Nexstar Broadcasting Group
|Nexstar Broadcasting Group|
|Traded as||NASDAQ: NXST|
|Founded||Irving, Texas (1996)|
|Founder||Perry A. Sook|
|United States (Nationwide)|
Perry A. Sook|
(Chairman, President and CEO)
Thomas E. Carter
(Executive Vice President & Chief Financial Officer)
(Executive Vice President & Co-Chief Operation Officer)
(Executive Vice President & Co-Chief Operating Officer)
|Revenue||$896,4 million USD (2015)|
|$17.5 million USD|
|$83.6 million USD|
Number of employees
Nexstar Broadcasting Group is a publicly traded American telecommunications company headquartered in Irving, Texas. The company's portfolio consists of 91 television stations across the U.S., most of whom are affiliates with the four "major" U.S. television networks located in small to medium-sized markets. It also operates all of the stations owned by an affiliated company, Mission Broadcasting, under local marketing agreements.
The first television station bought by Nexstar was WYOU-TV in Scranton, PA. Nexstar bought WYOU from locally owned Diversified Communications. Nexstar promptly fired two beloved anchors and laid-off several long-term staff-members. Perry Sook promised that WYOU would Nexstar's flagship station and he kept an office right off the newsroom for many years. In one memorable moment in Sook's time there, the unedited version of the Robert Mitchum movie "The Big Sleep" aired on a Sunday afternoon. The production staff was amused to see Sook running down the hallway from his office to the Master Control suite when full frontal nudity appeared on screen during the movie.
In 1998, Nexstar purchased WBRE-TV in Wilkes-Barre, PA. Because this was in the same market as WYOU-TV, WYOU-TV was 'sold' to Mission Broadcasting. This began the first ever 'Shared-services' agreement between stations.WYOU-TV's sales staff was kept in Scranton while the production and news operations were moved to WBRE's offices in Wilkes-Barre. WYOU's staff who were not laid-off were fired by Nexstar, hired by Mission and eventually re-hired by Nexstar. Mission Broadcasting then paid Nexstar to operate and control the production and news gathering operations while Mission kept the sales and management team.
In July 2012, Nexstar agreed to purchase 11 stations and Inergize Digital Media from Newport Television with two stations going to affiliate Mission Broadcasting.
On April 24, 2013, Nexstar announced that it would acquire the entire group of Communications Corporation of America, KMSS-TV, KPEJ-TV and most of the ComCorp-managed stations that are owned by White Knight Broadcasting would be sold to Mission Broadcasting while WEVV-TV and White Knight Broadcasting's KSHV-TV would be sold to a female-controlled company called Rocky Creek Communications, with Nexstar assuming operational control of those stations.
On September 16, 2013, Nexstar announced that it would acquire WOI-DT, KCAU-TV, and WHBF-TV from Citadel Communications for $88 million. Nexstar immediately took over the stations' operations through a time brokerage agreement. The deal followed Phil Lombardo's decision to "slow down," as well as a desire by Lynch Entertainment to divest its investments in WOI and WHBF; Citadel would continue to own KLKN, WLNE-TV, and its Sarasota properties. On March 5, 2014, the Federal Communications Commission approved the sale of these stations to Nexstar outright and the deal was completed on March 13. KCAU continues to use Citadel's standardized news sets, graphics and logos.
On November 6, 2013, Nexstar Broadcasting Group announced that it would purchase the Grant stations for $87.5 million. Due to Federal Communications Commission ownership regulations, one of the stations, KLJB, was spun off to Marshall Broadcasting, but will be operated by Nexstar through a shared services agreement. The sale was completed on December 1, 2014.
On March 13, 2014, Nexstar Broadcasting Group announced that it would purchase Internet Broadcasting, a provider of for $20 million. The company had also recently acquired competitor Inergize Digital through its purchase of assets from Newport Television, followed by Enterprise Technology Group, a spun-out joint venture between LIN Media and Fox Television Stations). The providers were merged to form Lakana, led by former ETG CEO Phillip Hyun.
On February 2, 2015, Nexstar finalized its acquisition of Yashi, a location focused video advertising and programmatic technology company, for $33 million.
On September 28, 2015, Nexstar announced that it presented an unsolicited offer to buy Media General for $4.1 billion (including debt). Per share, shareholders of Media General would receive $10.50 in cash and 0.0898 shares of Nexstar, a total equivalent of $14,50 per share. Nexstar's offer is seen by analysts as a maneuver to torpedo the merger of Media General with Meredith Corporation (announced on September 8). If Media General agrees to the counter-offer within a 20-day period, Nexstar would expand its portfolio to 114 television stations, pending spin-offs in markets where both own stations and federal approval. On November 16, Media General rejected the offer but agreed to negotiate after concluding its merge with Meredith.
On November 17, 2015, Nexstar announced its intent to purchase West Virginia Media Holdings' stations for $130 million. The company took over the stations' non-license assets under a time brokerage agreement in December 2015 pending the formal completion of the deal, expected in late-2016. The two companies viewed the acquisition as being a complement to Nexstar's WHAG-TV, whose coverage area includes the Eastern Panhandle region. Nexstar CEO Perry A. Sook is an alumnus of WVMH–owned WOWK-TV.
On January 27, 2016, Media General announced that it had entered into a definitive agreement to be acquired by Nexstar in a deal valued at $17.14 per-share, valuing the company at $4.6 billion plus the assumption of $2.3 billion debt. The combined company will be known as Nexstar Media Group, and own 171 stations, serving an estimated 39% of U.S. households. The company will pay Meredith Corporation (whom Media General had previously proposed a merger with) a termination fee of $60 million, and give Meredith right of first refusal to acquire any broadcast or digital properties that may be divested during the purchase. The deal also includes contingent value rights for Media General shareholders if it sells spectrum from its stations during the FCC's spectrum incentive auction.
On May 27, 2016, Nexstar announced the sales of five stations. WCWJ in Jacksonville, Florida, along with WSLS-TV in Roanoke, Virginia, will be sold to the Graham Media Group, and KADN-TV, as well as KLAF-LD in Lafayette, Louisiana, will be sold to Bayou City Broadcasting, with KREG-TV in Glenwood Springs, Colorado going to Marquee Broadcasting as part of a series of divestitures required following Nexstar's acquisition of Media General due to Federal Communications Commission ownership caps (the sale of the Roanoke and Lafayette stations are required as Media General and Nexstar both own stations in those markets).
Nexstar announced on June 13, 2016 that it would sell WFFT in Fort Wayne, Indiana, KQTV in St. Joseph, Missouri, KIMT in Rochester, Minnesota, WTHI in Terre Haute and WLFI in Lafayette, Indiana to Heartland Media, through its USA Television MidAmerica Holdings joint venture with MSouth Equity Partners, for $115 million. The divestitures will allow Nexstar to comply with FCC ownership rules (specifically pertaining to national market coverage for station owners) in advance of the approval proceedings of the merger of both groups (Nexstar already owns NBC affiliate WTWO and operates ABC affiliate WAWV-TV in Terre Haute, and plans to acquire Media General-owned CBS affiliate WANE-TV in Fort Wayne).
These stations are either owned and operated by Nexstar, or controlled by Nexstar through management services agreements (MSAs) with Mission Broadcasting or Sinclair Broadcast Group. Prior to October 2011, Nexstar operated television stations that were owned by the Four Points Media Group; however, on September 8, 2011, Sinclair announced its intent of purchasing the Four Points stations outright and took over the MSA for the stations that October upon Federal Trade Commission (FTC) approval of the deal (the Federal Communications Commission (FCC) gave final approval of the group deal on December 21, and the Sinclair purchase of the Four Points stations was completed on January 1, 2012). Nexstar also holds the license of one station which is currently operated by Sinclair through an MSA. Most of the stations Nexstar owns and operates were acquired through acquisitions of Quorum Broadcasting in 2003, Newport Television in 2012, and Communications Corporation of America in 2015. Many of these stations are licensed under Mission Broadcasting and operated through MSAs by Nexstar to comply with current FCC ownership limits.
Each Nexstar cluster also operates its own news website, although they do not use their station branding or call letters in the addresses, choosing to use a slogan related to their area (though in all cases call letter-specific addresses are retained by Nexstar and redirect to a station's site for familiarity to site visitors and to discourage cybersquatting). Most local Nexstar sites also have a related .biz site separate from the news site to promote Nexstar's daily local deal efforts, paid "ask the experts" sections, any advertorial programming a station may air, and local advertisers in each market.
Current Nexstar stations
Stations are arranged alphabetically by state and by city of license.
|City of License / Market||Station|| Channel
|Owned Since||Current Affiliation|
|Dothan - Ozark||WDHN||18 (21)||2003||ABC|
|Huntsville||WZDX||54 (41)||2014|| Fox|
|Phoenix||KASW||61 (49)||2015||The CW|
|Fort Smith - Fayetteville - Springdale - Rogers||KNWA-TV||51 (50)||2004|| NBC|
|KFTA-TV 1||24 (27)||2004|| Fox|
|Little Rock - Pine Bluff||KARK-TV||4 (32)||2003||NBC|
|KLRT-TV 2||16 (30)||2013||Fox|
|KASN 2||38 (39)||2013||The CW|
|Bakersfield||KGET-TV||17 (25)||2013|| NBC|
The CW (DT2)
|Grand Junction||KFQX||4 (15)||3||Fox|
|KREX-TV||5 (2)||2014|| CBS|
|Glenwood Springs|| KREG 13
(Satellite of KREX-TV)
|3 (23)||2014|| CBS|
(Satellite of KREX-TV)
|10 (13)||2014|| CBS|
|Jacksonville||WCWJ 12||17 (34)||2009||The CW|
|Panama City||WMBB||13 (13)||2014||ABC|
|Champaign - Urbana - Springfield - Decatur||WCIA||3 (48)||1999||CBS|
|Peoria - Bloomington||WMBD-TV||31 (30)||1999||CBS|
|WTVO 2||17 (16)||2004|| ABC|
|Davenport - Burlington - Rock Island||WHBF-TV||4 (4)||2013||CBS|
|KGCW||26 (41)||2014||The CW|
|WTVW 2||7 (28)||2003||The CW|
|Fort Wayne||WFFT-TV 10||55 (36)||2003||Fox|
|Terre Haute||WTWO||2 (36)||1997||NBC|
|WAWV-TV 2||38 (39)||2003||ABC|
|Ames - Des Moines||WOI-DT||5 (5)||2013||ABC|
|KCWI-TV||23 (23)||2016||The CW|
|Sioux City||KCAU-TV||9 (9)||2013||ABC|
|Baton Rouge||WGMB-TV||44 (45)||2015|| Fox|
The CW (DT2)
|WBRL-CD||21 (21)||2015||The CW|
|Lafayette||KADN-TV 11||15 (16)||2015|| Fox|
|KLAF-LD 11||46 (46)||2015||NBC|
|Monroe - El Dorado||KARD||14 (36)||2003||Fox|
|KTVE 2||10 (27)||2007||NBC|
|Shreveport - Texarkana||KTAL-TV||6 (15)||2000||NBC|
|Hagerstown - Washington||WHAG-TV 8||25 (26)||2003||Independent/Heroes & Icons|
|Escanaba - Marquette|| WJMN-TV
(Semi-satellite of WFRV-TV)
|Natchez - Alexandria||WNTZ-TV||48 (49)||2015||Fox/MyNetworkTV|
|Joplin - Pittsburg||KSNF||16 (46)||1998||NBC|
|KODE-TV 2||12 (43)||2002||ABC|
|Springfield - Branson||KOZL-TV||27 (28)||2003||MyNetworkTV|
|KOLR 2||10 (10)||2003||CBS|
|St. Joseph||KQTV 10||2 (7)||1997||ABC|
|Hardin - Billings||KSVI||6 (18)||2003||ABC|
|KHMT 2||4 (22)||2003||Fox|
|Las Vegas||KLAS-TV||8 (7)||2015||CBS|
|Elmira||WETM-TV||18 (18)||2012|| NBC|
|Utica - Rome||WFXV||33 (27)||2003||Fox|
|WUTR 2||20 (30)||2004|| ABC|
(Semi-satellite of WSYR-TV)
|50 (21)||2004|| ABC|
The CW (DT2)
(Satellite of KXMB-TV)
(Satellite of KXMB-TV)
(Satellite of KXMB-TV)
|Altoona - State College - Johnstown||WTAJ-TV||10 (32)||2006||CBS|
|WFXP 2||66 (22)||1998||Fox|
|Wilkes-Barre - Scranton||WBRE-TV||28 (11)||1998||NBC|
|WYOU 2||22 (13)||1996||CBS|
|WLMT||30 (31)||2012||The CW|
|Abilene - Sweetwater||KTAB-TV||32 (24)||1999||CBS|
|KRBC-TV 2||9 (29)||2003||NBC|
|Amarillo||KAMR-TV||4 (19)||2003|| NBC|
|KCIT 2||14 (15)||1999||Fox|
|KCPN-LP 2||33 (4.2)||1999||MyNetworkTV|
|Bryan - College Station||KYLE-TV||28 (28)||2015||MyNetworkTV|
|Brownsville - Harlingen - McAllen||KVEO-TV||23 (24)||2015||NBC|
|El Paso||KTSM-TV||9 (16)||2015||NBC|
|Jacksonville - Tyler - Longview||KETK-TV||56 (22)||2015||NBC|
|KAMC 2||28 (27)||2003||ABC|
|Lufkin - Nacogdoches|| KFXL-LP
(satellite of KFXK-TV)
|Odessa - Midland||KMID||2 (26)||2000||ABC|
|San Angelo||KLST||8 (11)||2004||CBS|
|KSAN-TV 2||3 (16)||2003||NBC|
|Waco - Temple||KWKT-TV||44 (44)||2015||Fox|
|Wichita Falls - Lawton||KFDX-TV||3 (28)||1998|| NBC|
|KJTL 2||18 (15)||1999||Fox|
|KJBO-LP 2||35 (3.2)||1999||MyNetworkTV|
|Salt Lake City||KTVX||4 (40)||2012||ABC|
|KUCW||30 (48)||2012||The CW|
|Burlington - Plattsburgh||WFFF-TV||44 (43)||2013||Fox|
|WVNY 2||22 (13)||2013||ABC|
|Roanoke — Lynchburg||WFXR||27 (17)||2014||Fox|
|WWCW||21 (20)||2014||The CW|
|Clarksburg - Fairmont - Morgantown||WBOY-TV||12 (12)||9|| NBC|
|Huntington - Charleston||WOWK-TV||13 (13)||9||CBS|
|Lewisburg - Bluefield - Beckley||WVNS-TV||59 (8)||9|| CBS|
|Wheeling - Steubenville||WTRF-TV||7 (7)||9|| CBS|
|Green Bay - Appleton||WFRV-TV||5 (39)||2011||CBS|
|La Crosse||WLAX||25 (17)||2014||Fox|
|Chippewa Falls - Eau Claire|| WEUX
(satellite of WLAX)
- 1 The sale of KFTA to Mission Broadcasting is pending; Nexstar will continue to operate the station after the sale.
- 2 These stations are nominally owned by Mission Broadcasting and operated by Nexstar under local marketing agreements.
- 3 KFQX is owned by Parker Broadcasting and operated by Nexstar under a local marketing agreement. Sale to Mission Broadcasting is pending FCC approval.
- 4 WYZZ is owned by Cunningham Broadcasting and operated by Nexstar under a local marketing agreement.
- 5 These stations are nominally owned by Marshall Broadcasting and operated by Nexstar under a local marketing agreement.
- 6 These stations are nominally owned by White Knight Broadcasting and operated by Nexstar under a local marketing agreement.
- 7 KZUP was owned by White Knight Broadcasting and operated by Nexstar under a local marketing agreement from 2015 to 2016, prior to its acquisition by Nexstar in 2016.
- 8 WHAG serves as a sub-market station to the Washington, D.C. metropolitan area.
- 9 These stations are owned by West Virginia Media Holdings and operated by Nexstar under a local marketing agreement. Full acquisition is pending FCC approval.
- 10 The sale of these stations to Heartland Media is pending FCC approval.
- 11 The sale of these stations to Bayou City Broadcasting is pending FCC approval.
- 12 The sale of the station to Graham Media Group is pending FCC approval.
- 13 The sale of the station to Marquee Broadcasting is pending FCC approval.
Former Nexstar stations
|City of License / Market||Station|| Channel
|Years Owned||Current Ownership Status|
|Beaumont - Port Arthur||KBTV-TV||4 (40)||1998-2012|| Fox affiliate owned by Deerfield Media|
(Operated through a LMA by Sinclair Broadcast Group)
|Rochester||WUHF||31 (28)||2005-2013 1||Fox affiliate owned by Sinclair Broadcast Group|
|Lebanon - Lancaster - York - Harrisburg||WLYH-TV||15 (23)||2006-2015 2||Grit TV affiliate, WXBU, owned by Howard Stirk Holdings|
- 1 Owned by Sinclair, Nexstar operated WUHF under a shared services agreement.
- 2 Operated by Sinclair Broadcast Group under a local marketing agreement.
Retransmission consent dispute with Fox
In 2011, Nexstar and Fox entered into a dispute over terms of reverse compensation; this occurred as Fox began to aggressively seek shares of earnings from retransmission consent agreements with cable and satellite operators as part of affiliation agreement renewals between station groups with affiliates whose affiliation contracts already expired (and carrying the network's programming without a contractual agreement) or were near expiration. Reportedly, the amount from retransmission consent fees from cable and satellite operators that Fox wanted its affiliates to pay the network would be 25 cents per subscriber during the first year of the affiliation agreement, increasing to 50 cents by the fourth year. President of affiliate sales and marketing for Fox, Mike Hopkins, had said earlier in the year that the network would consider moving its affiliation to another market station as a last resort, if existing affiliates did not agree to the terms for reverse compensation retrans sharing.
Fox dropped its affiliation from Nexstar-owned/managed stations in four markets, with three of the replacement stations adding Fox in addition to existing affiliations with the MyNetworkTV program service (owned by Fox parent company News Corporation). In Indiana, two markets saw Fox go from a primary affiliation of one station to joining an existing MyNetworkTV-affiliated digital subchannel of a competing Big Three station, with MNT going to a secondary affiliation: in Evansville, Fox moved from WTVW (which then became an independent station and later joined The CW) to a MNT-affiliated subchannel of CBS affiliate WEVV-TV on July 1, while in Fort Wayne, the Fox affiliation moved from WFFT-TV to an MNT-affiliated subchannel of NBC affiliate WISE-TV on August 1. The network also moved its affiliation in Springfield, Missouri from KSFX-TV (operated in a duoploly with area CBS affiliate KOLR) to upstart MyNetworkTV affiliate KRBK on September 1, 2011, with both stations becoming Independents. Nexstar chose to drop Fox from WFXW in Terre Haute, Indiana and re-affiliate with ABC on September 1, 2011 (becoming the only Nexstar station thus far to affiliate with another network following the removal of the Fox affiliation) as part of a long-term renewal agreement between Nexstar and ABC for the group's nine existing ABC stations, reversing a 1995 switch that saw Terre Haute losing over-the air carriage of ABC programs (since then, ABC has been seen in the market via Indianapolis affiliate WRTV on area cable and satellite providers); the Fox affiliation then moved to a digital subchannel of CBS affiliate WTHI-TV which also added MyNetworkTV as a secondary affiliation. Nexstar's remaining Fox affiliates have since signed a renewal agreement through December 2013; in addition, following the settlement of Nexstar's antitrust lawsuit against WISE-TV owner Granite Broadcasting, WFFT-TV reclaimed the Fox affiliation on March 1, 2013.
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Nexstar renewed its remaining eight Fox affiliates through December 2013.
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