Nexstar Media Group Reports 12.3% Revenue Decline in Q3 2025, Announces TEGNA Acquisition

Nexstar Media Group, Inc. reported a decline in financial performance for the third quarter of 2025, with net revenue decreasing by 12.3% to $1.198 billion compared to $1.366 billion in the same period last year. For the nine months ended September 30, 2025, revenue also fell by 6.6% to $3.660 billion from $3.920 billion. The decrease was primarily attributed to a significant drop in political advertising revenue, as 2025 is not an election year. Net income attributable to Nexstar for the third quarter was $70 million, down from $187 million in the prior year, while net income for the nine months was $275 million, compared to $480 million in 2024.

In terms of operational changes, Nexstar has entered into a definitive agreement to acquire TEGNA Inc. for approximately $6.2 billion, which includes a cash payment of $22 per share. This merger, expected to close in the second half of 2026, aims to enhance Nexstar's operational and geographic diversity. Additionally, the company acquired the assets of WBNX-TV for $22 million, further expanding its portfolio. As of September 30, 2025, Nexstar owned, operated, or provided services to 201 full-power television stations across 116 markets in 40 states and the District of Columbia.

Nexstar's total assets as of September 30, 2025, were reported at $11.249 billion, a decrease from $11.468 billion at the end of 2024. Current assets increased to $1.393 billion, driven by higher cash and cash equivalents, which rose to $236 million from $144 million. The company’s total liabilities decreased to $8.965 billion from $9.200 billion, with long-term debt standing at $6.248 billion, down from $6.399 billion. The reduction in debt was partly due to the repayment of $157 million during the nine months ended September 30, 2025.

Looking ahead, Nexstar anticipates that the merger with TEGNA will be accretive to its standalone adjusted free cash flow. However, the company expects continued challenges in advertising revenue due to the absence of political campaigns in 2025. The company has also declared a quarterly cash dividend of $1.86 per share, reflecting its commitment to returning capital to shareholders. Despite the current economic conditions, Nexstar remains focused on maintaining compliance with its financial covenants and managing its debt effectively.