Nexstar Media Group
23 named things its latest annual report says its results depend on, each in the company's own words. 11 of them are also named by other companies we've read.
Customers
Two largest customers
earns from · approximately 13%named as a riskEach of these customers represented approximately 13% for 2025, 12% for 2024, and 12% and 14% for 2023, of our consolidated net revenues.Risk factors (Item 1A)
Multichannel video programming distributors (MVPDs)
earns from · 59% of our revenue from distributionnamed as a riskA significant portion of our revenue comes from our retransmission consent and carriage agreements with MVPDs (mainly cable and satellite television providers) and vMVPDs.Risk factors (Item 1A)
Also named by GHC
Political advertising
earns fromnamed as a riskAdditionally, our advertising revenue varies significantly across annual periods due to the cyclical nature of political advertising.Business (Item 1)
Suppliers
Third-party software platform providers
depends onnamed as a riskBecause we cannot easily switch our operations to other third-party providers without significant costs, any disruption of or interference with our use of third-party service providers could have a material negative impact on our business and the results of our operations.Risk factors (Item 1A)
Partners and platforms
NBC
depends on · 35 agreements expire in December 2027.named as a riskThe agreements with CBS, FOX, NBC, ABC, and The CW are the most significant to our operations.Business (Item 1)
Also named by GHC
CBS
depends on · 49 agreements expire in July 2026.named as a riskThe agreements with CBS, FOX, NBC, ABC, and The CW are the most significant to our operations.Business (Item 1)
FOX
depends on · Of the 42 agreements, 41 expire in August 2026named as a riskThe agreements with CBS, FOX, NBC, ABC, and The CW are the most significant to our operations.Business (Item 1)
ABC
depends on · 29 agreements expire in December 2027.named as a riskThe agreements with CBS, FOX, NBC, ABC, and The CW are the most significant to our operations.Business (Item 1)
Warner Bros. Discovery
68.7% interestOur partner in TV Food Network is Warner Bros. Discovery, Inc., which owns a 68.7% interest in TV Food Network and operates the networks on behalf of the partnership.Business (Item 1)
Also named by NFLX
Big 4 broadcast networks vMVPD negotiations
depends onnamed as a riskAs a result, the Big 4 networks generally negotiate directly with vMVPDs for carriage of their local affiliate stations, including certain of our stations.Risk factors (Item 1A)
Other companies
TEGNA
$6.2 billionnamed as a riskThe transaction is valued at an estimated $6.2 billion, which includes the estimated purchase price of $5.8 billion (comprising the Merger Consideration and the refinancing of certain existing TEGNA debt), financing fees and transaction costs and expenses.Business (Item 1)
TV Food Network
$381 millionnamed as a riskDuring the fourth quarter of 2025, we recognized an other-than-temporary non-cash impairment charge of $381 million related to this investment, driven primarily by continued softness in the U.S. linear advertising market for entertainment cable networks, declining MVPD subscribers and demand for entertainment cable networks by viewers and distributors, ongoing shifts in consumer preferences toward streaming services and other digital products, and additional market data from recent spin-offs involving cable networks.Risk factors (Item 1A)
The CW Network
80.8% interestIn addition, we have been able to grow The CW’s distribution revenue while increasing the number of CW affiliations held by us and our partners to 58, representing 48.2% of total U.S. TV households.Business (Item 1)
Mission Broadcasting
named as a riskIn addition, Nexstar (excluding The CW) guarantees the full payment of all of the obligations incurred under one of our VIEs’ (Mission) senior secured credit facility in the event of default.Risk factors (Item 1A)
Commodities and inputs
SOFR
exposed to its price · $36 millionnamed as a riskBased on the outstanding balances of the Company’s senior secured credit facilities (term loans and revolving loans) as of December 31, 2025, an increase in each of SOFR by 100 basis points would increase our annual interest expense and decrease our cash flow from operations by $36 million (excluding tax effects).Market risk (Item 7A)
Also named by AAP, AIOT, APG, APH, ARES, AXON, BGC, BR and 82 more
Regulators
Internal Revenue Service (IRS)
subject to · $182 million tax and a $73 million gross valuation misstatement penaltynamed as a riskAccordingly, the IRS proposed a $182 million tax and a $73 million gross valuation misstatement penalty.Risk factors (Item 1A)
Also named by AAPL, ABNB, ADI, AJG, AMGN, BBSI, BMNR, BRO and 39 more
Laws and programs
FCC national television ownership cap
subject to · 39%named as a riskAdditionally, our major television station acquisitions over the past years have significantly increased our national audience reach to a level that is at the national television ownership limit imposed by the Communications Act and FCC rules.Risk factors (Item 1A)
Also named by DIS
Hart-Scott-Rodino Antitrust Improvements Act
subject tonamed as a riskThe Merger has been approved by the boards of directors of both companies and by the stockholders of TEGNA and is anticipated to close by the second half of 2026, subject to (i) FCC consent, (ii) receipt of other regulatory approvals includingBusiness (Item 1)
Also named by AWK, BEN, BLK, CPRT, CTAS, FSK, KVUE, SWKS and 2 more
Communications Act of 1934
subject tonamed as a riskUnder these restrictions, the holder of a U.S. broadcast license may have no more than 20% non-U.S. ownership (by vote and by equity).Risk factors (Item 1A)
FCC duopoly rule
subject tonamed as a riskIn addition, the FCC is considering the Duopoly Rule in its open ownership rulemaking proceeding.Business (Item 1)
Retransmission consent rules
subject tonamed as a riskMVPDs have actively sought to change the regulations under which retransmission consent is negotiated before both the U.S. Congress and the FCC in order to increase their bargaining leverage with television stations, and there are still-open FCC proceedings to review these regulations.Business (Item 1)
Technology
ATSC 3.0
over 50% of U.S. television householdsWe and our partners have adopted the ATSC 3.0 technology in stations covering over 50% of U.S. television households.Business (Item 1)
Also named by GHC