Quorum Broadcasting

Nexstar Media Group, Inc.

Company type	Public
Industry	Media
Founded	June 17, 1996 (1996-06-17)
Founder	Perry Sook
Headquarters	Irving, Texas; Midtown Manhattan; Chicago , United States
Area served	United States
Key people	Perry A. Sook (CEO)
Products	Television stations, television networks, radio station, streaming channels
Website	www.nexstar.tv

Nexstar Media Group, Inc. is a publicly traded American media corporation with headquarters located in Irving, Texas, Midtown Manhattan, and Chicago. Established on June 17, 1996, it stands as the largest owner of television stations in the United States, overseeing 197 stations across the country. Most of these stations are affiliated with the four major U.S. broadcast networks as well as MyNetworkTV. Nexstar’s portfolio spans from large metropolitan areas such as New York City to smaller markets including San Angelo, Texas. The company also operates stations managed by partners like Mission Broadcasting and Vaughan Media through local marketing agreements to adhere to Federal Communications Commission rules.

In addition to its television holdings, Nexstar owns a single radio station, WGN in Chicago. It runs the mid-tier television network The CW and holds a 75% controlling interest in the syndication service The CW Plus, converting all formerly affiliated CW and CW+ stations into owned-and-operated outlets. The company also owns two over-the-air networks that broadcast classic programming: Antenna TV and Rewind TV. Its portfolio includes a free ad-supported streaming television (FAST) channel dedicated to sports called SportsGrid, along with ownership of the subscription-based channel NewsNation. Politically, Nexstar is regarded as conservative but is generally seen as less so than rivals such as Sinclair.

1996–2010: Establishment and Growth

Nexstar Media Group began operations under the name Nexstar Broadcasting Group on June 17, 1996, with initial investment from ABRY Partners. Its inaugural acquisition was WYOU in Scranton, Pennsylvania, purchased from Diversified Communications and finalized on September 28 of that year. Following the purchase, Nexstar restructured WYOU’s personnel. Company founder Perry Sook identified WYOU as the flagship station of the newly formed group. In 1998, Nexstar expanded by acquiring WBRE-TV located in Wilkes-Barre, Pennsylvania. To comply with market ownership regulations, WYOU was transferred to Mission Broadcasting in a pioneering shared-services agreement where Mission handled sales operations while Nexstar maintained control over production and news content.

In 1997, Nexstar bought WJET-TV in Erie, Pennsylvania for $18.5 million. Early the next year, it acquired three stations—KFDX-TV, KBTV-TV, and KSNF—from U.S. Broadcast Group for $64.3 million. The company further broadened its reach by purchasing WROC-TV in Rochester, New York in 1999. A major expansion took place in 2003 when Nexstar acquired ten stations from Quorum Broadcasting. That same year marked Nexstar’s initial public offering on NASDAQ and included acquisitions of KARK-TV and WDHN-TV from Morris Multimedia. In 2006, it secured WTAJ-TV and the license rights for WLYH-TV from SJL Broadcasting for $56 million.

On March 20, 2009, Nexstar began managing Four Points Media Group’s stations through an outsourcing arrangement. However, Sinclair Broadcast Group announced plans to acquire Four Points’ assets in September 2011 and completed the transaction by January 1, 2012 following regulatory approvals from both the FTC and FCC.

2011–2013: Retransmission Consent Conflict with Fox

In 2011, a dispute arose between Nexstar and Fox concerning reverse compensation during affiliation contract renewals. Fox sought higher fees derived from retransmission consent payments, demanding an initial rate of 25 cents per subscriber escalating to 50 cents by the fourth year. Fox warned it might switch affiliations if these financial terms were not met.

As a result, Fox terminated affiliations with Nexstar stations in four markets, often relocating its programming to stations that also carried Fox’s MyNetworkTV service. In Indiana’s Evansville, Fox moved from primary affiliate WTVW to a digital subchannel of Big Three station WEVV-TV. Similarly, in Fort Wayne, Fox shifted from WFFT-TV to a subchannel of WISE-TV. In Springfield, Missouri, Fox transitioned from KSFX-TV to MyNetworkTV affiliate KRBK, leaving both former affiliates independent.

In Terre Haute, Indiana, Nexstar replaced Fox on WFXW by reestablishing an ABC affiliation on September 1, 2011 under a long-term contract covering nine ABC stations owned by Nexstar. Fox programming was moved onto a subchannel of CBS affiliate WTHI-TV, which also incorporated MyNetworkTV as a secondary affiliation. Other Nexstar Fox affiliates extended their contracts until December 2013. Following resolution of an antitrust lawsuit involving Granite Broadcasting, Nexstar regained Fox affiliation rights for WFFT-TV in Fort Wayne effective March 1, 2013. Later in late 2018, Nexstar acquired KRBK outright, restoring full ownership of the Fox affiliation in Springfield, Missouri.

2012–2019: Growth Through Strategic Acquisitions

In July 2012, Nexstar reached an agreement to acquire eleven television stations along with Inergize Digital Media from Newport Television, with two of these stations being transferred to affiliate Mission Broadcasting. Subsequently, on August 12, 2012, Nexstar divested KBTV-TV to Deerfield Media, which entered into joint sales and shared services agreements with Sinclair Broadcast Group to establish a duopoly alongside KFDM-TV. On April 24, 2013, Nexstar declared its intention to purchase Communications Corporation of America, encompassing stations such as KMSS-TV and KPEJ-TV. Meanwhile, most ComCorp-managed outlets owned by White Knight Broadcasting were sold to Mission Broadcasting; specifically, WEVV-TV and White Knight's KSHV-TV were acquired by Rocky Creek Communications, though Nexstar assumed operational responsibilities.

On September 16, 2013, Nexstar revealed plans to acquire WOI-DT, KCAU-TV, and WHBF-TV from Citadel Communications for $88 million, immediately taking over their operations through a time brokerage agreement. This acquisition followed Citadel's decision to divest certain assets. The Federal Communications Commission approved the transaction on March 5, 2014, with completion occurring on March 13. On November 6, 2013, Nexstar announced its acquisition of stations owned by Grant Broadcasting for $87.5 million; due to FCC ownership restrictions, station KLJB was transferred to Marshall Broadcasting Group but continued to be operated by Nexstar under a shared services agreement. The transaction was finalized on December 1, 2014. In 2015, Nexstar disposed of the license assets of CW affiliate WLYH-TV to Howard Stirk Holdings.

On March 13, 2014, Nexstar expanded its digital portfolio by acquiring Internet Broadcasting for $20 million. This followed earlier acquisitions of Inergize Digital through Newport Television assets and Enterprise Technology Group—a joint venture between LIN Media and Fox Television Stations. These holdings were consolidated into Lakana, overseen by former ETG CEO Phillip Hyun. On October 23, 2014, Nexstar secured ownership of KASW in Phoenix from SagamoreHill Broadcasting and Meredith Corporation; the sale was completed on January 30, 2015.

On February 2, 2015, Nexstar completed the purchase of Yashi—a company specializing in location-based video advertising and programmatic technology—for $33 million. Later that year, on November 17, Nexstar announced its intent to acquire West Virginia Media Holdings’ stations (WOWK-TV, WBOY-TV, WVNS-TV, and WTRF-TV) for $130 million. The firm assumed control over non-license assets under a time brokerage agreement in December 2015; this acquisition enhanced Nexstar’s coverage in the Eastern Panhandle area alongside its existing WHAG-TV station. CEO Perry A. Sook is notably an alumnus of WOWK. The deal was finalized on January 31, 2017.

On August 1, 2018, Nexstar added two stations: KRBK in Springfield from Koplar Communications for $16.45 million and WHDF in Huntsville from the Lockwood Broadcast Group for $2.25 million. Then on November 1, 2018, Nexstar acquired MyNetworkTV affiliate KFVE in Honolulu from American Spirit Media as part of transactions linked to the merger between Raycom Media and Gray Television. In early 2019, Nexstar introduced Border Report, a news platform concentrating on events along the Mexico–United States border.

On November 5, 2019, Nexstar announced plans to purchase Fox Television Stations-owned outlets WJZY and MyNetworkTV affiliate WMYT-TV in Charlotte for $45 million while concurrently divesting its Seattle duopoly (KCPQ and KZJO) along with Milwaukee’s WITI) to Fox Television Stations for $350 million. These moves were designed to reduce debt levels and strengthen operations in the Southeast; the sale was completed on March 2, 2020. Additionally, as part of a legal settlement with Sinclair following a failed acquisition attempt, Sinclair sold Lexington’s WDKY-TV and non-license assets of Harlingen’s KGBT-TV to Nexstar for $60 million on January 27, 2020. CEO Perry Sook had previously been involved as a principal at Superior Communications—the owner of WDKY; this transaction closed on September 17, 2020.

2015–2017: Media General Acquisition

On September 28, 2015, Nexstar presented an unsolicited bid valued at $4.1 billion (including debt) to purchase Media General. The proposal offered shareholders $10.50 in cash plus 0.0898 shares of Nexstar stock, equating to approximately $14.50 per share. This move was strategically designed to challenge Media General's ongoing merger with Meredith Corporation. Should the offer be accepted within 20 days, Nexstar’s station count would increase to 114, contingent upon divestitures and regulatory clearances. Media General declined the proposal on November 16 but consented to engage in negotiations after completing its merger with Meredith.

By January 27, 2016, Media General agreed to be acquired by Nexstar at $17.14 per share, valuing the deal at $4.6 billion plus an additional $2.3 billion in debt. The unified company, known as Nexstar Media Group, controlled 171 stations reaching nearly 39% of U.S. households. As part of the agreement, Nexstar paid Meredith a $60 million breakup fee and granted Meredith the right of first refusal on any assets divested during the acquisition.

To comply with regulatory mandates, Nexstar announced several station sales in 2016: On May 27, five stations were transferred to Graham Media Group, Bayou City Broadcasting, and Marquee Broadcasting to adhere to FCC ownership limits. On June 3, Nexstar divested WBAY-TV (Green Bay) and KWQC-TV (Davenport) to Gray Television for $270 million. Subsequently, on June 13, five more stations were sold to Heartland Media for $115 million to satisfy national ownership restrictions prior to merger approval.

On June 30, due to FCC duopoly regulations in Albuquerque where Nexstar owned KRQE, KASA-TV (Santa Fe) was sold to Ramar Communications for $2.5 million. This transaction received approval in January 2017 and closed on January 17. With this acquisition finalized, Nexstar became the second-largest television broadcaster in the U.S. by both station quantity and market coverage.

2017–2019: Tribune Media Merger

During 2017, Nexstar competed against bidders such as 21st Century Fox and Blackstone Group for Tribune Media. Initially, Tribune agreed to a deal with Sinclair Broadcast Group; however, after Sinclair’s agreement collapsed in late 2018, Nexstar emerged as the frontrunner and announced a $6.4 billion merger with Tribune Media. This comprised $4.1 billion in cash-for-stock transactions plus $2.3 billion of debt assumption. The acquisition expanded Nexstar’s holdings to 216 stations across 118 markets, positioning it just beneath the FCC's national audience reach cap of 39%, thereby establishing it as the largest television station owner in the United States. To meet regulatory conditions, Nexstar planned divestitures of specific stations and non-essential assets.

In March 2019, Nexstar arranged the sale of 19 stations for $1.32 billion to E. W. Scripps Company and Tegna Inc., facilitating financing for the Tribune acquisition and debt management. Scripps acquired eight stations including WPIX and WTVR-TV; Tegna purchased eleven stations such as WTIC-TV and WQAD-TV. The WPIX transaction included a repurchase option for Nexstar or its affiliate Mission Broadcasting, which was exercised in 2020. Additionally, Nexstar sold WISH-TV and WNDY to Circle City Broadcasting for $42.5 million.

In April 2019, Marshall Broadcasting Group filed a lawsuit against Nexstar alleging breach of contract and efforts to undermine its operations with the intent of reacquiring stations at reduced prices. The complaint accused Nexstar of exploiting minority-owned broadcaster divestitures as part of its regulatory compliance strategy.

A carriage dispute with AT&T during mid-2019 resulted in over 120 Nexstar stations being temporarily removed from DirecTV, DirecTV Now, and U-verse platforms; this conflict was resolved by late August.

The Department of Justice granted approval for the Nexstar-Tribune merger on August 1, 2019, followed by FCC authorization on September 16. The transaction closed three days later, cementing Nexstar’s status as the largest local television station operator nationwide.

2020–2024: Introduction of NewsNation and The CW Acquisition

On January 15, 2020, Nexstar revealed plans to launch the national newscast NewsNation on WGN America, with its debut scheduled for September 1, 2020. Subsequently, on March 1, 2021, WGN America was rebranded as NewsNation. On October 22, 2020, Nexstar consolidated its primary subsidiaries under the unified entity Nexstar, Inc.. Between December 2 and Christmas Eve 2020, a carriage dispute with Dish Network resulted in the removal of at least 164 Nexstar stations across 115 markets, impacting approximately 63% of U.S. television households. Additionally, on December 16, 2020, Nexstar completed the acquisition of the product review platform BestReviews from Tribune Publishing for $160 million.

On May 20, 2021, Nexstar extended multi-year affiliation agreements with The CW in 37 markets, including prominent stations such as KTLA in Los Angeles and WDCW in Washington, D.C. Later that year, on August 20, Nexstar purchased the political news outlet The Hill for $130 million. Five days afterward, it collaborated with SportsGrid Inc. to introduce a sports betting and fantasy sports FAST channel launching on September 1, 2021. Concurrently on that date, Nexstar debuted Rewind TV, a digital subchannel network focused on classic television programming from the 1980s and 1990s.

By January 5, 2022, The Wall Street Journal identified Nexstar as a frontrunner in acquiring a controlling interest in The CW from its co-owners ViacomCBS and WarnerMedia. In August of the same year, Nexstar announced a definitive agreement to purchase a 75% stake in The CW, while Paramount and Warner Bros. Discovery retained minority holdings of 12.5% each. Nexstar took over operational management on August 15 and finalized the transaction by October 3. Industry reports suggested that Nexstar would assume responsibility for a substantial share of the network’s financial deficits.

Following this acquisition, CBS News and Stations—a division of Paramount—exercised rights to disaffiliate eight CW stations effective September 1, 2023. To ensure continuous national coverage, Nexstar pledged to secure alternative affiliates. As part of this strategy, it acquired San Diego’s independent station KUSI-TV for $35 million—forming a duopoly with Fox affiliate KSWB-TV—with intentions for KUSI to replace KFMB-DT2 as the CW affiliate in that market.

Between June and August 2023, Nexstar transitioned displaced MyNetworkTV affiliates in Philadelphia (WPHL-TV), San Francisco (KRON-TV), and Tampa Bay (WTTA) into CW stations. It also renewed CW affiliations elsewhere; for instance, Gray Television’s Atlanta-based WPCH-TV succeeded WUPA as Atlanta’s CW outlet. In Detroit, WKBD regained CW affiliation due to difficulties finding alternatives; meanwhile, in Pittsburgh and Seattle, Sinclair acquired CW affiliations from Paramount-owned stations, triggering market realignments.

On July 2, 2023, DirecTV platforms experienced blackouts of Nexstar stations amid a carriage disagreement; DirecTV filed an FCC complaint citing unauthorized streaming following contract expiration in November 2022. This dispute was resolved with a new contract agreement reached on September 17.

In May 2023, Nexstar announced its intention to purchase Sarasota’s WSNN-LD from Citadel Communications for $1 million; the transaction was completed on July 20. On October 28, 2024, Nexstar declared plans to acquire WBNX-TV, establishing a duopoly alongside its Cleveland station WJW (TV). This acquisition will restore CW programming in Cleveland starting September 1, 2025—replacing WUAB, which Gray Media intends to relaunch as a sports-centric independent outlet. The sale closed on February 1, 2025.

Attempted acquisition of Tegna and Jimmy Kimmel Live! preemption (2025–present)

On July 23, 2025, the Eighth Circuit Court of Appeals invalidated an FCC regulation that barred ownership of two out of the four top-rated stations within a single media market, impacting affiliates of the Big Four television networks. This decision paved the way for Nexstar’s purchase of Tegna and facilitated similar broadcaster deals by competitors such as Gray Media, despite ongoing regulatory developments.

Nexstar revealed on August 19 its plan to acquire Tegna for $6.2 billion, which would expand its holdings to 265 stations covering 80% of American TV households. CEO Sook characterized the acquisition as a strategic initiative to rival Big Tech and sustain a critical sector amid increasing market fragmentation. Nexstar intended to maintain independent operations in 35 markets where station overlap occurs. The transaction anticipated possible FCC deregulation under the second Trump administration.

On September 17, Nexstar removed Jimmy Kimmel Live! from its ABC affiliates following host Jimmy Kimmel’s remarks criticizing the Trump administration’s response to the assassination of Charlie Kirk. Nexstar described the comments as "offensive and insensitive," conflicting with community standards. After Sinclair implemented a similar measure, ABC suspended the program indefinitely.

Nexstar indicated that this action was taken independently, coinciding with ongoing FCC approval processes for the Tegna deal and efforts to amend ownership restrictions that prevent companies from controlling stations reaching beyond 39% of U.S. households. When Jimmy Kimmel Live! resumed on September 22, Nexstar and Sinclair continued blackouts until September 26, when both broadcasters ended the suspension.

On November 18, Tegna shareholders endorsed the merger with Nexstar, which is projected to finalize between July and December 2026, subject to regulatory clearance. Once completed, Tegna will operate as a Nexstar subsidiary.

On November 24, former President Trump voiced opposition on Truth Social against potential media consolidation, criticizing expansions by networks like ABC and NBC as partisan "fake news." Analysts responded by suggesting that if major networks are restricted from acquiring additional stations, the Nexstar-Tegna merger is likely to receive approval.

Political views

Nexstar is widely regarded as politically conservative and has a history of supporting right-leaning candidates. Its programming tends to be less explicitly partisan compared to competitors such as Sinclair Broadcast Group, avoiding coordinated partisan content. In 2021, Nexstar's NewsNation faced staff resignations amid accusations of conservative bias, underscoring ongoing challenges in managing editorial balance within its news divisions.