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Nexstar Media Group

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Not to be confused withNEXTAR.
"Nexstar" redirects here. For the telescope brand, seeCelestron.For similarly spelled subjects, seeNext Star (disambiguation).

Nexstar Media Group, Inc.
FormerlyNexstar Broadcasting Group, Inc. (1996–2017)
Company typePublic
IndustryMedia(television stations)
Predecessors
FoundedJune 17, 1996;28 years ago(1996-06-17)
FounderPerry A. Sook
Headquarters
Area served
United States (nationwide)
Key people
ServicesBroadcasting
RevenueIncreaseUS$4.5 billion (2020)
IncreaseUS$1.375 billion (2020)
IncreaseUS$808.06 million (2020)
Total assetsIncreaseUS$2.97 billion (2016)
Total equityIncreaseUS$284.35 million (2016)
Owner
  • John Muse (largest insider shareholder)
  • Public (controlling)
Number of employees
11,086 (2020)
Divisions
  • Nexstar Broadcasting
  • Nexstar Digital
Websitenexstar.tv
Footnotes / references
[1]

Nexstar Media Group, Inc.is an American publicly traded media company with headquarters inIrving, Texas,Midtown Manhattan,andChicago.The company is the largesttelevision stationowner in the United States, owning 197 television stations across the U.S., most of which are affiliated with the four "major" U.S.television networksandMyNetworkTVin markets as large asNew York Cityand as small asSan Angelo, Texas.It also operates all of the stations owned by affiliated companies, such asMission BroadcastingandVaughan Media,underlocal marketing agreementsto satisfy existing regulations set in place by theFederal Communications Commission.[2][3][4][5]In addition, Nexstar owns one radio station,WGNinChicago,and operates major TV networkthe CWthrough a 75-percent majority stake where all CW affiliates are directlyowned-and-operated stations(O&O),[6][7]two terrestrial television networks airing classic shows,Antenna TVandRewind TV,oneFASTstreaming channel airing sports programming,SportsGrid,and has full or partial ownership stakes in threepay televisionnetworks (cable news and entertainment networkNewsNationand food and cooking networksFood NetworkandCooking Channel,the latter two through a 31-percent stake in Television Food NetworkG.P.).

History

[edit]

1996–2010: Formation

[edit]
Nexstar Broadcasting Group logo (June 17, 1996–2006)
Nexstar Broadcasting Group logo (2006–January 17, 2017)

Nexstar Media Group was formed asNexstar Broadcasting Groupon June 17, 1996, initially backed by ABRY Partners.[8]The first television station bought by Nexstar wasWYOUinScranton, Pennsylvania.Nexstar bought WYOU fromDiversified Communications.[9]The sale was completed on September 28 of that year.[10]Nexstar promptly fired two beloved anchors and laid off several long-term staff members.[9][11]Nexstar founderPerry Sooksaid that WYOU would be Nexstar's flagship station, keeping an office off the newsroom for years.[citation needed]In 1998, Nexstar purchasedWBRE-TVinWilkes-Barre,Pennsylvania.Because this was in the same market as WYOU, WYOU was 'sold' to Mission Broadcasting. This began the first-ever 'shared-services' agreement between stations. WYOU's sales staff was kept in Scranton, while the production and news operations were moved to WBRE's offices in Wilkes-Barre. WYOU staff who were not laid off were fired by Nexstar, hired by Mission, and eventually rehired by Nexstar. Mission Broadcasting then paid Nexstar to operate and control the production and news-gathering operations while Mission kept the sales and management team.[citation needed]

In 1997, Nexstar acquiredWJET-TVinErie, Pennsylvania,from Jet Broadcasting, for which it paid $18.5 million.[12]

On January 12, 1998, Nexstar acquired three stations owned by the U.S. Broadcast Group, includingKFDX-TV,KBTV-TV,andKSNF,for $64.3 million.[13]In 1999, Nexstar bought outWROC-TVinRochester, New York,fromSmith Broadcasting.[14]

In 2003, Nexstar acquired Quorum Broadcasting, owner of ten television stations.[15][16][17]Also that year, it purchasedKARK-TVandWDHN-TVfromMorris Multimedia.[18]In 2006, Nexstar bought outWTAJ-TVand the licensee rights ofWLYH-TVfrom SJL Broadcasting for $56 million.[19]

On March 20, 2009, Nexstar operated television stations that were owned byFour Points Media Groupthrough anoutsourcingagreement. However, on September 8, 2011,Sinclair Broadcast Groupannounced its intent to purchase the Four Points stations outright and took over the MSA for the stations that October uponFederal Trade Commission(FTC) approval of the deal. TheFederal Communications Commission(FCC) gave final approval of the group deal on December 21, and the Sinclair purchase of the Four Points stations was completed on January 1, 2012.[20]

[edit]

In 2011, Nexstar andFoxentered into a dispute over terms ofreverse compensation;this occurred as Fox began to aggressively seek shares of earnings from retransmission consent agreements with cable andsatellite operatorsas part of affiliation agreement renewals between station groups with affiliates whose affiliation contracts had already expired (and carrying the network's programming without a contractual agreement) or were near expiration. Reportedly, the amount from retransmission consent fees from cable and satellite operators that Fox wanted its affiliates to pay the network would be 25 cents per subscriber during the first year of the affiliation agreement, increasing to 50 cents by the fourth year.[21]President of affiliate sales and marketing for Fox, Mike Hopkins, had said earlier in the year that the network would consider moving its affiliation to another market station as a last resort if existing affiliates did not agree to the terms for reverse compensation retrans sharing.[22]

Fox dropped its affiliation from Nexstar-owned/managed stations in four markets, with three of the replacement stations adding Fox in addition to existing affiliations with theMyNetworkTVprogramming service (owned by Fox parent companyNews Corporation). In Indiana, two markets saw Fox go from a primary affiliation of one station to joining an existing MyNetworkTV-affiliated digital subchannel of a competing Big Three station, with MyNetworkTV going to a secondary affiliation: inEvansville,Fox moved fromWTVW(which then became anindependent stationand later joinedthe CW) to a MyNetworkTV-affiliated subchannel ofCBSaffiliateWEVV-TVon July 1, while inFort Wayne,the Fox affiliation moved fromWFFT-TVto a MyNetworkTV-affiliated subchannel ofNBCaffiliateWISE-TVon August 1.[23]The network also moved its affiliation inSpringfield, MissourifromKSFX-TV(operated in a duopoly with area CBS affiliateKOLR) to upstart MyNetworkTV affiliateKRBKon September 1, 2011, with both stations becomingindependents.[23]Nexstar chose to drop Fox fromWFXWinTerre Haute, Indianaand re-affiliate withABCon September 1, 2011 (becoming the only Nexstar station thus far to affiliate with another network following the removal of the Fox affiliation) as part of a long-term renewal agreement between Nexstar and ABC for the group's nine existing ABC stations, reversing a 1995 switch that saw Terre Haute losing over-the-air carriage of ABC programs (since then, ABC has been seen in the market via Indianapolis affiliateWRTVon area cable and satellite providers);[24][25]the Fox affiliation then moved to a digital subchannel of CBS affiliateWTHI-TVwhich also added MyNetworkTV as a secondary affiliation. Nexstar's remaining Fox affiliates have since signed a renewal agreement through December 2013;[26]In addition, following the settlement of Nexstar's antitrust lawsuit against WISE-TV's then-ownerGranite Broadcasting,WFFT-TV reclaimed the Fox affiliation on March 1, 2013.[27][28]Nexstar would purchase KRBK in late 2018, restoring its ownership of the Fox affiliation in the Springfield, Missouri market.

2012–2019: Expansion by acquisitions

[edit]

In July 2012, Nexstar agreed to purchase eleven stations and Inergize Digital Media fromNewport Television,with two stations going to affiliate Mission Broadcasting.[29]On August 12, 2012, Nexstar soldKBTV-TVtoDeerfield Media,which entered into a JSA and SSA withSinclair Broadcast Groupto become aduopolywithKFDM-TV.[30]

On April 24, 2013, Nexstar announced that it would acquire the entire group ofCommunications Corporation of America,KMSS-TV,KPEJ-TV,and most of the ComCorp-managed stations that are owned by White Knight Broadcasting would be sold to Mission Broadcasting whileWEVV-TVand White Knight Broadcasting'sKSHV-TVwould be sold to a female-controlled company called Rocky Creek Communications, with Nexstar assuming operational control of those stations.[31]

On September 16, 2013, Nexstar announced that it would acquireWOI-DT,KCAU-TV,andWHBF-TVfromCitadel Communicationsfor $88 million. Nexstar immediately took over the stations' operations through atime brokerage agreement.[32]The deal followed Phil Lombardo's decision to "slow down," as well as a desire by Lynch Entertainment to divest its investments in WOI and WHBF; Citadel would continue to ownKLKN,WLNE-TV,and its Sarasota properties.[33]On March 5, 2014, theFederal Communications Commissionapproved the sale of these stations to Nexstar outright and the deal was completed on March 13. KCAU continued to use Citadel's standardized news sets, graphics and logos.[citation needed]

On November 6, 2013, Nexstar announced that it would purchase theGrant Broadcastingstations for $87.5 million. Due toFederal Communications Commissionownership regulations, one of the stations,KLJB,was spun off toMarshall Broadcasting Group,but is operated by Nexstar through ashared services agreement.[34]The sale was completed on December 1, 2014.[35]In 2015, Nexstar sold off the licensee assets ofWLYH-TV,the CW affiliate toHoward Stirk Holdings.[36]

On March 13, 2014, Nexstar announced that it would purchase Internet Broadcasting, for $20 million. The company had also recently acquired competitor Inergize Digital through its purchase of assets from Newport Television, followed by Enterprise Technology Group, a spun-off joint venture betweenLIN MediaandFox Television Stations.The providers were merged to form Lakana, led by former ETG CEO Phillip Hyun.[37][38][39][40]On October 23, 2014, Nexstar bought outKASWinPhoenixfromSagamoreHill BroadcastingandMeredith Corporation,and it was completed on January 30, 2015.[41][42]

On February 2, 2015, Nexstar finalized its acquisition ofYashi,a location-focused, video-advertising and programmatic-technology company, for $33 million.[43]On November 17, 2015, Nexstar announced its intent to purchaseWest Virginia Media Holdings' stations (WOWK-TVin Charleston,WBOY-TVin Clarksburg,WVNS-TVin Ghent, andWTRF-TVin Wheeling) for $130 million. The company took over the stations' non-license assets under a time brokerage agreement in December 2015 pending the formal completion of the deal, expected in late 2016. The two companies viewed the acquisition as being a complement to Nexstar'sWHAG-TV,whose coverage area includes theEastern Panhandleregion. Nexstar CEO Perry A. Sook is an alumnus of WOWK.[44]The sale was completed on January 31, 2017.[45]

On August 1, 2018, Nexstar bought outKRBKinSpringfieldfrom Koplar Communications for $16.45 million, and also bought outWHDFinHuntsvillefromLockwood Broadcast Groupfor $2.25 million.[46][47][48][49][50][51]On November 1, 2018, Nexstar bought outMyNetworkTVaffiliateKFVEinHonolulufromAmerican Spirit Mediaas part of transactions requiring from theRaycom Media/Gray Televisionmerger.[52]

In spring 2019, Nexstar launchedBorder Report,a website focusing on news stories from theMexico–United States border.[53]

On November 5, 2019, it was announced that Nexstar would acquireFox Television Stations-ownedWJZYandMyNetworkTVoutletWMYT-TVinCharlotte, North Carolinafor $45 million. In turn, it also announced that it would sell itsduopolyofSeattle-basedKCPQandKZJO(along withMilwaukee-basedWITI) to FTS in a separate deal worth $350 million. Nexstar made the transactions to pay down debt and consolidate operations in the Southeast. The sale closed on March 2, 2020.[54]As part of a settlement between the parties in litigation over the failed deal, Sinclair had to sellWDKY-TVinLexington, Kentucky,and the non-license assets ofKGBT-TVinHarlingen, Texas,to Nexstar Media Group for $60 million on January 27, 2020.[55]The company's founder, Perry Sook, had once been a principal of Superior Communications, who owned the WDKY property, making the sale to Nexstar a homecoming of sorts. WDKY's transaction was completed on September 17, 2020.[56]

2015–2017: Acquisition of Media General

[edit]

On September 28, 2015, Nexstar announced that it had presented an unsolicited offer to buyMedia Generalfor $4.1 billion (including debt). Per share, shareholders of Media General would receive $10.50 in cash and 0.0898 shares of Nexstar, a total equivalent of $14.50 per share. Nexstar's offer was seen by analysts as a maneuver to torpedo the merger of Media General withMeredith Corporation(announced on September 8). If Media General agreed to the counteroffer within a 20-day period, Nexstar would expand its portfolio to 114 television stations, pending spinoffs in markets where both own stations and federal approval.[57][58][59][60][61]On November 16, Media General rejected the offer but agreed to negotiate after concluding its merge with Meredith.[62]

On January 27, 2016, Media General announced that it had entered into a definitive agreement to be acquired by Nexstar in a deal valued at $17.14 per share, valuing the company at $4.6 billion plus the assumption of $2.3 billion debt. The combined company became known as Nexstar Media Group, and owns 171 stations, serving an estimated 39-percent of U.S. households. The company paid Meredith Corporation (whom Media General had previously proposed a merger with) a termination fee of $60 million and gave Meredith right of first refusal to acquire any broadcast or digital properties that may be divested during the purchase. The deal also includedcontingent value rightsfor Media General shareholders if it sold spectrum from its stations during the FCC's spectrum incentive auction (a clause that Meredith did not exercise).[63][64]

On May 27, 2016, Nexstar announced the sales of five stations.WCWJinJacksonville,Florida,along withWSLS-TVinRoanoke,Virginia,was sold to theGraham Media Group;andKADN-TV,as well asKLAF-LDinLafayette,Louisiana,was sold toBayou City Broadcasting,withKREG-TVinGlenwood Springs,Coloradogoing toMarquee Broadcastingas part of a series of divestitures required following Nexstar's acquisition of Media General due to Federal Communications Commission ownership caps (the sale of the Roanoke and Lafayette stations are required as Media General and Nexstar both own stations in those markets).[65]On June 3, 2016, it was announced that Nexstar would spin offWBAY-TVinGreen Bay,WisconsinandKWQC-TVinDavenport,IowatoGray Televisionfor $270 million.[66][67]

On June 13, 2016, Nexstar announced that it would sellWFFTinFort Wayne,Indiana;KQTVinSt. Joseph,Missouri;KIMTinRochester,Minnesota;WTHI-TVinTerre Haute;andWLFIinLafayette, IndianatoHeartland Media,through its USA Television MidAmerica Holdingsjoint venturewith MSouth Equity Partners, for $115 million. The divestitures were in order to allow Nexstar to comply with FCC ownership rules (specifically pertaining to national market coverage for station owners) in advance of the approval proceedings of the merger of both groups (Nexstar already ownedNBCaffiliateWTWOand operatesABCaffiliateWAWV-TVin Terre Haute, and planned to acquire Media General-ownedCBSaffiliateWANE-TVin Fort Wayne).[68]

On June 30, 2016, Nexstar announced that it would sellKASA-TVinSanta Fe,to Ramar Communications, owner ofTelemundoaffiliateKTEL-CD(channel 15),Movies!affiliateKUPT-LD(channel 16), andMeTVaffiliateKRTN-LD(channel 33), for $2.5 million.[69]KASA andKRQEwere both ranked among the top four stations in theAlbuquerquemarket during the November 2015 sweeps period, which meant that the company had to divest one of the two stations to comply with the FCC duopoly rules.[70]

The transaction was approved by the FCC on January 11, 2017, and the sale was completed on January 17.[71]

2017–2019: Merger with Tribune Media

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On April 30, 2017,The Wall Street Journalreported that there were competing bids forTribune Mediafrom Nexstar and a partnership between21st Century Foxand private equity firmBlackstone Group.[72][73][74][75]However, on May 8, 2017, it was announced that Tribune reached a deal to be acquired bySinclair Broadcast Group.[76]On May 26, 2017, it was reported byDealReporterthat Nexstar might be considering a bid to acquireTegna Inc.,although such a deal would likely require significant divestments due to ownership conflicts and exceeding the ownership cap.[77]

On November 14, 2018, after Tribune cancelled its proposed sale to Sinclair, it was reported that Nexstar was a leading bidder to acquire Tribune.[78]On December 3, 2018, Nexstar announced its intent to merge with Tribune Media for $6.4 billion ($4.1 billion for all of Tribune's shares in cash and $2.3 billion of Tribune's debt).[79]The merger would give the company 216 stations in 118 markets, placing it just below the FCC's market cap of 39-percent of TV households and making it the largest owner of television stations in the United States. Nexstar planned to divest some stations and "non-core" assets as part of the merger.[80][81][82]

On March 20, 2019, Nexstar announced that it would divest 19 stations to theE. W. Scripps CompanyandTegna Inc.for a total sum of $1.32 billion, with Scripps receiving eight stations (WPIX,WSFL-TV,WTKRandWGNT,WTVR-TV,WXMI,KSTU,andKASW), and Tegna eleven (WATN-TVandWLMT,WTIC-TVandWCCT-TV,WOI-DTandKCWI,WNEP,WPMT,WQAD-TV,WZDX,andKFSM-TV). Of those stations, only WPIX was not associated with a duopoly, but rather its market size (an outright acquisition under current FCC rules would cause Nexstar to exceed the 39 percent cap). The transaction involving WPIX included a $75 million option condition allowing Nexstar to buy WPIX back between March 31, 2020, and the end of 2021. In the summer of 2020, the option was transferred toMission Broadcasting(whose station acquisitions are largely funded by Nexstar) and exercised shortly thereafter. Nexstar stated that these divestitures would be used to help fund the sale and cover debt.[83][84]On April 8, 2019, Nexstar announced that it would sell 2 additional stations (WISH-TVandWNDY) to Circle City Broadcasting for $42.5 million.[85]

On April 3, 2019,Marshall Broadcasting Groupsued Nexstar for breach of contract, alleging that the company was trying to "undermine" its operations so it could buy back the stations at a later date and lower cost in the present regulatory environment. The company also accused Nexstar of using the divestiture of stations to a minority-owned broadcaster as atokento gain FCC approval for the associated acquisitions.[86][87]Acarriage disputewithAT&Tresulted in the removal of more than 120 Nexstar stations across 97 markets from AT&T'sDirecTV,DirecTV NowandU-verseplatforms, which began at 11:59 p.m. on July 3, 2019, and ended on August 29, 2019.[88][89]

On August 1, 2019, theUnited States Department of Justiceapproved the deal between Nexstar Media Group and Tribune Media.[90][91]The merger was approved by the FCC on September 16, and would be consummated three days later.[92]

2020–present: Launch ofNewsNationand acquisition of the CW

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See also:NewsNation Prime

On January 15, 2020, Nexstar announced a national newscast calledNewsNationonWGN America.[93]The program launched September 1, 2020.[94]On March 1, 2021, the WGN America channel was renamedNewsNation.

On October 22, 2020, Nexstar underwent a corporate reorganization, under which its primary subsidiaries of Nexstar Broadcasting and Nexstar Digital were merged into the operating subsidiaryNexstar, Inc.[95]

A carriage dispute withDish Networkbegan on December 2, 2020, and ended byChristmas Eve,which resulted in the removal of at least 164 Nexstar stations in 115 markets, covering about 63-percent of TV homes, from its services.[96][97]

On December 16, 2020, Nexstar announced it was purchasingBestReviewsfromTribune Publishingfor $160 million.[98]

On May 20, 2021, the CW network and Nexstar announced that they have reached multi-year agreements to renew network affiliation for the CW in 37 markets in across the country (includingKTLAinLos AngelesandWDCWinWashington, D.C.).[99]

On August 20, 2021, Nexstar acquired political news websiteThe Hillfor $130 million.[100]

On August 25, 2021, Nexstar Media Group announced a partnership withSportsGrid Inc.to offer the latter'ssports betting- andfantasy sports-focused FAST streaming channelSportsGridas a digital multicast network starting September 1, 2021.[101]

A new digital subchannel network,Rewind TV,was launched on September 1, 2021, featuring classic TV shows from the 1980s and 1990s.[102][103]

The Wall Street Journalreported on January 5, 2022, that Nexstar was a potential leading buyer of the CW, as the network's then-co-owners ViacomCBS (now known asParamount Global) andWarnerMedia(since spun-off fromAT&Tand merged withDiscovery, Inc.to formWarner Bros. Discovery) explored options in selling a majority stake in the joint venture network; the three companies had yet to comment on the WSJ report.[104]In late August, as confirmation to another WSJ report made last June,[105][106]Nexstar announced that it has "entered a definitive agreement" to acquire 75-percent ownership in the network, while Paramount and WBD would each retain 12.5-percent ownership.[107]Based on media industry reports, Nexstar would reportedly assume "a significant portion" of the network's current losses. The deal did not require regulatory approval, but had to perform financial closure conditions at the company's fiscal third quarter, i.e. by the start of October 2022, in order to complete the transaction; thus, Nexstar took over operations of the network on August 15.[108]The transaction was completed on October 3.[109]

Following Nexstar's purchase of the CW, Paramount'sCBS News and Stationsdivision was given the right to have its eight CW stations (WPSGinPhiladelphia,WUPAinAtlanta,KBCWinSan Francisco,KSTWinSeattle,WTOGinTampa Bay,WKBDinDetroit,KMAXinSacramento,andWPCWinPittsburgh) disaffiliate from the network; such right was announced on May 5, 2023, when the aforementioned stations would become independent on September 1. Nexstar responded to the move by stating that it would find replacement CW affiliates, noting that "Paramount's decision affects a limited portion of The CW's nationwide reach."[110][111]The company announced on May 8 that it would buyKUSI-TVfromMcKinnon Broadcastingfor $35 million, pending approval from the FCC; the purchase, which was closed on September 2, created a duopoly with Nexstar's Fox affiliateKSWB-TV,and is set to replaceKFMB-DT2as San Diego's CW station.[112][113]Between June 14 to August 31, Nexstar announced that it would convert MyNetworkTV affiliates in the displaced Philadelphia, San Francisco, and Tampa Bay markets (WPHL-TV,KRON-TV,andWTTA,respectively) into CW stations,[111]and signed several CW affiliation renewals (such as that with Gray, whose Atlanta-basedWPCH-TVstation would replace WUPA as that city's CW affiliate) to cover the remaining displaced markets.[114][115][116]

Nexstar implemented a blackout on its stations from DirecTV, U-verse andDirecTV Streamon July 2, 2023,[117]causing DirecTV to complain to the FCC. Nexstar responded to DirecTV's complaint by stating that DirecTV was streaming Nexstar stations after the contract expired in November 2022. Nexstar and DirecTV renewed their contract on September 17, 2023.[118]

On May 19, 2023, Ray Cole,COOofCitadel Communications,announced thatWSNN-LDinSarasota, Florida,the lone remaining station under Citadel ownership, would be sold to Nexstar for $1 million.[119][120]The sale was completed on July 20.[121]

Assets

[edit]
Main article:List of assets owned by Nexstar Media Group

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[edit]
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