Acquisition of TEGNA
Nexstar announced a definitive agreement to acquire TEGNA in a $6.2 billion cash transaction. The acquisition is expected to strengthen Nexstar's position as a leading local media company and is projected to be more than 40% accretive to Nexstar's stand-alone adjusted free cash flow.
Strong Performance in Sports Programming
Broadcast television remains a strong segment, with a 20% increase in time spent watching from August to September. NFL viewership reached an average of 18 million viewers per game, and CW Sports delivered its best quarter since the launch of live sports programming.
NewsNation Growth
NewsNation ranked as the #1 basic cable network for year-over-year growth in the third quarter. It surpassed MSNBC 57 times and CNN 39 times in head-to-head telecasts across total viewers.
Reduction in CW Losses
Losses at the CW were reduced by $5 million or 24% year-over-year in the third quarter, with distribution and advertising revenue growth offsetting lower licensing revenue.