Nexstar Media Group reported continued progress on debt reduction following its TEGNA acquisition, which closed in March, and outlined scale milestones that include an expected $3 billion in EBITDA and an 80% national television footprint.
At the Bank of America 2026 Media, Communications & Entertainment Conference on September 9, Nexstar chairman and CEO Perry Sook and CFO Leigh Ann Gliha discussed the company’s balance-sheet trajectory, advertising outlook, and the turnaround of The CW Network.
Nexstar said it has retired more than $500 million in acquisition-related debt since the March closing and expects cumulative paydowns to exceed $1 billion by year-end. Post-TEGNA, the company said it is on track to generate approximately $3 billion in EBITDA and operates across 44 states with owned or economically benefited stations in 35 of the more than 50 markets where it has a presence.
“We think of us as a local media company with what is approaching national scale,” Sook said. “We think it is surprisingly durable. We also think it is the most sticky part of the media ecosystem.”
The TEGNA acquisition expanded Nexstar’s national reach to roughly 80% of U.S. households, up from about 70% before the deal.
On advertising, AdImpact projects $5 billion in gross political advertising spending for the upcoming broadcast cycle, surpassing both 2022 and 2024 levels. A 15% adjustment is typically required to convert gross figures to net revenue. Nexstar captures a low double-digit to low-teens market share of broadcast political dollars and covers approximately 80% to 90% of contested election markets in any given year. Non-political advertising fell in the mid-single digits in the second quarter and is projected to remain similar or slightly better in the third quarter, the company said.
The CW Network, acquired as part of the broader deal, is expected to turn cash-flow EBITDA positive in the fourth quarter. Nexstar added 800 hours of sports programming while cutting total programming expenses to roughly half of pre-acquisition levels. NASCAR programming on Saturdays posted year-over-year ratings growth of more than 20%, and a Florida State versus New Mexico State “Week Zero” game drew nearly 2 million viewers, marking the highest gross sports audience on the network in 12 years.
NewsNation, Nexstar’s broadcast news channel, peaked at No. 35 among all broadcast and cable networks in the first quarter. Brand awareness among news viewers reached about 55%, up from 11% nationally at launch five years prior. The channel was launched with a $20 million introduction campaign.
Sook pointed to the network’s profitability as evidence of the company’s self-funded expansion strategy. “Success is Fox News, right? In terms of audience, in terms of revenue, in terms of profitability. But the fact that we were totally self-funded—as our syndicated program contracts expired on the old WGN America, we took that money and plowed it into expanding the journalism. So it is a profitable network and has been from day one,” he said.
On the regulatory front, Nexstar noted that the FCC’s quadrennial review of local ownership rules is expected in the fall. Oral arguments regarding a hold-separate order appeal and a state-standing issue are scheduled for the Ninth Circuit in mid-November. A separate trial in Sacramento federal district court is projected for July 2027.
Nexstar also highlighted its involvement in Edgebeam Wireless, a consortium with Sinclair, Gray, and Scripps that controls approximately 98% of national coverage spectrum.
The company’s dividend yield stands at 4.4%, which Sook described as among the highest in the S&P 400 index. Nexstar has raised its dividend for 13 consecutive years and maintained payments for 14 straight years.
Wall Street analyst price targets implied roughly 48% appreciation from current levels, according to the conference materials.
