NEXSTAR Media Group, Inc. (NXST): Canvas du modèle d'entreprise [Jan-2025 MISE À JOUR]

Dans le paysage dynamique des médias et de la radiodiffusion, Nexstar Media Group, Inc. (NXST) est une puissance, naviguant stratégiquement sur le terrain complexe de la télévision et de la livraison de contenu numérique. Avec un modèle commercial innovant qui mélange de manière transparente la radiodiffusion traditionnelle avec des plateformes numériques de pointe, Nexstar a transformé la façon dont le public local et national consomme des médias, tout en créant simultanément des sources de revenus robustes qui capitalisent sur la publicité, la retransmission et la distribution de contenu. Cette exploration de la toile du modèle commercial de Nexstar révèle les mécanismes complexes qui conduisent l'une des entreprises médiatiques les plus influentes d'Amérique, offrant un aperçu de leur approche stratégique du contenu, de la technologie et de l'engagement du marché.

Nexstar Media Group, Inc. (NXST) - Modèle commercial: partenariats clés

Stations de télévision locales et réseaux de diffusion

En 2024, Nexstar Media Group possède 199 stations de télévision sur 116 marchés aux États-Unis. Les partenariats clés du réseau comprennent:

Réseau	Nombre de stations affiliées
CBS	17 stations
abc	15 stations
NBC	20 stations
RENARD	16 stations

Distributeurs de câbles et de satellites

Nexstar a des accords de distribution avec les principaux fournisseurs:

• Comcast: couvre 22 millions de ménages
• DirectV: atteint 19,5 millions d'abonnés
• Réseau de vaisselle: services 9,3 millions d'abonnés
• Communications à charte: 16,2 millions d'abonnés

Plateformes de publicité numérique

Les partenariats publicitaires numériques comprennent:

Plate-forme	Revenus publicitaires numériques annuels
Google AD Manager	127,4 millions de dollars
Le commerce	93,6 millions de dollars
Réseau d'audience Facebook	76,2 millions de dollars

Studios de production de contenu

Partenariats clés de production de contenu:

• Discovery Warner Bros.
• Paramount Global: 6 projets de contenu collaboratif
• Télévision de Sony Pictures: 4 accords de production conjoints

Annonceurs de campagne politique

Statistiques sur les revenus de la publicité politique:

Cycle électoral	Revenus publicitaires politiques totaux
2022 élections à mi-parcours	428,3 millions de dollars
2024 Cycle électoral (projeté)	675,6 millions de dollars

Nexstar Media Group, Inc. (NXST) - Modèle d'entreprise: Activités clés

Diffuser un contenu télévisé local et national

Nexstar exploite 199 stations de télévision sur 116 marchés aux États-Unis à partir de 2023. La société possède, exploite ou fournit des services à 199 stations de télévision sur 116 marchés.

Type de station	Nombre	Couverture du marché
Stations de télévision totales	199	116 marchés
Affiliés de réseau	158	Top 100 marchés

Distribution du contenu des médias numériques

Nexstar génère des revenus numériques via plusieurs plateformes et stratégies de publicité numérique.

• Revenus publicitaires numériques: 345,4 millions de dollars en 2022
• Plateformes numériques: Newsnation, sites Web de nouvelles locales
• Services de streaming vidéo numérique

Ventes publicitaires et marketing

Nexstar génère des revenus substantiels grâce à des ventes publicitaires sur plusieurs plateformes.

Stronce des revenus publicitaires	2022 Montant
Publicité politique	725,2 millions de dollars
Publicité locale	1,2 milliard de dollars
Publicité nationale	463,5 millions de dollars

Programmation de nouvelles et de divertissements

Nexstar produit un contenu divers sur plusieurs canaux de nouvelles et de divertissement.

• Newsnation National News Network
• Programmation de nouvelles locales
• Contenu de divertissement syndiqué

Négociations de consentement de retransmission

Les revenus de retransmission sont un élément financier essentiel de Nexstar.

Revenus de retransmission	2022 Montant
Revenus totaux de retransmission	1,95 milliard de dollars

Nexstar Media Group, Inc. (NXST) - Modèle commercial: Ressources clés

Réseau étendu de stations de télévision

En 2024, Nexstar Media Group possède 199 stations de télévision sur 116 marchés aux États-Unis. La société exploite des stations sur plusieurs réseaux, notamment:

Réseau	Nombre de stations
CBS	41 stations
NBC	32 stations
abc	24 stations
RENARD	17 stations

Infrastructure et technologie de diffusion

Investissement technologique total: 287 millions de dollars en 2023 pour les infrastructures et les plateformes numériques.

• Capacités de streaming numérique
• Équipement de transmission de diffusion avancée
• Systèmes de gestion de contenu basés sur le cloud
• Technologie de diffusion haute définition

Création de contenu et capacités de production

Budget annuel de production de contenu: 412 millions de dollars en 2023.

Type de contenu	Volume de production annuel
Programmation de nouvelles locales	3 650 heures
Série originale	124 productions
Couverture des événements communautaires	890 événements

Forte présence du marché local

Statistiques de la couverture du marché:

• Reach du marché total: 68% des ménages télévisés américains
• Top 25 des zones de marché désignées (DMA) Couverture: 42%
• Part de marché local moyen: 27,5%

Équipe de vente publicitaire

Composition et performance de l'équipe de vente:

Métrique de l'équipe de vente	2023 données
Représentants des ventes totales	872
Revenus publicitaires totaux	3,2 milliards de dollars
Revenu moyen par représentant des ventes	3,67 millions de dollars

NEXSTAR Media Group, Inc. (NXST) - Modèle d'entreprise: propositions de valeur

Programmation télévisée locale et nationale diversifiée

Nexstar Media Group exploite 199 stations de télévision sur 116 marchés aux États-Unis à partir de 2023. La société possède, exploite ou fournit des services à 199 stations de télévision sur 116 marchés, couvrant environ 63% des ménages de télévision américains.

Catégorie de programmation	Nombre de stations	Couverture du marché
Stations de nouvelles locales	110	63% des ménages télévisés américains
Réseaux nationaux affiliés	89	Top 25 marchés

Solutions publicitaires régionales ciblées

Nexstar a généré 4,76 milliards de dollars de revenus publicitaires en 2022, en mettant l'accent sur les stratégies publicitaires régionales et locales.

• Revenus publicitaires numériques: 620 millions de dollars en 2022
• Revenus publicitaires politiques: 805 millions de dollars en 2022
• Pénétration du marché de la publicité locale: 42% des marchés télévisés locaux

Couverture d'information complète

Nexstar possède Newsnation, un réseau de nouvelles national atteignant 75 millions de ménages télévisés à travers les États-Unis.

Plateforme d'information	Atteindre	Téléspectateurs quotidiens
Réseau de télévision Newsnation	75 millions de ménages	350 000 téléspectateurs quotidiens moyens
Plateformes d'information numérique	36 millions d'utilisateurs en ligne mensuels	12 millions d'utilisateurs d'applications mobiles

Distribution de contenu multiplateforme

Nexstar distribue du contenu sur plusieurs plateformes, y compris les chaînes de télévision, numérique et de streaming.

• Plateformes de streaming numérique: 8 canaux de streaming actifs
• Vues vidéo numériques: 2,1 milliards de vues mensuelles
• Téléchargements d'applications mobiles: 5,6 millions d'utilisateurs actifs

Services de divertissement et d'information fiables

Le chiffre d'affaires total de Nexstar en 2022 était de 5,64 milliards de dollars, démontrant des performances solides du marché et une fiabilité du contenu.

Flux de revenus	2022 Montant	Pourcentage du total des revenus
Publicité télévisée	4,76 milliards de dollars	84.4%
Revenus de retransmission	685 millions de dollars	12.1%

NEXSTAR Media Group, Inc. (NXST) - Modèle d'entreprise: Relations clients

Engagement communautaire local

Nexstar Media Group exploite 199 stations de télévision sur 116 marchés aux États-Unis à partir de 2023. Les métriques d'engagement communautaire locales incluent:

Métrique de l'engagement	Valeur
Heures de couverture des nouvelles locales	5 400 heures par semaine
Commanditaires des événements communautaires	372 événements locaux par an

Ciblage de publicité personnalisée

Les capacités de ciblage de la publicité numérique comprennent:

• Technologies avancées de segmentation du public
• Capacités de ciblage multiplateforme
• Analyse de données en temps réel pour la précision publicitaire

Métrique publicitaire numérique	Valeur
Revenus publicitaires numériques	1,2 milliard de dollars en 2023
Impressions d'annonces ciblées	4,7 milliards par mois

Support client pour les téléspectateurs et les annonceurs

Détails de l'infrastructure de support:

• Centres de service client 24/7
• Équipes de support dédiées aux annonceurs
• Plateformes de communication multicanal

Métrique de soutien	Valeur
Temps de réponse moyen	Moins de 2 heures
Taux de satisfaction client	87.6%

Plates-formes numériques interactives

Statistiques d'engagement de la plate-forme numérique:

Métrique de la plate-forme	Valeur
Total des utilisateurs numériques	22,4 millions par mois
Téléchargements d'applications mobiles	3,6 millions
Abonnés des médias sociaux	1,9 million sur toutes les plateformes

Programmes de fidélité pour les téléspectateurs cohérents

Composants du programme de fidélité du spectateur:

• Accès exclusif du contenu
• Recommandations de visualisation personnalisées
• Programme de récompenses numériques

Métrique du programme de fidélité	Valeur
Membres de fidélité enregistrés	1,3 million
Répéter le taux de la visionneuse	62.4%

Nexstar Media Group, Inc. (NXST) - Modèle d'entreprise: canaux

Émissions de télévision locales

Nexstar exploite 199 stations de télévision sur 116 marchés aux États-Unis à partir de 2023. La société possède, exploite ou fournit des services à 199 stations de télévision sur 116 marchés.

Type de marché	Nombre de stations	Couverture du marché
Top 25 marchés	42 stations	26,7% des ménages télévisés américains
Marchés de taille moyenne	86 stations	38,5% des ménages télévisés américains
Marchés plus petits	71 stations	21,3% des ménages télévisés américains

Plateformes de streaming numérique

Nexstar distribue du contenu via plusieurs canaux de streaming numériques.

• Plateforme de streaming de journaux
• Sites Web de la station locale
• Services de streaming exagérés (OTT)

Plate-forme	Utilisateurs actifs mensuels	Heures de streaming
Journal	2,3 millions	45 millions d'heures de streaming mensuelles

Applications mobiles

Nexstar propose des applications mobiles pour les nouvelles et le contenu de divertissement.

• Application mobile Newsnation
• Applications mobiles de la station locale
• Disponible sur les plateformes iOS et Android

Réseaux de médias sociaux

Nexstar maintient une présence active sur les réseaux sociaux sur plusieurs plateformes.

Plate-forme	Adeptes / abonnés
Facebook	3,6 millions
Gazouillement	1,2 million
Instagram	890,000

Distribution de contenu du site Web

Nexstar distribue du contenu via plusieurs canaux de site Web.

• Newsnation.com
• Sites Web de la station locale
• Sites Web de réseau d'affiliation

Site web	Visiteurs uniques mensuels	Pages vues
Newsnation.com	12,4 millions	48 millions
Sites Web de la station locale	22,6 millions	89 millions

Nexstar Media Group, Inc. (NXST) - Modèle d'entreprise: segments de clientèle

Téléspectateurs locaux

En 2024, Nexstar Media Group exploite 199 stations de télévision sur 116 marchés aux États-Unis. L'entreprise atteint environ 63% des ménages de télévision américains.

Spectateur démographique	Pourcentage
Adultes 18-49	32%
Adultes 25-54	41%
Ménages avec câble / satellite	68%

Annonceurs régionaux

Nexstar génère chaque année environ 3,2 milliards de dollars de revenus publicitaires à partir des marchés régionaux.

• Dépenses publicitaires commerciales locales: 1,1 milliard de dollars
• Publicité au détail régional: 850 millions de dollars
• Publicité automobile locale: 450 millions de dollars

Agences de publicité nationale

Les revenus publicitaires nationaux de Nexstar en 2023 étaient de 1,5 milliard de dollars.

Type d'agence	Dépenses publicitaires
Fortune 500 Companies	620 millions de dollars
Marques nationales de taille moyenne	450 millions de dollars
Réseaux de publicité numérique	430 millions de dollars

Chefs de campagne politique

Les revenus de publicité politique pour Nexstar en 2022 cycle électoral étaient de 510 millions de dollars.

• Publicité de la campagne du Congrès: 230 millions de dollars
• Publicité de la campagne au niveau de l'État: 180 millions de dollars
• Publicité électorale locale: 100 millions de dollars

Consommateurs de médias numériques

La plate-forme numérique atteint Nexstar en 2024: 45 millions d'utilisateurs numériques uniques mensuels.

Plate-forme numérique	Utilisateurs mensuels
Site Web de journal	12 millions
Sites Web de la station locale	22 millions
Applications mobiles	11 millions

Nexstar Media Group, Inc. (NXST) - Modèle d'entreprise: Structure des coûts

Dépenses de production de contenu

Pour l'exercice 2022, Nexstar Media Group a déclaré des frais de production de contenu totalisant 1,2 milliard de dollars. La répartition de ces dépenses comprend:

Type de contenu	Dépenses annuelles
Programmation de nouvelles locales	425 millions de dollars
Contenu syndiqué	350 millions de dollars
Production de contenu numérique	225 millions de dollars
Contenu sportif	200 millions de dollars

Maintenance d'infrastructure de diffusion

Les coûts de maintenance des infrastructures pour 2022 étaient d'environ 350 millions de dollars, notamment:

• Mises à niveau des équipements de transmission: 150 millions de dollars
• Maintenance des infrastructures réseau: 125 millions de dollars
• Entretien des installations de satellite et de radiodiffusion: 75 millions de dollars

Salaires et avantages sociaux des employés

La rémunération totale des employés pour 2022 a atteint 780 millions de dollars:

Catégorie des employés	Compensation annuelle
Gestion	180 millions de dollars
Personnel technique	250 millions de dollars
Créateurs de contenu	200 millions de dollars
Personnel de soutien	150 millions de dollars

Investissements technologiques et plate-forme numérique

Les investissements numériques de la plate-forme et de la technologie pour 2022 ont totalisé 275 millions de dollars:

• Développement de la plate-forme de streaming numérique: 125 millions de dollars
• Infrastructure de cybersécurité: 50 millions de dollars
• Outils d'analyse des données: 60 millions de dollars
• Cloud Computing et stockage: 40 millions de dollars

Dépenses de marketing et de vente

Les frais de marketing et de vente pour 2022 s'élevaient à 320 millions de dollars:

Canal de marketing	Dépenses annuelles
Publicité traditionnelle	150 millions de dollars
Marketing numérique	90 millions de dollars
Opérations de l'équipe de vente	80 millions de dollars

Nexstar Media Group, Inc. (NXST) - Modèle d'entreprise: Strots de revenus

Revenus publicitaires télévisés

Pour l'exercice 2022, le Nexstar Media Group a rapporté 2,67 milliards de dollars dans le total des revenus publicitaires.

Catégorie publicitaire	Montant des revenus (2022)
Publicité locale	1,14 milliard de dollars
Publicité nationale	590 millions de dollars
Publicité numérique	370 millions de dollars

Frais de consentement de retransmission

En 2022, Nexstar a généré 2,18 milliards de dollars Frais de consentement de retransmission.

Revenu de publicité politique

Les revenus de publicité politique pour 2022 sont atteints 428 millions de dollars.

Monétisation de la plate-forme numérique

• Revenus publicitaires numériques: 370 millions de dollars en 2022
• Les plates-formes numériques incluent des sites Web de station locale et une plateforme de streaming de journaux

Licence et syndication de contenu

Catégorie de licence	Contribution des revenus
Licence de contenu	215 millions de dollars
Syndication du programme	95 millions de dollars

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.