Earnings summaries and quarterly performance for NEXSTAR MEDIA GROUP.
Executive leadership at NEXSTAR MEDIA GROUP.
Perry Sook
Detailed
Chief Executive Officer
CEO
AA
Andrew Alford
Detailed
President, Broadcasting
BR
Blake Russell
Detailed
Executive Vice President, Operations
BJ
Brett Jenkins
Detailed
Executive Vice President and Chief Technology and Digital Officer
DZ
Dana Zimmer
Detailed
President, Distribution and Strategy
GW
Gary Weitman
Detailed
Executive Vice President and Chief Communications Officer
LA
Lee Ann Gliha
Detailed
Executive Vice President and Chief Financial Officer
MB
Michael Biard
Detailed
President and Chief Operating Officer
RM
Rachel Morgan
Detailed
Executive Vice President and General Counsel
SC
Sean Compton
Detailed
President, Networks
Board of directors at NEXSTAR MEDIA GROUP.
Research analysts who have asked questions during NEXSTAR MEDIA GROUP earnings calls.
Benjamin Soff
Deutsche Bank
4 questions for NXST
Also covers: LYV, NYT, SBGI +1 more
CH
Craig Huber
Huber Research Partners
4 questions for NXST
Also covers: DNB, EFX, FDS +11 more
DK
Daniel Kurnos
The Benchmark Company, LLC
4 questions for NXST
Also covers: ANGI, CNVS, DRCT +12 more
Steven Cahall
Wells Fargo & Company
4 questions for NXST
Also covers: AMCX, ATUS, CABO +17 more
Jason Bazinet
Citigroup
3 questions for NXST
Also covers: APP, CTV, FWONK +18 more
AW
Aaron Watts
Deutsche Bank
2 questions for NXST
Also covers: CCO, CMLS, GTN +3 more
AG
Alan Gould
Loop Capital
2 questions for NXST
Also covers: GTN, NFLX, NWSA +3 more
Barton Crockett
Rosenblatt Securities
2 questions for NXST
Also covers: BATRA, DSP, EEX +14 more
Patrick Sholl
Barrington Research
2 questions for NXST
Also covers: CCO, CMLS, CNK +14 more
JG
James Goss
Barrington Research
1 question for NXST
Also covers: AMC, CNK, IHRT +2 more
Khadir Richie
Richie Capital Group
1 question for NXST
Recent press releases and 8-K filings for NXST.
Nexstar Provides Update on Tegna Merger, 2026 Outlook, and Strategic Initiatives
NXST
M&A
Guidance Update
New Projects/Investments
- Nexstar is actively progressing with the Tegna acquisition, with the FCC public comment phase concluding in December and reply comments in January, and DOJ compliance expected in Q1 2026. The merger is anticipated to generate $300 million in EBITDA synergies, with 45% from net retrans and 55% from operating expenses, mostly realized within the first 12 months post-transaction. Pro forma leverage is expected to be around 4x, with a target to delever to approximately 3.2x by 2028.
- Nexstar anticipates positive momentum in non-political advertising for Q4 2025 and expects tailwinds in 2026 from political spending, FIFA, and the Olympics. They also project continued growth in both gross and net retransmission revenue in 2026 due to decent rate step-ups in renewals and increased bargaining power from the Tegna merger.
- Strategic initiatives include the CW network's projection to achieve profitability at some point in 2026, driven by reduced programming costs and increased sports content. Additionally, Nexstar is pursuing ATSC 3.0 spectrum monetization, expecting to see real revenue starting in 2026 from non-video uses, with potential for significant acceleration and high EBITDA margins by the end of the decade.
Dec 8, 2025, 8:00 PM
Nexstar Provides Update on Tegna Merger, Advertising Outlook, and Strategic Initiatives
NXST
M&A
Guidance Update
New Projects/Investments
- The Tegna merger regulatory process is advancing, with the FCC in the public comment phase through January and DOJ compliance expected in Q1 2026. Nexstar anticipates $300 million in EBITDA synergies from the deal, mostly within the first 12 months, and expects pro forma leverage to be in the 4-ish range, aiming to delever by 2028.
- The advertising market shows positive momentum, with Q4 non-political advertising now expected to be slightly up. Nexstar anticipates tailwinds in 2026 from political advertising (AdImpact projects the 2025/2026 cycle up 20% overall) , major sports events like FIFA and the Olympics, and increased sports on broadcast.
- Nexstar projects continued growth in both gross and net retransmission revenue in 2026, driven by expected rate step-ups in renegotiated agreements.
- The company sees significant long-term potential in ATSC 3.0 spectrum monetization, with non-video uses potentially generating substantial revenue (industry total of $14 billion) within 5-8 years at high EBITDA margins, with initial revenue expected in 2026.
- The CW network is on track to achieve profitability at some point in 2026, having improved profit by approximately 25% in the current year.
Dec 8, 2025, 8:00 PM
Nexstar Discusses TEGNA Acquisition Progress and Future Growth
NXST
M&A
New Projects/Investments
Proxy Vote Outcomes
- TEGNA shareholders approved the transaction with a 98% affirmative vote, and Nexstar expects to complete FCC applications soon, with the DOJ process ongoing. The acquisition is projected to generate $300 million in EBITDA synergies, with 45% from net retrans and 55% from operating expense synergies, primarily realized within the first year.
- Nexstar anticipates signing its first commercial customers for its ATSC 3.0 Spectrum toll road either before or right after the end of the calendar year, with significant revenue expected to flow in three to five years.
- Nexstar expects continued opportunity for retransmission consent pricing growth, noting that subscriber churn is moderating and that the company is "undermonetized relative to the viewership" it brings to distributors.
- Nexstar aims to be the "unicorn" in the local TV space, continuing to focus on local markets and potentially pursuing further acquisitions beyond TEGNA to leverage its scale and robust balance sheet.
Nov 18, 2025, 8:45 PM
Nexstar Media Group Discusses TEGNA Acquisition, Synergies, and Future Growth Drivers at Wells Fargo Summit
NXST
M&A
New Projects/Investments
Guidance Update
- Nexstar Media Group's acquisition of TEGNA was approved by shareholders with a 98% affirmative vote , and the company is proceeding with regulatory filings, expecting minimal divestitures.
- The company anticipates $300 million in EBITDA synergies from the TEGNA acquisition, with 45% from net retrans and 55% from operating expense synergies, with the majority expected within the first year.
- Nexstar sees continued opportunity to grow retransmission consent revenue despite subscriber churn, with over 50% of contracts up for renewal soon. Non-political advertising was flat in Q3 and guided to be down in the very low single digits in Q4 (2025), primarily due to national factors rather than market health.
- The company is actively working to monetize its ATSC 3.0 spectrum through EdgeBeam, with $40 million in capital and expectations for first commercial customers by year-end or early next year , projecting significant revenue flow in three to five years.
Nov 18, 2025, 8:45 PM
Nexstar Reports Q3 2025 Results and Provides Update on TEGNA Acquisition
NXST
Earnings
M&A
Guidance Update
- Nexstar reported Q3 2025 net revenue of $1.2 billion, a 12.3% decline year-over-year, primarily due to a $145 million decrease in political advertising. Adjusted EBITDA for the quarter was $358 million, representing a 29.9% margin.
- The company is proceeding with its definitive agreement to acquire TEGNA for $6.2 billion in cash, projecting the transaction to be more than 40% accretive to standalone adjusted free cash flow with $300 million in anticipated synergies, and expects to close by the second half of 2026.
- In Q3 2025, Nexstar returned $56 million to shareholders in dividends and repaid $25 million in mandatory debt. The company paused share repurchases to conserve cash for the TEGNA acquisition.
- Nexstar ended Q3 2025 with a cash balance of $236 million and a total net leverage of 3.09 times.
- For Q4 2025, non-political advertising is forecast to decline in the very low single digits year-over-year. The company anticipates CapEx in the $32 million range and cash taxes in the $45 million range.
Nov 6, 2025, 3:00 PM
Nexstar Media Group Announces Q3 2025 Results and TEGNA Acquisition Update
NXST
Earnings
M&A
Dividends
- Nexstar Media Group reported net revenue of $1.20 billion and net income of $65 million for the third quarter of 2025. This represents a 12.3% decline in net revenue and a 63.9% decrease in net income year-over-year, primarily due to lower political advertising revenue and increased one-time corporate expenses related to the TEGNA acquisition.
- For Q3 2025, the company achieved Adjusted EBITDA of $358 million and Adjusted Free Cash Flow of $166 million.
- Nexstar entered into a definitive agreement to acquire TEGNA Inc. for $6.2 billion, a transaction anticipated to close by the second half of 2026 and expected to be accretive to standalone Adjusted Free Cash Flow.
- As of September 30, 2025, consolidated debt stood at $6.4 billion. During the quarter, the company repaid $25 million of debt and paid $56 million in dividends.
Nov 6, 2025, 12:02 PM
Nexstar Media Group's TEGNA Merger Faces DOJ Second Request
NXST
M&A
Legal Proceedings
- Nexstar Media Group, Inc. and TEGNA Inc. received a Second Request from the U.S. Department of Justice on October 30, 2025, in connection with the DOJ's review of their merger agreement.
- The issuance of this Second Request extends the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 until 30 days after each party has substantially complied.
- The parties now expect the merger to be completed by the second half of 2026.
Oct 31, 2025, 9:06 PM
Nexstar Media Group Extends CEO Perry A. Sook's Employment Agreement
NXST
Executive Compensation
Management Change
M&A
- Nexstar Media Group's Board of Directors extended the employment agreement of Chairman and Chief Executive Officer, Perry A. Sook, through March 31, 2029.
- Mr. Sook, who founded Nexstar in 1996 and has served as CEO since then, is the company's third largest shareholder.
- The Board highlighted his instrumental role in Nexstar's operating execution, financial growth, and shareholder returns, and his unique qualification to deliver value from the proposed acquisition of TEGNA.
Oct 30, 2025, 11:00 AM
Nexstar discusses strategy, Tegna acquisition, and NewsNation growth
NXST
M&A
New Projects/Investments
Revenue Acceleration/Inflection
- Nexstar's strategy focuses on local assets and television station acquisitions, which form the foundation for The CW and NewsNation. This approach is considered durable and provides a competitive moat due to existing infrastructure and relationships with 40,000 SMBs.
- The pending acquisition of Tegna is expected to result in Nexstar controlling over 20% of local TV station inventory in the U.S. and reaching 80% of the U.S. population. This transaction is anticipated to bring significant scale synergies, including rationalizing corporate costs, driving revenue, and improving negotiation leverage.
- Nexstar expects to achieve $300 million in synergies from the Tegna deal within the first 12 months. The company has a well-defined playbook for acquisitions, having completed 40 acquisitions in almost 30 years, and typically meets or exceeds stated synergy numbers.
- NewsNation, which launched five years ago, has evolved into a 24/7 cable news source and was the fastest-growing cable network over the previous 12 months. It has been profitable from day one due to existing distribution revenue and an embedded ad sales team.
- Nexstar gained majority control of The CW and pivoted its programming to live sports, spending $1 billion on sports rights in about six months. This has led to significant viewership increases, with NASCAR averaging over 1 million viewers per race.
Sep 3, 2025, 2:10 PM
Quarterly earnings call transcripts for NEXSTAR MEDIA GROUP.
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