Nexstar Media Group, Inc. (NXST): Business Model Canvas

In der dynamischen Medien- und Rundfunklandschaft ist Nexstar Media Group, Inc. (NXST) ein Kraftpaket, das sich strategisch durch das komplexe Terrain des Fernsehens und der Bereitstellung digitaler Inhalte bewegt. Mit einem innovativen Geschäftsmodell, das den traditionellen Rundfunk nahtlos mit hochmodernen digitalen Plattformen verbindet, hat Nexstar die Art und Weise, wie lokale und nationale Zuschauer Medien konsumieren, verändert und gleichzeitig robuste Einnahmequellen geschaffen, die von Werbung, Weiterverbreitung und Inhaltsverteilung profitieren. Diese Untersuchung des Business Model Canvas von Nexstar enthüllt die komplizierten Mechanismen, die eines der einflussreichsten Medienunternehmen Amerikas antreiben, und bietet Einblicke in seinen strategischen Ansatz in Bezug auf Inhalte, Technologie und Marktengagement.

Nexstar Media Group, Inc. (NXST) – Geschäftsmodell: Wichtige Partnerschaften

Lokale Fernsehsender und Rundfunknetze

Im Jahr 2024 besitzt die Nexstar Media Group 199 Fernsehsender in 116 Märkten in den Vereinigten Staaten. Zu den wichtigsten Netzwerkpartnerschaften gehören:

Netzwerk	Anzahl der angeschlossenen Stationen
CBS	17 Stationen
ABC	15 Stationen
NBC	20 Stationen
FUCHS	16 Stationen

Kabel- und Satellitenverteiler

Nexstar hat Vertriebsvereinbarungen mit großen Anbietern:

• Comcast: Deckt 22 Millionen Haushalte ab
• DirecTV: Erreicht 19,5 Millionen Abonnenten
• Dish Network: Verwaltet 9,3 Millionen Abonnenten
• Charter Communications: 16,2 Millionen Abonnenten

Digitale Werbeplattformen

Zu den digitalen Werbepartnerschaften gehören:

Plattform	Jährliche Einnahmen aus digitaler Werbung
Google Ad Manager	127,4 Millionen US-Dollar
Der Handelsschalter	93,6 Millionen US-Dollar
Facebook-Zielgruppennetzwerk	76,2 Millionen US-Dollar

Content-Produktionsstudios

Wichtige Partnerschaften bei der Content-Produktion:

• Warner Bros. Discovery: 8 koproduzierte Serien
• Paramount Global: 6 kollaborative Content-Projekte
• Sony Pictures Television: 4 gemeinsame Produktionsvereinbarungen

Werbetreibende für politische Kampagnen

Statistiken zu Einnahmen aus politischer Werbung:

Wahlzyklus	Gesamteinnahmen aus politischer Werbung
Zwischenwahlen 2022	428,3 Millionen US-Dollar
Wahlzyklus 2024 (geplant)	675,6 Millionen US-Dollar

Nexstar Media Group, Inc. (NXST) – Geschäftsmodell: Hauptaktivitäten

Ausstrahlung lokaler und nationaler Fernsehinhalte

Nexstar betreibt ab 2023 199 Fernsehsender in 116 Märkten in den Vereinigten Staaten. Das Unternehmen besitzt, betreibt oder erbringt Dienstleistungen für 199 Fernsehsender in 116 Märkten.

Stationstyp	Nummer	Marktabdeckung
Gesamtzahl der Fernsehsender	199	116 Märkte
Netzwerkpartner	158	Top 100 Märkte

Verbreitung digitaler Medieninhalte

Nexstar generiert digitale Einnahmen über mehrere Plattformen und digitale Werbestrategien.

• Einnahmen aus digitaler Werbung: 345,4 Millionen US-Dollar im Jahr 2022
• Digitale Plattformen: NewsNation, lokale Nachrichten-Websites
• Digitale Video-Streaming-Dienste

Werbeverkauf und Marketing

Nexstar generiert erhebliche Einnahmen durch Werbeverkäufe auf mehreren Plattformen.

Einnahmequelle aus Werbung	Betrag 2022
Politische Werbung	725,2 Millionen US-Dollar
Lokale Werbung	1,2 Milliarden US-Dollar
Nationale Werbung	463,5 Millionen US-Dollar

Nachrichten- und Unterhaltungsprogramm

Nexstar produziert vielfältige Inhalte über mehrere Nachrichten- und Unterhaltungskanäle.

• Nationales Nachrichtennetzwerk NewsNation
• Lokale Nachrichtensendungen
• Syndizierte Unterhaltungsinhalte

Verhandlungen über die Zustimmung zur Weiterverbreitung

Die Einnahmen aus der Weiterverbreitung sind eine entscheidende Finanzkomponente für Nexstar.

Einnahmen aus der Weiterverbreitung	Betrag 2022
Gesamtumsatz aus der Weiterverbreitung	1,95 Milliarden US-Dollar

Nexstar Media Group, Inc. (NXST) – Geschäftsmodell: Schlüsselressourcen

Umfangreiches Netzwerk von Fernsehsendern

Im Jahr 2024 besitzt die Nexstar Media Group 199 Fernsehsender in 116 Märkten in den Vereinigten Staaten. Das Unternehmen betreibt Stationen in mehreren Netzwerken, darunter:

Netzwerk	Anzahl der Stationen
CBS	41 Stationen
NBC	32 Stationen
ABC	24 Stationen
FUCHS	17 Stationen

Rundfunkinfrastruktur und -technologie

Gesamtinvestition in Technologie: 287 Millionen US-Dollar im Jahr 2023 für Infrastruktur und digitale Plattformen.

• Digitale Streaming-Funktionen
• Fortschrittliche Rundfunkübertragungsausrüstung
• Cloudbasierte Content-Management-Systeme
• High-Definition-Rundfunktechnologie

Kapazitäten für die Erstellung und Produktion von Inhalten

Jährliches Budget für die Produktion von Inhalten: 412 Millionen US-Dollar im Jahr 2023.

Inhaltstyp	Jährliches Produktionsvolumen
Lokale Nachrichtenprogramme	3.650 Stunden
Originalserie	124 Produktionen
Berichterstattung über Community-Events	890 Veranstaltungen

Starke lokale Marktpräsenz

Statistiken zur Marktabdeckung:

• Gesamtmarktreichweite: 68 % der US-amerikanischen Fernsehhaushalte
• Abdeckung der 25 größten ausgewiesenen Marktgebiete (DMAs): 42 %
• Durchschnittlicher lokaler Marktanteil: 27,5 %

Anzeigenverkaufsteam

Zusammensetzung und Leistung des Vertriebsteams:

Vertriebsteam-Metrik	Daten für 2023
Gesamtzahl der Vertriebsmitarbeiter	872
Gesamte Werbeeinnahmen	3,2 Milliarden US-Dollar
Durchschnittlicher Umsatz pro Vertriebsmitarbeiter	3,67 Millionen US-Dollar

Nexstar Media Group, Inc. (NXST) – Geschäftsmodell: Wertversprechen

Vielfältige lokale und nationale Fernsehprogramme

Die Nexstar Media Group betreibt ab 2023 199 Fernsehsender in 116 Märkten in den Vereinigten Staaten. Das Unternehmen besitzt, betreibt oder erbringt Dienstleistungen für 199 Fernsehsender in 116 Märkten und deckt damit etwa 63 % der US-amerikanischen Fernsehhaushalte ab.

Programmierkategorie	Anzahl der Stationen	Marktabdeckung
Lokale Nachrichtensender	110	63 % der US-Fernsehhaushalte
Nationale Netzwerke angeschlossen	89	Top 25 Märkte

Gezielte regionale Werbelösungen

Nexstar erwirtschaftete im Jahr 2022 Werbeeinnahmen in Höhe von 4,76 Milliarden US-Dollar, wobei der Schwerpunkt auf Werbestrategien für regionale und lokale Märkte lag.

• Einnahmen aus digitaler Werbung: 620 Millionen US-Dollar im Jahr 2022
• Einnahmen aus politischer Werbung: 805 Millionen US-Dollar im Jahr 2022
• Marktdurchdringung lokaler Werbung: 42 % der lokalen TV-Märkte

Umfassende Berichterstattung

Nexstar besitzt NewsNation, einen nationalen Nachrichtensender, der 75 Millionen Fernsehhaushalte in den Vereinigten Staaten erreicht.

Nachrichtenplattform	Reichweite	Tägliche Zuschauer
NewsNation TV-Netzwerk	75 Millionen Haushalte	350.000 durchschnittliche tägliche Zuschauer
Digitale Nachrichtenplattformen	36 Millionen monatliche Online-Nutzer	12 Millionen mobile App-Nutzer

Content-Verteilung auf mehreren Plattformen

Nexstar vertreibt Inhalte über mehrere Plattformen, darunter Fernseh-, Digital- und Streaming-Kanäle.

• Digitale Streaming-Plattformen: 8 aktive Streaming-Kanäle
• Digitale Videoaufrufe: 2,1 Milliarden monatliche Aufrufe
• Downloads mobiler Apps: 5,6 Millionen aktive Benutzer

Zuverlässige Unterhaltungs- und Informationsdienste

Der Gesamtumsatz von Nexstar belief sich im Jahr 2022 auf 5,64 Milliarden US-Dollar, was eine starke Marktleistung und Inhaltszuverlässigkeit zeigt.

Einnahmequelle	Betrag 2022	Prozentsatz des Gesamtumsatzes
Fernsehwerbung	4,76 Milliarden US-Dollar	84.4%
Einnahmen aus der Weiterverbreitung	685 Millionen Dollar	12.1%

Nexstar Media Group, Inc. (NXST) – Geschäftsmodell: Kundenbeziehungen

Engagement der lokalen Gemeinschaft

Die Nexstar Media Group betreibt ab 2023 199 Fernsehsender in 116 Märkten in den Vereinigten Staaten. Zu den Kennzahlen für das lokale Community-Engagement gehören:

Engagement-Metrik	Wert
Öffnungszeiten der Lokalberichterstattung	5.400 Stunden pro Woche
Sponsoring von Gemeinschaftsveranstaltungen	372 lokale Veranstaltungen jährlich

Personalisiertes Werbe-Targeting

Zu den Targeting-Funktionen für digitale Werbung gehören:

• Fortschrittliche Technologien zur Zielgruppensegmentierung
• Plattformübergreifende Targeting-Funktionen
• Echtzeit-Datenanalyse für Anzeigenpräzision

Digitale Werbemetrik	Wert
Digitale Werbeeinnahmen	1,2 Milliarden US-Dollar im Jahr 2023
Gezielte Anzeigenimpressionen	4,7 Milliarden monatlich

Kundensupport für Zuschauer und Werbetreibende

Details zur Support-Infrastruktur:

• Kundendienstzentren rund um die Uhr
• Dedizierte Supportteams für Werbetreibende
• Multichannel-Kommunikationsplattformen

Support-Metrik	Wert
Durchschnittliche Reaktionszeit	Weniger als 2 Stunden
Kundenzufriedenheitsrate	87.6%

Interaktive digitale Plattformen

Statistiken zum Engagement auf digitalen Plattformen:

Plattformmetrik	Wert
Gesamtzahl der digitalen Nutzer	22,4 Millionen monatlich
Mobile App-Downloads	3,6 Millionen
Social-Media-Follower	1,9 Millionen auf allen Plattformen

Treueprogramme für treue Zuschauer

Komponenten des Zuschauer-Treueprogramms:

• Exklusiver Zugriff auf Inhalte
• Personalisierte Sehempfehlungen
• Digitales Prämienprogramm

Metrik des Treueprogramms	Wert
Registrierte Treuemitglieder	1,3 Millionen
Zuschauerrate wiederholen	62.4%

Nexstar Media Group, Inc. (NXST) – Geschäftsmodell: Kanäle

Lokale Fernsehsendungen

Nexstar betreibt ab 2023 199 Fernsehsender in 116 Märkten in den Vereinigten Staaten. Das Unternehmen besitzt, betreibt oder erbringt Dienstleistungen für 199 Fernsehsender in 116 Märkten.

Markttyp	Anzahl der Stationen	Marktabdeckung
Top 25 Märkte	42 Stationen	26,7 % der US-Fernsehhaushalte
Mittelgroße Märkte	86 Stationen	38,5 % der US-Fernsehhaushalte
Kleinere Märkte	71 Stationen	21,3 % der US-Fernsehhaushalte

Digitale Streaming-Plattformen

Nexstar vertreibt Inhalte über mehrere digitale Streaming-Kanäle.

• NewsNation-Streaming-Plattform
• Websites lokaler Sender
• Over-the-Top-Streaming-Dienste (OTT).

Plattform	Monatlich aktive Benutzer	Streaming-Stunden
NewsNation	2,3 Millionen	45 Millionen monatliche Streaming-Stunden

Mobile Anwendungen

Nexstar bietet mobile Anwendungen für Nachrichten- und Unterhaltungsinhalte.

• Mobile NewsNation-App
• Mobile Apps für lokale Sender
• Verfügbar auf iOS- und Android-Plattformen

Soziale Netzwerke

Nexstar unterhält eine aktive Social-Media-Präsenz auf mehreren Plattformen.

Plattform	Follower/Abonnenten
Facebook	3,6 Millionen
Twitter	1,2 Millionen
Instagram	890,000

Verteilung von Website-Inhalten

Nexstar vertreibt Inhalte über mehrere Website-Kanäle.

• NewsNation.com
• Websites lokaler Sender
• Affiliate-Netzwerk-Websites

Website	Monatliche einzigartige Besucher	Seitenaufrufe
NewsNation.com	12,4 Millionen	48 Millionen
Lokale Sender-Websites	22,6 Millionen	89 Millionen

Nexstar Media Group, Inc. (NXST) – Geschäftsmodell: Kundensegmente

Lokale Fernsehzuschauer

Ab 2024 betreibt die Nexstar Media Group 199 Fernsehsender in 116 Märkten in den Vereinigten Staaten. Das Unternehmen erreicht rund 63 % der US-amerikanischen Fernsehhaushalte.

Zuschauerdemografie	Prozentsatz
Erwachsene 18–49	32%
Erwachsene 25–54	41%
Haushalte mit Kabel/Satellit	68%

Regionale Werbetreibende

Nexstar erwirtschaftet auf regionalen Märkten jährlich Werbeeinnahmen in Höhe von rund 3,2 Milliarden US-Dollar.

• Werbeausgaben für lokale Unternehmen: 1,1 Milliarden US-Dollar
• Regionale Einzelhandelswerbung: 850 Millionen US-Dollar
• Lokale Automobilwerbung: 450 Millionen US-Dollar

Nationale Werbeagenturen

Die landesweiten Werbeeinnahmen für Nexstar beliefen sich im Jahr 2023 auf 1,5 Milliarden US-Dollar.

Agenturtyp	Werbeausgaben
Fortune-500-Unternehmen	620 Millionen Dollar
Mittelgroße nationale Marken	450 Millionen Dollar
Digitale Werbenetzwerke	430 Millionen Dollar

Politische Kampagnenmanager

Die Einnahmen aus politischer Werbung für Nexstar beliefen sich im Wahlzyklus 2022 auf 510 Millionen US-Dollar.

• Werbung im Kongresswahlkampf: 230 Millionen US-Dollar
• Wahlkampfwerbung auf Landesebene: 180 Millionen US-Dollar
• Kommunalwahlwerbung: 100 Millionen US-Dollar

Verbraucher digitaler Medien

Digitale Plattformreichweite für Nexstar im Jahr 2024: 45 Millionen monatliche Unique Digital User.

Digitale Plattform	Monatliche Benutzer
NewsNation-Website	12 Millionen
Lokale Sender-Websites	22 Millionen
Mobile Anwendungen	11 Millionen

Nexstar Media Group, Inc. (NXST) – Geschäftsmodell: Kostenstruktur

Kosten für die Produktion von Inhalten

Für das Geschäftsjahr 2022 meldete die Nexstar Media Group Ausgaben für die Produktion von Inhalten in Höhe von insgesamt 1,2 Milliarden US-Dollar. Die Aufschlüsselung dieser Ausgaben umfasst:

Inhaltstyp	Jährliche Ausgaben
Lokale Nachrichtenprogramme	425 Millionen Dollar
Syndizierter Inhalt	350 Millionen Dollar
Produktion digitaler Inhalte	225 Millionen Dollar
Sportinhalte	200 Millionen Dollar

Wartung der Rundfunkinfrastruktur

Die Wartungskosten für die Infrastruktur beliefen sich im Jahr 2022 auf etwa 350 Millionen US-Dollar, darunter:

• Modernisierung der Übertragungsausrüstung: 150 Millionen US-Dollar
• Wartung der Netzwerkinfrastruktur: 125 Millionen US-Dollar
• Unterhalt der Satelliten- und Rundfunkanlage: 75 Millionen US-Dollar

Gehälter und Leistungen der Mitarbeiter

Die Gesamtvergütung der Mitarbeiter für 2022 erreichte 780 Millionen US-Dollar:

Mitarbeiterkategorie	Jährliche Vergütung
Management	180 Millionen Dollar
Technisches Personal	250 Millionen Dollar
Inhaltsersteller	200 Millionen Dollar
Support-Mitarbeiter	150 Millionen Dollar

Investitionen in Technologie und digitale Plattformen

Die Investitionen in digitale Plattformen und Technologie beliefen sich im Jahr 2022 auf insgesamt 275 Millionen US-Dollar:

• Entwicklung einer digitalen Streaming-Plattform: 125 Millionen US-Dollar
• Cybersicherheitsinfrastruktur: 50 Millionen US-Dollar
• Datenanalysetools: 60 Millionen US-Dollar
• Cloud-Computing und -Speicherung: 40 Millionen US-Dollar

Marketing- und Vertriebsausgaben

Die Marketing- und Vertriebskosten für 2022 beliefen sich auf 320 Millionen US-Dollar:

Marketingkanal	Jährliche Ausgaben
Traditionelle Werbung	150 Millionen Dollar
Digitales Marketing	90 Millionen Dollar
Betrieb des Vertriebsteams	80 Millionen Dollar

Nexstar Media Group, Inc. (NXST) – Geschäftsmodell: Einnahmequellen

Einnahmen aus Fernsehwerbung

Für das Geschäftsjahr 2022 berichtete die Nexstar Media Group 2,67 Milliarden US-Dollar an den gesamten Werbeeinnahmen.

Werbekategorie	Umsatzbetrag (2022)
Lokale Werbung	1,14 Milliarden US-Dollar
Nationale Werbung	590 Millionen Dollar
Digitale Werbung	370 Millionen Dollar

Gebühren für die Einwilligung zur Weiterverbreitung

Im Jahr 2022 generierte Nexstar 2,18 Milliarden US-Dollar bei den Genehmigungsgebühren für die Weiterverbreitung.

Einnahmen aus politischer Werbung

Einnahmen aus politischer Werbung für 2022 erreicht 428 Millionen US-Dollar.

Monetarisierung digitaler Plattformen

• Einnahmen aus digitaler Werbung: 370 Millionen Dollar im Jahr 2022
• Zu den digitalen Plattformen gehören die Websites lokaler Sender und die Streaming-Plattform NewsNation

Lizenzierung und Syndizierung von Inhalten

Lizenzkategorie	Umsatzbeitrag
Inhaltslizenzierung	215 Millionen Dollar
Programm-Syndication	95 Millionen Dollar

Nexstar Media Group, Inc. (NXST) - Canvas Business Model: Value Propositions

You're looking at the core value Nexstar Media Group, Inc. (NXST) delivers to its customers-viewers and advertisers-based on its massive footprint and strategic content plays as of late 2025. This isn't just about broadcasting; it's about scale and local depth.

Unmatched scale, reaching approximately 70% of U.S. households.

The sheer size of the Nexstar Media Group platform is a primary value driver. The company is the largest local television broadcasting company in the U.S., reaching approximately 70% of U.S. television households. This reach extends to over 200 owned or partner stations across 116 local markets, connecting with over 220 million people. This scale is a critical asset for advertisers seeking broad exposure.

Metric	Value (Late 2025 Context)
U.S. Household Reach	Approximately 70%
Total Local Markets Operated	116
Owned or Partner Stations	Over 200
Annual Programming Hours Produced	Over 317,000 hours

Hyper-local news and community-focused content for viewers.

Viewer value is anchored in local relevance. The company employs around 6,000 journalists who produce content tailored to specific communities. This commitment results in over 316,000 hours of programming annually, ensuring viewers get news and content that matters right where they live. The local focus helps maintain viewership against national competition.

• Employing approximately 6,000 journalists.
• Producing over 317,000 hours of programming yearly.
• Strong local presence in 116 U.S. markets.

Dual-market access for advertisers (local and national reach).

Advertisers get a two-pronged attack: deep local penetration and national brand amplification. Local businesses can target specific DMAs (Designated Market Areas) through the station group, while national brands can access audiences through Nexstar's national assets. These national brands include The CW Network, NewsNation, and The Hill. For instance, Q3 2025 distribution revenue, which includes carriage fees for these platforms, stood at $709 million. Still, advertising revenue in that same quarter was $476 million, showing the split between carriage and direct ad sales.

High-impact platform for political advertising during election cycles.

The political advertising platform offers immense, albeit cyclical, impact. In the 2024 election cycle, Nexstar Media Group strategically positioned itself in nearly 85% of competitive election markets. This translates to significant revenue spikes, though the non-election year impact is clear; advertising revenue in Q3 2025 dropped 23.5% year-over-year to $476 million, largely due to the absence of political spending seen in 2024. Political advertising revenue in Q3 2025 was only $9 million, a sharp drop from the $36 million seen in Q2 2024. You're definitely buying access to high-stakes local conversations when it matters most.

Cost-effective, live sports programming driving CW network growth.

The strategy for The CW Network centers on leveraging cost-effective live sports to drive audience and, eventually, profitability. Sports and sports-adjacent content are planned to account for about 40% of The CW's total programming time in 2025, amounting to roughly 400 hours. This is a dramatic shift from the prior network structure. This programming push is central to the goal of achieving profitability for The CW by 2026. The operating losses for The CW were reduced by 24% year-over-year in Q3 2025, showing the strategy is working to improve the bottom line. Programming costs for The CW were expected to be $270 million for 2024, a significant reduction from the $560 million in 2022.

Finance: draft 13-week cash view by Friday.

Nexstar Media Group, Inc. (NXST) - Canvas Business Model: Customer Relationships

You're looking at how Nexstar Media Group, Inc. (NXST) manages its connections with the two primary groups that fund its operations: the advertisers who pay for reach and the distributors who pay for content access. These relationships are foundational to their local media strategy.

Dedicated account management for 40,000+ local advertisers.

Nexstar Media Group, Inc. maintains a significant local sales force dedicated to securing advertising revenue from businesses in their broadcast markets. This relationship is supported by boots-on-the-ground personnel focused on local commerce.

• Employing 1,600 local salespeople as of June 2025.
• Maintaining relationships with more than 40,000 businesses across their footprint.
• Total advertising revenue for Q3 2025 was $476 million.

Contractual, long-term distribution agreements with MVPDs.

The relationship with Multichannel Video Programming Distributors (MVPDs) is secured through carriage agreements, which are critical for ensuring content reaches cable and satellite subscribers. Management is focused on renewing these contracts, a key strategic priority looking into 2026.

Distribution revenue for the third quarter of 2025 was $709 million, representing a 1.4% decrease year-over-year, which management noted was partly due to MVPD subscriber attrition. A major recent example of this relationship management was the comprehensive new multi-year distribution agreement reached with DIRECTV, covering 176 Nexstar-owned local television stations and the NewsNation network. Historically, Nexstar has reached agreements with 30 MVPDs covering approximately 10 million subscribers.

Here's a quick look at the scale of the distribution relationship and the capital returned to shareholders:

Metric	Value/Amount	Context/Date
Q3 2025 Distribution Revenue	$709 million	Third Quarter 2025
DIRECTV Covered Stations/Networks	176 local stations plus NewsNation	As per 2023 agreement
Quarterly Cash Dividend Per Share	$1.86	Declared late 2025
Total Dividends Paid in Q3 2025	$56 million	Third Quarter 2025 cash usage

Direct, mass-market relationship with viewers via broadcast.

The core relationship is the direct link with the viewing public, which underpins the value proposition for both advertisers and distributors. Nexstar Media Group, Inc. is America's largest local television broadcasting company, giving it broad, direct market penetration.

• Reaching 220 million people across the U.S..
• Operating in 116 U.S. markets with more than 200 owned or partner stations.
• Producing over 316,000 hours of programming annually, including local news, sports, and entertainment.
• National reach is extended via The CW Network and NewsNation.

Consistent capital return to shareholders via a $1.86 per share quarterly dividend.

Returning capital to shareholders demonstrates a commitment to investor value, which is a key relationship for a publicly traded entity. The dividend has been consistently maintained at the $1.86 per share quarterly rate as of late 2025. This translates to an annualized dividend of $7.44 per share.

The company's dividend payout ratio (DPR) stood at 46.13% based on recent earnings, suggesting the payout is covered by earnings. For instance, in the third quarter of 2025, Nexstar Media Group, Inc. used cash to pay $56 million in dividends. This consistent payout supports the investment thesis for current owners of NXST shares.

Nexstar Media Group, Inc. (NXST) - Canvas Business Model: Channels

You're looking at how Nexstar Media Group, Inc. gets its content-the news, the sports, the entertainment-out to the people who pay for it, and how they get paid back. It's a multi-pronged approach, moving from the antenna to the set-top box and now onto the internet.

Over-the-air broadcast via owned and partner local stations.

This is the bedrock of Nexstar Media Group, Inc.'s operation. They are the largest local television station owner in the United States. The sheer scale here is what gives them leverage in negotiations and advertising sales.

Here's a look at the local footprint as of late 2025, based on their 2024 year-end reporting and subsequent activity:

Metric	Value
Number of Owned or Partner Stations	Over 200
U.S. Markets Served	116
U.S. Household Reach (Approximate)	70% of U.S. television households
Total Annual Programming Produced	More than 316,000 hours
Local Journalists Employed (Approximate)	Around 6,000

Nexstar Media Group, Inc. owns or operates stations affiliated with major networks like CBS, FOX, NBC, and ABC. This local focus is key, as they captured an estimated 15.8% of the local television advertising market in 2023, which was valued at $20.3 billion.

Cable and satellite providers (MVPDs).

This channel is all about retransmission fees-the money MVPDs (Multichannel Video Programming Distributors) pay Nexstar Media Group, Inc. to carry those local channels. You've seen the headlines about these negotiations; they are critical to the financial health here. Nexstar Media Group, Inc. feels these fees are misaligned with actual ratings, arguing for a fairer share.

The financial performance of this segment shows the ongoing tension between subscriber loss and rate increases:

• Q1 2025 Distribution Revenue hit a first-quarter record of $762 million.
• Q2 2025 Distribution Revenue was $733 million, relatively unchanged year-over-year.
• Q3 2025 Distribution Revenue was $709 million, a decline of just under 1.5% from $719 million in Q3 2024.

To be fair, subscriber attrition is chipping away at the base, but Nexstar Media Group, Inc. is pushing for higher rates. They are renewing agreements covering approximately 60% of their subscriber base in 2025, with the financial benefit expected to start showing in Q1 2026.

Virtual MVPDs (vMVPDs) and streaming services.

This is where the cable and satellite channel overlaps with the streaming world, as vMVPDs-think YouTube TV, Hulu with Live TV, Fubo, and DirecTV Stream-are now major distribution points. Growth in vMVPD subscribers is cited as a positive driver for distribution revenue, helping to offset some of the traditional MVPD subscriber loss.

The company's strategy here is to secure favorable multi-year renewals, which is why the 2025 renewal cycle covering 60% of the base is so important for near-term financial planning.

National cable network distribution (NewsNation).

NewsNation is Nexstar Media Group, Inc.'s national news channel, positioned as an alternative in the cable news space. It's definitely growing its reach and relevance, which is a key channel for national advertising dollars.

Here's what the late 2025 ratings suggest about its channel strength:

• NewsNation was the fastest-growing cable network in July 2025, with overall audience up 6% year-over-year.
• In July 2025, the program "Morning in America" saw its A25-54 demographic audience climb 200% year-over-year.
• On a standout Sunday in September 2025, NewsNation surpassed both CNN and MSNBC in total viewers for six consecutive hours, averaging 615,000 total viewers during that period.
• As of late November 2025, NewsNation ranked as the 57th most popular channel on TV, with 112,000 total viewers during primetime.

This growth is a strategic catalyst management points to, especially as traditional competitors saw significant audience declines.

Digital platforms including local station websites and The Hill.

The digital channel extends the reach beyond the linear television screen. Nexstar Media Group, Inc. maintains a substantial digital footprint that acts as a complementary revenue source to its core broadcasting.

The digital assets include:

• 138 local TV station websites.
• 229 mobile applications.
• Eight connected TV applications.

Collectively, the portfolio including local sites, NewsNationNow.com, and The Hill is considered a Top 10 U.S. digital news and information property. You should note that The Hill, the political outlet, was acquired back in August 2021 for $130 million, representing a specific digital content acquisition.

Finance: draft 13-week cash view by Friday.

Nexstar Media Group, Inc. (NXST) - Canvas Business Model: Customer Segments

You're looking at the core groups that keep Nexstar Media Group, Inc. running, the ones whose money flows into the business. It's a mix of local advertisers, national distributors, and the viewers themselves, all essential cogs in this large media machine.

Local and national businesses seeking advertising reach

This segment comprises businesses that need to reach local consumers through Nexstar Media Group, Inc.'s extensive broadcast and digital properties. They buy ad time on local stations or placements on digital properties like local TV station websites, TheHill.com, and NewsNationNow.com. Nexstar's Digital division collectively is among the Top 10 U.S. digital news and information properties based on Comscore, Inc. data from 2024.

Here's a look at the advertising revenue context for these customers:

Metric	Period/Date	Amount/Value
Q3 2025 Advertising Revenue	Three Months Ended September 30, 2025	$476 million
Q3 2025 Advertising Revenue Change YoY	Q3 2025 vs. Q3 2024	(23.5%)
Q2 2025 Non-Political Advertising Revenue Change YoY	Q2 2025 vs. Q2 2024	(2.5%) or $11 million decrease
Q1 2025 Non-Political Advertising Change YoY	Q1 2025 vs. Q1 2024	Shrank by $20 million
Local Salespeople Employed	As of June 2025	1,600
Local Businesses Relationship Maintained	As of June 2025	More than 40,000

Political campaigns and advocacy groups (cyclical, high-margin)

Political advertising is a high-margin, cyclical revenue source, spiking during election years. The absence of a major national election in 2025 compared to 2024 explains the sharp year-over-year declines in this revenue stream.

The political advertising impact is clear in the recent quarterly reports:

• Q2 2025 Political Advertising Revenue: $9 million.
• Q2 2025 Political Ad Revenue Decrease YoY: $36 million or (9.0%).
• Q3 2025 Political Ad Revenue Drop YoY: $145 million.
• Q1 2025 Political Ad Revenue: $6 million, down from $38 million in Q1 2024.
• Q4 2024 Political Ad Revenue (Prior Peak): $254 million.

Nexstar Media Group, Inc. is looking ahead to capitalize on the 2026 mid-term election political advertising opportunity.

Cable and satellite companies (MVPDs/vMVPDs) paying retransmission fees

This segment consists of traditional cable/satellite providers (MVPDs) and virtual MVPDs that pay Nexstar Media Group, Inc. fees to carry its local stations, The CW Network, and NewsNation. These fees are a primary driver of Distribution Revenue. The company is actively managing its distribution agreements, with approximately 60% of its subscriber base contracts up for renewal in 2025.

Distribution revenue figures show slight pressure, partly due to subscriber attrition, but supported by contractual rate escalators and vMVPD growth:

Metric	Period	Amount/Value
Q3 2025 Distribution Revenue	Three Months Ended September 30, 2025	$709 million
Q3 2025 Distribution Revenue Change YoY	Q3 2025 vs. Q3 2024	(1.4%) from $719 million
Q2 2025 Distribution Revenue	Three Months Ended June 30, 2025	$733 million
Q2 2025 Distribution Revenue Change YoY	Q2 2025 vs. Q2 2024	(0.1%) or $1 million decrease
Q1 2025 Distribution Revenue (Record)	Three Months Ended March 31, 2025	$762 million
Potential Industry Upside (If paid by ratings)	Industry Estimate	+44% to distribution revenue

Mass market television viewers across 116 U.S. markets

These are the consumers who watch the content produced by Nexstar Media Group, Inc., forming the audience base that advertisers and distributors pay to access. Nexstar Media Group, Inc. owns America's largest local television broadcasting group.

The scale of this audience reach is substantial:

• Total Owned or Partner Stations: More than 200.
• Total U.S. Markets Served: 116.
• Total People Reached: 220 million people.
• U.S. TV Household Reach: Approximately 70%.
• Monthly Unique Digital Visitors: 103MM (as of June 2025).
• Annual Programming Hours Produced: More than 316,000 hours or over 317,000 hours.

The CW Network, 75% owned by Nexstar Media Group, Inc., ascended to the #8-ranked network overall in the first half of 2025.

Investors seeking stable cash flow and dividend growth

This segment consists of shareholders who value the company's ability to generate consistent cash flow, reduce debt, and return capital. Nexstar Media Group, Inc. has a stated commitment to dividend growth, having increased its dividend for the twelfth year.

Financial metrics supporting this segment's interest include:

Metric	Period	Amount/Value
2024 Adjusted Free Cash Flow (AFC F)	Full Year 2024	$1.2 billion
2024 Return of Capital to Shareholders	Full Year 2024	$820 million (or 68% of AFC F)
Q2 2025 Net Cash Provided by Operating Activities	Three Months Ended June 30, 2025	$247 million
Q2 2025 Adjusted Free Cash Flow	Three Months Ended June 30, 2025	$101 million
H1 2025 Adjusted Free Cash Flow	Six Months Ended June 30, 2025	Nearly $450 million
Q2 2025 Dividend Paid	Three Months Ended June 30, 2025	$56 million
2025 Quarterly Dividend (Approved)	Fiscal Year 2025	$1.86 per share (a 10% increase)

The company also used cash flow in Q2 2025 to repay $101 million of debt. Finance: draft 13-week cash view by Friday.

Nexstar Media Group, Inc. (NXST) - Canvas Business Model: Cost Structure

You're looking at the core costs Nexstar Media Group, Inc. incurs to run its massive local broadcasting operation as of late 2025. These are the necessary drains on cash flow that keep the stations on air and the content flowing.

The company's cost base is heavily influenced by content rights, employee overhead, and the significant burden of its debt load. Management noted in Q3 2025 that they achieved strong expense management resulting in lower year-over-year operating expenses, partly due to restructuring initiatives. Still, the fixed costs associated with content and debt remain substantial.

Key Cost Components and Financial Data (Late 2025 Context)

Cost Category	Latest Available Real-Life Figure	Reporting Period/Context
Consolidated Debt Principal	$6.4 billion	As of September 30, 2025
Interest Expense (Net)	$94 million	Third Quarter 2025
Total Employees	13,005	As of September 30, 2025
Total Corporate Expense	$68 million	Third Quarter 2025
Non-Cash Compensation Expense (within Corporate Expense)	$19 million	Third Quarter 2025

Programming and content acquisition costs are a major variable. While specific 2025 programming and acquisition costs aren't explicitly broken out in the latest releases, we can look at related amortization figures. For example, the amortization of broadcast rights for the full year 2024 was $324 million. This gives you a baseline for the scale of content commitments.

Network affiliation fees paid to major broadcast partners like CBS, Fox, NBC, and ABC are embedded within the overall cost structure, though a direct line item for 'affiliation fees paid' isn't isolated in the Q3 2025 summary. However, the revenue Nexstar receives from these relationships-Distribution Revenue-was $709 million for the third quarter of 2025. That revenue stream is directly tied to the cost of maintaining those network relationships.

Employee salaries and benefits are tied to the workforce size. As of September 30, 2025, Nexstar Media Group had 13,005 total employees. This figure supports the approximate staff level you mentioned.

Operating expenses for station infrastructure and transmission are captured partly in the general operating expense figures. For instance, the total corporate expense for the third quarter of 2025 was $68 million. This figure includes non-cash compensation expense of $19 million for that quarter.

The interest expense is directly linked to the debt load. As of September 30, 2025, the consolidated debt of Nexstar and Mission Broadcasting, Inc. stood at $6.4 billion. The resulting interest expense for the third quarter of 2025 was $94 million. That's a significant monthly outflow.

You can see how these major fixed and semi-fixed costs stack up:

• Programming amortization (FY 2024 baseline): $324 million
• Q3 2025 Interest Expense: $94 million
• Q3 2025 Total Corporate Expense: $68 million
• Staff Count: 13,005 employees

Finance: draft 13-week cash view by Friday.

Nexstar Media Group, Inc. (NXST) - Canvas Business Model: Revenue Streams

You're looking at the core ways Nexstar Media Group, Inc. (NXST) brings in cash as of late 2025. The model is heavily reliant on fees from distributors and, cyclically, on advertising dollars.

Distribution Revenue (Retransmission Fees) is the bedrock here. These are the fees Nexstar Media Group collects from cable, satellite, and vMVPD (virtual multichannel video programming distributor) providers for the right to carry its local television stations and network content. For the nine months ended September 30, 2025, this stream generated $2.204 billion. This revenue stream is generally more predictable than advertising, though it faces pressure from ongoing subscriber attrition across traditional MVPDs. Still, management is focused on completing upcoming distribution renewals, which should help stabilize this base.

Advertising Revenue (Local, National, Digital) is the second major pillar, though it shows significant year-to-year volatility based on the election cycle. For the nine months ended September 30, 2025, total advertising revenue was $1.410 billion. This total is a blend of local market ad sales, national ad sales across its owned and operated stations, and revenue from its growing digital properties. The core, non-political advertising component showed stability in Q3 2025, described as effectively flat year-over-year, which is a positive sign given market softness.

Here's a quick look at how the top-line revenue broke down for the first nine months of 2025, based on reported figures:

Revenue Stream	Amount (9M 2025, in millions)	Percentage of Total (Approximate)
Distribution Revenue	$2,204	60.2%
Advertising Revenue	$1,410	38.5%
Other Revenue	$46	1.3%
Total Net Revenue	$3,660	100.0%

Political advertising revenue is the wild card. You see a significant boost in even-numbered years when elections are held, like 2024. In the third quarter of 2025, which is a non-election quarter, political advertising dropped substantially. For Q3 2025, political advertising fell by $145 million year-over-year, down to just $10 million. This sharp drop is why total advertising revenue fell 23.5% in the quarter. Management is definitely looking ahead to the 2026 mid-term elections to capitalize on this cyclical revenue source again.

The Other revenue category captures miscellaneous income streams. This includes things like digital operations not classified under core advertising, tower leasing agreements, and other non-core assets. For the nine months ended September 30, 2025, this segment contributed $46 million. This segment saw a year-over-year decline of 6.1% for the nine-month period.

You should also keep an eye on potential future revenue from NextGen TV (ATSC 3.0) services. While not a major reported revenue stream yet, Nexstar Media Group executives have noted the adoption of ATSC 3.0 and interactive TV as areas that could accelerate future revenue growth. This technology shift represents an opportunity for new data monetization and service offerings down the line.

To summarize the key components driving the top line:

• Distribution fees are the largest, most stable component, hitting $2.204 billion for 9M 2025.
• Advertising revenue is cyclical; Q3 2025 saw a steep drop due to the absence of major political spending.
• Non-political advertising revenue in Q3 2025 was described as effectively flat, showing core business resilience.
• Other revenue was $46 million for the first nine months of 2025.

Finance: draft 13-week cash view by Friday.