Nexstar Media Group has reported its third-quarter financial results, and the company saw a decline in overall revenue and income for the period.
During the quarter, the company reported $1.2 billion in net revenue between its distribution, advertising, and generic categories. That figure represents a 12.3% decrease compared to the same period in 2024.
The company’s distribution revenue declined from $719 million to $709 million, a loss of just under 1.5%. The biggest declines were in the advertising sector. That dropped 23.5% year-over-year, down to $476 million from the $622 million it saw in 2024. Nexstar notes that the advertising revenue decline is mostly attributed to the lack of political advertising in 2025 compared to the “unprecedented” levels seen during the 2024 race.
The company’s net income fell from $180 million in the third quarter of 2024 to $65 million, a drop of 63.9%. Its Adjusted EBITDA was down nearly 30% to $358 million during July, August, and September.
“In the third quarter, we took a major step forward in shaping Nexstar’s future as we entered into a definitive
agreement to acquire TEGNA Inc. for $6.2 billion in a highly accretive transaction,” Nexstar Media Group Chairman and CEO Perry Sook said. “Operationally, our core business is performing well, with stable year-over-year distribution and non-political advertising revenue and strong expense management resulting in lower year-over-year operating expenses.
“In addition, we continued to progress our network growth strategies as NewsNation was, once again, the fastest growing cable network in the quarter, and The CW generated its sixth consecutive quarter of primetime ratings growth and reduced losses by 24% year-over-year. Looking forward, we are focused on completing our upcoming distribution renewals, closing our acquisition of TEGNA Inc., and capitalizing on the 2026 mid-term election political advertising opportunity, all of which we anticipate will drive shareholder value.”
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