Nexstar Media Group, Inc. · NASDAQ:NXST
Nexstar Media — Investor Presentation (June 2025)
35 slides from Nexstar Media's investor presentation, Jun 11, 2025
Slide 1: Investor Presentation – June 2025
Investor Presentation – June 2025 1
Slide 2: Forward Looking Statements and Disclaimers
Forward Looking Statements and Disclaimers All statements included herein other than statements of historical fact, may be deemed forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995. Nexstar cautions that these forward-looking statements are subject to ris
Slide 3: Nexstar Media Group, Inc. Overview
Nexstar Media Group, Inc. Overview National Reach 2023-2024 Revenue Composition The CW, NewsNation, The Hill % of U.S. Covered: 100% Other 2% Local Reach At Scale Political 5% % of U.S. TV Households: 70% Advertising Avg. Mo. Unique Visitors(1): 103MM Non-Political 38% Financial Profile 2024 Adverti
Slide 4: Investment Highlights
Investment Highlights SCALED COMPANY Avg. 23/24 Revenue: $5.2 billion and Adjusted EBITDA(1) : $1.7 billion S&P 400 INDEX MEMBER Added to the S&P 400 Index in 2022 ATTRACTIVE DIVIDEND YIELD NXST’s 4.3% yield is in the top 10% of S&P 400 companies(2) COMPELLING VALUATION High Teens Free Cash Flow Yie
Slide 5: Nexstar Has Unmatched Local Broadcast Television Scale
Nexstar Has Unmatched Local Broadcast Television Scale with Nationwide Reach via its Owned Broadcast and News Networks Our unique, scaled portfolio of local and national media assets gives Nexstar a distinct competitive edge. We are the Largest Local Television Broadcast Group… …and a #1, #2 or #3 L
Slide 6: Our Established Local Operations are Protected and Valuable
Our Established Local Operations are Protected and Valuable Our television stations have been established in our markets for decades, providing us a competitive advantage in the local marketplace. We employ 6,000 local journalists who help generate over 316,000 hours per year of local programming an
Slide 7: Largest Portfolio of Local Television Stations
Largest Portfolio of Local Television Stations with News, Sports, and Other Programming Relevant to our Local Audiences Television Stations Digital Properties 201 Full-power Stations 138 Local Websites 229 Mobile Apps Audience Reach 60 CTV Apps (and growing) 70% U.S. TV Households Local News +316K H
Slide 8: Broadcast and News Networks Continue to be the Most Watched
Broadcast and News Networks Continue to be the Most Watched, Creating a Differentiated Trajectory For Broadcast and News-Focused Companies Like Nexstar Broadcast and News Networks Broadcast Programming Has Gained Share Comprise 12 of the Top 15 Networks Top 2024 Networks Based on Average Rating for
Slide 9: The CW is America's Fifth Major Broadcast Network
is America’s Fifth Major Broadcast Network Since the acquisition of The CW in 2022, we have significantly improved its operations by increasing sports programming and viewership while reducing programming expenses and improving profitability. The CW Opportunity Key CW Transformation Milestones • Nex
Slide 10: NewsNation is America's Best Source for Reliable, Non-Partisan News
is America’s Best Source for Reliable, Non-Partisan News Identifying the demand for news networks, we profitably launched NewsNation in 2021 by leveraging our extensive local news footprint and unique positioning to provide fact-based, non-partisan news. The NewsNation Opportunity Key NewsNation Mil
Slide 11: ATSC 3.0 Opportunity
ATSC 3.0 Opportunity By converting our broadcast technology standard to ATSC 3.0 from ATSC 1.0, we can transmit our television programming using less spectrum bandwidth and lease/license excess capacity to businesses for one-way, high speed data transmission, creating a new meaningful revenue stream
Slide 12: Nexstar Delivered Record 2024 Revenue
Nexstar Delivered Record 2024 Revenue, Led by Strong Distribution The scale of Nexstar’s broadcast portfolio and the strength of its programming has enabled Nexstar to continue to grow distribution and total net revenue. Total Net Revenue Distribution Revenue ($ in millions) ($ in millions) RECORD R
Slide 13: Broadcast Continues to be Underpaid Relative to its Strong Ratings
Broadcast Continues to be Underpaid Relative to its Strong Ratings If broadcast stations were paid retransmission fees equivalent to their ratings, there would be +44% upside to distribution revenue for the industry. 2024 Basic Cable Network Affiliation Fees Broadcast Share of MVPD Programming Fees
Slide 14: Opportunity During Each Retransmission and Affiliation Renewal Cycle
Nexstar Has an Opportunity During Each Retransmission and Affiliation Renewal Cycle to Improve its Economics In 2025, Nexstar has ~60% of its subscriber base up for renewal, which will impact 2026 financial results. Retransmission Overview Nexstar’s Retransmission Agreement Cycle • Reflects agreemen
Slide 15: Nexstar's Advertising Revenue Streams are Diverse and Resilient
Nexstar’s Advertising Revenue Streams are Diverse and Resilient Nexstar’s 1,600-person advertising salesforce maintains relationships with over 40,000 advertisers. Non-Political Advertising Accounts for Less than 40% of Nexstar’s Non-Political Advertising From More Consistent “Call-to-Action” Net Re
Slide 16: Strong Political Advertising Revenues in Election Years
Nexstar’s Extensive Local Footprint Enables Us to Benefit from Strong Political Advertising Revenues in Election Years Broadcast TV is the Most Effective Nexstar Generates Consistent Election-Year Political Advertising Medium Political Advertising Revenue Nexstar typically garners a low-teens market
Slide 17: Digital is a Growing Component of Advertising Revenue
Digital is a Growing Component of Advertising Revenue Digital advertising accounted for ~20% of Nexstar’s non-political advertising revenue in 2024. Digital Advertising Revenues Nexstar Consistently Ranks as a Top 10 Digital News Property • Nexstar generates digital advertising from selling: Comscor
Slide 18: Long-Term Record of Strong Financial Performance
Long-Term Record of Strong Financial Performance Net Revenue Adjusted EBITDA • >50% of revenue is recurring ($ in millions) ($ in millions) $6,000 $2,500 100% • Growing retransmission and digital $5,211 $5,407 $2,238 Revenue $4,933 revenue streams $5,000 $2,004 $2,000 75% • Stable advertising revenu
Slide 19: Capital Allocation Strategy
Capital Allocation Strategy Nexstar uses its excess free cash flow to generate shareholder value through dividends, debt reduction, share repurchases and acquisitions. 2023-2024 Capital Allocation Shares Outstanding Allocation of Adjusted Free Cash Flow With the absence of accretive M&A, Nexstar has
Slide 20: Nexstar's M&A Strategy Has Created Substantial Shareholder Value
Nexstar’s M&A Strategy Has Created Substantial Shareholder Value Nexstar balances current shareholder returns with long-term value enhancing investment opportunities. Nexstar Media Group, Inc. (Ticker: NXST) Stock Price Since IPO Ranked one of the “Top 15 Best Performing Stocks Over The Last 15 Year
Slide 21: The Current Administration Favors Deregulation
The Current Administration Favors Deregulation “In my 45 years in the broadcast industry, the prospect of meaningful broadcast ownership reform has never been better.” – Perry A. Sook, Founder, Chairman and CEO of Nexstar Media Group, Inc. Selected Broadcast Ownership Rules What Potential Regulatory
Slide 22: The Nexstar Consolidation Playbook
The Nexstar Consolidation Playbook Nexstar’s Previous Marquee Transactions Transaction Projected Projected Target Size Synergies Accretion RETRANSMISSION • Acquired stations move to Nexstar’s retransmission Retransmission REVENUE SYNERGIES consent agreements Tribune Revenue $85M Media (9/19) Expense
Slide 23: Industry Perspectives
Industry Perspectives
Slide 24: Market Shifts are Benefiting Broadcast
Market Shifts are Benefiting Broadcast NEW PAYTV PACKAGING IS BETTER FOR THE CONSUMER AND THE “… video can become an asset again.” - Charter DISTRIBUTOR Broadcast stations are the core to new packaging strategies • Charter launched a new video packaging strategy bundling PayTV packages with streamin
Slide 25: Market Shifts are Benefiting Broadcast (cont'd)
Market Shifts are Benefiting Broadcast (cont’d) SPORTS IS EXPANDING / MAINTAINING BROADCAST PRESENCE Media Companies Hold ~90% of Sports Rights with Long-Term Contracts Broadcast television remains the most important medium for Sports Rights Composition by Owner (% of Total Rights Value) engaging li
Slide 26: Sports Franchises are Committed to Broadcast for the Long-Term
Sports Franchises are Committed to Broadcast for the Long-Term Given its Viewership and Fan Engagement Benefits A preponderance of top tier sports rights will remain on linear TV for the foreseeable future with new rights deals - like the NBA - increasing exposure to broadcast. Current Sports Media
Slide 27: Broadcast's Reach Advantage Provides Superior Outcomes for Sports Franchises
Broadcast’s Reach Advantage Provides Superior Outcomes for Sports Franchises Versus Cable or Digital Delivery Sports leagues care about reach which drives fan engagement and franchise value. The NFL Supports the Broadcast Model which has Been Part of their Success Story Other Sports Have Made Broadc
Slide 28: The Affiliate Model Benefits Station Owners and Networks
The Affiliate Model Benefits Station Owners and Networks Big-4 networks derive more than half their revenue from their affiliates. AFFILIATE MODEL BENEFITS TO NETWORKS: Over Half of Network Revenue is Driven by the Affiliation Model • Enables broadcast networks to reach 100% of the country, Network
Slide 29: Broadcast Stations Provide the Content Regardless of Technology
Broadcast Stations Provide the Content Regardless of Technology CABLE SATELLITE MULTICHANNEL SINGLE NETWORK STREAMING STREAMING SERVICE YouTubeTV TYPE Hulu, Paramount+ Comcast, DirecTV, Fubo, Peacock Charter Dish DirecTV Stream Fox One PROVIDER OF BROADCAST NETWORK & Broadcast Broadcast Broadcast Br
Slide 30: We Believe the Future TV Ecosystem will Favor Broadcast Television
We Believe the Future TV Ecosystem will Favor Broadcast Television Our Vision for the Future TV Ecosystem The Broadcast TV Virtuous Cycle • Pay TV programming bundles are being rationalized, freeing up dollars for premium content, like broadcast television Broadcast television content is the most •
Slide 31: Nexstar Media Group
Nexstat MEDIA GROUP, ING
Slide 32: Appendix
Appendix
Slide 33: Disclosures and Definitions Regarding Non-GAAP Financial Information
Disclosures and Definitions Regarding Non-GAAP Financial Information This investor presentation includes non-GAAP measures including Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted Free Cash Flow. Definitions of these non-GAAP measures, reconciliations to their nearest GAAP measures, and the re
Slide 34: Adjusted EBITDA Financial Reconciliations
Adjusted EBITDA Financial Reconciliations ($ in millions) Year Ended December 31, Three Mos. Ended March 31, 2024 2023 2022 2025 2024 Adjusted EBITDA Reconciliations: Net Income $ 683 $ 270 $ 943 $ 97 $ 167 Add (Less): Transaction and other one-time expenses (1) 12 15 37 0 1 Stock-based compensation
Slide 35: Adjusted Free Cash Flow Financial Reconciliations
Adjusted Free Cash Flow Financial Reconciliations ($ in millions) Year Ended December 31, Three Mos. Ended March 31, 2024 2023 2022 2025 2024 Adjusted Free Cash Flow Reconciliations: Net cash provided by operating activities $ 1,250 $ 999 $ 1,403 $ 337 $ 276 Less: Capital expenditures (145) (149) (1
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