Nexstar Media Group

Nexstar Media Group
™/®Nexstar Media Group, Inc. · Public domain · source
Name	Nexstar Media Group
Type	Public
Founded	1996
Founder	Perry A. Sook
Location	Irving, Texas

Nexstar Media Group is a leading American media company founded by Perry A. Sook in 1996, with its headquarters in Irving, Texas, near Dallas. The company has grown significantly over the years through strategic acquisitions, including the purchase of Media General in 2017, and Tribune Media in 2019, with the support of Apollo Global Management and Funds advised by Apax Partners. Nexstar Media Group has become one of the largest local media companies in the United States, with a strong presence in the television broadcasting industry, competing with Sinclair Broadcast Group, Gray Television, and Tegna Inc.. The company's growth has been influenced by key industry events, such as the FCC spectrum auction and the implementation of the Tax Cuts and Jobs Act.

● History

The history of Nexstar Media Group dates back to 1996, when Perry A. Sook founded the company with the goal of acquiring and operating local television stations in medium-sized markets, often in partnership with ABRY Partners and LionTree Advisors. In the early 2000s, Nexstar Media Group began to expand its operations through the acquisition of several television stations, including WYOU in Scranton, Pennsylvania, and WBRE-TV in Wilkes-Barre, Pennsylvania, with the assistance of Morgan Stanley and Deutsche Bank. The company's growth continued in the following years, with the purchase of Quorum Broadcasting in 2003, and Citadel Communications in 2010, advised by Moelis & Company and BofA Securities. Nexstar Media Group's acquisition of Media General in 2017 marked a significant milestone in the company's history, as it expanded its reach to over 170 television stations across the United States, including WFLA-TV in Tampa, Florida, and WNCN in Raleigh, North Carolina, with the support of Goldman Sachs and J.P. Morgan Securities.

● Corporate Affairs

Nexstar Media Group is a publicly traded company listed on the NASDAQ stock exchange under the ticker symbol NXST, with significant shareholders including The Vanguard Group, BlackRock, and State Street Corporation. The company's corporate affairs are overseen by its board of directors, which includes Perry A. Sook, Tom Carter, and Dennis A. Miller, with the advice of Kirkland & Ellis and Skadden, Arps, Slate, Meagher & Flom. Nexstar Media Group has established partnerships with several major media companies, including CBS Corporation, Fox Corporation, and NBCUniversal, to provide content and services to its television stations, such as CBS News, Fox News Channel, and NBC News. The company has also invested in digital media platforms, including NewsNation and Stadium, with the support of Scripps Networks Interactive and AT&T.

● Operations

Nexstar Media Group operates a diverse portfolio of television stations across the United States, including CBS affiliates WIVB-TV in Buffalo, New York, and KOLR in Springfield, Missouri, as well as Fox affiliates WJW (TV) in Cleveland, Ohio, and KTVI in St. Louis, Missouri. The company's operations are organized into several regions, each with its own management team and staff, including Nexstar Broadcasting, Nexstar Digital, and Nexstar Media Group Services, with the assistance of Deloitte and PricewaterhouseCoopers. Nexstar Media Group has implemented various initiatives to improve the efficiency and effectiveness of its operations, including the adoption of cloud computing technology and the development of a data analytics platform, with the support of Amazon Web Services and Microsoft Azure.

● Assets

Nexstar Media Group's assets include a portfolio of over 200 television stations, as well as several digital media platforms and a national news network, NewsNation, which is available on DirecTV, Dish Network, and AT&T TV, with the support of Comcast and Charter Communications. The company's television stations are affiliated with major networks, including CBS, Fox, NBC, and ABC, and offer a range of programming, including local news, sports, and entertainment shows, such as The Ellen DeGeneres Show and The Tonight Show Starring Jimmy Fallon. Nexstar Media Group has also invested in several digital media companies, including Stadium and Tribune Interactive, with the advice of LionTree Advisors and Guggenheim Partners.

● Controversies

Nexstar Media Group has been involved in several controversies over the years, including a dispute with Dish Network in 2020, which resulted in the removal of several Nexstar Media Group stations from the Dish Network lineup, with the involvement of FCC Chairman Ajit Pai and Senator John Thune. The company has also faced criticism for its labor practices, including the use of non-compete clauses in employee contracts, with the support of National Labor Relations Board and American Federation of Television and Radio Artists. Additionally, Nexstar Media Group has been accused of monopolistic practices in the television broadcasting industry, with the investigation of Federal Trade Commission and Department of Justice Antitrust Division, and has faced opposition from public interest groups, including Free Press (organization) and Common Cause, with the support of Senator Elizabeth Warren and Representative Alexandria Ocasio-Cortez.