Overview
- Advertising revenue fell 23.5% to $476 million in the July–September quarter, with political ad sales sliding to $10 million, down about $145 million year over year.
- Total revenue declined 12.3% to roughly $1.19–$1.2 billion, and net income decreased to $65 million from $180 million a year earlier.
- Shares dropped about 7% after the earnings release as the company reported diluted EPS of $2.14 on $1.2 billion in revenue.
- Nexstar says it is making good progress on the $6.2 billion Tegna acquisition, with Tegna’s proxy filed and a shareholder vote set for November 18 and targeted closing in the second half of 2026.
- The transaction faces regulatory uncertainty as the combined reach would exceed the 39% ownership cap, though executives point to an Eighth Circuit ruling on the “top four” ban and an FCC ownership-cap review planned for 2026; The CW narrowed losses by 24% and is targeting break-even around mid-2026.