NXST

Nexstar Media Group, Inc. (Nasdaq: NXST) is an American television broadcasting and media company based in Irving, Texas. It is the largest operator of local television stations in the United States by number of stations, owning, operating, or providing services to more than 100 stations across roughly 46 states and the District of Columbia. The company also runs NewsNation, a national news channel, and holds a controlling interest in The CW network following a 2020s deal.

History: Nexstar began as Nexstar Broadcasting Group in 1996 and expanded through a series of mergers and acquisitions. Notable milestones include the 2017 merger with Media General and the 2019 acquisition of Tribune Media Company, which significantly broadened its footprint and market reach by adding large-market stations. The company continued to grow its scale through asset swaps and joint ventures.

The CW stake: In the early 2020s, Nexstar announced an agreement to acquire a controlling interest in The CW network from Paramount Global and Warner Bros. Discovery; the transaction was completed in the following year. Paramount and Warner Bros. retained minority stakes and certain content-licensing rights. The CW operates as a network under Nexstar’s ownership, with programming and distribution aligned with the company’s station footprint.

Operations and strategy: Nexstar’s business combines local broadcast operations with national advertising and digital platforms. Stations broadcast locally under network affiliations (such as ABC, CBS, NBC, and Fox) and share content, advertising, and technology resources. The company also leverages NewsNation as a national news strand and pursues scale-driven advertising offerings across its portfolio.