NEXSTAR MEDIA GROUP Business Summary

Nexstar Media Group, Inc. (NXST) operates as the largest television station owner-operator in the United States, leveraging a diversified revenue model anchored by distribution fees, core advertising, and cyclical political spending. The company’s primary business segments include Broadcasting, which manages over 200 owned or partnered stations across 116 markets reaching approximately 70% of U.S. households, and Networks, which encompasses NewsNation and a 75% majority stake in The CW. Revenue is further bolstered by digital advertising across 138 websites and a 31% stake in Television Food Network (Food Network and Cooking Channel). Nexstar maintains a dominant market position relative to direct competitors such as Sinclair, Inc., Gray Media, and Fox Corporation, and is currently undergoing a transformative $6.2 billion acquisition of TEGNA Inc., expected to close in the second half of 2026 to further consolidate its industry leadership. Founded in 1996 by Perry A. Sook, the company is led by a veteran executive team with deep pedigree in the broadcasting sector. Perry Sook serves as Chairman and CEO, bringing over 40 years of industry experience, supported by Michael Biard (President and COO), Lee Ann Gliha (EVP and CFO), and Brett Jenkins (EVP and CTO & Digital Officer), who oversees the firm’s transition to ATSC 3.0 and digital monetization. The company is characterized by high institutional ownership, with major stakeholders including The Vanguard Group, BlackRock, and Dimensional Fund Advisors. Nexstar’s Board of Directors features notable figures such as Jay M. Grossman, a Managing Partner at ABRY Partners (an early private equity backer), and C. Thomas McMillen, ensuring a blend of strategic financial oversight and regulatory expertise.