News Nation. And I would say on the national psyche and on people's morale. So I think that would be probably the direct transfer. Recent distribution agreement renewals and the inclusion of WGN America resulted in a 21% I'm sorry, a 71% rise in second quarter distribution revenue to $536.5 million, representing nearly 59% of total net revenue.
I would now like to turn the conference over to Joe Jaffoni, Investor Relations. Investor Relations. IRVING, Texas--(BUSINESS WIRE)--Nexstar Media Group, Inc. (NASDAQ: NXST) announced today that it will report its 2020 second quarter financial results before the market opens on Wednesday, August 5, 2020. Spectrum repack capex totaled $13 million and received approximately $26 million of reimbursements from the FCC during the quarter. For more information please visit www.nexstar.tv. And thank you very much for your time this morning. Nexstar Financial Corporation provides mortgage outsourcing solutions to banks, credit unions, and other financial institutions.
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