Nexstar Media Group has reported its 2025 fourth-quarter financial results, and the company saw a dip in overall revenue during the period.
During the period, Nexstar reported just under $1.3 billion in net revenue. That represented a 13.4% decrease compared to the same window in 2024. For the entirety of 2025, the company’s revenue fell 8.5% overall.
The company noted that the $199 million decline in the fourth quarter can largely be attributed to a significant drop in political advertising related to the presidential election in the prior year. Advertising revenue during the quarter rested at $549 million, down 27.6% year-over-year. While the company was off $209 million from 2024, it noted that political advertising dropped from $233 million in 2024 to $21 million in 2025. Non-political advertising, meanwhile, rose 4.5%.
“Nexstar delivered another quarter and year of solid financial results, while taking bold steps to better compete with big tech and big media by reinforcing our position as the nation’s leading local broadcasting company through our proposed acquisition of TEGNA Inc. In Q4 2025, we completed all outstanding 2025 renewals with our distribution partners and achieved better-than-expected growth in non-political advertising revenues,” said Nexstar Media Group chairman and CEO Perry Sook.
“In 2025, NewsNation achieved its strongest year ever for news programming viewership bolstered by our commitment to fact-based, unbiased reporting. Benefiting from our sports programming strategy, The CW exceeded financial expectations for the year and ended 2025 as the 10th most-watched and second fastest growing ad-supported network overall,” continued Sook.
The company earned $720 million in the fourth quarter from distribution revenues.
Its Adjusted EBITDA was $433 million, down from $628 million the prior year.
Included in the Nexstar Media Financial results was a statement from Sook stating that the company believes that it’s proposed merger with TEGNA will receive regulatory approval later this year.
“Our 2026 plan includes closing our acquisition of TEGNA, capitalizing on the political advertising opportunities presented by the mid-term elections, and continuing to optimize our business operations across the company, all of which we anticipate will contribute to shareholder value creation,” said Sook.
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