Nexstar Reports Increase Revenue, Profit

Nexstar Media Group reported higher third-quarter revenue and profits, fueled by its acquisition of TEGNA and record political advertising. Political ads generated $317 million, while TEGNA contributed approximately $765 million in revenue, the company said.

Net income rose to $250 million from $65 million a year earlier, and operating income increased to $532 million from $175 million. Net income attributable to Nexstar reached $255 million, compared with $70 million in the prior-year quarter.

Advertising revenue climbed 114.9% to $1.02 billion, including $405 million from TEGNA. Nexstar said campaign ads displaced some commercial advertising at existing stations. Distribution revenue increased 53.9% to $1.09 billion, including $352 million from TEGNA, supported by higher rates and streaming subscriber gains, partly offset by traditional pay-TV losses and network affiliation changes.

The company also reported 9% growth in NewsNation’s total-day audience. The CW continued expanding its sports lineup, including an agreement to carry National Hot Rod Association races beginning in September 2027. Nexstar renewed network affiliation agreements with Fox in 41 markets and ABC at 13 TEGNA stations.

Nexstar repaid $350 million in debt and paid $58 million in dividends during the quarter. Through September, it had repaid $786 million in debt and distributed $171 million in dividends.