Nexstar Media Group (NXST) Morgan Stanley Technology, Media & Telecom Conference 2026 summary

Financial performance and business positioning

• Achieved record revenue in 2024 and 2025, with nearly $5 billion in revenue, over $1.5 billion EBITDA, and almost $1 billion in free cash flow, highlighting the strength of the broadcast model.

• Broadcast remains resilient due to highly watched programming, broad distribution across platforms, and strong local news and sports content.

• The CW network was the second fastest-growing network in 2025, driven by sports and diversified programming.

TEGNA merger and regulatory outlook

• The TEGNA merger is expected to close by the end of Q2, with regulatory discussions ongoing and minimal anticipated financial impact from potential divestitures.

• $300 million in EBITDA synergies are projected within 12 months post-close, with additional unquantified opportunities from facility consolidation and real estate sales.

• Leverage is expected to return to pre-transaction levels by 2028 through excess cash flow allocation.

Strategic focus and growth opportunities

• Continued focus on local media assets for durability and growth, with selective expansion into digital video and opportunistic M&A.

• Exploring new digital and streaming formats, including FAST channels and creator-driven content, leveraging a large content library and local production.