Nexstar Media Group

Nexstar Media Group, Inc.

Company type	Public
Industry	Media
Founded	June 17, 1996 (1996-06-17) in Irving, Texas, United States
Founder	Perry A. Sook
Headquarters	Irving , United States
Area served	United States
Key people	Perry A. Sook (Chairman and CEO)
Products	Television stations, radio station, networks (The CW, Antenna TV, Rewind TV), streaming service (SportsGrid), subscription network (NewsNation)

Nexstar Media Group, Inc. stands as a prominent publicly traded media corporation based in Irving, Texas, with additional offices located in Midtown Manhattan and Chicago. As the foremost owner of television stations across the United States, Nexstar controls 197 stations linked to major networks and MyNetworkTV, covering markets ranging from New York City to San Angelo, Texas. To adhere to Federal Communications Commission guidelines, Nexstar also manages stations owned by affiliates such as Mission Broadcasting and Vaughan Media through local marketing agreements.

The company’s assets include a single radio outlet, WGN in Chicago, alongside a 75% controlling interest in the mid-tier network The CW, thereby making every CW affiliate a directly owned-and-operated station. Additionally, Nexstar owns classic television channels Antenna TV and Rewind TV, operates the FAST sports streaming service SportsGrid, and holds control over the subscription-based network NewsNation.

In 2024, Nexstar reported revenues of US$5.4 billion, with an operating income of US$1.3 billion and a net profit amounting to US$722 million, reflecting robust financial health. Founded by entrepreneur and CEO Perry A. Sook, who continues as the largest insider shareholder and chairman, Nexstar’s strategy focuses on targeted acquisitions and leveraging operational scale to sustain its market dominance and competitive positioning within the media sector.

1996–2010: Establishment and Early Expansion

Nexstar Media Group originated as Nexstar Broadcasting Group on June 17, 1996, supported by ABRY Partners. Its inaugural purchase was WYOU in Scranton, Pennsylvania, acquired from Diversified Communications and completed on September 28, 1996. Founder Perry Sook designated WYOU as the company’s flagship station. In 1998, Nexstar bought WBRE-TV in Wilkes-Barre, Pennsylvania; due to overlapping markets, WYOU was sold to Mission Broadcasting, marking the start of an innovative shared-services agreement whereby Nexstar managed production and news operations for stations owned by Mission.

The company broadened its reach in 1997 by acquiring WJET-TV in Erie, Pennsylvania for $18.5 million. The following year saw the purchase of three stations—KFDX-TV, KBTV-TV, and KSNF—from U.S. Broadcast Group for $64.3 million. In 1999, Nexstar added WROC-TV in Rochester, New York to its portfolio.

A significant expansion occurred in 2003 with the acquisition of ten stations from Quorum Broadcasting coupled with Nexstar’s initial public offering on NASDAQ. That year also included buying KARK-TV and WDHN-TV from Morris Multimedia. In 2006, Nexstar further grew by acquiring WTAJ-TV along with license rights for WLYH-TV from SJL Broadcasting for $56 million.

Beginning in March 2009, Nexstar operated Four Points Media Group’s stations under an outsourcing arrangement until Sinclair Broadcast Group announced its plan to acquire Four Points in September 2011. The transaction received approval from both the FTC and FCC before concluding on January 1, 2012.

2011–2013: Retransmission Consent Conflict with Fox

In 2011, Nexstar became involved in a dispute with Fox concerning reverse compensation fees; Fox aimed to receive a portion of retransmission consent revenues from cable and satellite providers during affiliation contract renewals. Fox requested fees starting at 25 cents per subscriber in year one, increasing to 50 cents by year four. Mike Hopkins, Fox’s affiliate sales chief, suggested that failure to meet these terms could prompt the network to change affiliations.

As a result, Fox withdrew its affiliation from Nexstar stations in four markets. In Indiana, Fox shifted from primary affiliates to MyNetworkTV-affiliated digital subchannels of rival Big Three stations: moving from WTVW in Evansville to a subchannel of CBS affiliate WEVV-TV and from WFFT-TV in Fort Wayne to a subchannel of NBC affiliate WISE-TV. In Springfield, Missouri, Fox transitioned from KSFX-TV to MyNetworkTV affiliate KRBK; both stations then operated independently. Meanwhile, Nexstar removed Fox affiliation from WFXW in Terre Haute, Indiana, switching it to ABC as part of a long-term renewal encompassing nine Nexstar ABC stations—restoring ABC’s over-the-air presence in that market for the first time since 1995. Fox programming moved to a subchannel of CBS affiliate WTHI-TV which also incorporated MyNetworkTV content.

Nexstar maintained renewed agreements with its remaining Fox affiliates through December 2013. Following resolution of an antitrust lawsuit against Granite Broadcasting, Nexstar regained Fox affiliation for WFFT-TV in Fort Wayne in March 2013. Later on, Nexstar purchased KRBK at the end of 2018, reclaiming ownership of the Fox affiliation in Springfield, Missouri.

2012–2019: Growth through acquisitions

In July 2012, Nexstar reached an agreement to acquire eleven television stations along with Inergize Digital Media from Newport Television, with two of those stations subsequently transferred to its affiliate, Mission Broadcasting. On August 12, 2012, Nexstar divested KBTV-TV to Deerfield Media, which collaborated with Sinclair Broadcast Group to establish a duopoly alongside KFDM-TV.

On April 24, 2013, Nexstar revealed plans to purchase Communications Corporation of America, including KMSS-TV and KPEJ-TV. Most stations managed by ComCorp but owned by White Knight Broadcasting were sold to Mission Broadcasting, while WEVV-TV and KSHV-TV were transferred to Rocky Creek Communications; Nexstar took over operational control of these stations.

Nexstar acquired WOI-DT, KCAU-TV, and WHBF-TV from Citadel Communications on September 16, 2013, for $88 million and began operating them immediately under a time brokerage agreement. The Federal Communications Commission (FCC) granted approval for this transaction in March 2014.

On November 6, 2013, Nexstar announced it would buy seven stations from Grant Broadcasting for $87.5 million. KLJB was spun off to Marshall Broadcasting Group but continued to be operated by Nexstar through a shared services agreement. This acquisition was finalized on December 1, 2014. In 2015, Nexstar sold the licensee assets of WLYH-TV to Howard Stirk Holdings.

On March 13, 2014, Nexstar purchased Internet Broadcasting for $20 million and merged it with previous acquisitions Inergize Digital and Enterprise Technology Group to form Lakana, a digital media enterprise led by former ETG CEO Phillip Hyun. Later that year, on October 23, Nexstar acquired KASW in Phoenix for $68 million; the deal was completed in January 2015.

On February 2, 2015, Nexstar expanded into location-based video advertising by acquiring Yashi for $33 million. That same year, the company announced its intention to buy four stations from West Virginia Media Holdings for $130 million; this acquisition enhanced Nexstar's existing coverage through WHAG-TV. The transaction closed on January 31, 2017.

Nexstar continued its expansion on August 1, 2018, acquiring KRBK in Springfield for $16.45 million and WHDF in Huntsville for $2.25 million. In November 2018, following the Raycom Media and Gray Television merger, Nexstar purchased MyNetworkTV affiliate KFVE in Honolulu. In early 2019, the company launched Border Report, a news platform focusing on the U.S.–Mexico border area.

On November 5, 2019, Nexstar agreed to acquire Charlotte’s Fox Television Stations-owned WJZY and WMYT-TV for $45 million while simultaneously selling its Seattle duopoly (KCPQ and KZJO) and Milwaukee’s WITI to Fox for $350 million. This move aimed to reduce debt and consolidate operations in the Southeast; the sale was completed on March 2, 2020. Additionally, as part of settling litigation with Sinclair Broadcast Group related to a failed transaction, Sinclair sold WDKY-TV in Lexington and non-license assets of KGBT-TV in Harlingen to Nexstar for $60 million on January 27, 2020. Notably, founder Perry Sook had previous connections with WDKY through Superior Communications. The acquisition of WDKY was finalized on September 17, 2020.

2015–2017: Media General acquisition

On September 28, 2015, Nexstar made an unsolicited bid valued at $4.1 billion to acquire Media General, offering $10.50 cash plus 0.0898 shares of Nexstar stock per Media General share—a total of $14.50 per share. Market analysts interpreted this as a strategic attempt to disrupt Media General’s planned merger with Meredith Corporation. If accepted within twenty days, the deal would have increased Nexstar’s station count to 114 pending regulatory approval and required divestitures. Initially rejecting the offer on November 16, Media General later agreed to negotiations after shelving its Meredith merger plans.

By January 27, 2016, Media General consented to be acquired by Nexstar at $17.14 per share in a transaction valued at $4.6 billion plus $2.3 billion in debt. The combined entity—Nexstar Media Group—controlled ownership or operational rights over 171 stations reaching roughly 39% of U.S. households. As part of this arrangement, Nexstar paid Meredith a $60 million breakup fee and granted Meredith right of first refusal on any divested broadcast or digital properties.

To adhere to FCC ownership regulations following the merger, Nexstar divested multiple stations between May and June 2016. These sales included WCWJ and WSLS-TV to Graham Media Group; KADN-TV and KLAF-LD to Bayou City Broadcasting; KREG-TV to Marquee Broadcasting; WBAY-TV and KWQC-TV (for $270 million) to Gray Television; WFFT, KQTV, KIMT, WTHI-TV, WLFI (for $115 million) via Heartland Media through USA Television MidAmerica Holdings joint venture; and KASA-TV (for $2.5 million) to Ramar Communications. These divestitures resolved market conflicts and complied with FCC duopoly rules.

The FCC granted final approval on January 11, 2017; the acquisition closed on January 17. This deal established Nexstar as the second-largest television broadcaster in the United States by market share while significantly expanding its national reach.

2017–2019: Tribune Media Merger

In 2017, Tribune Media attracted competing acquisition proposals from Nexstar and a consortium involving 21st Century Fox and Blackstone. Initially, Tribune consented to be purchased by Sinclair Broadcast Group for $3.9 billion. Subsequently, Nexstar explored the possibility of acquiring Tegna Inc., although ownership conflicts presented obstacles.

By late 2018, following Tribune’s termination of its agreement with Sinclair, Nexstar emerged as the primary contender. On December 3, 2018, Nexstar announced a $6.4 billion merger with Tribune Media—comprising $4.1 billion in cash and $2.3 billion in assumed debt—which would increase Nexstar’s holdings to 216 stations across 118 markets. This expansion positioned the company just below the Federal Communications Commission's (FCC) 39% national audience cap, making it the largest owner of television stations in the United States. As part of this strategy, Nexstar planned to divest certain stations and non-essential assets.

In March 2019, Nexstar agreed to sell 19 stations to E. W. Scripps Company and Tegna Inc. for $1.32 billion to finance the acquisition and lower debt levels. Among these sales was WPIX, which included a repurchase option later transferred to Mission Broadcasting and exercised in 2020. Additionally, in April 2019, two stations were sold to Circle City Broadcasting for $42.5 million.

That same month, Marshall Broadcasting Group filed a lawsuit against Nexstar alleging contract violations and efforts to undermine minority-owned businesses to facilitate reacquisition at reduced prices—an issue that drew regulatory attention amid divestiture processes.

During mid-2019, a carriage dispute with AT&T led to the removal of over 120 Nexstar stations from DirecTV platforms; this conflict was resolved by August.

The U.S. Department of Justice granted approval for the Nexstar-Tribune merger on August 1, 2019, followed by FCC clearance on September 16. The merger finalized three days later, cementing Nexstar’s status as a leading industry force with enhanced market presence and expanded international operations.

2020–present: Introduction of NewsNation and CW Acquisition

On January 15, 2020, Nexstar revealed plans for a national newscast titled NewsNation, debuting on WGN America on September 1, 2020. The network underwent rebranding to NewsNation on March 1, 2021. On October 22, 2020, Nexstar unified its subsidiaries under the operating entity Nexstar, Inc.. A carriage dispute with Dish Network from December 2 until Christmas Eve resulted in the temporary removal of at least 164 Nexstar stations across 115 markets—reaching approximately 63% of television households. On December 16, 2020, Nexstar acquired BestReviews, a product review platform formerly owned by Tribune Publishing, for $160 million.

On May 20, 2021, Nexstar extended multi-year affiliation agreements with The CW network in 37 markets including KTLA (Los Angeles) and WDCW (Washington, D.C.). On August 20 of the same year, Nexstar purchased political news outlet The Hill for $130 million. Later that month, the company collaborated with SportsGrid Inc. to launch a FAST streaming channel dedicated to sports betting and fantasy sports content. On September 1, 2021, Rewind TV was introduced as a digital subchannel network showcasing classic television programming from the 1980s and 1990s.

In January 2022, The Wall Street Journal reported that Nexstar was considering acquiring The CW network amid ViacomCBS and WarnerMedia’s exploration of a potential sale. By August of that year, Nexstar entered into a definitive agreement to purchase a controlling 75% interest in The CW; Paramount and Warner Bros. Discovery retained minority stakes. Operational control transferred to Nexstar on August 15, with the transaction completed on October 3. The acquisition obligated Nexstar to absorb substantial network losses but did not require regulatory approval.

Following this acquisition, Paramount's CBS News and Stations division exercised its rights to disaffiliate eight CW stations effective September 1, 2023. In response, Nexstar committed to securing alternative affiliates to preserve The CW’s national coverage. On May 8, 2023, Nexstar announced its intention to acquire KUSI-TV (San Diego) for $35 million; the transaction concluded on September 2, establishing a duopoly alongside Fox affiliate KSWB-TV and designating KUSI as San Diego’s new CW affiliate.

Between June and August of 2023, Nexstar converted displaced MyNetworkTV affiliates—including WPHL-TV (Philadelphia), KRON-TV (San Francisco), and WTTA (Tampa Bay)—into CW stations while renewing several CW affiliation agreements with partners such as Gray Television to serve affected markets. WKBD in Detroit regained its CW affiliation after affiliate shifts; meanwhile in Pittsburgh and Seattle, Sinclair acquired CW affiliations resulting in market realignments including KUNS-TV transitioning from Univision to The CW. Nexstar has since reclaimed multiple CW affiliations within markets where it owns non-Big Four stations to broaden its portfolio of owned-and-operated CW outlets.

On July 2, 2023, due to contract negotiations failing with DirecTV platforms, Nexstar implemented a blackout affecting its stations; DirecTV subsequently filed complaints with the FCC. According to Nexstar, DirecTV continued unauthorized streaming of its channels following contract expiration in November 2022. This dispute was resolved on September 17 with a renewed carriage agreement ending the blackout after a duration of seventy-six days.

On May 19, 2023, Citadel Communications’ Chief Operating Officer announced the sale of WSNN-LD (Sarasota) to Nexstar for $1 million; this acquisition was finalized on July 20 and expanded Nexstar's regional market footprint.

On October 28, 2024, Nexstar declared plans to acquire WBNX-TV (Cleveland), creating a duopoly alongside its existing station WJW and reinstating CW programming there by September 1, 2025. Concurrently, Gray Media announced relaunching WUAB as an independent station focusing on sports content. The sale was completed on February 1, 2025.