Welcome to our dedicated page for Nexstar Media Group news (Ticker: NXST), a resource for investors and traders seeking the latest updates and insights on Nexstar Media Group stock.
Nexstar Media Group, Inc. (NASDAQ: NXST) is the largest television station owner-operator in the United States, reaching approximately 68% of U.S. TV households. With over 200 television stations in 116 markets, Nexstar has grown significantly from a single station to a national powerhouse in just 20 years. The company owns and operates media assets such as NewsNation, America's fastest-growing national cable news network, and a 75% stake in The CW, one of the nation's leading broadcast networks.
Nexstar's portfolio also includes affiliations with major broadcast networks like CBS, Fox, NBC, and ABC, making it a top affiliate for these networks. The company also holds a 31% stake in the Food Network and the Cooking Channel, further diversifying its media reach. Nexstar's digital operations are expanding as well, offering comprehensive local news and information through platforms like The Hill and NewsNationNow.com.
Recent achievements include a multi-year extension of an agreement with Nielsen to provide Local and National TV measurement services across Nexstar's media businesses. This agreement will help Nexstar leverage Nielsen's comprehensive suite of digital and TV measurement solutions, providing accurate audience insights and data-driven measurement.
Nexstar is committed to delivering exceptional service and unique local content to the communities it serves. The company’s ability to engage local audiences and offer targeted advertising solutions makes it a valuable partner for businesses and advertisers. With a strong financial position and a diversified portfolio, Nexstar continues to be a leading force in the media industry, driving innovation and growth across its platforms.
Nexstar Media Group (NASDAQ: NXST) has appointed Bill Sammon as Senior Vice President of Washington, D.C., Editorial Content for The Hill and NewsNation. Sammon, who brings nearly 40 years of journalism experience, will direct Nexstar's national news content in Washington, D.C., starting November 18. His extensive background includes roles as a war correspondent, White House correspondent, and most recently as Managing Editor and Senior Vice President of News at Fox News Channel. During the 2020 presidential election, he was first to declare Biden's victory in Arizona. He will report to Cherie Grzech, President and Managing Editor for News and Politics at NewsNation.
Nexstar Media Group (NASDAQ: NXST) reported record third quarter financial results with net revenue of $1.37 billion, up 20.7% year-over-year. The company achieved net income of $180 million and Adjusted EBITDA of $510 million. Distribution revenue reached $719 million, while advertising revenue hit $622 million, including $154 million in political advertising. The CW Network reduced operating losses by $36 million year-over-year. The company returned $233 million to shareholders through dividends and share repurchases, reducing shares outstanding by 3.1%. Nexstar maintained strong financial health with a first lien net leverage ratio of 1.91x and total net leverage ratio of 3.26x.
Nexstar Media Group (NASDAQ: NXST) has announced a quarterly cash dividend of $1.69 per share of common stock. The dividend will be paid on November 29, 2024, to shareholders of record as of November 15, 2024. The company has expressed its intention to continue paying regular quarterly dividends, subject to quarterly review and Board approval.
The CW Network and Shopsense AI have partnered to introduce shoppable TV technology to ACC college football broadcasts. Starting with the Virginia Tech vs. Syracuse game on Nov. 2, viewers will be able to purchase game-day essentials and team merchandise directly through their mobile devices using Shopsense's Commerce Operating System. The partnership will later expand to other live sports and programming across The CW Network. This initiative marks the first implementation of shoppable technology in college sports, aiming to enhance fan engagement and create new revenue opportunities while delivering an interactive viewing experience.
Nexstar Media Group (NASDAQ: NXST) has agreed to acquire WBNX-TV/TV55 in Cleveland, Ohio from Winston Broadcasting Company. This acquisition will create a duopoly in the nation's 19th largest TV market, where Nexstar already owns WJW-TV (FOX). WBNX-TV, currently an independent station, will become a CW Network affiliate on September 1, 2025. The transaction is expected to close in 2025 and will be accretive to Nexstar's operating results. The deal strengthens Nexstar's presence in Cleveland and Ohio, a political battleground state, complementing WJW-TV's local news leadership with CW sports and entertainment programming.
The CW Network announced that Dennis Miller will step down as Network President on October 31, 2024. He will continue in an advisory role until the end of 2024. Miller, who joined Nexstar's Board in 2014, has been President since Nexstar Media Group acquired a majority stake in The CW in October 2022.
Under Miller's leadership, The CW has undergone a strategic transformation, focusing on live sports and entertainment programming. Recent additions like WWE NXT wrestling and NASCAR Xfinity racing have delivered record ratings. The network has also seen success with ACC college sports, PAC 12 football, and LIV Golf. Additionally, new game shows Trivial Pursuit and Scrabble have driven significant viewership increases.
Nexstar's CEO, Perry Sook, praised Miller's role in transforming The CW and positioning it for continued success.
Nexstar Media Group (NASDAQ: NXST) has announced that five of its owned and operated television stations will become affiliates of The CW Network. The stations are located in Augusta, Georgia; Monroe, Louisiana; Wichita Falls, Texas; Terre Haute, Indiana; and Utica, New York. They will begin airing The CW's primetime entertainment, live sports, and special event programming in September and October.
This addition will increase the number of Nexstar- and partner-owned CW stations to 54, covering over 45% of U.S. TV households. The CW's programming lineup includes NASCAR Xfinity series racing, WWE's NXT, LIV Golf, and ACC and PAC 12 college sports. The network is available in 100% of U.S. households and offers 500 hours of sports programming annually. The free, ad-supported CW App provides access to primetime shows, live LIV Golf tournaments, and additional content.
Nexstar Media Group (NASDAQ: NXST) has announced it will report its 2024 third quarter financial results on Thursday, November 7, 2024. The company will host a conference call and webcast at 10:00 a.m. ET to review the results. Interested parties can access the call by dialing +1 877-407-9208 (domestic) or +1 201-493-6784 (international) with conference ID 13748486. A live webcast will be available through the 'Events and Presentations' section of Nexstar's website, with a replay accessible for 90 days following the event. Participants are advised to call five minutes in advance and allow 15 minutes for webcast registration and software installation.
Nexstar Media Group (NASDAQ: NXST) has appointed Scott Weaver as Senior Vice President of Government Relations, effective September 5. In this newly created role, Weaver will establish Nexstar's first Office of Government Affairs in Washington, D.C., reporting directly to CEO Perry Sook. He will set legislative and regulatory priorities, represent Nexstar's interests to the federal government, Congress, and regulatory bodies.
Weaver brings extensive experience, having previously founded HSA Strategies and served as Chairman of the Public Policy practice at Wiley Rein LLP. His appointment comes as Nexstar has grown to become the largest local broadcaster in the U.S., launched NewsNation, and acquired majority ownership of The CW Network.
Nexstar Media Group (NASDAQ: NXST) has announced its participation in three major investor conferences in September 2024. The company's executive management will attend:
- The Citi 2024 Global TMT Conference in New York on September 4, with a fireside chat at 10:00 a.m. ET
- The BofA 2024 Media, Communications and Entertainment Conference in New York on September 5, featuring a fireside chat at 2:00 p.m. ET
- Deutsche Bank's 32nd Annual Leveraged Finance Conference in Scottsdale, AZ on September 24
Chairman and CEO Perry A. Sook and EVP and CFO Lee Ann Gliha will represent Nexstar at the Citi and BofA events. Gliha will attend the Deutsche Bank conference. Live webcasts and replays of the Citi and BofA fireside chats will be available on Nexstar's website.
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