Nexstar Q3 net revenue falls 12.3% to $1.20 billion; agrees to acquire TEGNA for $6.2 billion
Nexstar reported third quarter 2025 net revenue of $1.20 billion, down 12.3% year over year, with net income of $65 million, down 63.9%. The company also said it entered into a definitive agreement to acquire TEGNA Inc. for $6.2 billion, expected to close by the second half of 2026 subject to regulatory approvals. Headline results declined sharply, mainly on lower political advertising, while the pending deal adds significant execution and financing risk for shareholders.
Key points
- Q3 net revenue $1.20 billion, down $168 million (12.3%); advertising revenue down 23.5% to $476 million, mainly on lower political advertising
- Q3 net income $65 million, down 63.9% from $180 million; Adjusted EBITDA $358 million, down 29.8%
- Q3 diluted EPS $2.14 versus $5.27 a year earlier, according to the statement of operations
- TEGNA acquisition at $6.2 billion is subject to regulatory approvals and anticipated to close by the second half of 2026
The filing
Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 12:59 AM ET, from the text of the filing and its press-release exhibits only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on November 06, 2025.
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.