Nexstar Media Group, Inc. is one of the world’s leading diversified media companies and is headquartered in Irving, Texas. In June 2016, Nexstar marked 20 years of excellence in local programming and service since Perry A. Sook, Chairmain, President and CEO, founded the Company. Upon completion of its $4.6 billion acquisition of Media General in January 2017, Nexstar Broadcasting Group, Inc. was re-named Nexstar Media Group, Inc. The Company is now the largest broadcast group in the United States in terms of the number of owned or operated television stations /markets and expected total annual revenue.
Nexstar owns, operates, programs or provides sales and other services to 170 television stations and their related low power and digital multicast signals reaching 100 markets or approximately 38.7% of all U.S. television households. In 2015, (and prior to the acquisition of Media General), Nexstar generated record net revenue of $896 million, broadcast cash flow of $350 million, adjusted EBITDA of $305 million and free cash flow of $208 million.
Nexstar leverages localism to bring services and value to consumers and advertisers through its television, digital and mobile media platforms. Nexstar’s portfolio includes all primary major network affiliates, including ABC, CBS, NBC, Fox and The CW, as well as 20 multicast affiliates, including Telemundo, Me-TV, Bounce TV and more.
Nexstar’s digital outlets and mobile apps along with an extensive social media presence allows audiences to access hyper-local news, video and information whenever and wherever they choose, providing advertisers a broad audience reach and creating new and growing digital revenue opportunities. Coupled with a growing portfolio of digital media marketing, advertising and content management platforms, Nexstar delivers powerful and innovative digital solutions and services to local and national media companies, advertisers, agencies and brands.
Nexstar Media Group trades on The NASDAQ Global Market under the symbol “NXST” and as of January 2017, the Company proudly employs or manages over 9,000 people across the country.
Since its founding Nexstar has been an industry pioneer at the forefront of excellence and innovation. Highlights include:
- The ongoing expansion of local news leadership and the in-house production of over 185,000 hours of local content per year
- Nearly 1,145 broadcasting and journalism awards since 2009 for outstanding local news programming and local community service*
- Investment of over $100 million to expand local news programming and make technology and infrastructure enhancements. These investments follow approximately $85 million of investments in broadcasting technology by Nexstar, which concluded in 2009, for digital conversions of its television broadcasting platform
- Retransmission consent agreements which have enabled Nexstar and the industry to realize the economic value from cable system partners and other distributors related to strong viewership of local station programming and content
- The establishment of a differentiated digital strategy based on a hyperlocal approach to the creation of local station web sites
- Growing digital revenue from LAKANA, Nexstar’s newly formed digital media services company, and Yashi, a leading online programmatic video platform with location-focused technology that was acquired by Nexstar in 2015
- Expanded opportunities for woman and minority-owned broadcasters to play a greater role in the U.S. broadcasting industry as owners and operators of television stations, a key FCC initiative
*Includes stations owned by Mission Broadcasting Inc., Marshall Broadcasting, & LIN Digital