Nexstar is the largest local TV broadcasting company in the U.S., owning or operating over 200 full-power TV stations across 116 markets in 40 states. Its stations are affiliates of the Big 4 networks (CBS, NBC, ABC, FOX) and others, delivering local news, weather, sports, and national network programming to local audiences. Nexstar monetizes these audiences two ways: selling advertising to local and national businesses, and collecting retransmission fees from cable, satellite, and virtual pay TV providers (MVPDs) that carry its stations. Distribution fees (~59% of revenue) are the more stable stream, driven by per-subscriber rates negotiated on multi-year cycles. Advertising (~40% of revenue) is more variable, with commercial advertising driven by audience size and market conditions, and political advertising creating a strong cyclical boost in even-numbered election years. Beyond its local stations, Nexstar owns 80.8% of The CW Network, 100% of NewsNation (a national cable news network), a 31.3% passive stake in the TV Food Network partnership, and digital assets including The Hill and BestReviews. Nexstar's cost structure is largely fixed, giving the company operating leverage as revenue scales. Nexstar has announced a ~$6.2B acquisition of TEGNA, which owns 64 stations in 51 markets, expected to close in 2026. The combined company would operate 265+ stations reaching ~80% of U.S. TV households, with management projecting ~$300M in annual synergies.