Nexstar Media Group, Inc. reported a total net revenue of $4.9 billion for the fiscal year ending December 31, 2025, a decrease of 8.5% compared to $5.4 billion in 2024. The decline was primarily attributed to a significant drop in advertising revenue, which fell by 18.9% to $1.96 billion, largely due to the absence of political advertising in a non-election year. Distribution revenue remained relatively stable at $2.92 billion, reflecting a slight decrease of 0.1%. The company's net income attributable to Nexstar decreased to $109 million from $722 million in the previous year, influenced by a $381 million impairment charge related to its investment in TV Food Network.
In terms of operational changes, Nexstar announced a definitive agreement to acquire TEGNA Inc. for approximately $6.2 billion, with the transaction expected to close in the second half of 2026, pending regulatory approvals. This acquisition is anticipated to enhance Nexstar's operational and geographic diversity, increasing its presence in key contested election markets. Additionally, the company acquired WBNX-TV, an independent television station in Cleveland, for $22 million, further expanding its portfolio.
Nexstar's workforce comprised approximately 12,832 employees as of December 31, 2025, with a voluntary retention rate of about 83%. The company operates 201 full-power television stations across 116 markets, reaching approximately 70% of U.S. television households. The company has also centralized its national advertising sales to enhance revenue generation across its diverse media portfolio, which includes The CW Network and NewsNation.
Looking ahead, Nexstar aims to leverage its scale to drive growth in distribution and advertising revenues, while also focusing on improving the profitability of its national networks. The company plans to continue investing in both organic growth and strategic acquisitions, including the anticipated merger with TEGNA. However, it faces challenges such as declining MVPD subscribers and competition from digital platforms, which could impact future revenue streams. The company maintains a strong financial profile, with $891 million in net cash flow from operating activities for 2025, and a commitment to return capital to shareholders through dividends and share repurchases.
About NEXSTAR MEDIA GROUP, INC.
Nexstar Media Group is a leading diversified media company specializing in local and national television content, including news, sports, and entertainment. It owns and operates over 200 TV stations across 116 markets, with significant national assets like The CW Network and NewsNation. The company generates revenue through advertising, distribution, and digital platforms, leveraging its scale, strong local franchises, and diverse content to serve broad audiences and attract advertisers.
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