Nexstar Media Group, Inc. reported a decline in financial performance for the second quarter of 2025, with net revenue decreasing by 3.2% to $1.229 billion compared to $1.269 billion in the same period last year. For the first half of 2025, revenue fell 3.6% to $2.462 billion from $2.553 billion in 2024. The decrease was primarily attributed to a significant drop in advertising revenue, which fell by $47 million in the second quarter, largely due to reduced political advertising as 2025 is not an election year. Despite a flat distribution revenue, the overall decline in advertising revenue impacted profitability, leading to a net income of $97 million for the quarter, down from $118 million in 2024.
In terms of operational changes, Nexstar completed the acquisition of WBNX-TV, an independent television station in Cleveland, for $22 million in cash. The company also refinanced its senior secured credit facilities on June 27, 2025, which included a reduction in interest margins and an extension of maturities. This refinancing allowed Nexstar to repay $101 million of its debt during the quarter. As of June 30, 2025, the company had total outstanding debt of $6.383 billion, a decrease from $6.523 billion at the end of 2024.
Nexstar's operational metrics showed a slight increase in cash and cash equivalents, which rose to $234 million from $144 million at the end of 2024. The company also reported a decrease in total liabilities to $9.072 billion from $9.200 billion. The total assets decreased to $11.328 billion from $11.468 billion, reflecting changes in accounts receivable and broadcast rights. The company’s employee headcount remained stable, with no significant changes reported.
Looking ahead, Nexstar anticipates continued challenges in advertising revenue due to the absence of major political events in 2025. The company expects to maintain compliance with its financial covenants and believes it has sufficient liquidity to meet its operational needs. The board of directors declared a quarterly cash dividend of $1.86 per share, payable on August 29, 2025, indicating a commitment to returning capital to shareholders despite the current revenue challenges.
About NEXSTAR MEDIA GROUP, INC.
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