Nexstar Media Group, Inc. (NXST): Modelo de negócios Canvas [Jan-2025 Atualizado]

No cenário dinâmico da mídia e da transmissão, o Nexstar Media Group, Inc. (NXST) permanece como uma potência, navegando estrategicamente no complexo terreno da televisão e entrega de conteúdo digital. Com um modelo de negócios inovador que combina perfeitamente a transmissão tradicional com plataformas digitais de ponta, a Nexstar transformou como o público local e nacional consome mídia, ao mesmo tempo em que cria fluxos de receita robustos que capitalizam publicidade, retransmissão e distribuição de conteúdo. Essa exploração do modelo de negócios da Nexstar Canvas revela os intrincados mecanismos que impulsionam uma das empresas de mídia mais influentes da América, oferecendo informações sobre sua abordagem estratégica ao conteúdo, tecnologia e envolvimento do mercado.

Nexstar Media Group, Inc. (NXST) - Modelo de negócios: Parcerias -chave

Estações de televisão locais e redes de transmissão

A partir de 2024, o Nexstar Media Group possui 199 estações de televisão em 116 mercados nos Estados Unidos. As principais parcerias de rede incluem:

Rede	Número de estações afiliadas
Cbs	17 estações
abc	15 estações
NBC	20 estações
RAPOSA	16 estações

Distribuidores de cabo e satélite

O Nexstar possui acordos de distribuição com os principais fornecedores:

• Comcast: cobre 22 milhões de famílias
• Directv: atinge 19,5 milhões de assinantes
• Rede de pratos: Serviços 9,3 milhões de assinantes
• Comunicação Charter: 16,2 milhões de assinantes

Plataformas de publicidade digital

As parcerias de publicidade digital incluem:

Plataforma	Receita anual de anúncios digitais
Google Ad Manager	US $ 127,4 milhões
A mesa de comércio	US $ 93,6 milhões
Rede de público do Facebook	US $ 76,2 milhões

Studios de produção de conteúdo

Principais parcerias de produção de conteúdo:

• Warner Bros. Discovery: 8 séries co-produzidas
• Paramount Global: 6 Projetos de Conteúdo Colaborativo
• Sony Pictures Televisão: 4 Acordos de Produção Conjunta

Anunciantes da campanha política

Estatísticas de receita de publicidade política:

Ciclo eleitoral	Receita total de anúncios políticos
2022 Eleições de médio prazo	US $ 428,3 milhões
2024 Ciclo eleitoral (projetado)	US $ 675,6 milhões

Nexstar Media Group, Inc. (NXST) - Modelo de negócios: Atividades -chave

Transmitindo conteúdo local e nacional de televisão

A Nexstar opera 199 estações de televisão em 116 mercados nos Estados Unidos a partir de 2023. A empresa possui, opera ou presta serviços para 199 estações de televisão em 116 mercados.

Tipo de estação	Número	Cobertura de mercado
Total de estações de televisão	199	116 mercados
Afiliados de rede	158	Os 100 principais mercados

Distribuição de conteúdo de mídia digital

O Nexstar gera receita digital por meio de várias plataformas e estratégias de publicidade digital.

• Receita de publicidade digital: US $ 345,4 milhões em 2022
• Plataformas digitais: NewsNation, sites de notícias locais
• Serviços de streaming de vídeo digital

Vendas de publicidade e marketing

O Nexstar gera receita substancial por meio de vendas de publicidade em várias plataformas.

Fluxo de receita de publicidade	2022 quantidade
Publicidade política	US $ 725,2 milhões
Publicidade local	US $ 1,2 bilhão
Publicidade nacional	US $ 463,5 milhões

Notícias e programação de entretenimento

O Nexstar produz um conteúdo diversificado em vários canais de notícias e entretenimento.

• Newsnation National News Network
• Programação de notícias local
• Conteúdo de entretenimento sindicalizado

Negociações de consentimento de retransmissão

A receita de retransmissão é um componente financeiro crítico para o Nexstar.

Receita de retransmissão	2022 quantidade
Receita total de retransmissão	US $ 1,95 bilhão

Nexstar Media Group, Inc. (NXST) - Modelo de negócios: Recursos -chave

Extensa rede de estações de televisão

A partir de 2024, o Nexstar Media Group possui 199 estações de televisão em 116 mercados nos Estados Unidos. A empresa opera estações em várias redes, incluindo:

Rede	Número de estações
Cbs	41 estações
NBC	32 estações
abc	24 estações
RAPOSA	17 estações

Infraestrutura e tecnologia de transmissão

Investimento total em tecnologia: US $ 287 milhões em 2023 para infraestrutura e plataformas digitais.

• Recursos de streaming digital
• Equipamento avançado de transmissão de transmissão
• Sistemas de gerenciamento de conteúdo baseados em nuvem
• Tecnologia de transmissão de alta definição

Criação de conteúdo e capacidades de produção

Orçamento anual de produção de conteúdo: US $ 412 milhões em 2023.

Tipo de conteúdo	Volume anual de produção
Programação de notícias local	3.650 horas
Série original	124 produções
Cobertura de eventos da comunidade	890 eventos

Forte presença do mercado local

Estatísticas de cobertura do mercado:

• Alcance total do mercado: 68% das famílias de televisão dos EUA
• As 25 principais áreas de mercado designadas (DMAS) Cobertura: 42%
• Participação de mercado local médio: 27,5%

Equipe de vendas de publicidade

Composição e desempenho da equipe de vendas:

Métrica da equipe de vendas	2023 dados
Total de representantes de vendas	872
Receita total de publicidade	US $ 3,2 bilhões
Receita média por representante de vendas	US $ 3,67 milhões

Nexstar Media Group, Inc. (NXST) - Modelo de negócios: proposições de valor

Programação de televisão local e nacional diversificada

O Nexstar Media Group opera 199 estações de televisão em 116 mercados nos Estados Unidos a partir de 2023. A empresa possui, opera ou presta serviços para 199 estações de televisão em 116 mercados, cobrindo aproximadamente 63% das famílias de televisão dos EUA.

Categoria de programação	Número de estações	Cobertura de mercado
Estações de notícias locais	110	63% das famílias de TV nos EUA
Redes nacionais afiliadas	89	Os 25 principais mercados

Soluções de publicidade regional direcionadas

A Nexstar gerou US $ 4,76 bilhões em receita de publicidade em 2022, com foco nas estratégias de publicidade do mercado regional e local.

• Receita de publicidade digital: US $ 620 milhões em 2022
• Receita de publicidade política: US $ 805 milhões em 2022
• Penetração do mercado de publicidade local: 42% dos mercados de TV locais

Cobertura de notícias abrangente

A Nexstar é dona do NewsNation, uma rede de notícias nacional que atinge 75 milhões de famílias de televisão nos Estados Unidos.

Plataforma de notícias	Alcançar	Espectadores diários
NEWSNATION TV Network	75 milhões de famílias	350.000 espectadores diários médios
Plataformas de notícias digitais	36 milhões de usuários online mensais	12 milhões de usuários de aplicativos móveis

Distribuição de conteúdo de várias plataformas

O NexStar distribui o conteúdo em várias plataformas, incluindo canais de televisão, digital e streaming.

• Plataformas de streaming digital: 8 canais de streaming ativo
• Visualizações de vídeo digital: 2,1 bilhões de visualizações mensais
• Downloads de aplicativos móveis: 5,6 milhões de usuários ativos

Serviços confiáveis ​​de entretenimento e informação

A receita total da Nexstar em 2022 foi de US $ 5,64 bilhões, demonstrando forte desempenho no mercado e confiabilidade do conteúdo.

Fluxo de receita	2022 quantidade	Porcentagem da receita total
Publicidade na televisão	US $ 4,76 bilhões	84.4%
Receita de retransmissão	US $ 685 milhões	12.1%

Nexstar Media Group, Inc. (NXST) - Modelo de negócios: Relacionamentos do cliente

Engajamento da comunidade local

O Nexstar Media Group opera 199 estações de televisão em 116 mercados nos Estados Unidos a partir de 2023. As métricas de envolvimento da comunidade local incluem:

Métrica de engajamento	Valor
Horário de cobertura local de notícias	5.400 horas por semana
Patrocínio de eventos da comunidade	372 eventos locais anualmente

Segmentação de publicidade personalizada

Os recursos de segmentação de publicidade digital incluem:

• Tecnologias avançadas de segmentação de público -alvo
• Recursos de direcionamento de plataforma cruzada
• Análise de dados em tempo real para precisão do anúncio

Métrica de publicidade digital	Valor
Receita de anúncios digitais	US $ 1,2 bilhão em 2023
Impressões de anúncios direcionadas	4,7 bilhões de mensais

Suporte ao cliente para espectadores e anunciantes

Detalhes da infraestrutura de suporte:

• Centros de atendimento ao cliente 24/7
• Equipes de suporte dedicadas para anunciantes
• Plataformas de comunicação multicanais

Métrica de suporte	Valor
Tempo médio de resposta	Menos de 2 horas
Taxa de satisfação do cliente	87.6%

Plataformas digitais interativas

Estatísticas de engajamento da plataforma digital:

Métrica da plataforma	Valor
Total de usuários digitais	22,4 milhões mensais
Downloads de aplicativos móveis	3,6 milhões
Seguidores de mídia social	1,9 milhão de plataformas

Programas de fidelidade para espectadores consistentes

Componentes do programa de fidelidade do espectador:

• Acesso de conteúdo exclusivo
• Recomendações de visualização personalizadas
• Programa de recompensas digitais

Métrica do Programa de Fidelidade	Valor
Membros de fidelidade registrados	1,3 milhão
Repita a taxa de visualizador	62.4%

Nexstar Media Group, Inc. (NXST) - Modelo de negócios: canais

Transmissões de televisão locais

A Nexstar opera 199 estações de televisão em 116 mercados nos Estados Unidos a partir de 2023. A empresa possui, opera ou presta serviços para 199 estações de televisão em 116 mercados.

Tipo de mercado	Número de estações	Cobertura de mercado
Os 25 principais mercados	42 estações	26,7% das famílias de televisão dos EUA
Mercados de tamanho médio	86 estações	38,5% das famílias de televisão dos EUA
Mercados menores	71 estações	21,3% das famílias de televisão dos EUA

Plataformas de streaming digital

O NexStar distribui o conteúdo por meio de vários canais de streaming digital.

• Plataforma de streaming de notícias
• Sites da estação local
• Serviços de streaming exagerados (OTT)

Plataforma	Usuários ativos mensais	Horário de transmissão
Newsnation	2,3 milhões	45 milhões de horas de transmissão mensal

Aplicativos móveis

O Nexstar oferece aplicativos móveis para notícias e conteúdo de entretenimento.

• NewsNation Mobile App
• Aplicativos móveis da estação local
• Disponível em plataformas iOS e Android

Redes de mídia social

O Nexstar mantém a presença ativa das mídias sociais em várias plataformas.

Plataforma	Seguidores/assinantes
Facebook	3,6 milhões
Twitter	1,2 milhão
Instagram	890,000

Distribuição do conteúdo do site

O Nexstar distribui o conteúdo por meio de vários canais de sites.

• Newsnation.com
• Sites da estação local
• Sites de rede de afiliados

Site	Visitantes únicos mensais	Visualizações de página
Newsnation.com	12,4 milhões	48 milhões
Sites da estação local	22,6 milhões	89 milhões

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

Espectadores de televisão locais

A partir de 2024, o Nexstar Media Group opera 199 estações de televisão em 116 mercados nos Estados Unidos. A empresa atinge aproximadamente 63% das famílias de televisão dos EUA.

Visualizador demográfico	Percentagem
Adultos 18-49	32%
Adultos 25-54	41%
Famílias com cabo/satélite	68%

Anunciantes regionais

A Nexstar gera aproximadamente US $ 3,2 bilhões em receita de publicidade anualmente a partir de mercados regionais.

• Gastes de publicidade comercial local: US $ 1,1 bilhão
• Publicidade regional de varejo: US $ 850 milhões
• Publicidade automotiva local: US $ 450 milhões

Agências de publicidade nacionais

A receita nacional de publicidade para o Nexstar em 2023 foi de US $ 1,5 bilhão.

Tipo de agência	Gastos com publicidade
Fortune 500 empresas	US $ 620 milhões
Marcas nacionais de tamanho médio	US $ 450 milhões
Redes de publicidade digital	US $ 430 milhões

Gerentes de campanha política

A receita de publicidade política para o Nexstar no ciclo eleitoral de 2022 foi de US $ 510 milhões.

• Publicidade da campanha do Congresso: US $ 230 milhões
• Publicidade de campanha em nível estadual: US $ 180 milhões
• Publicidade da eleição local: US $ 100 milhões

Consumidores de mídia digital

A plataforma digital alcance para o Nexstar em 2024: 45 milhões de usuários digitais exclusivos mensais.

Plataforma digital	Usuários mensais
Site de notícias	12 milhões
Sites da estação local	22 milhões
Aplicativos móveis	11 milhões

Nexstar Media Group, Inc. (NXST) - Modelo de negócios: estrutura de custos

Despesas de produção de conteúdo

Para o ano fiscal de 2022, o Nexstar Media Group relatou despesas de produção de conteúdo totalizando US $ 1,2 bilhão. A quebra dessas despesas inclui:

Tipo de conteúdo	Despesa anual
Programação de notícias local	US $ 425 milhões
Conteúdo sindicado	US $ 350 milhões
Produção de conteúdo digital	US $ 225 milhões
Conteúdo esportivo	US $ 200 milhões

Manutenção de infraestrutura de transmissão

Os custos de manutenção de infraestrutura para 2022 foram de aproximadamente US $ 350 milhões, incluindo:

• Atualizações de equipamentos de transmissão: US $ 150 milhões
• Manutenção de infraestrutura de rede: US $ 125 milhões
• Manutenção de instalações de satélite e transmissão: US $ 75 milhões

Salários e benefícios dos funcionários

A compensação total dos funcionários em 2022 atingiu US $ 780 milhões:

Categoria de funcionários	Remuneração anual
Gerenciamento	US $ 180 milhões
Equipe técnica	US $ 250 milhões
Criadores de conteúdo	US $ 200 milhões
Equipe de apoio	US $ 150 milhões

Investimentos de tecnologia e plataforma digital

A plataforma digital e os investimentos em tecnologia para 2022 totalizaram US $ 275 milhões:

• Desenvolvimento da plataforma de streaming digital: US $ 125 milhões
• Infraestrutura de segurança cibernética: US $ 50 milhões
• Ferramentas de análise de dados: US $ 60 milhões
• Computação em nuvem e armazenamento: US $ 40 milhões

Despesas de marketing e vendas

As despesas de marketing e vendas de 2022 totalizaram US $ 320 milhões:

Canal de marketing	Despesa anual
Publicidade tradicional	US $ 150 milhões
Marketing digital	US $ 90 milhões
Operações da equipe de vendas	US $ 80 milhões

Nexstar Media Group, Inc. (NXST) - Modelo de negócios: fluxos de receita

Receita de publicidade na televisão

Para o ano fiscal de 2022, o Nexstar Media Group relatou US $ 2,67 bilhões na receita total da publicidade.

Categoria de publicidade	Valor da receita (2022)
Publicidade local	US $ 1,14 bilhão
Publicidade nacional	US $ 590 milhões
Publicidade digital	US $ 370 milhões

Taxas de consentimento de retransmissão

Em 2022, o Nexstar gerou US $ 2,18 bilhões em taxas de consentimento de retransmissão.

Renda de publicidade política

Receita de publicidade política para 2022 alcançada US $ 428 milhões.

Monetização da plataforma digital

• Receita de publicidade digital: US $ 370 milhões em 2022
• As plataformas digitais incluem sites de estação local e plataforma de streaming de notícias

Licenciamento de conteúdo e sindicação

Categoria de licenciamento	Contribuição da receita
Licenciamento de conteúdo	US $ 215 milhões
Sindicação do programa	US $ 95 milhões

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.