Nexstar Media Group

What Nexstar Media Group does

Nexstar Media Group, Inc. (NASDAQ: NXST) is the largest local broadcast television operator in the United States, operating 265 owned or operated television stations across 132 markets in 44 states and the District of Columbia following its March 2026 acquisition of TEGNA. Founded in 1996 by Perry A. Sook and led by him as Chairman and CEO, the company produces more than 317,000 hours of local news, sports, and entertainment programming annually through 110 newsrooms staffed by 5,500 journalists, reaching approximately 80% of U.S. television households. The company's product portfolio spans broadcast television, cable networks (The CW Network at 75% ownership, NewsNation), multicast networks (Antenna TV, Rewind TV, True Crime Network, Quest), digital properties (176 local websites, 292 mobile apps, 160 CTV apps, 61 FAST channels), and owned digital brands including The Hill political platform and BestReviews.

The company generates revenue from three primary streams: advertising (local, national, and political), recurring retransmission and distribution fees from cable, satellite, and streaming platforms for carriage of its broadcast signals (a model Nexstar pioneered in 2005), and digital media services. Pricing is contract-based and not publicly disclosed. Distribution is achieved through a hybrid model combining direct sales relationships with local businesses and national advertisers, pay-TV carriage agreements, and increasingly through owned-and-operated digital streaming properties. The company has historically grown through accretive acquisitions (Tribune Media in 2019 for $6.4B, Media General in 2017, The CW in 2022, The Hill in 2021, and TEGNA in 2026 for $6.2B), financed in part through debt—current debt stands at approximately $12.1 billion against $379 million in cash.

Technology investments include ATSC 3.0/NEXTGEN TV next-generation broadcast infrastructure and the EdgeBeam Wireless joint venture (with Scripps, Gray Media, and Sinclair) for high-speed data transmission services. AI capabilities are nascent and concentrated at the TEGNA subsidiary level through internally-developed proprietary tools supporting process automation across broadcast, streaming, mobile, and digital operations. The company's strategic position combines regulatory moats (FCC broadcast licenses), scale economics, and a diversified revenue model that includes cyclical political advertising upside, but is offset by elevated leverage and structural headwinds in linear television viewership.

Name

Nexstar Media Group

Legal name

Nexstar Media Group, Inc.

Website

https://nexstar.tv

Company type

Public

Founded year

1996

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Nexstar Media Group (NASDAQ: NXST) is the largest U.S. local broadcast television operator, running 265 owned stations in 132 markets reaching 80% of households, plus owned networks (The CW, NewsNation, The Hill) and digital platforms, generating revenue through advertising, retransmission fees, and distribution agreements with pay-TV providers.

Ownership category

akta.pro rank

Product category

Broadcast Television and Media

NAICS

Television Broadcasting Stations (516120), Radio and Television Broadcasting Stations (5161), Television Broadcasting Stations (51612)

SIC

Television Broadcasting Stations (4833), Cable & Other Pay Television Services (4841)

akta.pro primary industry

Local TV Station Groups (Owned & Operated/Station Chains) (MPABACAA)

akta.pro secondary industries

Network-Affiliated Local TV Stations (ABC/CBS/NBC/FOX/CW/Telemundo/Univision, etc.) (MPABACAE), General Entertainment Cable Networks (MPABAFAA), National Broadcast News Networks (MPABAAAB), National & Regional Sports TV Networks (Linear) (MPABAJAA)

Keywords

• Local broadcast television
• Television advertising sales
• Retransmission fee services
• Cable news networks
• Digital media publishing

Headquarters

HQ city

Irving

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Digital Commerce or Content

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Retransmission Fees: Fees paid by cable, satellite, and streaming platforms for the right to retransmit Nexstar's broadcast signals. This has become a substantial portion of local broadcasters' revenue since Nexstar pioneered the practice in 2005.
2. Advertising Revenue: Revenue from local and national advertisers purchasing commercial time across Nexstar's television stations and digital platforms. Includes political advertising during election cycles.
3. Distribution Fees: Fees from cable and satellite operators for carriage of The CW Network and other networks. The company reported 9.8% rise in distribution fees in Q1 2026.
4. Digital Media Services: Revenue from BestReviews and other digital products including native advertising, social media services, ad ops, design, and development services.
5. Political Advertising: Surging political ad revenue, particularly significant during election cycles. Q1 2026 showed 19.1% increase in advertising sales.

Go-to-market motion1 record

Distribution channels8 records

Marketing channels5 records

Core offering

Nexstar Media Group is the largest local broadcast television and media company in the United States, producing and distributing local and national news, sports, and entertainment content across 265 owned/operated TV stations in 132 markets reaching approximately 80% of U.S. television households. The company sells advertising time and digital marketing services to local businesses, national brands, and political advertisers, and collects recurring retransmission and distribution fees from cable, satellite, and streaming platforms that carry its signals and owned networks (The CW, NewsNation, Antenna TV, Rewind TV, True Crime Network, Quest).

Product overview

Nexstar Media Group operates as a diversified media company with a platform-plus-networks architecture. The core platform consists of 265 owned/operated television stations in 132 markets delivering local news, sports, and entertainment content. This is complemented by owned networks including The CW Network (acquired 75% in 2022), NewsNation (rebranded from WGN America in 2021), and multicast networks Antenna TV, Rewind TV, True Crime Network, and Quest. Digital operations include 176 local websites, 292 mobile apps, 160 CTV apps, and 61 FAST channels. The portfolio also includes The Hill political news platform (acquired 2021), BestReviews product review site, WGN Radio in Chicago, and TEGNA's 64 stations acquired in 2026. The company leverages ATSC 3.0/NEXTGEN TV technology for next-generation broadcast capabilities.

Differentiator

Problem solved

Functional benefit

Brands

• The CW Network: Premier broadcast network delivering entertainment and sports programming, including NASCAR, WWE NXT, college sports, and scripted/unscripted shows
• NewsNation
• The Hill
• Antenna TV
• Rewind TV
• BestReviews
• True Crime Network
• Quest
• WGN Radio

Products and services

• Owned and Operated Local Television Stations 265 owned or operated television stations across 132 markets in 44 states and DC, producing and broadcasting local news, sports, and entertainment content to approximately 80% of U.S. television households. Sold to local, national, and political advertisers; signal retransmitted to pay-TV operators.
• The CW Network Premier broadcast network delivering 18 hours per week of primetime entertainment and children's programming plus approximately 13 hours of sports programming every weekend, including NASCAR, WWE NXT, ACC/Pac-12/Mountain West college sports, and PBA events. Distributed on all major pay-TV platforms and the CW App.
• NewsNation Nexstar's national cable news network positioned as 'News for All Americans,' offering unbiased news programming that draws on local reporting from 5,500 journalists in 110 newsrooms across the country. Fully distributed on every U.S. pay-TV platform, online at newsnationnow.com, and on the NewsNationNow mobile app.
• The Hill The #1 digital-first political news brand in the U.S., reaching 47 million lawmakers, policymakers, and influential digital consumers. Includes TheHill.com, The Hill TV streaming channel (1.4B annual video views), email newsletters reaching 600K+ subscribers, and a print edition.
• Antenna TV Multicast network airing classic television programming, available in 150 TV markets reaching 92% of U.S. TV households. Home to 'The Tonight Show Starring Johnny Carson' since 2016.
• Rewind TV Digital subchannel offering classic television sitcoms from the 1980s and 1990s, reaching approximately 50 million homes (40% of U.S. households) including major markets such as New York, Los Angeles, and Chicago.
• True Crime Network 24/7 broadcast television network delivering crime and investigation programming focused on entertaining and informing viewers while making communities safer.
• Quest 24/7 broadcast television network featuring adventure programming about nature's greatest dangers, history's greatest mysteries, and man's greatest achievements.
• BestReviews One-stop shop for comprehensive, in-depth product reviews of top brands and models across every product category, operated by Nexstar Digital.
• Local Websites and Mobile Apps 176 local websites and 292 mobile apps across local stations, NewsNation, and The Hill, providing hyper-local content and verticals for consumers and advertisers.
• Connected TV Applications and FAST Channels 160 connected television applications and 61 free ad-supported television (FAST) channels providing streaming content across multiple platforms.
• ATSC 3.0 / NEXTGEN TV Next-generation terrestrial broadcast system enabling high-speed data transmission, improved television viewing experience with higher audio/video quality, and potential applications in automotive connectivity, content delivery networks, and enhanced GPS.
• Locked On Podcast Network Podcast network with 275 daily podcasts covering all major professional and college sports teams, generating over 90 million combined engagements each month.
• WGN Radio Radio station in Chicago operated as part of Nexstar's Networks Division.
• CW Sports Sports programming division of The CW Network, broadcast home to nearly 700 hours of sports annually including NASCAR, WWE NXT, ACC/Pac-12/Mountain West college sports, AVP beach volleyball, Professional Bull Riding, and PBA events.
• TEGNA Television Stations 64 local television stations in 51 U.S. markets operated by TEGNA as a wholly owned subsidiary of Nexstar following the March 2026 acquisition.

Quantifiable outcome

• Q1 2026 revenue up 13.13% year-over-year to $1.39 billion
• +2 more outcomes

Named customers3 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

AI capability2 records

Feature4 records

Partnerships

Nine partnerships are on record, tiered minor and core.

• Gift of Hope Organ & Tissue Donor NetworkminorGTM or Marketing Partner · 17 June 2026Year-long media partnership with WGN-TV to expand awareness of organ and tissue donation and encourage new donor registrations across Illinois and Northwest Indiana, with potential to reach 3.75 million households.
• EdgeBeam Wireless, LLCcoreStrategic or Co-development Partner · 1 January 2025Nexstar partnered with E.W. Scripps Company, Gray Media, Inc., and Sinclair, Inc. to create EdgeBeam Wireless, LLC, a joint venture for providing high-speed data transmission services using broadcast infrastructure.
• Feeding AmericaminorStrategic or Co-development Partner · 1 January 2021Nexstar and Feeding America announced a partnership valued at $2 million to combat hunger and food insecurity across Nexstar's markets.
• NASCARcoreStrategic or Co-development PartnerCW Sports is broadcast home to NASCAR O'Reilly Auto Parts Series as part of approximately 700 hours of annual sports programming.
• WWEcoreStrategic or Co-development PartnerCW Sports broadcasts WWE NXT as part of sports programming lineup.
• ACC, Pac-12, Mountain West ConferencescoreStrategic or Co-development PartnerCW Sports provides college football and men's and women's basketball from ACC, Pac-12, and Mountain West conferences.
• ESPNcoreStrategic or Co-development PartnerBeginning Summer 2026, CW Sports content will be available on the ESPN App to ESPN Unlimited Plan subscribers. CW to sublicense ACC football and basketball broadcasts from ESPN.
• The CW (Warner Bros. Discovery and Paramount Global)coreStrategic or Co-development PartnerNexstar acquired 75% ownership interest in The CW Network from Warner Bros. Discovery and Paramount Global in October 2022, with Dennis Miller appointed as President.
• TV Food Network (partial ownership)minorStrategic or Co-development PartnerNexstar holds 31.3% ownership stake in TV Food Network through its Networks Division.

Scale indicators19 records

Recent moves12 records

Expansion highlights6 records

Direct peers

• Sinclair Broadcast Group: One of the largest U.S. local broadcast station operators with stations across major and mid-size markets; competes head-to-head with Nexstar for advertising, retransmission, and political share, and is a co-partner in the EdgeBeam Wireless ATSC 3.0 JV.
• Gray Media (Gray Television): Major U.S. local broadcast TV station group with stations in mid-sized markets; competes with Nexstar in local news, retransmission, and ad sales, and is also an EdgeBeam Wireless JV partner.
• The E.W. Scripps Company: Operates a portfolio of local TV stations and national networks (ION, Court TV); comparable scale and business mix to Nexstar, with overlap in local news production and a co-partner in the EdgeBeam Wireless JV.
• TEGNA Inc. Operates 64 local television stations in 51 U.S. markets; was an independent direct peer to Nexstar before being acquired in 2026 for $6.2B and now operates as a wholly-owned subsidiary under a court-ordered hold-separate arrangement.
• Hearst Television: Privately-held division of Hearst Corporation operating local TV stations in major and mid-sized U.S. markets; competes with Nexstar for audience share, ad revenue, and political dollars across overlapping markets.
• Cox Media Group: Operates local TV and radio stations across U.S. markets; competes with Nexstar in local advertising and political ad sales, and overlaps in news production scale and ATSC 3.0 deployment.

Broad incumbents

• Fox Corporation: Owns the Fox Broadcasting Network, Fox News, and Fox Sports; competes with Nexstar/CW/NewsNation at the network and national-cable level, and affiliates carry Fox programming on many of Nexstar's market competitors' stations.
• Paramount Global: Owns CBS, Paramount+, and a portfolio of cable networks; competes with Nexstar at the broadcast network level and was the seller of The CW Network (now 75% owned by Nexstar), making it both a former counterparty and an industry incumbent.
• Comcast (NBCUniversal): Owns NBC broadcast network, Telemundo, and Peacock; competes with Nexstar in broadcast affiliate relationships, national ad sales, and streaming, and is also a key distributor that pays retransmission fees to Nexstar.
• The Walt Disney Company (ABC): Owns the ABC broadcast network and ESPN (sublicensing ACC content to The CW Sports); competes with Nexstar as a major network whose affiliates overlap Nexstar stations, and as a content buyer through ESPN.

Market position

Strengths5 records

Weaknesses1 record

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/nexstarcberg
• Facebookfacebook.com/109569769061785
• LinkedInlinkedin.com/company/nexstar-broadcasting-group
• Instagraminstagram.com/nexstarmediagroupinc

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles22 records

Subsidiaries9 records

Funding overview

Funding rounds3 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A12 records

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Nexstar Media Group