Nexstar Media Group Inc. (NASDAQ: NXST)
Nexstar Media Group Inc. (NASDAQ: NXST) is the largest local broadcast television group in the United States and one of the world’s leading diversified media companies. Nexstar, headquartered in Irving, Texas, leverages local news, sports, entertainment programming and content to bring services and value to consumers and advertisers through its television, digital and mobile media platforms. Nexstar’s portfolio features all primary major network affiliates, including ABC, CBS, NBC, Fox and The CW, as well as multicast network Antenna TV, and more.
Following its $7.1 billion acquisition of Tribune Media in 2019 and its $4.6 billion acquisition of Media General in 2017, Nexstar became one of the country’s leading providers of local programming and content, with annual revenue in excess of $4.5 billion.
The company’s digital outlets and mobile apps, along with an extensive social media presence, allow audiences to access hyper-local news, video and information whenever and wherever they choose, providing advertisers a broad audience reach and creating new and growing digital revenue opportunities. Coupled with a growing portfolio of digital media marketing, advertising and content management platforms, Nexstar delivers powerful and innovative digital solutions and services to local and national media companies, advertisers, agencies and brands.
Since its founding, Nexstar has been an industry leader at the forefront of excellence and innovation. Today, Nexstar delivers unique, locally produced programming and content to more than 68 percent of U.S. television households, while offering local businesses, advertisers and brands the ability to connect with local consumers through its premium local multi-platform marketing opportunities.
Today, Nexstar produces over 270,000 hours of local programming annually and plans to expand its local programming over the coming year. The company’s broadcast teams have been awarded more than 3,000 broadcasting and journalism awards since 2009 for outstanding local news programming and local community service.
Nexstar’s wholly owned operating subsidiary, Nexstar Media Inc., comprises three divisions – Broadcasting, Digital and Networks. The company’s Broadcasting Division operates, programs or provides sales and other services to Nexstar’s 199 television stations and related digital multicast signals. The division’s portfolio includes primary affiliates of NBC, CBS, ABC, Fox, MyNetworkTV and The CW.
Nexstar’s Digital Division operates 120 local websites and 284 mobile apps offering hyper-local content and verticals for consumers and advertisers. The Digital Division continues to diversify and expand its offerings with complementary technologies and capabilities including native advertising, social media, ad ops, design, development and a host of other valuable products and services. Taken together, Nexstar’s digital properties would be among the top 10 in the U.S. as ranked by Comscore Inc., based on online user activity.
The company’s Networks Division operates NewsNation, formerly WGN America, a national news and entertainment cable network reaching 75 million television homes, multicast network Antenna TV, and WGN Radio in Chicago. Nexstar owns WGN, a nationwide pay-television network, and owns a 31.3% stake in TV Food Network, a top tier cable asset.
Nexstar is the largest television station owner/operator in the United States with 199 stations in 116 markets reaching more than 82 million households, more than 38 percent of all U.S. television households. In more than half of those markets, the company owns or provides services for multiple stations. Of its 197 full-power stations, 158 are affiliated with the four national broadcasters: CBS (50), Fox (43), NBC (35) and ABC (30). The company’s 2019 merger with Tribune made Nexstar the top broadcast affiliate for both Fox and CBS, as well as the number two partner for NBC and number three for ABC. The company has stations in 17 of the top 25 U.S. markets and operates news bureaus at 32 U.S. state capitals. Nexstar employs about 5,500 broadcast and digital journalists and, in total, employs more than 12,400 across the U.S.
Perry A. Sook is CEO and chairman of Nexstar. He founded the company in 1996 with one local television station in Scranton, Pennsylvania. He has 40 years of experience in all facets of the television and radio broadcasting industries, including ownership, mergers and acquisitions, management, sales, on-air talent and news. Prior to founding Nexstar, he was one of the principals of Superior Communication Group Inc., which was sold in 1995 to Sinclair Broadcast Group. Before that he was president and CEO of Seaway Communication Inc., owner of network affiliated stations in Bangor, Maine, and Wausau, Wisconsin.
Tom Carter is president, COO and CFO of Nexstar. He joined the company as Executive Vice President and CFO in August 2009. Prior to joining Nexstar, he served as Managing Director, Media Telecom Corporate Investment Banking at Bank of America Securities, where one of his clients was Nexstar Media. He began his banking career in 1980, serving for five years in various roles in corporate and international banking at a predecessor to JPMorgan Chase.
Andy Alford is the president of Nexstar’s Broadcasting division. He previously served as a Senior Vice President and Regional Manager at Nexstar since August 2017. Prior to joining the company, he was Vice President and General Manager of WFLA-TV and WTTA-TV, Tampa’s NBC and MyNet affiliates. He has also served as Vice President of Sales for Media General and held vice president and general manager positions at stations in Albany, New York and Atlanta.
Karen Brophy is the president of Nexstar’s Digital Division. Before joining Nexstar in 2018, she served as Senior Vice President of Strategy and Operations at Hearst Newspapers. Prior to that, she spent seven years as Vice President of Digital Product at Hearst. She has had prior roles with Yahoo!, Tribune Media, Spin Media and The New York Times. She also has extensive experience developing enterprise level digital publishing platforms for major media companies like The Financial Times and Time Inc.
Sean Compton is president of Nexstar’s Networks Division. He joined Nexstar as Executive Vice President of WGN America, WGN Radio and Director of Content Acquisition following the company’s acquisition of Tribune Media in September 2019. Before joining Nexstar, he was President of Strategic Programming and Acquisitions for Tribune Media, where he oversaw programming for 42 television stations and nationally distributed digital network Antenna TV.