Nexstar Media Group (NASDAQ: NXST) is a leading diversified media company that leverages localism to bring new services and value to consumers and advertisers through its traditional media, digital and mobile media platforms. [33] On June 3, 2016, it was announced that Nexstar would spinoff WBAY-TV in Green Bay, Wisconsin and KWQC-TV in Davenport, Iowa to Gray Television for $270 million. Because this was in the same market as WYOU, WYOU was 'sold' to Mission Broadcasting. WCWJ in Jacksonville, Florida, along with WSLS-TV in Roanoke, Virginia, was sold to the Graham Media Group; and KADN-TV, as well as KLAF-LD in Lafayette, Louisiana, was sold to Bayou City Broadcasting, with KREG-TV in Glenwood Springs, Colorado going to Marquee Broadcasting as part of a series of divestitures required following Nexstar's acquisition of Media General due to Federal Communications Commission ownership caps (the sale of the Roanoke and Lafayette stations are required as Media General and Nexstar both own stations in those markets). Nexstar Media Group. It also operates all of the stations owned by affiliated companies, such as Mission Broadcasting and Vaughan Media, under local marketing agreements, and operates a ca… If Media General agreed to the counteroffer within a 20-day period, Nexstar would expand its portfolio to 114 television stations, pending spinoffs in markets where both own stations and federal approval. It also operates all of the stations owned by affiliated companies, such as Mission Broadcasting and Vaughan Media, under local marketing agreements,[2][3] and operates a cable news and entertainment channel, NewsNation. Nexstar Media Group's (NXST) first-quarter 2021 results are expected to reflect continued strength in audience viewership on its channels and improved advertising revenues. Reviews from Nexstar Media Group employees about Nexstar Media Group culture, salaries, benefits, work-life balance, management, job security, and more. Sign up for MarketBeat All Access to gain access to MarketBeat's full suite of research tools: Best-in-Class Portfolio Monitoring. [31][32], On May 27, 2016, Nexstar announced the sales of five stations. Barrington Research analyst J. The company is the largest television station owner in the United States, owning 197 television stations across the U.S., most of which are affiliates with the four "major" U.S. television networks. Nexstar’s Digital division continues to diversify and expand its offerings with complementary technologies and capabilities including native advertising, social media, ad ops, design, development, and a host of other valuable products and services. In the summer of 2020, the option was transferred to Mission Broadcasting (whose station acquisitions are largely funded by Nexstar) and exercised shortly thereafter. Due to Federal Communications Commission ownership regulations, one of the stations, KLJB, was spun off to Marshall Broadcasting Group, but is operated by Nexstar through a shared services agreement. WYOU's staff who were not laid off were fired by Nexstar, hired by Mission and eventually rehired by Nexstar. Nexstar Media Group, Inc. is America’s largest local television and media company. The two companies viewed the acquisition as being a complement to Nexstar's WHAG-TV, whose coverage area includes the Eastern Panhandle region. [23] The sale was completed on December 1, 2014. [36], The transaction was approved by the FCC on January 11, 2017, and the sale was completed on January 17. [57][58], On April 3, 2019, Marshall Broadcasting Group sued Nexstar for breach of contract, alleging that the company was trying to "undermine" its operations so it could buy back the stations at a later date and lower cost in the present regulatory environment. [53] The merger would give the company 216 stations in 118 markets, placing it just below the FCC's market cap of 39% of TV households and making it the largest owner of television stations in the United States. Nexstar made the transactions to pay down debt and consolidate operations in the Southeast. [Operator Instructions] I would now like to turn the call over to … Of those stations, only WPIX was not associated with a duopoly, but rather its [44], On April 30, 2017, the Wall Street Journal reported that there were competing bids for Tribune Media from Nexstar and a partnership between 21st Century Fox and private equity firm Blackstone Group. See the details. Nexstar's remaining Fox affiliates have since signed a renewal agreement through December 2013;[16] in addition, following the settlement of Nexstar's antitrust lawsuit against WISE-TV's then-owner Granite Broadcasting, WFFT-TV reclaimed the Fox affiliation on March 1, 2013. Mission Broadcasting then paid Nexstar to operate and control the production and newsgathering operations while Mission kept the sales and management team. They have 198 total stations that reach 62% of the US households. Nexstar’s leading portfolio of digital products and services deliver the power and reach of digital content publishing, marketing and video advertising to clients and advertisers. Nexstar Media Group, Inc., a television broadcasting and digital media company, focuses on the acquisition, development, and operation of television stations and interactive community websites and digital media services in the United States. Publicly traded American telecommunications conglomerate which is controlled by the family of company founder Julian Sinclair Smith. On October 22, 2020, Nexstar underwent a corporate reorganization, under which its primary subsidiaries of Nexstar Broadcasting and Nexstar Digital were merged into the operating subsidiary Nexstar, Inc.[69], A carriage dispute with Dish Network began on December 2, 2020 and ended by Christmas Eve, which resulted in the removal of at least 164 Nexstar stations in 115 markets, covering about 63% of TV homes, from its services. The company is the largest television station owner in the United States, owning 197 television stations across the U.S., most of which are affiliates with the four "major" U.S. television networks. The Broadcasting Division operates, … 9 no longer Chicago's very own", "Nexstar to Launch National Primetime Newscast on WGN America", "WGN America Launches Primetime Newscast With A Promise: Just The Facts", "Dish Network customers lose Nexstar's local TV stations in 115 markets over failed negotiations", "DISH And Nexstar Announce Multi-year Carriage Deal, Restores Local Nexstar Stations On DISH", "Irving-based Nexstar to buy product review site BestReviews from Tribune Publishing for $160 million", sorted by primary channel network affiliations, https://en.wikipedia.org/w/index.php?title=Nexstar_Media_Group&oldid=1019979112, Television broadcasting companies of the United States, Short description is different from Wikidata, Articles with unsourced statements from June 2017, Creative Commons Attribution-ShareAlike License, Nexstar Broadcasting Group, Inc. (1996–2017), This page was last edited on 26 April 2021, at 14:02. Reportedly, the amount from retransmission consent fees from cable and satellite operators that Fox wanted its affiliates to pay the network would be 25 cents per subscriber during the first year of the affiliation agreement, increasing to 50 cents by the fourth year. Nexstar Media Group, Inc. is a publicly traded American telecommunications company with headquarter offices in Irving, Texas, New York City, and Chicago. [citation needed], On November 6, 2013, Nexstar announced that it would purchase the Grant Broadcasting stations for $87.5 million. [25][26][27][28][29] On November 16, Media General rejected the offer but agreed to negotiate after concluding its merge with Meredith. WYOU's sales staff was kept in Scranton while the production and news operations were moved to WBRE's offices in Wilkes-Barre. Nexstar bought WYOU from Diversified Communications. Wikipedia. [11] President of affiliate sales and marketing for Fox, Mike Hopkins, had said earlier in the year that the network would consider moving its affiliation to another market station as a last resort if existing affiliates did not agree to the terms for reverse compensation retrans sharing.[12]. Nexstar's digital media products and services focus on providing innovative solutions to audiences, clients and any business looking to gain an edge in the shifting digital landscape. The company offers free programming to television viewing audiences. This began the first ever 'shared-services' agreement between stations. Nexstar Media Group, Inc. is an American publicly traded media company with headquarter offices in Irving, Texas, New York City, and Chicago. [43] The sale was completed on January 31, 2017. 30 Days of MarketBeat All Access for $1.00. Nexstar Media Group’s stock, the largest television station owner and operator in the U.S. with 198 stations, at $114 is currently only 11% below its pre-Covid peak of $128 in February 2020. [34][35], On June 13, 2016, Nexstar announced that it would sell WFFT in Fort Wayne, Indiana; KQTV in St. Joseph, Missouri; KIMT in Rochester, Minnesota; WTHI-TV in Terre Haute; and WLFI in Lafayette, Indiana to Heartland Media, through its USA Television MidAmerica Holdings joint venture with MSouth Equity Partners, for $115 million. [citation needed] In 1998, Nexstar purchased WBRE-TV in Wilkes-Barre, Pennsylvania. Its wholly owned operating subsidiary, Nexstar Media Inc., consists of three divisions: Broadcasting, Digital, and Networks. … The divestitures will allow Nexstar to comply with FCC ownership rules (specifically pertaining to national market coverage for station owners) in advance of the approval proceedings of the merger of both groups (Nexstar already owns NBC affiliate WTWO and operates ABC affiliate WAWV-TV in Terre Haute, and plans to acquire Media General-owned CBS affiliate WANE-TV in Fort Wayne). In July 2012, Nexstar agreed to purchase 11 stations and Inergize Digital Media from Newport Television with two stations going to affiliate Mission Broadcasting. [49] On May 26, 2017, it was reported by DealReporter that Nexstar may be considering a bid to acquire Tegna Inc., although such a deal would likely require significant divestments due to ownership conflicts and exceeding the ownership cap. The company paid Meredith Corporation (whom Media General had previously proposed a merger with) a termination fee of $60 million and gave Meredith right of first refusal to acquire any broadcast or digital properties that may be divested during the purchase. The combined company became known as Nexstar Media Group, and owns 171 stations, serving an estimated 39% of U.S. households. [21] The deal followed Phil Lombardo's decision to "slow down," as well as a desire by Lynch Entertainment to divest its investments in WOI and WHBF; Citadel would continue to own KLKN, WLNE-TV, and its Sarasota properties. [17][18] Nexstar would purchase KRBK in late 2018, restoring its ownership of the Fox affiliation in the Springfield, Missouri market. [50], On November 14, 2018, after Tribune cancelled its proposed sale to Sinclair, it was reported that Nexstar was a leading bidder to acquire Tribune. [37], On March 13, 2014, Nexstar announced that it would purchase Internet Broadcasting, for $20 million. Nexstar’s television and digital media operations have over 12,400 employees across 116 markets who are committed to delivering superior, trust worthy local news, sports, entertainment programming and content to local viewers while offering businesses and advertisers unparalleled marketing opportunities across screens and devices. KCAU continued to use Citadel's standardized news sets, graphics and logos. Nexstar CEO Perry A. Sook is an alumnus of WOWK. [61][62], On August 1, 2019, the United States Department of Justice approved the deal between Nexstar Media Group and Tribune Media. [22] On March 5, 2014, the Federal Communications Commission approved the sale of these stations to Nexstar outright and the deal was completed on March 13. Nexstar Media Group, Inc. is America’s largest local television and media company with 198 full power stations (including partner stations) in 116 markets addressing nearly 62% of U.S. television households and a growing digital media operation. Nexstar Media Group, Inc. is America’s largest local television and media company with 198 full power stations (including partner stations) in 116 markets addressing nearly 62% of U.S. television households and a growing digital media operation. Nexstar plans to divest some stations and "non-core" assets as part of the merger. [20], On September 16, 2013, Nexstar announced that it would acquire WOI-DT, KCAU-TV, and WHBF-TV from Citadel Communications for $88 million. [72], Nexstar Broadcasting Group logo (1996–2006), Nexstar Broadcasting Group logo (2006–2017), 2011–2013: Retransmission consent dispute with Fox, List of stations owned or operated by Nexstar Media Group, "Nexstar Media Group, Inc. (NXST) Ownership Summary", "Local TV Stations Cut Costs by Sharing News Operations", "Nexstar Broadcasting Group, Inc. Taken together, Nexstar’s digital properties would be among the top ten in the U.S. as ranked by Comscore, Inc. based on online user activity. Nexstar immediately took over the stations' operations through a time brokerage agreement. As of December 31, 2020, it provided sales, programming, and other services … [7][8][9], On March 20, 2009, Nexstar operated television stations that were owned by Four Points Media Group, through an outsourcing agreement. On January 15, 2020, Nexstar announced a national newscast called NewsNation on WGN America. Looking at the universe of stocks we cover at Dividend Channel, on 5/13/21, Church & Dwight Co Inc (Symbol: CHD), Wingstop Inc (Symbol: WING), and Nexstar Media Group … [54][55][56], On March 20, 2019, Nexstar announced that it would divest 19 stations to the E. W. Scripps Company and Tegna Inc. for a total sum of $1.32 billion, with Scripps receiving eight stations (WPIX, WSFL-TV, WTKR and WGNT, WTVR-TV, WXMI, KSTU, and KASW), and Tegna eleven (WATN-TV and WLMT, WTIC-TV and WCCT-TV, WOI-DT and KCWI, WNEP, WPMT, WQAD-TV, WZDX, and KFSM-TV). [10], In 2011, Nexstar and Fox entered into a dispute over terms of reverse compensation; this occurred as Fox began to aggressively seek shares of earnings from retransmission consent agreements with cable and satellite operators as part of affiliation agreement renewals between station groups with affiliates whose affiliation contracts already expired (and carrying the network's programming without a contractual agreement) or were near expiration. [38][39][40][41], On February 2, 2015, Nexstar finalized its acquisition of Yashi, a location focused video advertising and programmatic technology company, for $33 million. 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