Nexstar Media Group Inc Stock Price, News & Analysis

Nexstar Media Group (NASDAQ: NXST) and NBCUniversal have announced a multi-year renewal agreement to continue NBC Television Network affiliations in 33 markets across the U.S.

This renewal covers 29 stations owned by Nexstar, three owned by Mission Broadcasting, and one owned by White Knight Broadcasting. Collectively, these 33 stations reach over 14 million U.S. television households. Financial terms of the agreement were not disclosed.

EdgeBeam Wireless, a new joint venture formed by four major broadcasting groups (E.W. Scripps, Gray Media, Nexstar Media Group, and Sinclair), aims to provide nationwide wireless data services using ATSC 3.0 technology. The venture will leverage existing broadcast infrastructure to deliver data services across multiple industries.

The company targets three main markets with significant revenue potential: automotive connectivity ($3.7B/year), content delivery networks ($3.65B/year), and enhanced GPS ($220M/year). EdgeBeam will deliver data to any civilian or military device with an ATSC 3.0 receiver, including vehicles, drones, marine vessels, and mobile devices.

The partnership creates a nationwide spectrum footprint that individual broadcasters couldn't achieve alone, with plans to partner with additional broadcasters for expanded coverage. The service could also provide a backup to existing GPS capabilities, helping secure the U.S. economy.

NewsNation has announced a multi-year contract renewal with Chris Cuomo to continue hosting his primetime program 'CUOMO' weeknights at 8 p.m. ET. The show, which features news analysis, high-profile interviews, and viewer interaction through the 'Have Your Say with Chris' segment, has seen significant growth since its 2022 launch, with a 54% increase in total viewers and 28% growth among adults 25-54.

Throughout his career, Cuomo has conducted interviews with notable figures including Ukrainian President Volodymyr Zelensky, former President Barack Obama, and entrepreneur Mark Cuban. He has covered major events, hosting town halls on various topics and reporting from the frontlines in Israel and Ukraine.

Nexstar Media Group (NASDAQ: NXST) has announced its executive management's participation in two key investor conferences this December. The management will discuss their record financial performance in 2024, broadcast television's role in political advertising for the 2024 election, and potential ownership de-regulation opportunities.

The conferences include the BofA 2024 Leveraged Finance Conference in Boca Raton, FL on December 3, featuring EVP and CFO Lee Ann Gliha, and the UBS Global Communications Conference in New York on December 9, featuring Chairman and CEO Perry A. Sook alongside Gliha. A live webcast and replay of the UBS fireside chat will be available on Nexstar's website.

Nexstar Media Group (NASDAQ: NXST) has appointed Bill Sammon as Senior Vice President of Washington, D.C., Editorial Content for The Hill and NewsNation. Sammon, who brings nearly 40 years of journalism experience, will direct Nexstar's national news content in Washington, D.C., starting November 18. His extensive background includes roles as a war correspondent, White House correspondent, and most recently as Managing Editor and Senior Vice President of News at Fox News Channel. During the 2020 presidential election, he was first to declare Biden's victory in Arizona. He will report to Cherie Grzech, President and Managing Editor for News and Politics at NewsNation.

Nexstar Media Group (NASDAQ: NXST) reported record third quarter financial results with net revenue of $1.37 billion, up 20.7% year-over-year. The company achieved net income of $180 million and Adjusted EBITDA of $510 million. Distribution revenue reached $719 million, while advertising revenue hit $622 million, including $154 million in political advertising. The CW Network reduced operating losses by $36 million year-over-year. The company returned $233 million to shareholders through dividends and share repurchases, reducing shares outstanding by 3.1%. Nexstar maintained strong financial health with a first lien net leverage ratio of 1.91x and total net leverage ratio of 3.26x.

Nexstar Media Group (NASDAQ: NXST) has announced a quarterly cash dividend of $1.69 per share of common stock. The dividend will be paid on November 29, 2024, to shareholders of record as of November 15, 2024. The company has expressed its intention to continue paying regular quarterly dividends, subject to quarterly review and Board approval.

The CW Network and Shopsense AI have partnered to introduce shoppable TV technology to ACC college football broadcasts. Starting with the Virginia Tech vs. Syracuse game on Nov. 2, viewers will be able to purchase game-day essentials and team merchandise directly through their mobile devices using Shopsense's Commerce Operating System. The partnership will later expand to other live sports and programming across The CW Network. This initiative marks the first implementation of shoppable technology in college sports, aiming to enhance fan engagement and create new revenue opportunities while delivering an interactive viewing experience.

Nexstar Media Group (NASDAQ: NXST) has agreed to acquire WBNX-TV/TV55 in Cleveland, Ohio from Winston Broadcasting Company. This acquisition will create a duopoly in the nation's 19th largest TV market, where Nexstar already owns WJW-TV (FOX). WBNX-TV, currently an independent station, will become a CW Network affiliate on September 1, 2025. The transaction is expected to close in 2025 and will be accretive to Nexstar's operating results. The deal strengthens Nexstar's presence in Cleveland and Ohio, a political battleground state, complementing WJW-TV's local news leadership with CW sports and entertainment programming.