olivLaw · US equity research
Nexstar Media Group, Inc. NXST
Television Broadcasting Stations · SIC 4833 · Vertical: Television Broadcasting Stations (SIC 4833)
Nexstar Media Group is the largest local television broadcaster in the United States, with affiliates of the major networks, The CW and the NewsNation news channel. After the TEGNA acquisition, completed in March 2026, the company runs a much broader portfolio, and quarterly revenue reached a record driven by political advertising. The antitrust process and integration still raise important questions for the period ahead.
At the close of 04 Nov 2026, Nexstar Media Group, Inc. (NXST) stock was 185.12 USD (+3.67% on the day), with market capitalisation 5.7 bn USD, P/E 34.0 on diluted EPS of 5.44 USD over the last 12 months, dividend yield 4.02%, beta 0.77, 52-week range 154.70–253.64 USD. Latest reported quarter (Q2 2026): revenue of 2.0 bn USD (+62.2% YoY), net income of 120.0 m USD (+23.7% YoY), diluted EPS 3.61 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 72.6
- overbought (≥ 70)
- Bollinger (20, 2)
- 154.62 – 180.20
- above the upper band · %B 1.19 · band width 15.3%
- SMA 50 / 200
- 167.55 / 191.87
- mixed trend
- MACD (12, 26, 9)
- 3.30 / 1.02
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +18.2% | −1.1% | +19.3 pp | — |
| 3 months | −2.6% | −0.5% | −2.1 pp | — |
| 6 months | −6.1% | +4.4% | −10.5 pp | — |
| Year to date | −8.8% | +12.3% | −21.1 pp | — |
| 1 year | −6.7% | +13.5% | −20.2 pp | −1.9% |
| 3 years | +18.0% | +76.4% | −58.4 pp | +3.5% |
| 5 years | +10.5% | +63.7% | −53.2 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.4 bn | 1.5 bn | 1.2 bn | 1.2 bn | 1.2 bn | 1.3 bn | 1.4 bn | 2.0 bn |
| SG&A | 277.0 m | 270.0 m | 257.0 m | 262.0 m | 270.0 m | 273.0 m | 327.0 m | 457.0 m |
| Operating income | 335.0 m | 417.0 m | 220.0 m | 213.0 m | 175.0 m | 242.0 m | 265.0 m | 362.0 m |
| Depreciation & amortisation | 190.0 m | -104.0 m | 117.0 m | 118.0 m | 190.0 m | -121.0 m | 121.0 m | 158.0 m |
| Interest expense | 113.0 m | — | — | — | 94.0 m | — | — | — |
| Pre-tax income | 244.0 m | 337.0 m | 138.0 m | 130.0 m | 96.0 m | -214.0 m | 153.0 m | 177.0 m |
| Income tax | 64.0 m | 107.0 m | 41.0 m | 39.0 m | 31.0 m | -44.0 m | -7.0 m | 64.0 m |
| Net income | 187.0 m | 242.0 m | 108.0 m | 97.0 m | 70.0 m | -166.0 m | 164.0 m | 120.0 m |
| Diluted EPS | 5.27 | 7.69 ≈ | 3.37 | 3.06 | 2.14 | -5.40 ≈ | 5.09 | 3.61 |
| Operating cash flow | 387.0 m ≈ | 411.0 m | 337.0 m | 247.0 m ≈ | 117.0 m ≈ | 190.0 m | 289.0 m | 298.0 m ≈ |
| Capex | 29.0 m ≈ | 35.0 m | 35.0 m | 29.0 m ≈ | 30.0 m ≈ | 54.0 m | 22.0 m | 45.0 m ≈ |
| Dividends paid | 55.0 m ≈ | 52.0 m | 57.0 m | 56.0 m ≈ | 56.0 m ≈ | 57.0 m | 56.0 m | 57.0 m ≈ |
| Share repurchases | 177.0 m ≈ | 178.0 m | 75.0 m | 50.0 m ≈ | 0 ≈ | 0 | — | — |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 95 percentile of its own 39-quarter history (min 6.1, median 9.2, max 64.1; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | ⚠ 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2.8 bn | 3.0 bn | 4.5 bn | 4.6 bn | 5.2 bn | 4.9 bn | 5.4 bn | 4.9 bn |
| Revenue YoY | +13.8% | +9.9% | — | +3.3% | +12.1% | −5.3% | +9.6% | −8.5% |
| Net income | 389.5 m | 230.3 m | 811.5 m | 834.0 m | 971.0 m | 346.0 m | 722.0 m | 109.0 m |
| Net income YoY | −18.0% | −40.9% | — | +2.8% | +16.4% | −64.4% | +108.7% | −84.9% |
| Diluted EPS | 8.21 | 4.80 | 17.37 | 18.98 | 24.16 | 9.64 | 21.41 | 3.00 |
| Diluted EPS YoY | −18.5% | −41.5% | — | +9.3% | +27.3% | −60.1% | +122.1% | −86.0% |
| net % | 14.1% | 7.6% | 18.0% | 17.9% | 18.6% | 7.0% | 13.4% | 2.2% |
| Free cash flow | 630.6 m | 220.0 m | 1.0 bn | 1.1 bn | 1.2 bn | 850.0 m | 1.1 bn | 743.0 m |
The series breaks before 2020: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.
Reported results vs expectations
Loading…
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 280.0 m USD
- Financial debt
- 6.3 bn USD
- Net debt
- 6.1 bn USD
- Equity
- 2.0 bn USD
- Total assets
- 10.8 bn USD
- Debt / equity
- 3.10x
- Current ratio
- 2.07x
- ROE
- 5.1%
- ROA
- 1.0%
- FCF margin
- 15.0%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 4.5 bn | 4.6 bn | 5.2 bn | 4.9 bn | 5.4 bn | 4.9 bn | SEC (XBRL)· 27 Feb 2026verified |
| SG&A | 912.1 m | 1.0 bn | 1.1 bn | 1.1 bn | 1.1 bn | 1.1 bn | SEC (XBRL)· 27 Feb 2026verified |
| Operating income | 1.4 bn | 1.2 bn | 1.3 bn | 708.0 m | 1.3 bn | 849.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Depreciation & amortisation | 564.9 m | 589.0 m | 662.0 m | 488.0 m | 484.0 m | 471.0 m | SEC (XBRL)· 27 Feb 2026verified |
| EBITDA | 1.9 bn ≈ | 1.8 bn ≈ | 2.0 bn ≈ | 1.2 bn ≈ | 1.8 bn ≈ | 1.3 bn ≈ | SEC (XBRL)· 27 Feb 2026derived |
| Pre-tax income | 1.1 bn | 1.1 bn | 1.2 bn | 401.0 m | 959.0 m | 150.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Income tax | 296.5 m | 263.0 m | 274.0 m | 131.0 m | 276.0 m | 67.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Net income | 811.5 m | 834.0 m | 971.0 m | 346.0 m | 722.0 m | 109.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Diluted EPS | 17.37 | 18.98 | 24.16 | 9.64 | 21.41 | 3.00 | SEC (XBRL)· 27 Feb 2026verified |
| Weighted average diluted shares | 46.7 m | 44.0 m | 40.2 m | 35.8 m | 32.8 m | 30.7 m | SEC (XBRL)· 27 Feb 2026verified |
| Dividend per share | 2.24 | 2.80 | 3.60 | 5.40 | 6.76 | 7.44 | SEC (XBRL)· 27 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 152.7 m | 190.9 m | 204.0 m | 135.0 m | 144.0 m | 280.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Receivables | 904.8 m | 1.0 bn | 1.1 bn | 1.1 bn | 1.0 bn | 1.1 bn | SEC (XBRL)· 27 Feb 2026verified |
| Current assets | 1.2 bn | 1.4 bn | 1.6 bn | 1.5 bn | 1.3 bn | 1.5 bn | SEC (XBRL)· 27 Feb 2026verified |
| Property, plant & equipment, net | 1.6 bn | 1.5 bn | 1.3 bn | 1.3 bn | 1.2 bn | 1.2 bn | SEC (XBRL)· 27 Feb 2026verified |
| Goodwill | 3.0 bn | 3.1 bn | 3.0 bn | 2.9 bn | 2.9 bn | 2.9 bn | SEC (XBRL)· 27 Feb 2026verified |
| Intangibles (excl. goodwill) | 2.9 bn | 2.7 bn | 2.4 bn | 2.1 bn | 1.8 bn | 1.6 bn | SEC (XBRL)· 27 Feb 2026verified |
| Total assets | 13.4 bn | 13.3 bn | 12.7 bn | 12.1 bn | 11.5 bn | 10.8 bn | SEC (XBRL)· 27 Feb 2026verified |
| Accounts payable | 218.4 m | 248.2 m | 198.0 m | 235.0 m | 133.0 m | 133.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Short-term debt | 21.4 m | 47.2 m | 124.0 m | 124.0 m | 124.0 m | 111.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Long-term debt | 7.6 bn | 7.4 bn | 6.8 bn | 6.7 bn | 6.4 bn | 6.2 bn | SEC (XBRL)· 27 Feb 2026verified |
| Current liabilities | 730.9 m | 787.3 m | 893.0 m | 961.0 m | 783.0 m | 711.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Total liabilities | 10.9 bn | 10.4 bn | 9.9 bn | 9.8 bn | 9.2 bn | 8.8 bn | SEC (XBRL)· 27 Feb 2026verified |
| Equity | 2.5 bn | 2.9 bn | 2.8 bn | 2.3 bn | 2.2 bn | 2.0 bn | SEC (XBRL)· 27 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 1.3 bn | 1.2 bn | 1.4 bn | 999.0 m | 1.3 bn | 891.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Capex | 217.0 m | 151.0 m | 157.0 m | 149.0 m | 145.0 m | 148.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Free cash flow | 1.0 bn ≈ | 1.1 bn ≈ | 1.2 bn ≈ | 850.0 m ≈ | 1.1 bn ≈ | 743.0 m ≈ | SEC (XBRL)· 27 Feb 2026derived |
| Investing cash flow | -39.8 m | -232.0 m | 125.0 m | -173.0 m | -102.0 m | -173.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Financing cash flow | -1.3 bn | -945.0 m | -1.5 bn | -899.0 m | -1.2 bn | -582.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Dividends paid | 101.0 m | 118.0 m | 142.0 m | 191.0 m | 219.0 m | 226.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Share repurchases | 281.9 m | 537.0 m | 881.0 m | 605.0 m | 601.0 m | 125.0 m | SEC (XBRL)· 27 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 47 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 5.7 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet32
- Valuation37
- Quality82
- Growth0
- Returns93
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 97.77 – 131.48 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
- Peers: EV/EBITDAunavailable · not enough peers
- Peers: P/Eunavailable · not enough peers
- Dividend discount (DDM)97.77 – 131.48 (Mid 112.15)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 47/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 7.5% | 83 (vs peers) | 11% |
| Net margin · Quality | 3.2% | 60 (vs peers) | 7% |
| FCF conversion · Quality | 395.2% | 100 (on a fixed band) | 7% |
| Revenue CAGR 3Y · Growth | -1.7% | 0 (on a fixed band) | 9% |
| EPS CAGR 3Y · Growth | -50.1% | 0 (on a fixed band) | 9% |
| Net debt / EBITDA · Balance sheet | 8.3x | 20 (vs peers) | 11% |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.6x | 63 (on a fixed band) | 4% |
| P/E (TTM) · Valuation | 34.0x | 0 (on a fixed band) | 11% |
| EV/EBITDA · Valuation | 12.4x | 24 (on a fixed band) | 11% |
| FCF yield · Valuation | 13.0% | 100 (on a fixed band) | 9% |
| Shareholder yield (distributions) · Returns | 6.2% | 88 (on a fixed band) | 7% |
| Payout ratio (FCF) · Returns | 30.4% | 100 (on a fixed band) | 4% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet32/100 · 2/3 factors with a value
- Growth0/100 · 2/2 factors with a value
- Quality82/100 · 3/3 factors with a value
- Returns93/100 · 2/2 factors with a value
- Valuation37/100 · 3/3 factors with a value
Memo
NEXSTAR MEDIA GROUP, INC. (NXST). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 4.9 bn USD in 2025; YoY growth -8.5%; net margin 3.2%; ROE 8.3%; net debt/EBITDA 8.3x.
The estimated value range is 97.77–131.48 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 112.15 USD, the price of 185.12 USD leaves a potential of -39.4% (value / price − 1) and a margin of safety of -65.1% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 47/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 7.5%
- FCF conversion: 395.2%
- FCF yield: 13.0%
- Shareholder yield (distributions): 6.2%
- Payout ratio (FCF): 30.4%
What contradicts it
- Revenue CAGR 3Y: -1.7%
- EPS CAGR 3Y: -50.1%
- Net debt / EBITDA: 8.3x
- P/E (TTM): 34.0x
- EV/EBITDA: 12.4x
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): Interest coverage.
Versus the vertical median
Television Broadcasting Stations (SIC 4833) · same industry (4-digit SIC) · compared with 11 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| PSKYSkydance Corp | 10.5 bn | — | — | — | −1.5% | unavailable / unavailable |
| NXSTNexstar Media Group, Inc. | 5.7 bn | 34.0 | 8.3% | 3.2% | −8.5% | −7% / +18% |
| FOXFox Corporation | 62 | 13.0 | 16.8% | 11.6% | +5.1% | +6% / +123% |
| SSPThe E.w. Scripps Company | — | — | -174.7% | -58.0% | −14.3% | −9% / −45% |
| TVGrupo Televisa, S.A.B. | — | — | -7.5% | -13.3% | −6.0% | −15% / −29% |
| FENGPhoenix New Media Limited | — | — | 15.4% | 30.2% | −15.8% | −34% / −5% |
| VSNTVersant Media Group, Inc. | — | — | 9.0% | 11.1% | −5.3% | unavailable / unavailable |
| GTNGray Media, Inc. | — | — | -1.2% | -0.8% | −15.1% | +1% / −36% |
| FWONALiberty Media Corporation | — | — | 5.4% | 9.4% | +22.7% | +4% / +59% |
| NMAXNewsmax Inc. | — | — | -5.8% | -3.2% | +10.7% | −2% / unavailable |
| EVCEntravision Communications Corporation | — | 710.6 | 4.8% | 0.6% | +22.6% | +162% / +83% |
| SBGISinclair, Inc. | — | 10.2 | 25.4% | 2.8% | −10.7% | −11% / +12% |
1- and 3-year price returns: for NXST from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 115.09 Total return -35% · Per year -35% | 204.12 Total return 14% · Per year 14% | 308.35 Total return 70% · Per year 70% |
| 3 years | 98.20 Total return -40% · Per year -16% | 197.22 Total return 16% · Per year 5% | 329.01 Total return 90% · Per year 24% |
| 5 years | 83.79 Total return -44% · Per year -11% | 190.56 Total return 19% · Per year 3% | 351.05 Total return 111% · Per year 16% |
- Exit P/E± 49.31
- Net margin± 34.51
- Annual revenue growth± 30.12
- Annual dilution± 2.90
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Nexstar Media Group is the largest local television broadcaster in the United States, with affiliates of the major networks, The CW and the NewsNation news channel. After the TEGNA acquisition, completed in March 2026, the company runs a much broader portfolio, and quarterly revenue reached a record driven by political advertising. The antitrust process and integration still raise important questions for the period ahead.
SWOT
Strengths
- The company has very broad local reach, with affiliates of the major networks and a strong position in local markets. Its national networks and digital platforms let it sell advertising both locally and nationally.
- Diversified revenue across distribution and advertising reduces reliance on a single source. The company has shown the ability to generate positive operating cash flow and to reduce debt in some periods.
- Its positions in contested election markets and its scale give it access to political advertising, which raises revenue in election years.
Weaknesses
- Debt is large, and interest costs could limit the company's ability to invest or return capital to shareholders, as its disclosures note.
- Distribution revenue depends on the subscriber base of traditional pay-TV operators, which is declining. A large share of fixed costs can magnify the effect of any revenue decline.
- The company recorded major impairments, including on its investment in TV Food Network, which shows the exposure of its cable assets.
Opportunities
- Integrating TEGNA could bring cost synergies and a wider presence in important markets, if the process concludes successfully.
- Growing The CW and NewsNation through streaming partnerships could open new sources of advertising and distribution revenue.
- The ATSC 3.0 standard could allow new data transmission services if it is adopted widely.
Threats
- The antitrust case and the preliminary measures imposed by the court could delay or change the TEGNA integration.
- Regulatory decisions on ownership limits could change the consolidation conditions in the sector.
- Competition from digital platforms and streaming could reduce traditional advertising budgets.
Risks
- Antitrust case over TEGNAhigh
A court issued a preliminary injunction requiring the two companies to be held separate during the litigation. The outcome could change expected synergies and the integration timeline.
- High debt loadhigh
Consolidated debt is very large, and interest costs could limit financial flexibility if market conditions worsen.
- Decline in distribution subscribersmedium
Losing subscribers at traditional pay-TV operators could reduce retransmission revenue, which is priced per subscriber.
- FCC regulationmedium
Changes to ownership rules or a refusal to renew station licenses could affect station operations.
- Asset impairmentlow
The stake in TV Food Network has already been impaired. Further impairments of goodwill or other assets could affect results.
Investment thesis
What would need to be true (bull case)
- If the TEGNA integration proceeds as planned, the company could capture significant synergies, and adjusted revenue and cash flow could strengthen in the second half of the year.
- Political advertising in an election year and growing streaming revenue could support top-line results in the near term.
- Growing NewsNation audience and The CW partnerships could open new revenue sources less dependent on cable.
What would break the thesis
- If the antitrust process drags on, the TEGNA integration could be delayed and costs could rise.
- High debt could limit the company's ability to reduce leverage or return capital to shareholders.
- A continued fall in pay-TV subscribers could weaken distribution revenue over the longer term.
What to watch
- Outcome of the antitrust case and the Ninth Circuit appealQ4 2026
- FCC decision on the national ownership cap for television stations2026
- Realization of TEGNA synergies and integration in quarterly resultsQ3 2026
- Trends in political advertising and distribution subscribers in the annual reportnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Nexstar Media Group, Inc. is a diversified media group producing and distributing local and national news, sports and entertainment through its television stations and digital platforms. In 2025 the company generated net revenue of 4.9 billion USD 1, and its sources describe an operator with local stations in 116 markets and its own national networks. Revenue rests mainly on distribution and advertising, and in election years political advertising plays an important role.
The core business is broadcast television through affiliations with CBS, FOX, NBC, ABC, The CW and MyNetworkTV. The company held an 81.1% interest in The CW as of June 30, 2026 2, along with the NewsNation news channel and digital properties such as The Hill, Locked On and BestReviews 2. Local operations are supported by market-level advertising sales, which account for a significant share of advertising revenue.
After the TEGNA acquisition closed on March 19, 2026, the company reports Broadcast and TEGNA as segments 2. Results for the second quarter of 2026 show that the integration added significant revenue, while consolidated debt rose considerably 3.
Segments
Distribution
Distribution revenue is the largest part of net revenue, made up of retransmission and carriage fees paid by cable, satellite and streaming platforms. In the first half of 2026 distribution revenue reached 1,954 million USD 3, and this component depends on the subscriber base of traditional pay-TV operators.
Advertising
Advertising includes local and national sales, digital platforms and political advertising, which rises in election years. In the second quarter of 2026 advertising revenue grew strongly year-over-year, mainly because of the TEGNA acquisition and political advertising 3.
The CW and NewsNation
The national networks are the portfolio through which the company develops its national audience. The CW signed distribution partnerships with ESPN and Roku, and NewsNation grew sharply in viewers in June 2026 3. The company describes these assets as a longer-term growth direction.
Market context
The U.S. local television market depends on advertising, retransmission fees and election cycles. The company says its station group reaches about 70% of U.S. television households, counting partner stations and excluding the UHF discount 1. Sources also point to a decline in subscribers to traditional pay-TV operators, which can weigh on distribution revenue.
FCC regulation is an important factor: the national ownership cap and top-four combination rules are under review, and some decisions could change the conditions for acquisitions and mergers in the sector 1. The antitrust process around TEGNA remains open and may influence how the market consolidates.
Trends
- Decline of pay-TV subscribersheadwind
The number of cable and satellite subscribers falls as consumers move to streaming. Retransmission contracts are priced per subscriber, so a faster decline would reduce distribution revenue 1.
- Political advertising in election yearstailwind
In election years political advertising lifts the company's revenue. The sources show that 2026 is an election year and that political advertising contributed to the quarterly record 3.
- Growth of streaming and digital platformstailwind
The company adds advertising revenue from streaming, apps and connected TV platforms, and its sources mention growth in these revenues across local markets 3.
- Consolidation and antitrust litigationmixed
Integration of TEGNA and the lawsuits brought by DIRECTV and state attorneys general could delay the expected benefits or impose extra conditions if courts so decide 3.
Competitive position
The company competes with other local television groups, streaming platforms and technology companies that attract digital advertising. The sources note that traditional media advertising becomes less attractive when large digital platforms capture budgets, and competition for programming and affiliations can limit growth 1.
Locally, the main rivals are other station groups operating in the same markets. The sources do not explicitly name other publicly traded competitors, so the list below relies on what appears in the company's own documents.
- TEGNA Inc.
Local television company acquired by Nexstar, whose operations are now included in the TEGNA segment 2.
- Other local television station groups
Operators controlling stations in the same local markets and competing for advertising and audience 1.
- Streaming and technology platforms
Digital companies competing for advertising budgets and audience attention, as described in the company's risk factors 1.
- Cable news networks
Operators competing with NewsNation for news audience, especially in prime time 3.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Watch live: Hinson, Turek set for rematch in Nexstar’s Iowa Senate debateThe Hill · 13 Oct 2026 · EN
- Watch live: El-Sayed, Rogers to square off in Nexstar’s Michigan Senate debateThe Hill · 08 Oct 2026 · EN
The latest news item in our archive is from 13 Oct 2026; the newest SEC filing is from 30 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report30 Oct 2026Other events · Financial statements and exhibits
- Quarterly report07 Aug 2026
- Current report06 Aug 2026Results of operations · Financial statements and exhibits
- Current report03 Aug 2026Other events · Financial statements and exhibits
- Current report16 Jun 2026Shareholder vote · Regulation FD disclosure
- Current report (amendment)04 Jun 2026Financial statements and exhibits
- Quarterly report08 May 2026
- Current report07 May 2026Results of operations · Financial statements and exhibits
- Current report01 May 2026Other events · Financial statements and exhibits
- Proxy statement30 Apr 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Nexstar Media Group, Inc. · 27 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Nexstar Media Group, Inc. · 07 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Nexstar Media Group, Inc. · 06 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.