Nexstar Media Group (NXST) investor relations material

Strategic growth and industry positioning

• Revenue nearly doubled from $2.8B in 2018 to $5.4B in 2024, driven by acquisitions and organic growth.

• Proposed Tegna acquisition would expand scale to over $8B in revenue and $2.6B EBITDA, making the company a leading broadcaster.

• Regulatory relief is expected to enable further consolidation and scale, with groundwork laid for ownership cap changes.

• The company aims to reach 80% of U.S. TV households post-Tegna deal, producing 450,000 hours of local news annually.

• $300M in annual synergies are targeted, mainly from retransmission, operational efficiencies, and overhead reduction.

Regulatory and competitive landscape

• Current FCC rules limiting reach to 39% of the U.S. are seen as outdated amid big tech competition.

• The company is confident in regulatory approval for the Tegna deal, citing a supportive deregulatory environment.

• Recent court rulings and FCC comments support waivers for local ownership rules, aiding deal completion.

• The industry is expected to consolidate further, with only a few major station groups remaining in five years.

• Larger scale is viewed as essential to compete with tech giants and preserve local journalism.

Local journalism and content strategy

• Focus remains on local news, with 5,500 journalists and 1,800 sales staff serving communities nationwide.

• NewsNation, launched from WGN America, has grown to a 24/7 cable network with significant audience growth.

• Local stations operate autonomously, tailoring coverage to community needs and maintaining editorial independence.

• The company emphasizes centrist, unbiased reporting, employing rigorous review to avoid bias.

• Local advertising relationships are described as durable and performance-driven.