Federal Communications Commission scraps limit on broadcast TV ownership

Nexstar CEO Perry Sook said on the company’s earnings call that a settlement of Nexstar’s antitrust lawsuit over its Tegna merger is possible, though he said Nexstar is not under the same “ticking fee” pressures as other deals. Nexstar’s $6.2B Tegna acquisition was frozen by a preliminary injunction. Nexstar reported $2B Q2 revenue and $3.61 diluted EPS.

Reuters reports the FCC voted 2-1 to rescind the 39% cap on local TV station ownership, replacing it with a case-by-case approach. FCC Chair Brendan Carr said it would help broadcasters, while Democrat Anna Gomez said the change was illegal. The rule was waived for Nexstar’s $3.54 billion Tegna deal, which would cover about 80% of U.S. TV households if upheld.

Nexstar Media Group (NASDAQ: NXST) reported record Q2 2026 net revenue of $1.99B, up 62.2% year over year, driven by TEGNA integration, higher political ad spending, and growth in broadcast and streaming. Adjusted EBITDA rose 62.7% to $633M. Nexstar repaid $409M debt and paid $57M dividends; it also updated ongoing TEGNA litigation and expects strong H2 free cash flow.

NEXSTAR MEDIA GROUP, INC. (NXST) filed an SEC Form 8-K — Results of Operations and Financial Condition. EX-99.1 2 nxst-ex99_1.htm EX-99.1 EX-99.1 EXHIBIT 99.1 SECOND QUARTER 2026 EARNINGS RELEASE August 6, 2026 NEXSTAR MEDIA GROUP REPORTS RECORD QUARTERLY NET REVENUE OF $2.0 BILLION Q2 Net Revenue Drives Net Income of $113 Million, Adjusted EBITDA of $633 Million, Net Cash Provided

A bipartisan group of state attorneys general says broadcast firms Tegna and Nexstar Media Group are moving toward a merger despite a preliminary court injunction. The AGs allege Nexstar personnel on Tegna’s board violates the order by enabling Nexstar control while the FCC rule challenge involving chair Brendan Carr proceeds. Virginia AG Jay Jones cites Tegna’s Norfolk affiliates serving 779,000 households.

Plaintiffs including California and New York attorneys general and DirecTV asked a federal judge to clarify that Nexstar cannot appoint current or recent executives to Tegna’s board, alleging it may breach a hold-separate injunction tied to Nexstar’s closed merger. Nexstar says it complied and Tegna operates independently. Nexstar is appealing; Ninth Circuit has not set argument date.