AGB 2022.7 - Nexstar Media Group (NXST)

Process Power + Capital Allocation

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Nexstar Media

“Just if you look at the evolution of the company, I founded the company in 1996 with one TV station in Scranton, Pennsylvania, that's pretty well-known. We pioneered kind of the JSA/SSA concept of being able to mine economic benefit out of more than one television station in a marketplace. We led the industry in demanding payments from legacy cable operators and distributors, retransmission consent payments, which was a novel idea in the early 2000s for local television. That now this year is $2.5 billion of our revenue. Major acquisition and rollup focus in the mid-2000s with everything from Newport TV to CCA, and then larger acquisitions like Media General and then Tribune being the largest acquisition we've made, which we closed in 2019 right before the onset of COVID.” - Chairman and CEO, Perry Sook, at the Deutsche Bank Media Conference in March 2022

Nexstar is the largest owner and operator of loca…