Nexstar Revenue Nearly Doubles on Political Advertising
Nexstar Media Group posted $2.13 billion in third-quarter revenue, compared with $1.2 billion in the same period a year earlier. The Irving, Texas-based broadcaster reported net income of $255 million, or $7.92 per share. Adjusted earnings were $8.20 per share.
The company said political advertising brought in a record $1.1 billion in 2026, 31% more than during the previous midterm election cycle in 2022. That figure includes Tegna, which Nexstar acquired this year but has been barred by a federal judge from integrating into its business.
Nexstar is appealing the order blocking the deal. Oral arguments are scheduled before the Ninth Circuit Court of Appeals on November 17, with a decision expected in early 2027. COO Mike Biard said the appeal seeks to narrow the complaint, arguing that the plaintiffs had not shown a plausible injury to enough residents. The state attorneys general and DirecTV joined the lawsuit. Nexstar also said it reached a distribution agreement with DirecTV during the quarter, without providing details.
Executives said The CW’s ratings rose 9% in the quarter. An August 30 matchup between Florida State and New Mexico State drew nearly 2 million viewers, the network’s largest audience for a live sporting event. Nexstar expects the network to record its first profit in the fourth quarter, but CFO Lee Ann Gliha said it would not be profitable for all of 2027. Biard described the network as growing but short of its eventual goals. He said sports make up about half its programming and that Nexstar will consider future rights deals.
Nexstar’s Record Political Ad Haul Comes Amid Merger Fight
Nexstar’s record political advertising revenue helped drive a near-doubling of quarterly sales, even as a federal judge’s order continues to prevent the company from integrating Tegna. The results show how much broadcasters can gain from election spending while the legal fight over media consolidation remains unresolved.
Revenue reached $2.13 billion, up from $1.2 billion a year earlier. Nexstar reported $255 million in net income. Its political ad revenue for 2026 totaled $1.1 billion, 31% above the previous midterm cycle in 2022; that total includes Tegna, which Nexstar acquired this year.
The company is appealing the order blocking integration. Arguments are set for November 17 before the Ninth Circuit, and a ruling is expected in early 2027. State attorneys general and DirecTV are among the parties in the lawsuit. COO Mike Biard said Nexstar is seeking to narrow the complaint, contending the plaintiffs did not establish plausible injury to a large enough group of residents.
Nexstar also said it reached a distribution deal with DirecTV during the quarter. Meanwhile, The CW’s ratings increased 9%, and an August football game attracted nearly 2 million viewers, its biggest audience for a live sporting event. Executives expect the network to make its first profit in the fourth quarter, but CFO Lee Ann Gliha said that would not mean profitability throughout 2027. The earnings call underscored both the appeal of sports-driven programming and the stakes of the unresolved merger challenge.
Nexstar’s Growth Highlights Value of Political Advertising
Nexstar’s strong quarter was powered by political advertising, with revenue nearly doubling from a year earlier. The company’s results also put the Tegna dispute in focus: Nexstar has acquired the broadcaster but remains barred by a federal judge from integrating it while its appeal proceeds.
Nexstar reported $2.13 billion in revenue and $255 million in net income. Political ads generated a record $1.1 billion in 2026, 31% more than during the 2022 midterm cycle. The figure includes Tegna’s results, despite the restriction on combining the companies’ operations.
Nexstar is asking the Ninth Circuit to review the order, with oral arguments scheduled for November 17 and a decision expected in early 2027. COO Mike Biard said the company wants to narrow the complaint, arguing that plaintiffs had not offered a plausible account of harm to enough residents. State attorneys general and DirecTV joined the suit. Nexstar said it separately reached a distribution agreement with DirecTV during the quarter.
The company also pointed to signs of progress at The CW. Ratings rose 9%, and a football broadcast drew nearly 2 million viewers, its largest live-sports audience. Executives expect a first quarterly profit in the fourth quarter, though CFO Lee Ann Gliha said the network would not be profitable for all of 2027. Nexstar says sports now account for about half of The CW’s programming and plans to consider future rights opportunities.
