Nexstar Media Group, Inc. (NASDAQ: NXST)

Nexstar Media Group, Inc. is a leading diversified media company that produces and distributes engaging local and national news sports and entertainment content across its television and digital platforms. The company owns America’s largest local television broadcasting group comprised of over 200 owned or partner stations in 116 U. S. markets in 40 states and the District of Columbia. Its national television portfolio includes an 80.8 percent interest in The CW Network a national news network NewsNation two entertainment multicast networks Antenna TV and REWIND TV and a 31.3 percent stake in TV Food Network. Nexstar’s digital assets which include local station apps and websites The Hill and NewsNationNow.com reach over 90 million monthly unique users on average. The company reports that its stations produce over 317,000 hours of programming each year covering news lifestyle sports and syndicated content. Its digital news properties including The Hill and NewsNationNow.com collectively rank among the top ten U. S. digital news and information sites attracting over 90 million monthly unique users on average.

Nexstar generates revenue primarily from distribution and advertising streams. Distribution revenue comes from retransmission fees paid by cable satellite and other multichannel video programming distributors for the right to carry the signals of its television stations and the carriage of its cable and broadcast networks. Advertising revenue is derived from the sale of local and national advertising on its television stations networks websites apps and other digital platforms including political advertising sold to candidates parties and interest groups in even numbered years. The company also earns other revenue from licensing tower space rental production and the sale of advertising spots in exchange for products or services. In 2025 distribution revenue accounted for approximately 59 percent of total revenue advertising contributed about 40 percent and other sources made up the remaining 1 percent. Of the advertising revenue roughly 39 percent came from commercial advertisers and 1 percent from political advertising. The company notes that no single customer accounted for more than 13 percent of its revenue and no single market represented more than 3 percent of total revenue.

Nexstar holds a leading position in the U. S. television broadcasting industry as the largest local television station operator by number of stations and audience reach. Its portfolio of more than 200 stations reaches approximately 70 percent of U. S. television households without applying the FCC UHF discount giving it unmatched scale among broadcasters. The company competes with other major station groups such as Sinclair Broadcast Group Gray Television and Tegna Inc for advertising dollars distribution fees and audience share. Competitive advantages include its strong local brand recognition built on decades of community focused journalism its duopoly structures in many markets that create operating efficiencies and its ownership of national platforms like The CW NewsNation and The Hill which provide diversified revenue streams and national advertiser appeal. Nexstar emphasizes its focus on broadcast television as the core of its assets noting that the substantial majority of its revenue comes from television stations The CW and multicast networks. The company highlights its local sales force that sells advertising on station websites connected television and over the top platforms while also selling third party digital inventory to enhance advertiser campaigns. Its presence in contested election markets enables consistent political advertising revenue in even numbered years due to overlapping station footprints with over 80 percent of such markets. Duopoly arrangements in more than half of its markets provide additional audience share operating efficiencies and revenue synergies.

The company serves a broad base of customers that includes local and national advertisers ranging from small businesses to large corporations political campaigns seeking to reach voters in election years and multichannel video programming distributors that pay for retransmission consent and carriage of its broadcast signals. Its digital platforms attract advertisers looking to engage audiences across websites mobile apps and over the top services. While specific customer names are not disclosed in the filing the overall customer mix reflects the diverse nature of its advertising and distribution businesses. Advertisers include local service providers national brands automotive retailers and political committees seeking to reach target audiences. Distributors that pay for retransmission consent range from cable operators satellite providers and telecom companies to over the top streaming services. While the filing does not disclose specific customer names the overall base reflects the broad mix of local and national advertising clients and video distribution partners.