Headquartered in Irving, TX Fiscal year ends December NASDAQ: NXST nexstar.tv
Nexstar Media Group, Inc. is a U.S. television broadcasting and media company. It owns and operates local television stations affiliated with major networks including FOX, ABC, CBS and The CW. It also owns The CW broadcast network and the NewsNation cable news network.
In 2026 Nexstar acquired TEGNA, Inc., which substantially expanded its station portfolio. TEGNA contributed about $765 million of incremental Q3 2026 revenue. Its integration and the realization of expected synergies are currently constrained by a preliminary injunction in pending litigation.
The company earns revenue from three sources:
- Distribution: retransmission consent and carriage fees from MVPDs, vMVPDs and streaming platforms.
- Advertising: local, national and political advertising, with political spending peaking in election years.
- Other revenue.
The CW is building out its sports programming, including college football bowl games and NHRA drag racing rights. Nexstar also consolidates Mission Broadcasting, Inc., an independently owned variable interest entity. The company carries significant leverage following the TEGNA financing and pays quarterly common stock dividends. Updated
Record revenue from the TEGNA deal and $317 million of political advertising did not stop GAAP earnings from missing expectations by 33%. A preliminary injunction keeps TEGNA synergies out of covenant leverage math until a July 2027 trial, leaving $11.4 billion of debt to manage. Keep an eye on the stock as management leans on debt paydown.
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Nexstar Media Group, Inc. is a U.S. television broadcasting and media company. It owns and operates local television stations affiliated with major networks including FOX, ABC, CBS and The CW.
24/7 Wall St.'s 12-month price target for NXST is $161.72, rated Hold. The Wall Street consensus target is $246.75. NXST price prediction →
