Nexstar Media Group (NXST) 18th Annual Sports & Media Symposium summary

Company overview and recent acquisitions

• Now reaches about 80% of U.S. TV households after acquiring Tribune (2019) and Tegna (closed March 2026), subject to a hold separate order.

• Owns NewsNation and holds a 75% stake in The CW Broadcast Network.

• Equity market cap is $5.5 billion, with $11.8 billion net debt and $17.5 billion enterprise value.

Tegna acquisition and litigation update

• Litigation is ongoing in federal court and the Ninth Circuit, with an appeal of a preliminary injunction pending.

• Oral arguments for the appeal are expected in August or September, with resolution likely in months.

• Trial on the merits could occur in mid-2027, depending on appeal outcomes and parties involved.

Advertising and political ad trends

• Q1 non-political ads were flat, aided by the Olympics; Q2 is tracking down due to macroeconomic caution and crowd-out from political ads.

• Political ad spending was up 89% over 2022 and 19% over 2024 in Q1, driven by Texas primaries.

• Company expects a low double-digit market share in political ad spending, with Tegna adding to the footprint.

• Most political ad revenue comes in the eight weeks around the election.

• Supreme Court review of lowest unit rate for PACs is not expected to materially impact revenue.