Nexstar Media Group Inc

NXST: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Nexstar Faces Secular TV Headwinds That Acquiring Tegna Can't Fix

Matthew Dolgin

Sep 25, 2026

Business Strategy and Outlook

We expect that industry headwinds faced by linear television (the traditional form of TV that is watched at scheduled times) and the continued transition of advertising to digital media will result in ongoing challenges for Nexstar Media Group that lead its business to decline. Nexstar acquired Tegna in March 2026, though the deal is still subject to legal challenge. The consolidation should produce significant savings but does not change our outlook, as the deal increases reliance on linear television.

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Nexstar Media Group Inc

Nexstar Faces Secular TV Headwinds That Acquiring Tegna Can't Fix

Business Strategy and Outlook

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