With the purchase of Scranton, PA station WYOU in 1996, broadcast industry pioneer and Nexstar Chairman and CEO, Perry A. Sook, founded Nexstar and began building the foundation of what more than two decades later has become the largest local broadcast television and media company in the United States.
Since its inception, Nexstar has remained at the forefront of industry innovation by implementing new standards and technologies that leverage its award-winning local programming and content into complementary revenue streams. The Company has also significantly expanded the reach of the station group by completing select accretive transactions that have positioned Nexstar to better compete in today’s rapidly transforming industry environment. This approach has enabled Nexstar to deliver greater levels of service to its local communities and to continue investing in its business and employees, while reducing leverage and returning capital to shareholders
The company went public in 2003 shortly after acquiring Quorum Broadcasting and other stations that doubled Nexstar’s station portfolio.
In 2005, Nexstar and Sook took a historic stand by requesting payment from pay-TV services for retransmission of local programming, forging a new type of relationship that benefited not only Nexstar, but all local broadcasters. Today, retransmission fees represent a substantial portion of local broadcasters’ revenue.
Nexstar completed several station acquisition transactions between 2010 and 2015, strategically assembling highly effective local broadcast and digital teams and a platform that delivers exceptional local content to inform and entertain viewers, while providing premium local advertising opportunities at scale for advertisers. The Company’s continued execution led to the 2016 purchase of 71 television stations and the digital media properties of Media General, which made Nexstar one of the country’s leading local media companies.
Upon completion of its acquisition of Tribune Media in 2019, Nexstar became the largest local television broadcast and digital media company in the nation with a portfolio of 200 owned or partner broadcast stations in 116 markets reaching more than 68% of U.S. television households.
Today, as one of the most powerful and trusted voices in America, Nexstar remains true to its mission to uphold the public interest principles of localism, diversity, and trust worthy, unbiased broadcast journalism. At the same time, the Company continues to simultaneously raise its commitment to support the evolving needs and interests of the local viewers, hometown businesses and community organizations that it proudly serves each day.