Nexstar Media Group, Inc.

What they do

{ "headline": "Nexstar Media Group is a broadcast television company that owns and operates the largest portfolio of local TV stations in the U.S. and holds a majority stake in The CW network.", "what_they_do": "Nexstar owns, operates, programs, or provides services to 265 full-power television stations across 132 markets, plus two AM and one FM radio station. It also owns 81.1% of The CW network, operates NewsNation, Premion, multicast networks, and a portfolio of digital properties including local websites, apps, CTV apps, and FAST channels. Revenue comes from distribution fees (retransmission and carriage agreements) and advertising sales across its stations, networks, and digital platforms.", "revenue_drivers": [ { "name": "Distribution revenue", "detail": "Fees for retransmitting station signals and for carriage of cable/broadcast networks by MVPDs, vMVPDs, and OTT services. In Q2 2026, distribution revenue was $1,116 million, up 52.3% year-over-year, and was the largest revenue segment." }, { "name": "Advertising revenue", "detail": "Sale of local and national advertising across stations, networks, websites, apps, and digital platforms. Q2 2026 advertising revenue was $862 million, up 81.5%, boosted by political ads, FIFA World Cup events, and streaming ad growth." }, { "name": "Other revenue", "detail": "Includes smaller ancillary revenue streams. Q2 2026 other revenue was $15 million, down 28.6% year-over-year." } ], "recent_performance": "For Q2 2026, Nexstar reported record quarterly net revenue of $1,993 million, up 62.2% year-over-year, largely due to the TEGNA acquisition and strong political and sports advertising. Net income was $113 million, with adjusted EBITDA of $633 million and adjusted free cash flow of $238 million. Operating cash flow was $298 million in the quarter. Revenue for the six months ended June 30, 2026, increased 37.7% to $3,389 million. Full-year 2025 revenue was $4.95 billion with net income of $83 million.", "strategy": "Nexstar completed its $6.2 billion acquisition of TEGNA on March 19, 2026, expanding its station footprint and operational scale. The company is focused on growing distribution agreements, extending network affiliations (including a multi-year CBS agreement), and expanding The CW's streaming presence through partnerships with ESPN and Roku. Management also emphasizes debt repayment and shareholder returns; in 2025 it returned $351 million via buybacks and dividends. They refinanced debt to lower interest margins and extended maturities, and plan to integrate TEGNA operations.". "risks": [ { "title": "TEGNA merger litigation", "detail": "The company faces a legal challenge to the TEGNA acquisition, which management asserts is without merit and will 'vigorously defend'." }, { "title": "MVPD subscriber declines", "detail": "Declining MVPD subscribers could reduce distribution revenue and impair renewals of distribution agreements." }, { "title": "Network affiliation renewals", "detail": "Inability to renew network affiliation agreements on favorable terms could hurt station revenues." }, { "title": "Customer concentration", "detail": "A significant percentage of total revenue comes from a few large customers; losing any on unfavorable terms could harm results." } ], "outlook": "Management says the company is well positioned for strong free cash flow generation in the second half of 2026. The TEGNA acquisition is expected to be accretive to standalone adjusted free cash flow. Regulatory approvals for the merger have been completed (closed March 2026), and the company continues to defend against the legal challenge. They also highlight ongoing streaming advertising growth and The CW's expanded distribution as future drivers.", "key_facts": [ { "label": "Headquarters", "value": "Irving, Texas (implied by company profile)" }, { "label": "Employees", "value": "Not disclosed in filings" }, { "label": "Ticker", "value": "NXST" }, { "label": "Recent quarterly revenue (Q2 2026)", "value": "$1.99 billion, up 62.2% YoY" }, { "label": "Total stations (as of June 30, 2026)", "value": "265 full-power TV stations in 132 markets" }, { "label": "The CW ownership interest", "value": "81.1%" } ] }