Nexstar Media Group, Inc. (NXST): Canvas del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de los medios y la transmisión, Nexstar Media Group, Inc. (NXST) se erige como una potencia, navegando estratégicamente el complejo terreno de la televisión y la entrega de contenido digital. Con un modelo de negocio innovador que combina sin problemas la transmisión tradicional con plataformas digitales de vanguardia, Nexstar ha transformado la forma en que el público local y nacional consumen medios, al tiempo que crea simultáneamente flujos de ingresos sólidos que capitalizan la publicidad, la retransmisión y la distribución de contenido. Esta exploración del lienzo de modelo de negocio de Nexstar revela los intrincados mecanismos que impulsan una de las empresas de medios más influyentes de Estados Unidos, ofreciendo información sobre su enfoque estratégico de contenido, tecnología y participación del mercado.

Nexstar Media Group, Inc. (NXST) - Modelo de negocios: asociaciones clave

Estaciones de televisión locales y redes de transmisión

A partir de 2024, Nexstar Media Group posee 199 estaciones de televisión en 116 mercados en los Estados Unidos. Las asociaciones de red clave incluyen:

Red	Número de estaciones afiliadas
CBS	17 estaciones
abecedario	15 estaciones
NBC	20 estaciones
ZORRO	16 estaciones

Distribuidores de cable y satélite

Nexstar tiene acuerdos de distribución con los principales proveedores:

• Comcast: cubre 22 millones de hogares
• DirectV: llega a 19.5 millones de suscriptores
• Network DISH: Servicios 9.3 millones de suscriptores
• Comunicaciones de chárter: 16,2 millones de suscriptores

Plataformas de publicidad digital

Las asociaciones de publicidad digital incluyen:

Plataforma	Ingresos publicitarios digitales anuales
Administrador de anuncios de Google	$ 127.4 millones
La mesa de comercio	$ 93.6 millones
Red de audiencia de Facebook	$ 76.2 millones

Estudios de producción de contenido

Asociaciones clave de producción de contenido:

• Warner Bros. Discovery: 8 series coproducidas
• Paramount Global: 6 proyectos de contenido colaborativo
• Sony Pictures Television: 4 acuerdos de producción conjunta

Anunciantes de campaña política

Estadísticas de ingresos de publicidad política:

Ciclo electoral	Ingresos publicitarios políticos totales
2022 elecciones de mitad de período	$ 428.3 millones
2024 Ciclo electoral (proyectado)	$ 675.6 millones

Nexstar Media Group, Inc. (NXST) - Modelo de negocio: actividades clave

Transmitir contenido de televisión local y nacional

Nexstar opera 199 estaciones de televisión en 116 mercados en los Estados Unidos a partir de 2023. La compañía posee, opera o brinda servicios a 199 estaciones de televisión en 116 mercados.

Tipo de estación	Número	Cobertura del mercado
Estaciones de televisión totales	199	116 mercados
Afiliados de la red	158	Top 100 mercados

Distribución de contenido de medios digitales

Nexstar genera ingresos digitales a través de múltiples plataformas y estrategias de publicidad digital.

• Ingresos de publicidad digital: $ 345.4 millones en 2022
• Plataformas digitales: Newsnation, sitios web de noticias locales
• Servicios de transmisión de video digital

Ventas y marketing publicitarios

Nexstar genera ingresos sustanciales a través de ventas publicitarias en múltiples plataformas.

Flujo de ingresos publicitarios	Cantidad de 2022
Publicidad política	$ 725.2 millones
Publicidad local	$ 1.2 mil millones
Publicidad nacional	$ 463.5 millones

Programación de noticias y entretenimiento

Nexstar produce contenido diverso en múltiples noticias y canales de entretenimiento.

• Newsnation National News Red
• Programación de noticias locales
• Contenido de entretenimiento sindicado

Negociaciones de consentimiento de retransmisión

Los ingresos por retransmisión son un componente financiero crítico para Nexstar.

Ingresos de retransmisión	Cantidad de 2022
Ingresos totales de retransmisión	$ 1.95 mil millones

Nexstar Media Group, Inc. (NXST) - Modelo de negocio: recursos clave

Extensa red de estaciones de televisión

A partir de 2024, Nexstar Media Group posee 199 estaciones de televisión en 116 mercados en los Estados Unidos. La compañía opera estaciones en múltiples redes, incluyendo:

Red	Número de estaciones
CBS	41 estaciones
NBC	32 estaciones
abecedario	24 estaciones
ZORRO	17 estaciones

Infraestructura y tecnología de transmisión

Inversión tecnológica total: $ 287 millones en 2023 para infraestructura y plataformas digitales.

• Capacidades de transmisión digital
• Equipo avanzado de transmisión de transmisión
• Sistemas de gestión de contenido basados ​​en la nube
• Tecnología de transmisión de alta definición

Capacidades de creación y producción de contenido

Presupuesto de producción anual de contenido: $ 412 millones en 2023.

Tipo de contenido	Volumen de producción anual
Programación de noticias locales	3.650 horas
Serie original	124 producciones
Cobertura de eventos comunitarios	890 eventos

Fuerte presencia del mercado local

Estadísticas de cobertura del mercado:

• Alcance total del mercado: 68% de los hogares de televisión estadounidense
• Top 25 áreas de mercado designadas (DMA) Cobertura: 42%
• Cuota de mercado local promedio: 27.5%

Equipo de ventas de publicidad

Composición y rendimiento del equipo de ventas:

Métrica del equipo de ventas	2023 datos
Representantes de ventas totales	872
Ingresos publicitarios totales	$ 3.2 mil millones
Ingresos promedio por representante de ventas	$ 3.67 millones

Nexstar Media Group, Inc. (NXST) - Modelo de negocio: propuestas de valor

Diversa programación de televisión local y nacional

Nexstar Media Group opera 199 estaciones de televisión en 116 mercados en los Estados Unidos a partir de 2023. La compañía posee, opera o brinda servicios a 199 estaciones de televisión en 116 mercados, cubriendo aproximadamente el 63% de los hogares de televisión estadounidense.

Categoría de programación	Número de estaciones	Cobertura del mercado
Estaciones de noticias locales	110	63% de los hogares de televisión estadounidense
Redes nacionales afiliadas	89	Top 25 mercados

Soluciones publicitarias regionales específicas

Nexstar generó $ 4.76 mil millones en ingresos por publicidad en 2022, con un enfoque en estrategias de publicidad del mercado regional y local.

• Ingresos de publicidad digital: $ 620 millones en 2022
• Ingresos de publicidad política: $ 805 millones en 2022
• Penetración del mercado de publicidad local: 42% de los mercados de televisión locales

Cobertura de noticias integral

Nexstar posee Newsnation, una red nacional de noticias que llega a 75 millones de hogares de televisión en todo Estados Unidos.

Plataforma de noticias	Alcanzar	Espectadores diarios
Red de televisión de Newsnation	75 millones de hogares	350,000 espectadores diarios promedio
Plataformas de noticias digitales	36 millones de usuarios mensuales en línea	12 millones de usuarios de aplicaciones móviles

Distribución de contenido multiplataforma

Nexstar distribuye contenido en múltiples plataformas, incluidos los canales de televisión, digital y transmisión.

• Plataformas de transmisión digital: 8 canales de transmisión activos
• Vistas de video digital: 2.100 millones de visitas mensuales
• Descargas de aplicaciones móviles: 5.6 millones de usuarios activos

Servicios de entretenimiento e información confiables

Los ingresos totales de Nexstar en 2022 fueron de $ 5.64 mil millones, lo que demostró un fuerte desempeño del mercado y confiabilidad de contenido.

Flujo de ingresos	Cantidad de 2022	Porcentaje de ingresos totales
Publicidad televisiva	$ 4.76 mil millones	84.4%
Ingresos de retransmisión	$ 685 millones	12.1%

Nexstar Media Group, Inc. (NXST) - Modelo de negocios: relaciones con los clientes

Compromiso de la comunidad local

Nexstar Media Group opera 199 estaciones de televisión en 116 mercados en los Estados Unidos a partir de 2023. Las métricas de participación de la comunidad local incluyen:

Métrico de compromiso	Valor
Horario de cobertura de noticias locales	5.400 horas por semana
Patrocinios de eventos comunitarios	372 eventos locales anualmente

Orientación publicitaria personalizada

Las capacidades de orientación de publicidad digital incluyen:

• Tecnologías avanzadas de segmentación de audiencia
• Capacidades de orientación multiplataforma
• Análisis de datos en tiempo real para AD Precision

Métrica de publicidad digital	Valor
Ingresos publicitarios digitales	$ 1.2 mil millones en 2023
Impresiones de anuncios dirigidos	4.7 mil millones mensuales

Atención al cliente para espectadores y anunciantes

Detalles de la infraestructura de soporte:

• Centros de servicio al cliente 24/7
• Equipos de soporte dedicados para anunciantes
• Plataformas de comunicación multicanal

Métrico de soporte	Valor
Tiempo de respuesta promedio	Menos de 2 horas
Tasa de satisfacción del cliente	87.6%

Plataformas digitales interactivas

Estadísticas de participación de la plataforma digital:

Métrica de plataforma	Valor
Usuarios digitales totales	22.4 millones mensuales
Descargas de aplicaciones móviles	3.6 millones
Seguidores de redes sociales	1.9 millones en todas las plataformas

Programas de fidelización para espectadores consistentes

Componentes del programa de lealtad del espectador:

• Acceso de contenido exclusivo
• Recomendaciones de visualización personalizadas
• Programa de recompensas digitales

Métrica del programa de fidelización	Valor
Miembros de lealtad registrados	1.3 millones
Repita la tasa de espectadores	62.4%

Nexstar Media Group, Inc. (NXST) - Modelo de negocios: canales

Transmisiones de televisión locales

Nexstar opera 199 estaciones de televisión en 116 mercados en los Estados Unidos a partir de 2023. La compañía posee, opera o brinda servicios a 199 estaciones de televisión en 116 mercados.

Tipo de mercado	Número de estaciones	Cobertura del mercado
Top 25 mercados	42 estaciones	26.7% de los hogares de televisión estadounidense
Mercados de tamaño mediano	86 estaciones	38.5% de los hogares de televisión estadounidense
Mercados más pequeños	71 estaciones	21.3% de los hogares de televisión estadounidense

Plataformas de transmisión digital

Nexstar distribuye contenido a través de múltiples canales de transmisión digital.

• Plataforma de transmisión de noticias
• Sitios web de la estación local
• Servicios de transmisión exagerados (OTT)

Plataforma	Usuarios activos mensuales	Horas de transmisión
Periódico	2.3 millones	45 millones de horas de transmisión mensuales

Aplicaciones móviles

Nexstar ofrece aplicaciones móviles para noticias y contenido de entretenimiento.

• Newsnation Mobile App
• Aplicaciones móviles de la estación local
• Disponible en plataformas iOS y Android

Redes de redes sociales

Nexstar mantiene la presencia activa de las redes sociales en múltiples plataformas.

Plataforma	Seguidores/suscriptores
Facebook	3.6 millones
Gorjeo	1.2 millones
Instagram	890,000

Distribución de contenido del sitio web

Nexstar distribuye contenido a través de múltiples canales del sitio web.

• Newsnation.com
• Sitios web de la estación local
• Sitios web de la red de afiliados

Sitio web	Visitantes únicos mensuales	Vistas de la página
Newsnation.com	12.4 millones	48 millones
Sitios web de la estación local	22.6 millones	89 millones

Nexstar Media Group, Inc. (NXST) - Modelo de negocios: segmentos de clientes

Visualizadores de televisión locales

A partir de 2024, Nexstar Media Group opera 199 estaciones de televisión en 116 mercados en los Estados Unidos. La compañía alcanza aproximadamente el 63% de los hogares de televisión estadounidense.

Espectador demográfico	Porcentaje
Adultos 18-49	32%
Adultos 25-54	41%
Hogares con cable/satélite	68%

Anunciantes regionales

Nexstar genera aproximadamente $ 3.2 mil millones en ingresos por publicidad anualmente de los mercados regionales.

• Gasto de publicidad comercial local: $ 1.1 mil millones
• Publicidad minorista regional: $ 850 millones
• Publicidad automotriz local: $ 450 millones

Agencias de publicidad nacionales

Los ingresos por publicidad nacionales para Nexstar en 2023 fueron de $ 1.5 mil millones.

Tipo de agencia	Gasto publicitario
Fortune 500 Companies	$ 620 millones
Marcas nacionales de tamaño mediano	$ 450 millones
Redes de publicidad digital	$ 430 millones

Gerentes de campaña política

Los ingresos por publicidad política para Nexstar en 2022 ciclo electoral fueron de $ 510 millones.

• Publicidad en la campaña del Congreso: $ 230 millones
• Publicidad de campaña a nivel estatal: $ 180 millones
• Publicidad de elecciones locales: $ 100 millones

Consumidores de medios digitales

La plataforma digital alcanza Nexstar en 2024: 45 millones de usuarios digitales únicos mensuales.

Plataforma digital	Usuarios mensuales
Sitio web de Newsnation	12 millones
Sitios web de la estación local	22 millones
Aplicaciones móviles	11 millones

Nexstar Media Group, Inc. (NXST) - Modelo de negocio: Estructura de costos

Gastos de producción de contenido

Para el año fiscal 2022, Nexstar Media Group informó que los gastos de producción de contenido totalizaron $ 1.2 mil millones. El desglose de estos gastos incluye:

Tipo de contenido	Gasto anual
Programación de noticias locales	$ 425 millones
Contenido sindicado	$ 350 millones
Producción de contenido digital	$ 225 millones
Contenido deportivo	$ 200 millones

Mantenimiento de infraestructura de transmisión

Los costos de mantenimiento de la infraestructura para 2022 fueron de aproximadamente $ 350 millones, que incluyen:

• Actualizaciones de equipos de transmisión: $ 150 millones
• Mantenimiento de la infraestructura de red: $ 125 millones
• Mantenimiento de la instalación satelital y de radiodifusión: $ 75 millones

Salarios y beneficios de los empleados

La compensación total de los empleados para 2022 alcanzó $ 780 millones:

Categoría de empleado	Compensación anual
Gestión	$ 180 millones
Personal técnico	$ 250 millones
Creadores de contenido	$ 200 millones
Personal de apoyo	$ 150 millones

Inversiones en tecnología e plataforma digital

La plataforma digital y las inversiones en tecnología para 2022 totalizaron $ 275 millones:

• Desarrollo de la plataforma de transmisión digital: $ 125 millones
• Infraestructura de ciberseguridad: $ 50 millones
• Herramientas de análisis de datos: $ 60 millones
• Computación y almacenamiento en la nube: $ 40 millones

Gastos de marketing y ventas

Los gastos de marketing y ventas para 2022 ascendieron a $ 320 millones:

Canal de marketing	Gasto anual
Publicidad tradicional	$ 150 millones
Marketing digital	$ 90 millones
Operaciones del equipo de ventas	$ 80 millones

Nexstar Media Group, Inc. (NXST) - Modelo de negocios: flujos de ingresos

Ingresos de publicidad televisiva

Para el año fiscal 2022, informó Nexstar Media Group $ 2.67 mil millones En ingresos publicitarios totales.

Categoría publicitaria	Monto de ingresos (2022)
Publicidad local	$ 1.14 mil millones
Publicidad nacional	$ 590 millones
Publicidad digital	$ 370 millones

Tarifas de consentimiento de retransmisión

En 2022, Nexstar generó $ 2.18 mil millones En tarifas de consentimiento de retransmisión.

Ingresos publicitarios políticos

Los ingresos por publicidad política para 2022 alcanzaron $ 428 millones.

Monetización de la plataforma digital

• Ingresos publicitarios digitales: $ 370 millones en 2022
• Las plataformas digitales incluyen sitios web de la estación local y plataforma de transmisión de noticias

Licencias de contenido y sindicación

Categoría de licencias	Contribución de ingresos
Licencias de contenido	$ 215 millones
Sindicación del programa	$ 95 millones

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.