Nexstar Media Group Inc Stock Price, News & Analysis

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.

The CW Network announced that Dennis Miller will step down as Network President on October 31, 2024. He will continue in an advisory role until the end of 2024. Miller, who joined Nexstar's Board in 2014, has been President since Nexstar Media Group acquired a majority stake in The CW in October 2022.

Under Miller's leadership, The CW has undergone a strategic transformation, focusing on live sports and entertainment programming. Recent additions like WWE NXT wrestling and NASCAR Xfinity racing have delivered record ratings. The network has also seen success with ACC college sports, PAC 12 football, and LIV Golf. Additionally, new game shows Trivial Pursuit and Scrabble have driven significant viewership increases.

Nexstar's CEO, Perry Sook, praised Miller's role in transforming The CW and positioning it for continued success.

Nexstar Media Group (NASDAQ: NXST) has announced that five of its owned and operated television stations will become affiliates of The CW Network. The stations are located in Augusta, Georgia; Monroe, Louisiana; Wichita Falls, Texas; Terre Haute, Indiana; and Utica, New York. They will begin airing The CW's primetime entertainment, live sports, and special event programming in September and October.

This addition will increase the number of Nexstar- and partner-owned CW stations to 54, covering over 45% of U.S. TV households. The CW's programming lineup includes NASCAR Xfinity series racing, WWE's NXT, LIV Golf, and ACC and PAC 12 college sports. The network is available in 100% of U.S. households and offers 500 hours of sports programming annually. The free, ad-supported CW App provides access to primetime shows, live LIV Golf tournaments, and additional content.

Nexstar Media Group (NASDAQ: NXST) has announced it will report its 2024 third quarter financial results on Thursday, November 7, 2024. The company will host a conference call and webcast at 10:00 a.m. ET to review the results. Interested parties can access the call by dialing +1 877-407-9208 (domestic) or +1 201-493-6784 (international) with conference ID 13748486. A live webcast will be available through the 'Events and Presentations' section of Nexstar's website, with a replay accessible for 90 days following the event. Participants are advised to call five minutes in advance and allow 15 minutes for webcast registration and software installation.

Nexstar Media Group (NASDAQ: NXST) has appointed Scott Weaver as Senior Vice President of Government Relations, effective September 5. In this newly created role, Weaver will establish Nexstar's first Office of Government Affairs in Washington, D.C., reporting directly to CEO Perry Sook. He will set legislative and regulatory priorities, represent Nexstar's interests to the federal government, Congress, and regulatory bodies.

Weaver brings extensive experience, having previously founded HSA Strategies and served as Chairman of the Public Policy practice at Wiley Rein LLP. His appointment comes as Nexstar has grown to become the largest local broadcaster in the U.S., launched NewsNation, and acquired majority ownership of The CW Network.

Nexstar Media Group (NASDAQ: NXST) has announced its participation in three major investor conferences in September 2024. The company's executive management will attend:

• The Citi 2024 Global TMT Conference in New York on September 4, with a fireside chat at 10:00 a.m. ET
• The BofA 2024 Media, Communications and Entertainment Conference in New York on September 5, featuring a fireside chat at 2:00 p.m. ET
• Deutsche Bank's 32nd Annual Leveraged Finance Conference in Scottsdale, AZ on September 24

Chairman and CEO Perry A. Sook and EVP and CFO Lee Ann Gliha will represent Nexstar at the Citi and BofA events. Gliha will attend the Deutsche Bank conference. Live webcasts and replays of the Citi and BofA fireside chats will be available on Nexstar's website.

The CW Network and Gray Media (NYSE: GTN) have renewed affiliation agreements for 38 local television stations across the United States. These stations collectively reach nearly 10% of the U.S. audience, serving over 12 million TV households. The renewed affiliations ensure these stations remain the exclusive local broadcasters for several major sports events, including Pac-12 and ACC college football, ACC basketball, NASCAR Xfinity Series Racing, WWE NXT wrestling, and LIV Golf in their respective markets. While the financial details of the agreement were not disclosed, this renewal signifies a continued partnership between The CW Network and Gray Media, maintaining a significant presence in local television markets across the country.

Nexstar Media Group reported record second-quarter net revenue of $1.27 billion, marking a 2.3% increase year-over-year. Key figures included a net income of $106 million, a rise of 41.3%, and an adjusted EBITDA of $398 million, up 18.8%. Adjusted free cash flow reached $78 million, a 5.4% increase.

Distribution revenue stood at $734 million, a 5.5% increase, while advertising revenue was $522 million, up 2.2%. Operating losses at The CW were reduced by $33 million year-over-year, contributing to improved cash flows.

Nexstar returned $190 million to shareholders, reducing outstanding shares by 1.7%. The company repaid $31 million in debt. The consolidated debt was $6.78 billion, with a first lien net leverage ratio of 2.19x.

The CW Network has announced new affiliates in Tucson, Arizona (KTTU-TV), Santa Barbara, California (KCOY-TV), and Corpus Christi, Texas (KSCC-TV), effective September 1. These stations will become the exclusive homes for Pac-12 college football, ACC college football and basketball, NASCAR Xfinity Series Racing, WWE NXT wrestling, and LIV Golf in their respective markets.

Notably, KTTU-TV in Tucson will host the 2024 Snoop Dogg Arizona Bowl Presented by Gin & Juice by Dre and Snoop on December 28. This expansion strengthens The CW's local presence and sports offerings in these markets, potentially increasing viewership and advertising opportunities.