Nexstar Media Group, Inc. (NXST)

Nexstar Media Group reported record second-quarter 2026 net revenue of $1.99 billion, up 62.2 percent from a year earlier 2. Of the $764 million rise, $697 million came from the TEGNA acquisition 2. Net income was $113 million against $91 million 2.

Nexstar closed the TEGNA purchase on March 19, 2026, after approval from the FCC and the Department of Justice 2. DIRECTV and state attorneys general then sued under antitrust law, and on April 17, 2026 a federal court in California ordered the two companies kept separate 3.

The trial is set for July 6, 2027, and the company said Ninth Circuit oral argument on its appeal of the injunction is anticipated in the fourth quarter of 2026 23. Until then the two companies run apart, which limits the cost savings the deal was built on 2.

Debt rose to $11.7 billion at June 30, 2026 from $6.3 billion at the end of 2025 2. On October 30, 2026 the board declared a quarterly dividend of $1.86 per share, payable November 27, 2026 8.

Nexstar is a Delaware corporation formed in 1996, and it grew by buying local television stations 1. It now describes itself as owner of America's largest local television broadcasting group 1.

The biggest earlier step was the purchase of Tribune Media Company on September 19, 2019 3. That deal brought a 31.3% stake in TV Food Network 3. The other owner, Warner Bros Discovery, holds 68.7% and runs the channel 3.

Revenue swings with the election calendar, because candidates and political groups buy local ads in even-numbered years 1. In 2023 a carriage dispute with a pay-TV distributor kept Nexstar stations dark for 76 days in the third quarter 1.

In 2024 revenue rose 9.6 percent to $5,407 million 1. Political advertising rose $426 million in that election year, and distribution revenue, the fees pay-TV and streaming services pay to carry its stations, rose $201 million 1.

In 2025 revenue fell 8.5 percent to $4,949 million, mainly because advertising fell $456 million 1. Political advertising dropped $446 million, as 2025 was not an election year, and distribution revenue slipped $4 million 1.

Net income attributable to Nexstar fell to $109 million in 2025 from $722 million 1. A main cause was a non-cash $381 million write-down of the TV Food Network stake, which the company tied to pressure on the cable network industry 1.

On August 18, 2025 Nexstar agreed to buy TEGNA for $22 per share in cash, a deal it valued at an estimated $6.2 billion 1. It would owe TEGNA a $125 million termination fee if required regulatory clearances were not obtained by November 18, 2026 1.

The April 2026 notes were 7.250% senior notes due 2034, issued under an indenture dated April 2, 2026 7. Nexstar said the $1,725 million raised refinanced $1,714 million of notes that were due in July 2027 2.

The deal closed on March 19, 2026, and Nexstar paid for it with new debt 4. On March 25, 2026 its subsidiary sold $3,390 million of 6.500% senior secured notes due 2033 6. In April it issued $1,725 million of notes due 2034 to refinance older notes 2.

TEGNA's closing also needed money beyond bonds: a bridge facility of up to $2,390 million was set up on the closing date, with interest tied to the SOFR benchmark rate plus 2.75 percent at first 4. The bridge was meant as short-term cover until longer-term debt could be sold 4.

Each year's pattern explains the headline numbers: 2023 had a long blackout, 2024 an election-year boost, and 2025 a hangover as political ads faded and the TV Food Network write-down hit 1. Debt stayed lower until the TEGNA financing arrived in 2026 2.

Local stations and distribution

As of February 26, 2026 Nexstar owned, operated, programmed or provided services to 201 full power television stations in 116 markets in 40 states and the District of Columbia 1. Its stations carry CBS, FOX, NBC, ABC, The CW and MyNetworkTV programming 1. Of those stations, 37 are owned by independent third parties that Nexstar serves under local service agreements 1.

Distribution revenue made up 59 percent of 2025 revenue and advertising 40 percent 1. In the second quarter of 2026 distribution revenue was $1,116 million, up 52.3 percent, with $362 million coming from TEGNA 2.

Advertising

Advertising revenue was $1,959 million in 2025, down 18.9 percent 1. In the second quarter of 2026 it was $862 million, up 81.5 percent, including $147 million of political advertising 2.

The CW, NewsNation and digital

Nexstar holds an 80.8% interest in The CW, which it calls the fifth major broadcast network, and runs NewsNation, a national news network 1. The company says The CW reaches over 128 million television households and NewsNation about 58 million 1.

In April 2026 The CW agreed to make the ESPN App the exclusive streaming home for its live sports and to bring next-day streaming of its shows to The Roku Channel in fall 2026 2. Its digital assets include The Hill 1. Perry Sook said in the closing release that the TEGNA deal is “essential to sustaining strong local journalism” 5.

What TEGNA added

TEGNA brought 64 full power stations and two radio stations in 51 markets, plus Premion, a connected TV advertising platform, and the True Crime and Quest multicast networks 3. Nexstar says the combined group covers about 80 percent of U.S. television households 3.

People and workforce

Perry A Sook, 68, is founder, Chairman and Chief Executive Officer, and his appointment runs through March 31, 2029 1. Michael Biard is President and Chief Operating Officer, and Lee Ann Gliha is Chief Financial Officer 1.

At the end of 2025 it had 12,832 employees, and it says it employs about 6,000 journalists 1. TEGNA named Patrick Paolini its chief executive in May 2026 2.

Rivals

NewsNation competes with FOX News, MS NOW, CNN and Newsmax 1. For advertising, its stations also compete with streaming services such as Netflix and YouTube and with online media such as Google and Meta 1.

Current problems

The antitrust case is the main one: on August 6, 2026 the court said the injunction bars current and former Nexstar employees and directors from serving on TEGNA's board 3. Total debt was $11,744 million, and the total net leverage ratio was 4.22x 2.

The company says it produces more than 317,000 hours of programming a year and has relationships with over 50,000 advertisers 1. About 68 percent of its 2025 advertising revenue came from local, non-network programming 1.

Nexstar also has 125 local websites and 229 mobile applications across its stations, NewsNation and The Hill 1. Its digital portfolio drew over 90 million monthly unique users on average during 2025, according to Comscore 1.

The umbrella, in words

The significant subsidiaries filed with the annual report are Nexstar Media Inc., Tribune Media Company, Tribune Broadcasting Company II, LLC, Tribune Real Estate Holdings, LLC and The CW Network, LLC 10. Nexstar owns 80.8% of The CW 1.

Nexstar owns 31.3% of TV Food Network 1. It does not own Mission Broadcasting's stations but agreed local service contracts with them and treats them as consolidated entities for accounting 1.

At the June 16, 2026 annual meeting, holders elected all nine nominees and approved the 2026 Long-Term Omnibus Incentive Plan 9. Of 30,538,965 shares outstanding at the April 20, 2026 record date, 28,662,649 were voted 9.

It leases its Irving, Texas headquarters through 2033 and owns about 56 percent of its office and studio locations 1.

The trial on the antitrust claims is set for July 6, 2027 3. Nexstar said oral argument at the Ninth Circuit on its appeal of the injunction is anticipated in the fourth quarter of 2026 2.

To win FCC approval Nexstar committed to divest six television stations within two years, provided a waiver of the local ownership rule is still needed then 3. The filing says no agreement has been executed with any buyer 3.

The company said its credit agreements no longer count expected TEGNA savings, because covenant rules require them to be achievable within 18 months, by September 19, 2027 2. It said it expected strong free cash flow in the second half of 2026 2.

The FCC was scheduled on August 6, 2026 to vote on repealing the national ownership cap for television stations; the documents read do not give the result 2.

The board declared a $1.86 per share dividend payable November 27, 2026 to holders of record on November 13, 2026 8. The company intends to pay regular quarterly dividends, each reviewed by the board 8.

On the network side, the CW's ESPN App and Roku Channel arrangements start in summer and fall 2026 2, and Nexstar said in July 2026 it will launch daily primetime local newscasts in Dallas and Phoenix 2.

Mr. Sook's term as chief executive runs through March 31, 2029, followed by automatic one-year renewals 1.

Nexstar said in the second-quarter release that it expects the case challenging the TEGNA deal to be shown to be without merit, and that it will defend it 2. The D.C. Circuit on July 9, 2026 rejected challenges to the FCC order approving the deal 2.

The 10-Q says the court asked the parties to agree on a special master to oversee compliance with the injunction and ordered monthly discovery until final judgment 3. The order came on August 6, 2026 3.