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Nexstar

Owns and operates numerous U.S. stations

Overview

Nexstar operates the largest portfolio of local TV stations in the United States, owning 197 stations that air in many markets and are affiliated with major networks. It earns revenue from selling advertising time and from retransmission fees paid by cable and satellite providers that carry its signals. Beyond traditional TV, it owns digital media properties and runs NewsNation, as well as The Hill, expanding its reach online. Its goal is to provide broad access to news and entertainment across local markets while growing its digital footprint and maintaining steady revenue from advertising and distribution fees.

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About Nexstar

Simplify's Rating
Why Nexstar is rated
B-
Rated A on Competitive Edge
Rated B on Growth Potential
Rated D+ on Differentiation

Industries

Entertainment

Company Size

1,001-5,000

Company Stage

IPO

Headquarters

Irving, TX

Founded

1996

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What believers are saying

  • Q3 2026 net revenue hit $2.133 billion, driven by $317 million political advertising.
  • Nexstar repaid $1.3 billion year-to-date through November 5, accelerating deleveraging.
  • The October 1, 2026 Pacers-DAZN deal expands streaming distribution and local sports inventory.

What critics are saying

  • DIRECTV and state attorneys general challenge TEGNA integration; trial starts July 6, 2027.
  • Preliminary injunction blocks synergies, leaving Nexstar overleveraged with $11.4 billion debt.
  • Cord-cutting keeps eroding cable subscribers, pressuring retransmission growth and weakening the legacy bundle.

What makes Nexstar unique

  • Nexstar controls 197 stations, unmatched local broadcast scale across major U.S. markets.
  • Its 2026 FOX, CBS, ABC, and CW renewals lock in core network relationships.
  • The Hill and NewsNation diversify Nexstar beyond pure station economics.

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Funding

Total Funding

$5.9B

Above

Industry Average

Funded Over

3 Rounds

Post IPO Debt funding comparison data is currently unavailable. We're working to provide this information soon!
Post IPO Debt Funding Comparison Coming Soon

Benefits

  • Health Insurance
  • Dental Insurance
  • Vision Insurance
  • Paid Vacation
  • 401(k) Company Match
  • Paid Parental Leave
  • Life Insurance

Stock Price

Company News

Mediagazer
Nov 5th, 2026
Nexstar reports Q3 net income up 285% YoY to $250M and net revenue up 78% YoY to $2.1B, as Q3 political ads brought in $317M; results include Tegna numbers

Nexstar reports Q3 net income up 285% YoY to $250M and net revenue up 78% YoY to $2.1B, as Q3 political ads brought in $317M; results include Tegna numbers

Cord Cutters News
Nov 5th, 2026
Nexstar's ABC, CBS, FOX, & NBC stations revenue jump 78% in the third-quarter surge driven by political advertising and TEGNA contributions.

Nexstar's ABC, CBS, FOX, & NBC stations revenue jump 78% in the third-quarter surge driven by political advertising and TEGNA contributions. November 5, 2026 Nexstar Media Group reported net revenue of $2.133 billion for the third quarter of 2026, an increase of 78 percent from $1.198 billion in the same period a year earlier. The results, released ahead of the company's conference call, reflected the combined effects of an election-year advertising cycle and contributions from stations acquired in the TEGNA transaction that closed earlier in the year. Advertising revenue rose 114.9 percent to $1.023 billion. Political advertising reached a record $317 million for the quarter, including a $163 million increase at the company's legacy stations. Non-political advertising declined as campaign spending crowded out other categories, a common pattern in midterm years. Distribution revenue advanced 53.9 percent to $1.091 billion. The increase included $352 million of incremental revenue tied to the TEGNA stations, higher retransmission consent rates on existing stations, growth from virtual multichannel video programming distributors and streaming platforms, and expanded CW affiliations. These gains were partially offset by ongoing subscriber losses among traditional multichannel video programming distributors and the replacement of six CBS affiliations. Net income climbed to $250 million from $65 million, lifting the net margin to 11.7 percent from 5.4 percent. Diluted earnings per share increased to $7.92 from $2.14. Adjusted EBITDA reached $756 million, up 111.2 percent from $358 million, with the margin expanding to 35.4 percent. Adjusted free cash flow rose 166.9 percent to $443 million. For the nine months ended September 30, net revenue totaled $5.522 billion, an increase of 50.9 percent, while adjusted free cash flow reached $1.101 billion. The company directed a substantial portion of its cash generation toward debt reduction, repaying $350 million during the quarter and $1.3 billion year to date through November 5. It returned $58 million to shareholders through dividends in the third quarter and $171 million over the nine-month period. Cash and cash equivalents stood at $446 million as of September 30, while total debt was $11.409 billion. No share repurchases occurred during the period. On the operational side, Nexstar completed multi-year affiliation agreements with FOX covering 41 markets and with The CW covering 66 markets operated by Nexstar and eight by TEGNA. An agreement with ABC covering 13 markets was finalized in October. The CW ranked as the ninth-largest English-language ad-supported network in the quarter and expanded its sports portfolio with additional college football bowl rights and an exclusive multi-year agreement for the final seven races of the NHRA Mission Foods Drag Racing Series beginning in 2027. NewsNation's total-day viewership increased 9 percent from the prior-year quarter. Ahead of the midterm elections, the company's stations produced 88 candidate debates and forums. The financial contribution from TEGNA stations is included in the consolidated results even as the company continues to address a preliminary injunction issued in ongoing litigation challenging the acquisition. The trial in that matter is scheduled for July 2027. The company noted that the strong cash flow generated in the first nine months supports further debt reduction, shareholder returns, and continued investment in local news and sports content. It emphasized its intention to strengthen programming and services for audiences and advertisers while maintaining relationships with networks and distributors. No specific quantitative outlook for future periods was provided. Disclaimer: To address the growing use of ad blockers Cord Cutters News now use affiliate links to sites like http://Amazon.com, streaming services, and others. Affiliate links help sites like Cord Cutters News, stay open. Affiliate links cost you nothing but help me support my family. Cord Cutters News do not allow paid reviews on this site. As an Amazon Associate I earn from qualifying purchases.

The Desk
Nov 3rd, 2026
Former WPIX producer sues Nexstar over alleged discrimination.

Former WPIX producer sues Nexstar over alleged discrimination. The worker, Paris Carter, alleges she was forced to resign from the station after being wrongfully demoted and subjected to racial and gender discrimination. [email protected] - November 3, 2026 A former news producer at a local television station operated by Nexstar Media Group has filed a federal lawsuit alleging racial and gender discrimination during her employment there, according to court records reviewed by The Desk. The lawsuit, filed by former WPIX (Channel 11) producer Paris Carter, claims another employee was promoted over her during a leave of absence under New York's paid medical leave law. According to the complaint, Carter joined WPIX in August 2021 as an executive producer on the station's evening newscasts. She was promoted to work during the day shift in the same role less than a year later, which increased her responsibilities to more than 2.5 hours of news per day. Despite the promotion and increased workload, Carter said WPIX News Director Nicole Tindiglia denied her request for a pay raise and additional benefits-related compensation. After taking leave under the Family and Medical Leave Act, Carter, who is Black, returned to the station to discover a white male colleague had been promoted to oversee news production during the day shift. She was relegated back to her evening news producer role, the complaint says. Carter also describes an October 2023 incident in which she was disciplined after helping complete a newscast that Tummino allegedly left unfinished. The lawsuit claims Tummino was not similarly disciplined. Carter reported alleged racial discrimination to the station's human resources department in November 2023. A few months later, she was placed on a Performance Improvement Plan (PIP), a system Nexstar uses as the first step toward disciplining an employee. Carter alleges the PIP made false or unsupported performance-related complaints and was intended to justify her future termination from WPIX. The PIP was dated March 2024 - around the same time that an Assistant News Director at the station sent discriminatory feedback concerning a news story she produced on a New York law related to police reporting requirements, Carter alleges. One week after receiving the PIP, Carter said she was effectively forced to resign because of hostile working conditions. Carter v. Nexstar - Complaint Support its legal research with a donation Click/tap here Page 1 of 20 WPIX is licensed to and owned by Mission Broadcasting on paper; Nexstar operates the station as part of a shared services agreement that covers all other Mission Broadcasting stations across the country. That agreement extends to employing, promoting and firing workers at Mission-owned local TV stations, which is why Carter is suing Nexstar and the station. Carter is seeking a jury trial and damages related to her alleged discrimination, negative performance reviews and eventual leave from WPIX. She is representing herself in the case, according to court records. A spokesperson for Nexstar Media Group declined to comment. The lawsuit was filed on October 19, about a week after Nexstar was found liable for violating privacy laws in Michigan with respect to the termination of two former news directors at one of its licensed TV stations there. In that case, a federal jury determined Nexstar and some of its executives did not discriminate against the news directors, Stanton Tang and Amy Fox, when terminating their employment and didn't defame them when a spokesperson made comments to the press about their dismissals, but did violate state employment privacy laws by disclosing certain details about their terminations without notifying them first. Fox was awarded $2.393 million at the end of the trial, with Tang awarded $1.683 million. A spokesperson for the company said Nexstar plans to pursue its available legal remedies, including a possible appeal. Nexstar is scheduled to report its third quarter (Q3) earnings later this month. More stories. Some links in its articles are affiliate links, and The Desk may earn a small commission on purchases at no cost to you. Affiliate partners never review its stories before publication. Read more about its editorial policies, including its use of affiliate links, by clicking or tapping here. Matthew Keys is the award-winning founder and editor of TheDesk.net, an authoritative voice on broadcast and streaming TV, media and tech. With over ten years of experience, he's a recognized expert in broadcast, streaming, and digital media, with work featured in publications such as StreamTV Insider and Digital Content Next, and past roles at Thomson Reuters and Disney-ABC Television Group.

The Desk
Oct 30th, 2026
DIRECTV accuses Nexstar of withholding evidence in antitrust case.

DIRECTV accuses Nexstar of withholding evidence in antitrust case. The pay TV provider alleged Nexstar attempted to conceal critical evidence of price-fixing and improper collusion by wrongfully using attorney-client privileged to keep those records from being disclosed in court. [email protected] - October 30, 2026 Key points. * DIRECTV is asking a federal judge to force Nexstar, Mission Broadcasting and White Knight Broadcasting to release documents withheld during an antitrust lawsuit. * The pay television provider alleges Nexstar improperly used attorney-client privilege to conceal communications involving retransmission consent negotiations. * DIRECTV claims records already obtained show Nexstar executives and attorneys exchanging confidential pricing information with a negotiator for Mission and White Knight. DIRECTV has accused Nexstar Media Group of improperly withholding evidence in an ongoing antitrust lawsuit, alleging the broadcaster and two affiliated station owners have used questionable claims of attorney-client privilege to conceal communications involving television retransmission consent negotiations. The accusation was made in court filings on Friday that are rooted in an ongoing antitrust case brought over Nexstar's purported involvement in retransmission consent negotiations concerning stations it operates that are licensed on paper to White Knight Broadcasting and Mission Broadcasting, with the original lawsuit brought in 2023. The lawsuit is separate from one DIRECTV and several state attorneys general brought against Nexstar over its acquisition of TEGNA earlier this year. In a motion filed on Friday, DIRECTV asked a federal judge to compel Nexstar, Mission and White Knight to produce records involving media consultant Eric Sahl, who negotiated carriage agreements on behalf of the latter two broadcasters. The original lawsuit filed three years ago accuses Nexstar, Mission and White Knight of coordinating retransmission consent negotiations in markets where their television stations compete. Federal regulations require broadcasters that own competing stations in the same market to negotiate carriage agreements independently. DIRECTV alleges the companies violated those requirements by exchanging confidential pricing information, coordinating negotiating positions and using similar strategies during programming blackouts that affected approximately one million satellite television subscribers. The latest filing goes further, accusing Nexstar's senior executives and legal department of participating in the alleged coordination: According to DIRECTV, communications obtained during discovery show Sahl exchanging confidential retransmission rates, offers and counteroffers with Nexstar executives, including company President of Distribution and Strategy Dana Zimmer and General Counsel Elizabeth Ryder. DIRECTV alleges Ryder and other Nexstar attorneys participated in discussions concerning the negotiating positions of Mission and White Knight, which are separately owned but operate their television stations through management agreements with Nexstar. The TV provider argues those communications cannot be shielded by attorney-client privilege because Mission and White Knight were legally required to negotiate independently from Nexstar. DIRECTV also claims some records withheld as privileged communications involve business executives and public relations personnel rather than attorneys. Among the disputed records are emails involving Nexstar CEO Perry Sook, Mission President Dennis Thatcher, Sahl and other executives concerning public statements issued during programming blackouts in October 2022. Other records identified in the filing involve communications between Ryder and Sahl concerning retransmission renewals for Mission, White Knight and Marshall Broadcasting. DIRECTV v. Nexstar/Mission - Motion to Compel Support its legal research with a donation Click/tap here Page 1 of 51 DIRECTV argues the communications support its allegations that the broadcasters coordinated their negotiations rather than acting as independent competitors. The company further contends that the disputed records should be disclosed under the crime-fraud exception to attorney-client privilege, which can apply when communications with attorneys are used to facilitate unlawful conduct. A spokesperson for Nexstar declined to comment. In the broader antitrust case, Nexstar previously denied any wrongdoing with respect to its operation of Mission and White Knight stations. DIRECTV is also challenging Nexstar's handling of the discovery process: A federal judge previously ordered the defendants to produce nonprivileged documents involving Sahl and identify records being withheld under claims of privilege. The deadline was eventually extended to August 7. According to DIRECTV, Nexstar subsequently submitted four privilege logs using three different numbering systems and issued two notices seeking the return of 751 documents previously provided during discovery. One notice, issued October 19, sought the return of 652 documents. DIRECTV alleges the repeated revisions have made it difficult to determine which records are being withheld and whether the privilege claims are legitimate. The company is asking the court to order production of the disputed documents, reject the challenged privilege assertions and require Nexstar to reimburse reasonable attorney fees incurred in pursuing the motion. A spokesperson for DIRECTV said the judge overseeing the case has scheduled a hearing on the matter for November 4. "What's at stake is broader than just this litigation: Nexstar and other broadcasters are seeking to acquire multiple duopoly and triopoly stations within the same Nielsen markets, on the grounds that doing so is necessary to continue investing in local news," the DIRECTV spokesperson said by e-mail "But credibility should be judged by past behavior, and DIRECTV's filing provides important indications that Nexstar, at least, has not been a good actor." Local ABC, CBS, Fox and NBC affiliates licensed to Mission and White Knight have been unavailable to DIRECTV subscribers since October 2022. The largest outlet affected is WPIX (Channel 11), the CW Network affiliate in New York City. Eight stations in Texas, where Nexstar and Mission are headquartered, are also not available on DIRECTV's satellite and streaming systems. DIRECTV is also participating in an antitrust lawsuit backed by several state attorneys general that challenges Nexstar's acquisition of TEGNA earlier this year. In April, a federal judge overseeing that case issued an injunction that allows Nexstar to own TEGNA as a subsidiary business on paper but requires the two entities to maintain separate operations while the case plays out. Nexstar is appealing the injunction, and a hearing on that matter is scheduled before the Ninth Circuit Court of Appeals in two weeks. A jury trial on the core complaint is scheduled to begin next July. Editor's note: This story was updated Saturday morning after a Nexstar spokesperson declined to comment. More stories. Some links in its articles are affiliate links, and The Desk may earn a small commission on purchases at no cost to you. Affiliate partners never review its stories before publication. Read more about its editorial policies, including its use of affiliate links, by clicking or tapping here. Matthew Keys is the award-winning founder and editor of TheDesk.net, an authoritative voice on broadcast and streaming TV, media and tech. With over ten years of experience, he's a recognized expert in broadcast, streaming, and digital media, with work featured in publications such as StreamTV Insider and Digital Content Next, and past roles at Thomson Reuters and Disney-ABC Television Group.

Gate.com
Oct 21st, 2026
Broadcast TV stocks capture 48% of $11.6B political ad spend in 2025-26 cycle.

Broadcast TV stocks capture 48% of $11.6B political ad spend in 2025-26 cycle. 2026-10-21 07:45:18 Key takeaways. * Broadcast television companies are forecast to capture $5.6 billion, or 48%, of the $11.6 billion in total political advertising spending predicted for the 2025-26 election cycle. * Nexstar Media Group reported $75 million of political advertising revenue in fiscal second quarter, while E.W. Scripps and Sinclair also reported strong political ad revenue growth. * Connected TV represents the fastest-growing category of political advertising spend, predicted to capture $2.7 billion or 23% of the 2025-26 cycle's total ad spending. Broadcast television companies are forecast to capture the greatest portion of political advertising spending ahead of the midterm elections, according to advertising intelligence company AdImpact. The 2025-26 election cycle is predicted to be the most expensive on record, with $11.6 billion in total spending - higher than the $11.2 billion spent during the 2024 presidential cycle and $8.9 billion during the 2022 midterms. An estimated $5.6 billion, or 48%, of advertising spend is expected to go to broadcast companies. Analysts attribute broadcast's continued strength to its ability to reach voters in local counties and its appeal to politically active demographics. This occurs as advertising dollars increasingly shift toward streaming and digital platforms, where broadcast accounts for just 7.7% of the more than $470 billion in general advertising spend forecast for this year in the United States, according to Magna data published by S&P Global in July. Broadcast delivers reach and trusted audiences for political campaigns. Terry Nelson, founding partner of Plus Communications and national political director for former President George W. Bush's 2004 reelection campaign, told CNBC that broadcast spots allow political strategists to reach large numbers of voters "as efficiently as we can from a cost perspective." Broadcast remains free and broadly accessible despite cord-cutting trends. The category accounted for 19.5% of television use in July, while cable captured 18.7%, according to Nielsen's monthly streaming report, The Gauge. Streaming led television use at 49%. Brad Seitter, CEO of TVB, a trade organization representing the local broadcast industry, stated that broadcast's strength during election cycles comes down to "trust, reach and because it works." Seitter told CNBC that television's perceived reliability is of utmost importance for political campaigns. "Gaining the trust of a voter equals a vote for your candidate or issue," Seitter said. He added that viewers trust their local broadcast TV news, making them more likely to believe the content of political ads on a platform with long-standing rules and regulations. According to a study conducted by TVB, 42% of Democrats and 49% of Republicans said broadcast or cable television was the most important form of advertising media in influencing how they cast their vote. StoneX Equity Research Analyst Daniel Kurnos told CNBC that broadcast audiences are generally more politically active: "You cater to the demos that vote. You cater to the votes that matter." Industry debate: strategic advantage or consultant habit. Erik Brydges, head of performance and political demand at sell-side ad company Magnite, told CNBC that broadcast's perceived influence is tied to the long history of the platform. "There are multiple studies out there that show a correlation between the number of points you buy on TV in relation to moving poll numbers, because the medium's been around for like 70 years," he said. Brydges also stated he believes broadcasting's strength is due, in part, to muscle memory. "A lot of campaigns and a lot of the consultants who work on the campaigns have just been really used to buying TV," Brydges said. "There's an old adage out there that no political consultant is ever going to get fired for suggesting buying more TV." TVB's Seitter said political campaigns continue to place advertisements on traditional TV because there is clear evidence they are influential on voting behavior. "Nothing moves the needle in polling like running an ad on broadcast TV," Seitter said. Broadcast companies report elevated political ad revenue in recent quarters. Publicly traded broadcasters, including Nexstar Media Group, Gray Media, Sinclair and E.W. Scripps, each reported high political advertising revenue in their most recent fiscal quarters and forecast continued growth through the fall. StoneX's Kurnos told CNBC that broadcasting companies rely on the low-lift revenue from political advertising to help manage their debt. Nexstar, which owns or operates at least 265 stations, reported its highest quarterly revenue in the company's history. Net revenue hit $1.99 billion, and advertising revenue was $862 million, according to the August earnings report. Even discounting additional revenue from the Tegna merger, which Nexstar officially acquired in March, the company reported fiscal second-quarter growth at legacy Nexstar that was primarily driven by $75 million of political advertising revenue. Gray Media's stations operate in several markets with the most competitive races: the company has exposure in 12 competitive Senate races and all 11 competitive gubernatorial races, according to Kurnos. "Gray has always been the most efficient political generator of the broadcast group," he said. Sinclair and Scripps also reported political ad revenue as a bright spot in their earnings reports for the most recent fiscal quarter. E.W. Scripps said political ad revenue hit the highest second-quarter level ever, while Sinclair said political ad revenue had grown 9% from the second quarter of 2022 during the last midterms season. Connected TV captures growing share of political advertising spend. Connected TV represents the fastest-growing category of political advertising spend, according to AdImpact. The category encompasses internet-connected devices like Apple TV or Roku. It's predicted to capture 23%, or $2.7 billion, of this cycle's ad spending, AdImpact found. Magnite's Brydges said the complicated and rapidly changing nature of connected TV and free, ad-supported streaming channels has prevented some advertisers thus far from taking advantage of high viewership numbers. "If you look at some of the FAST streaming services - some of your Plutos, your Tubis - a campaign or a consultant might not understand what those are," Brydges said. "Therefore, they might just be like, 'Well, if I don't understand what it is, then it's probably not worth investment.'" However, he stated he believes political consultants are becoming more attuned to the benefits that these platforms provide. SKDK's Pia Carusone, who manages the firm's political advertising department, told CNBC that she sees value in streaming's specific audience targeting features. "If you're buying NBC in New York City, for example, you're buying the whole market," she said of traditional advertising strategy. "Increasingly, now with the streaming and CTV platforms, they're able to really offer a lot more nuance in their targeting. So we're able to sort of deliver against those audiences more directly." Carusone stated that political advertising strategy relies on maintaining a diverse portfolio: "You can't just do digital. You can't just do linear. Good buyers today are buying across the spectrum." Faq. What portion of political advertising spending are broadcast TV companies forecast to capture in the 2025-26 election cycle? Broadcast television companies are forecast to capture $5.6 billion, or 48%, of the $11.6 billion in total political advertising spending predicted for the 2025-26 election cycle, according to advertising intelligence company AdImpact. Why do political campaigns continue to spend heavily on broadcast television advertising? Political campaigns continue to spend on broadcast TV because it reaches large numbers of voters efficiently in local counties, appeals to politically active demographics, and is perceived as a trusted platform. According to a TVB study, 42% of Democrats and 49% of Republicans said broadcast or cable television was the most important form of advertising media in influencing how they cast their vote. Which broadcast companies reported high political ad revenue in their most recent fiscal quarters? Nexstar Media Group, Gray Media, Sinclair and E.W. Scripps each reported high political advertising revenue in their most recent fiscal quarters. Nexstar reported $75 million of political advertising revenue in its fiscal second quarter, E.W. Scripps reported its highest second-quarter political ad revenue ever, and Sinclair reported political ad revenue growth of 9% from the second quarter of 2022. Disclaimer: The information on this page may come from third-party sources and is for reference only. It does not represent the views or opinions of Gate and does not constitute any financial, investment, or legal advice. Virtual asset trading involves high risk. Please do not rely solely on the information on this page when making decisions. For details, see the Disclaimer.

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