Welcome to our dedicated page for Nexstar Media Group news (Ticker: NXST), a resource for investors and traders seeking the latest updates and insights on Nexstar Media Group stock.
Nexstar Media Group, Inc. produces and distributes local and national news, sports and entertainment content across television and digital platforms. News about NXST commonly covers advertising and distribution revenue, political advertising cycles, local broadcast operations, The CW Network programming and sports distribution, and the company’s digital partnerships.
Recurring developments also include quarterly earnings, cash dividend declarations, investor-conference participation, debt and tender-offer activity, and corporate updates following Nexstar’s completed acquisition of TEGNA Inc. Company communications frequently connect these topics to broadcast station operations, local journalism, network affiliations, and national content distribution.
Nexstar Media Group (NASDAQ: NXST) announced the merger of its subsidiaries, Nexstar Digital LLC and Nexstar Broadcasting, Inc., effective November 1, 2020. The new structure will streamline operations under Nexstar Inc., expected to generate mid-seven figure expense savings in 2021. Karen Brophy will lead the digital division, while Timothy Busch and Sean Compton will oversee broadcasting and networks, respectively. This alignment aims to maximize content value and enhance shareholder returns, building on synergies realized from the previous Tribune Media acquisition, which generated over $185 million in first-year savings.
Nexstar Media Group (NASDAQ: NXST) has declared a quarterly cash dividend of $0.56 per share for its Class A common stock. This dividend will be payable on November 20, 2020, to shareholders of record as of November 6, 2020. The company plans to continue regular quarterly dividends, though future payments will be reviewed and declared at the discretion of the Board of Directors. Nexstar is a leading media company, operating 197 television stations across 115 markets, reaching 39% of U.S. TV households.
VENN, a live 24/7 streaming network for gaming and entertainment, has successfully closed a $26 million Series A financing round, co-led by BITKRAFT and Nexstar Media Group (NASDAQ: NXST). This funding is aimed at expanding VENN's content capabilities and distribution. Nexstar gains exclusive local TV broadcasting rights and a board member appointment. VENN's distribution has recently expanded to platforms like Roku, Plex, and LG Smart TVs, enhancing its reach to younger audiences. Additionally, VENN appointed Jeff Jacobs as EVP & General Manager to spearhead growth and operations.
On Oct. 8, 2020, five major television stations in Oklahoma City launched NEXTGEN TV, based on ATSC 3.0 technology, marking a significant broadcast upgrade. Stations include KOCO-TV (ABC), KFOR-TV (NBC), KOKH-TV (Fox), KOCB (CW), and KAUT (IND). The technology features immersive 4K video, mobile broadcasting, and enhanced emergency alerts. Nexstar Media and Sinclair Broadcast Group emphasize the rollout’s efficiency, aimed at providing better viewing experiences and new services for advertisers. This launch is part of a broader trend towards innovative broadcasting in the digital age.
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Nexstar Media Group has appointed Thomas E. Carter as President and Chief Operating Officer, effective October 1, 2020. He will continue to serve as Chief Financial Officer under a new employment agreement extending through December 31, 2023. Carter has significantly contributed to Nexstar's growth, particularly through key acquisitions that expanded free cash flow and operational capacity. Under his tenure, Nexstar's revenue has grown over 12 times and its equity valuation has surged 90 times. The company's leadership expresses confidence in Carter's ability to drive future growth.
On June 30, 2020, four leading television stations in Salt Lake City—KUTV, KTVX, KUCW, and KJZZ-TV—launched NEXTGEN TV, a transformative digital broadcast technology powered by ATSC 3.0. This upgrade allows for enhanced features like 4K video, immersive audio, and advanced emergency alerts. The collaborative effort among the stations aims to maintain programming access for all viewers, regardless of their service method. Sinclair Broadcast Group and Nexstar aim to accelerate the rollout of NEXTGEN TV, enhancing viewer experience and advertising capabilities.