Nexstar at bank of america media conference: scale, debt paydown

On September 9, 2026, Nexstar Media Group (NXST) presented its financial and strategic updates at the Bank of America 2026 Media, Communications & Entertainment Conference. Chairman and CEO Perry Sook, along with CFO Leigh Ann Gliha, highlighted the company's growth and debt reduction efforts.

Nexstar's national footprint now reaches around 80% of the U.S., up from approximately 70% before its acquisition of TEGNA. The company has paid down over $500 million of debt since the March 2026 closing and anticipates reducing acquisition debt by over $1 billion by the end of the year. Despite a decline in non-political advertising in the second quarter, political advertising is expected to provide a significant boost, with AdImpact projecting $5 billion in gross political advertising for the broadcast space.

Nexstar's portfolio covers a significant portion of contested election markets, and the company is leveraging this strength in political advertising to offset declines in linear advertising. Local digital and connected TV advertising are growing at double-digit rates, complementing the decline in traditional linear advertising.

Management emphasized Nexstar's local roots with national scale, noting that local news and programming remain durable and sticky in the shifting media landscape. The company operates in 44 states, with business relationships with approximately 47,000 small and medium-sized businesses. In 35 of the over 50 markets it operates, Nexstar owns or benefits economically from multiple television stations, presenting cost rationalization opportunities.

The company aims to generate around $3 billion in EBITDA after the TEGNA acquisition, a scale management compared to larger media peers. Nexstar has paid down over $500 million of debt since the acquisition and expects to pay down more than $1 billion in acquisition debt by year-end. Share repurchases remain a possibility once leverage targets are met.

The company's dividend yield is about 4.4%, the highest in the S&P 400 index, and Nexstar has raised its dividend for 13 consecutive years while maintaining payments for 14 straight years. Investors can access additional ProTips on the company's financial health through InvestingPro.