NXSTNasdaqTelevision Broadcasting StationsUS GAAP · USD

Nexstar Media Group, Inc

Nexstar Media Group is a U.S.-based television broadcasting and digital media company built around local TV stations, national broadcast networks, and online news properties. Its portfolio includes owned and partner stations across U.S. markets, The CW Network, NewsNation, multicast networks, and digital brands such as The Hill and NewsNationNow.com.

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Revenue4,949m USD
−8.5 %y/y
Operating profit (EBIT)849m USD
−33.0 %y/y
EBIT margin17.2%
−6.3 ppy/y
Net income109m USD
−84.9 %y/y
Free cash flow743m USD
−32.8 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

02,0004,0006,000m USD2020: 4,501 m USD2020: EBIT 1,375 m USD20202021: 4,648 m USD2021: EBIT 1,175 m USD20212022: 5,211 m USD2022: EBIT 1,312 m USD20222023: 4,933 m USD2023: EBIT 708 m USD20232024: 5,407 m USD2024: EBIT 1,268 m USD20242025: 4,949 m USD2025: EBIT 849 m USD20254,949849
RevenueOperating profit (EBIT)

Business

Share of revenue
Local television broadcasting55 %

Owned and partner full-power stations that produce and air local news, syndicated, and network programming.

Distribution and retransmission25 %

Fees earned from multichannel distributors for carrying Nexstar-affiliated stations and networks.

National networks10 %

The CW, NewsNation, Antenna TV, REWIND TV, and related national programming assets.

Digital media7 %

Station apps, websites, and digital news brands that monetize audience traffic and advertising.

Equity method investments3 %

Ownership interests in media assets such as Television Food Network and other affiliates.

Products

Reported · share of revenue
59.1%39.6%FY2025100 %
  • Distribution Service59.1 %
  • Advertising39.6 %
  • Other1.3 %

Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

Nexstar sells primarily to advertisers, multichannel video distributors, and network/programming partners. Its audience-facing content also supports digital advertising and branded news consumption across local and national markets.

Advertisers

Buy local and national TV spots, sponsorships, and digital inventory to reach mass audiences in specific DMAs and nationwide.

MVPDs and vMVPDs

Pay retransmission and distribution fees to carry Nexstar stations and network content.

Network and programming partners

Provide or license content, including network affiliation arrangements and national programming.

Digital readers and viewers

Consume local and national news through apps, websites, and digital brands, supporting ad monetization.

Strategy

Nexstar’s strategy centers on scale in local broadcasting, national content ownership, and digital audience expansion. The company also uses station acquisitions and network assets to deepen market coverage, strengthen bargaining power with distributors, and broaden its advertising and subscription-related revenue base.

Build scale in local broadcastingMedium term

Larger station coverage improves audience reach, advertising inventory, and distributor leverage.

Strengthen national content assetsMedium term

Owned networks and national news brands diversify revenue beyond local station economics.

Monetize digital audience growthShort term

Digital properties extend reach and create additional advertising inventory.

Geography

Nexstar’s business is concentrated in the United States, with over 200 owned or partner stations in 116 U.S. markets across 40 states and the District of Columbia. Its footprint spans major and mid-sized DMAs, and its digital properties extend national reach beyond local station markets.

Risks

Nexstar is exposed to advertising cyclicality, distributor renewal risk, and intense competition from other media and technology platforms. Its business also depends on regulatory approvals, station ownership rules, and the successful integration of acquisitions and VIE structures that are common in U.S. broadcasting.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Retransmission and distribution renewal risk1Advertising cyclicality and competition2Goodwill and intangible asset impairment3Regulatory and ownership constraints4Cybersecurity and third-party service disruption5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Retransmission and distribution renewal riskImpact: HighLikelihood: High

    A meaningful share of revenue depends on agreements with MVPDs and vMVPDs that can expire or be renegotiated.

    Exposure: Distribution revenues and operating results

  2. Advertising cyclicality and competitionImpact: HighLikelihood: Medium

    Local and national ad spending is sensitive to economic conditions and competition from digital media and streaming.

    Exposure: TV and digital advertising revenue

  3. Goodwill and intangible asset impairmentImpact: HighLikelihood: Medium

    A large portion of assets is tied to FCC licenses, affiliations, and acquired goodwill that must be tested for impairment.

    Exposure: Reported earnings and balance sheet

  4. Regulatory and ownership constraintsImpact: MediumLikelihood: High

    FCC rules, foreign ownership limits, and merger approvals affect station ownership and consolidation plans.

    Exposure: M&A and station portfolio strategy

  5. Cybersecurity and third-party service disruptionImpact: MediumLikelihood: Medium

    Broadcast and digital operations rely on connected systems and vendors that can be targeted or fail.

    ExposureOperationsDataAudience-facing platforms

Accounting

Judgemental items
Goodwill and indefinite-lived intangible impairment

A large share of assets is tied to acquired stations, FCC licenses, and network relationships that must be tested for impairment.

Impact: Could create large non-cash charges if valuations weaken

Variable interest entity consolidation

Certain stations are consolidated because Nexstar has controlling financial interests under U.S. GAAP.

Impact: Affects reported revenue, expenses, debt, and operating scale

Broadcast rights amortization

Programming and sports rights are expensed over time based on contractual and usage patterns.

Impact: Can cause quarter-to-quarter expense volatility

Deferred tax assets and valuation allowances

Tax assets depend on projected future income and may be adjusted if realizability changes.

Impact: Can materially affect tax expense and net income

Equity method investments

Income from investments such as TV Food Network depends on investee earnings and distributions.

Impact: Creates variability outside core station operations

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Last updated: 24/09/2026