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Nexstar Uncovers Hidden Value in Spectrum Holdings—And Wall Street Is Watching!

Nexstar Media Group reported its third-quarter 2025 financial performance, highlighting its strategic moves and operational developments. The company announced a major milestone with its definitive agreement to acquire TEGNA for $6.2 billion, a transaction expected to boost Nexstar’s position as a leading local media entity. This acquisition aims to enhance Nexstar’s scale, geographic reach, and financial metrics, with a projected 40% increase in adjusted free cash flow due to anticipated synergies and modest leverage growth. Operationally, Nexstar’s third-quarter results showed a mixed performance. The company achieved $1.2 billion in net revenue, reflecting a 12.3% decline from the previous year, largely due to a decrease in political advertising. While distribution revenue slightly decreased by 1.4% year over year, it was partly offset by increased rates and subscriber growth in virtual multichannel video programming distributors (vMVPDs). Advertising revenue, impacted by a lack of Olympics programming and other factors, was down by 23.5%.