Here are 1-2 brief analogies for Nexstar Media (NXST):

• The Gannett of local television.
• Like iHeartMedia, but for local TV stations instead of radio.

• Local Television Broadcasting: Operates a vast network of local television stations providing news, sports, and entertainment programming to communities across the United States.
• National News and Entertainment Networks: Owns and operates national cable news and entertainment networks, such as NewsNation, offering 24/7 programming.
• Digital Media Services: Delivers local news, weather, and community information through a network of websites and mobile applications linked to its television stations.
• Advertising Solutions: Provides advertising opportunities for businesses to reach target audiences through its local television stations, national networks, and digital platforms.

Nexstar Media (NXST) - Major Customers

• Cable, Satellite, and Telecommunications Providers: These companies pay Nexstar retransmission consent fees to carry its local television station signals and carriage fees for its national networks (such as The CW and NewsNation) on their platforms. Examples include:
  • Comcast Corporation (CMCSA)
  • Charter Communications (CHTR)
  • AT&T (T) (through its stake in DIRECTV and U-verse services)
  • DISH Network Corporation (DISH)
  • Verizon Communications (VZ) (for Fios)
• Virtual Multichannel Video Programming Distributors (vMVPDs): These are internet-based streaming services that offer live television bundles, similar to traditional cable/satellite. They also pay Nexstar for the rights to distribute its content. Examples include:
  • Google (GOOGL) (for YouTube TV)
  • The Walt Disney Company (DIS) (for Hulu Live TV)
  • FuboTV (FUBO)
• Advertisers and Advertising Agencies: A wide range of local and national businesses, along with their advertising agencies, purchase airtime and digital ad space on Nexstar's television stations and digital properties to reach audiences. While no single advertiser accounts for a material percentage of Nexstar's total revenue, this collective group represents a significant portion of the company's income.

• Paramount Global (PARA)
• The Walt Disney Company (DIS)
• Fox Corporation (FOXA)
• Comcast Corporation (CMCSA)
• Warner Bros. Discovery (WBD)

Perry A. Sook, Chairman and Chief Executive Officer

Perry A. Sook founded Nexstar Media Group in 1996 with the acquisition of a single local television station, WYOU in Scranton, Pennsylvania. He has over 43 years of experience in television and radio broadcasting, encompassing ownership, mergers and acquisitions, management, sales, on-air talent, and news. Before founding Nexstar, Mr. Sook was a principal of Superior Communication Group, Inc., which was sold to Sinclair Broadcast Group in 1995. He also served as President/CEO of Seaway Communication, Inc. Nexstar went public in 2003 after acquiring Quorum Broadcasting. ABRY Partners, a private equity fund, helped found Nexstar alongside Perry Sook in 1996, and ABRY fully exited its ownership position in 2013.

Lee Ann Gliha, Executive Vice President and Chief Financial Officer

Lee Ann Gliha was appointed Executive Vice President and Chief Financial Officer of Nexstar Media Group in August 2021. In this role, she oversees all financial aspects of the company, including financial reporting, internal audit, investor relations, and treasury functions, and plays a significant role in strategic planning and mergers and acquisitions. Ms. Gliha brings over 20 years of experience in media, broadcasting, and entertainment investment banking. Prior to joining Nexstar, she served as a Managing Director at Jefferies LLC from 2016 to 2021 and at Houlihan Lokey from 2008 to 2016. Earlier in her career, she held various positions in banking and finance, including Executive Vice President of Corporate Finance at Live Nation Inc. from 2006 to 2008, where she was responsible for mergers and acquisitions, financing, and investor relations.

Michael Biard, President and Chief Operating Officer

Michael Biard has been the President and Chief Operating Officer of Nexstar Media Group since 2023. Before joining Nexstar, he served as President of Operations and Distribution and held several other positions at Fox Corporation from 2018 to August 2023. Prior to that, he was President of Distribution at Fox Networks Group from 2013 to 2018.

Andrew Alford, President, Broadcasting

Andrew Alford serves as the President of the Broadcasting Division for Nexstar Media Inc.

Rachel Morgan, Executive Vice President, General Counsel and Corporate Secretary

Rachel Morgan holds the position of Executive Vice President, General Counsel and Corporate Secretary at Nexstar Media Group.

Here are the key risks to Nexstar Media (NXST):

1. Industry Disruption and Declining Linear TV Viewership: Nexstar Media operates within a rapidly evolving media landscape, facing significant disruption from the rise of streaming services and digital platforms. This shift is leading to "cord-cutting" and a decline in traditional linear television viewership, which directly threatens Nexstar's core broadcast model and traditional revenue streams from advertising and distribution fees. The company's audience is also aging, presenting challenges in attracting younger demographics to linear broadcast TV.
2. Substantial Debt Burden and Associated Interest Expenses: Nexstar Media carries a considerable debt burden, resulting in significant interest expenses. This high leverage could pose risks to the company's long-term financial health, particularly in an environment of potential interest rate increases. Financial metrics such as the company's debt-to-equity ratio and Altman Z-Score suggest a moderate to high level of financial leverage and potential instability.
3. Challenges in Digital Strategy and Competition for Advertising Revenue: Despite efforts to expand its digital offerings, Nexstar faces difficulties in effectively implementing its digital strategy and competing with major tech companies and digital platforms for advertising dollars. Reports indicate declining web traffic and app engagement for many of Nexstar's digital assets, suggesting a struggle to pivot effectively to the highly competitive digital market. This challenge is exacerbated by the broader industry trend of advertising shifting from traditional mediums to digital channels.

The accelerated decline in linear television viewership and subscriptions, driven by cord-cutting and the widespread adoption of streaming and digital video platforms, poses a clear emerging threat to Nexstar Media.

This trend directly impacts Nexstar's two largest revenue streams:

1. Retransmission Consent Fees: A shrinking subscriber base for traditional cable and satellite providers means a smaller pool from which Nexstar can collect retransmission fees. While virtual MVPDs (vMVPDs) exist, they often do not fully offset the subscriber losses from traditional providers, and fee negotiations can differ.
2. Advertising Revenue: As audiences shift away from linear television to digital and streaming platforms, advertising budgets follow, leading to reduced ad spending on Nexstar's broadcast stations.

This phenomenon represents a fundamental shift in how consumers access and pay for video content, and where advertisers allocate their budgets, similar to how Netflix threatened Blockbuster or YouTube threatened traditional cable companies.

Nexstar Media Group, Inc. (NXST) operates primarily in the United States, with its main products and services centered around television broadcasting, distribution, and advertising across linear and digital platforms. The addressable markets for these key offerings in the U.S. are substantial.

U.S. Television Advertising Market

The U.S. television advertising market was valued at approximately USD 60.79 billion in 2024 and is projected to grow to around USD 93.29 billion by 2034, exhibiting a compound annual growth rate (CAGR) of 4.37% from 2025 to 2034. Globally, the television advertising market is estimated to be USD 255.79 billion in 2025 and is forecasted to reach about USD 368.83 billion by 2034, with North America holding the largest market share in 2024.

U.S. Digital Advertising Market

The digital advertising market in the U.S. is experiencing significant growth. It is forecasted to increase by USD 218.3 billion during the period of 2024-2029, with a CAGR of 15.2%. In 2024, U.S. digital ad spending is expected to reach $298.4 billion, rising to $324.9 billion in 2025, and is projected to exceed $400 billion by 2028. The online advertising market specifically within the United States reached USD 61.9 billion in 2024 and is anticipated to grow to USD 126.2 billion by 2033, with an 8.1% CAGR from 2025 to 2033.

U.S. Television Services Market

The U.S. television services market, which encompasses broadcasting and distribution, was valued at USD 117.68 billion in 2024. This market is projected to grow to approximately USD 186.90 billion by 2034, at a CAGR of 4.73% from 2025 to 2034. North America, a region that includes the U.S., had a television services market size of USD 156.91 billion in 2024 and is expected to reach around USD 243.39 billion by 2034.

Nexstar Media Group (NXST) is anticipated to experience future revenue growth over the next 2-3 years driven by several key factors:

1. Political Advertising Revenue: Nexstar Media expects significant revenue generation from political advertising, particularly with the upcoming 2026 mid-term election cycle. The company achieved record political advertising revenue in 2024, demonstrating the strength of this revenue stream in election years.
2. Distribution Revenue Growth: Growth in distribution revenue, which includes retransmission consent fees and fees from virtual multichannel video programming distributors (vMVPDs), is a consistent driver. Nexstar benefits from favorable distribution contract renewals, annual rate escalators, and an increase in vMVPD subscribers. The company is actively working to maximize this revenue stream, believing broadcast is "underpaid relative to its ratings."
3. Growth and Transformation of The CW Network: Nexstar is strategically enhancing The CW network by expanding its programming, particularly with live sports content. The introduction of events like NASCAR Xfinity Series racing and WWE NXT wrestling has resulted in double-digit percentage increases in audience viewership and contributed to a reduction in The CW's operating losses. Nexstar aims for The CW to achieve breakeven by 2026.
4. Expansion of NewsNation: NewsNation has consistently been highlighted as a fast-growing national news network, demonstrating increasing influence and reach within the competitive cable news landscape. Its continued growth in viewership and market penetration is expected to contribute to Nexstar's overall revenue.
5. Acquisition of TEGNA Inc.: The pending acquisition of TEGNA Inc. for $6.2 billion is a significant strategic move anticipated to bolster Nexstar's market position and drive substantial revenue growth. The transaction is projected to be more than 40% accretive to Nexstar’s stand-alone adjusted free cash flow and is expected to generate over $8 billion in combined revenue and $2.56 billion of adjusted EBITDA, with approximately $300 million in anticipated synergies. The acquisition is expected to close in the second half of 2026.

Share Repurchases

• Since 2021, Nexstar has executed over $2 billion in share buybacks.
• In July 2024, Nexstar's Board of Directors authorized a new share repurchase program of up to $1.5 billion.
• As of March 2025, the company had $652 million remaining under previous share repurchase authorizations.

Share Issuance

• Nexstar's shares outstanding have consistently declined, with a 10.83% decrease in 2023 from 2022, and an 8.48% decline in 2024 from 2023, primarily due to share repurchases.
• As of June 30, 2025, shares outstanding were approximately 31 million, reflecting an 8.33% year-over-year decline.

Outbound Investments

• On August 19, 2025, Nexstar announced a definitive agreement to acquire TEGNA Inc. for $6.2 billion in cash, aiming to become the largest owner of local television stations in the U.S. and achieve $300 million in annual net synergies.
• In June 2022, Nexstar acquired The CW Network.
• Other significant acquisitions include The Hill for $130 million in August 2021 and BestReviews for $160 million in December 2020.

Capital Expenditures

• Nexstar's capital expenditures were $217.0 million in 2020, $150.7 million in 2021, $157.3 million in 2022, $149 million in 2023, and $150.76 million in 2024.
• Projected capital expenditures for 2025 are $304 million.
• A portion of capital expenditures in 2020-2022 was reimbursed by the FCC for station repack efforts.