Who Owns Nexstar Media Group Company?

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Who Owns Nexstar Media Group?

Understanding the ownership structure of a major media conglomerate like Nexstar Media Group is crucial for investors and stakeholders, as it sheds light on the company's strategic direction, governance, and accountability. A pivotal moment in Nexstar's trajectory, such as its significant acquisitions of Media General in 2016 and Tribune Media in 2019, underscored its aggressive growth strategy and solidified its position as the largest local television station owner in the United States. These acquisitions not only expanded its vast network but also highlighted the evolving landscape of media ownership and consolidation.

Nexstar Media Group, Inc. was founded in 1996 by Perry A. Sook, with the initial purchase of WYOU in Scranton, Pennsylvania. Headquartered in Irving, Texas, Nexstar has grown from a single station to operating 197 full-power television stations across 116 markets, reaching nearly 70% of U.S. television households as of 2023. The company's vision, rooted in localism, aims to deliver local news, entertainment, and sports programming, while also offering extensive digital publishing and advertising solutions. Beyond traditional broadcasting, Nexstar has diversified into national cable news and entertainment networks, notably NewsNation and a 77.1% controlling interest in The CW Network as of December 31, 2024.

Delving into the Nexstar Media Group ownership structure reveals a dynamic interplay between institutional investors, individual shareholders, and company insiders. As a publicly traded entity, Nexstar Media Group stock is available to the general public, making its ownership widely distributed. However, significant stakes are often held by large institutional investors who play a key role in shaping corporate governance and strategic decisions. Examining the Nexstar Media Group major investors list provides insight into who wields the most influence. Understanding the Nexstar Media Group ownership structure explained is key to grasping the company's direction. This analysis will explore the Nexstar Media Group company history ownership, its media holdings ownership, and the influence of its executive leadership ownership.

The question of; Who owns Nexstar Media; is best answered by looking at its shareholder base. The majority of Nexstar Media Group ownership is held by institutional investors, with Vanguard Group Inc. and BlackRock Inc. consistently appearing as the largest shareholders. These firms manage vast portfolios on behalf of millions of individuals and entities, and their investment in Nexstar reflects a belief in the company's market position and growth potential. For those interested in a deeper analysis of the company's strategic positioning, a look at the Nexstar Media Group BCG Matrix can be insightful. The Nexstar Media Group stock ticker symbol ownership also points to its accessibility for a broad range of investors.

Beyond institutional holdings, individual investors also contribute to the Nexstar Media Group shareholders base. The founder, Perry A. Sook, who also serves as the Nexstar Media Group CEO, remains a significant stakeholder, reflecting his continued commitment to the company he built. The percentage of Nexstar Media Group owned by its executives is often a key indicator of alignment between leadership and shareholder interests. The Nexstar Media Group board of directors also plays a crucial role in overseeing the company's operations and strategic direction, ensuring that the interests of all Nexstar Media Group investors are considered.

The Nexstar Media Group company profile ownership highlights its evolution through strategic acquisitions, which have significantly shaped its media holdings ownership. The company's investor relations ownership section on its official website often provides detailed breakdowns of its shareholder structure and corporate governance policies. Is Nexstar Media Group publicly traded; yes, it is, and its financial ownership details are readily available through regulatory filings. Identifying who is the largest individual shareholder in Nexstar Media Group, aside from the founder, can offer further clarity on its ownership dynamics.

Nexstar Media Group's journey began in 1996, founded by Perry A. Sook. His initial move was acquiring WYOU in Scranton, Pennsylvania, marking the start of the company's operations. Sook, a seasoned American media executive with over 43 years in broadcasting, has remained a pivotal figure, currently serving as both Chairman and Chief Executive Officer. While the precise initial equity distribution at its founding isn't publicly detailed, Sook's leadership was instrumental in shaping the company's core principles, emphasizing community involvement, program quality, strategic expansion, and innovation.

The early stages of Nexstar's growth were supported by private equity firms, notably ABRY Partners, LLC, which partnered with Perry Sook to establish the company in 1996. Jay M. Grossman, a Managing Partner and Co-Chief Executive Officer at ABRY Partners, joined Nexstar's Board of Directors in 1997, signifying a substantial early investment. ABRY Partners concluded its ownership stake in Nexstar in 2013, a transition that moved the company from its initial private equity backing towards a more publicly traded status. The foundational agreements likely included standard private equity terms, though specific details regarding vesting schedules or buy-sell clauses are not publicly disclosed. The strategic direction, heavily influenced by Sook's vision, focused on leveraging local market strengths and pursuing growth through strategic acquisitions, a strategy that has consistently defined Nexstar's expansion.

Founding Visionary

Perry A. Sook founded Nexstar Media Group in 1996. He continues to lead as Chairman and CEO, bringing over 43 years of broadcasting experience.

Initial Operations

The company's operations commenced with the acquisition of WYOU in Scranton, Pennsylvania. This marked the beginning of Nexstar's strategic growth path.

Early Financial Backing

ABRY Partners, LLC was a key private equity firm that helped establish Nexstar. They played a significant role in the company's early development.

Investor Representation

Jay M. Grossman of ABRY Partners joined Nexstar's Board of Directors in 1997. This indicated a strong early investor relationship.

Transition to Public Ownership

ABRY Partners fully exited its ownership in 2013. This marked a significant shift towards a publicly traded company structure.

Core Growth Strategy

Nexstar's strategy has consistently focused on leveraging localism and expanding through strategic acquisitions. This approach has driven its sustained growth.

The foundational vision for Nexstar Media Group, spearheaded by Perry A. Sook, centered on a strategy of leveraging localism and expanding through strategic acquisitions. This approach has been a defining characteristic of the company's growth trajectory. Understanding the Target Market of Nexstar Media Group provides further context to its strategic positioning and operational focus.

Key Ownership Aspects

Nexstar Media Group's ownership structure has evolved significantly since its inception. While founder Perry A. Sook remains a central figure, early private equity involvement played a crucial role in its establishment.

• Founded in 1996 by Perry A. Sook.
• Initial operations began with the acquisition of WYOU.
• ABRY Partners, LLC was an early significant investor.
• ABRY Partners exited its ownership in 2013.
• The company's growth strategy emphasizes localism and acquisitions.

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Nexstar Media Group, Inc. became a publicly traded entity on November 24, 2003, with its Initial Public Offering (IPO) on NASDAQ under the ticker symbol 'NXST'. This offering involved the sale of 10 million shares at $14 per share, generating $140 million. The company's ownership landscape has seen considerable transformation since its IPO, largely driven by significant acquisitions that have bolstered its market presence.

Two pivotal acquisitions that reshaped Nexstar's ownership and operational scale were the $4.6 billion purchase of Media General in 2017 and the $7.1 billion acquisition of Tribune Media in 2019. These strategic moves expanded Nexstar's footprint to over 200 stations across 116 markets, significantly influencing its Nexstar Media Group ownership structure.

As of July 17, 2025, Nexstar Media Group holds a market capitalization of approximately $5.40 billion. The ownership of Nexstar Media Group is predominantly held by institutional investors. As of March 31, 2025, institutional ownership accounted for 100.23% of the total shares outstanding, with 979 institutional owners collectively holding 38,488,120 shares. Among the largest institutional shareholders are BlackRock, Inc., holding 3,258,434 shares (reflecting a 19.256% change from the previous period), Vanguard Group Inc. with 3,052,683 shares, Neuberger Berman Group LLC with 1,478,898 shares, and Dimensional Fund Advisors Lp with 1,341,899 shares. Other notable institutional holders include LSV Asset Management, Charles Schwab Investment Management Inc., and State Street Corp. Insider holdings remained steady at 1.95% as of January 2025. These shifts in major shareholding have been instrumental in driving Nexstar's aggressive growth strategy, which includes consolidating local broadcast assets and developing national content platforms like NewsNation and The CW. Understanding the Growth Strategy of Nexstar Media Group is key to grasping the implications of its ownership structure.

Major Nexstar Media Group Shareholders

Institutional investors are the primary owners of Nexstar Media Group. These entities play a crucial role in the company's strategic direction and financial performance.

• BlackRock, Inc.
• Vanguard Group Inc.
• Neuberger Berman Group LLC
• Dimensional Fund Advisors Lp
• LSV Asset Management
• Charles Schwab Investment Management Inc.
• State Street Corp.

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As of October 1, 2024, Nexstar Media Group's leadership is structured with a Board of Directors consisting of 10 members. This board includes nine independent directors, highlighting a commitment to independent oversight. Three of these directors are women, reflecting a focus on diversity within the leadership team. The Chairman and CEO, Perry A. Sook, is a central figure in the company's governance.

Other key individuals serving on the board include Geoff Armstrong, Bernadette Aulestia (who joined in January 2021), Jay M. Grossman (a long-standing member since 1997), Ellen Johnson (appointed as an independent director effective October 1, 2024), Thomas McMillen, Lisbeth McNabb, and John R. Muse. Additionally, Dennis Miller, formerly of Sony Pictures Television, is a board member and now serves as the Chairman and CEO of The CW Network, following Nexstar's acquisition of a majority stake in that entity.

The voting power within Nexstar Media Group is straightforward, operating on a one-share-one-vote principle for its Common Stock. As of April 30, 2025, the company had 30,188,767 shares of Common Stock issued and outstanding, with each share granting its holder one vote. This structure ensures that voting power is directly proportional to share ownership. The company's bylaws, specifically the Second Amended and Restated Bylaws adopted on January 26, 2023, define a quorum for annual meetings as a majority of the total voting power of all outstanding shares. Importantly, there is no provision for cumulative voting, meaning that votes cannot be concentrated on a single director. Historically, Nexstar had Class B and Class C Common Stock, but these classes lacked voting rights. Since 2013, only Class A common stock has been outstanding, and in January 2022, the board recommended the elimination of the non-voting classes to further streamline corporate governance. The company has not experienced recent significant proxy battles or activist campaigns that have altered its board composition or voting structure, indicating a stable governance framework that aims for responsiveness to stockholders, as demonstrated by past board recommendations for enhanced stockholder rights and dividend distributions.

Nexstar Media Group's Voting Power and Governance

Nexstar Media Group's ownership and voting power are primarily determined by its common stock. The company's governance structure emphasizes a one-share-one-vote system.

• Total Outstanding Common Stock: 30,188,767 shares as of April 30, 2025.
• Voting Mechanism: One vote per share of common stock.
• Quorum Requirement: Majority of the voting power of outstanding shares.
• Historical Share Classes: Class B and Class C common stock existed but had no voting rights; only Class A common stock is currently outstanding.
• Governance Focus: Board recommendations have aimed to enhance stockholder rights and corporate governance.
• Competitive Context: Understanding Nexstar's structure is key when analyzing the Competitors Landscape of Nexstar Media Group.

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Over the past few years, Nexstar Media Group has significantly reshaped its media holdings and financial strategy. A pivotal moment was the acquisition of a 75% controlling interest in The CW Network in late 2022. This strategic move expanded the company's content portfolio beyond its traditional news focus and increased its presence in the national advertising arena, with an aim to achieve profitability for The CW by 2025. By the close of 2024, Nexstar's stake in The CW Network had grown to 77.1%, indicating a deepening commitment to this venture.

Financially, the company has demonstrated strong growth. For the year ending December 31, 2024, Nexstar reported record net revenues of $5.4 billion, marking a 9.6% increase compared to the previous year. This revenue surge was primarily driven by robust political advertising and distribution revenues. The company's net income attributable to Nexstar Media Group, Inc. saw a substantial jump to $722 million in 2024, a significant increase from $270 million in 2023. Operating income also rose considerably, reaching $1,268 million, up by 79.1%. Nexstar has actively returned capital to its shareholders, distributing approximately $820 million in 2024 through $601 million in stock repurchases and $219 million in dividends. Further demonstrating confidence in its financial outlook, the company announced an additional $1.5 billion increase to its share repurchase authorization and approved a 10% hike in its quarterly cash dividend to $1.86 per share for 2025.

Institutional investors continue to be the primary holders of Nexstar Media Group stock, with 979 institutions holding shares as of July 17, 2025. While the specific buying and selling activities of these institutions can vary, the overall percentage of institutional ownership has remained consistently high, reflecting broad confidence in the company's strategy and performance. Leadership continuity is also a key factor, with Perry Sook's contract as CEO extended through 2026, ensuring a stable hand at the helm. The company remains focused on exploring future growth avenues, including potential benefits from ATSC 3.0 technology, which is projected to generate significant industry revenues.

Key Acquisition: The CW Network

Nexstar acquired a 75% controlling interest in The CW Network in late 2022. This strategic move diversified its content offerings and expanded its national advertising reach. The company aims to make The CW profitable by 2025.

Financial Performance Highlights

In 2024, Nexstar achieved record net revenues of $5.4 billion, a 9.6% increase from 2023. Net income attributable to the company rose significantly to $722 million. Operating income saw a substantial increase of 79.1%.

Shareholder Returns and Capital Allocation

Nexstar returned approximately $820 million to shareholders in 2024 through stock repurchases and dividends. The company also increased its share repurchase authorization by $1.5 billion. A 10% increase in the quarterly cash dividend to $1.86 per share was approved for 2025.

Ownership Trends and Leadership

Institutional ownership remains dominant, with a high number of institutions holding shares. Perry Sook's contract as CEO was extended through 2026, ensuring leadership stability. The company continues to explore opportunities in areas like ATSC 3.0 technology for future growth.

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