Overview
- Advertising revenue dropped 23.5% year over year to $476 million, including just $10 million from political ads, down $145 million from the election-fueled quarter a year ago.
- Total revenue declined 12.3% to $1.19 billion and net income fell to $65 million from $180 million, with diluted EPS of $2.14; distribution revenue slipped 1.4% to $709 million.
- Nexstar signed a definitive agreement to acquire Tegna for $6.2 billion and told investors it is making progress with regulators toward closing in the second half of 2026.
- Management reiterated an estimated $300 million in cost synergies from the Tegna combination and forecast a strong rebound in political advertising in 2026 tied to the midterms.
- Operationally, The CW posted its sixth straight quarter of primetime ratings growth and cut losses by 24% as NewsNation was described as the fastest-growing cable network, with The CW now targeting break-even in mid-2026.