Nexstar Media Group reported $1.4 billion [3] in revenue for the first quarter of 2026 during an earnings call on May 7 [4].
The financial results and the completion of the TEGNA acquisition signal a push by the company to compete with big-tech firms and legacy media organizations. By expanding its footprint, Nexstar aims to stabilize its broadcasting reach and diversify its revenue streams in a volatile advertising market.
Net income per share for the period was $5.09 [1], while adjusted earnings per share, accounting for non-recurring costs, reached $6.15 [2]. The company reported these figures for the quarter ending March 31, 2026.
"Nexstar hit the ground running in the first quarter of 2026, advancing our strategic priorities across multiple fronts," Perry Sook, founder, chairman and CEO, said.
A central component of this strategy is the acquisition of TEGNA. Although the company closed the deal following approval from the Department of Justice and the Federal Communications Commission, TEGNA currently operates as a separate subsidiary. This arrangement follows a court-ordered "hold separate" mandate that prevents the full integration of the two companies' operations for the time being.
Nexstar is also focusing on the financial health of The CW. Management set a target for the network to reach profitability by the fourth quarter of 2026. This goal comes as the company continues to restructure the network's content and distribution models to reduce losses.
Based in Irving, Texas, the company's leadership team, including COO Michael Biard and CFO Lee Ann Gliha, presented the results via a webcast at 10:00 a.m. ET [5]. The acquisition of TEGNA is described by management as a critical step to level the playing field against digital competitors.
“"Nexstar hit the ground running in the first quarter of 2026, advancing our strategic priorities across multiple fronts."”
Nexstar's strategy centers on aggressive consolidation to gain scale against tech-driven advertising platforms. While the TEGNA acquisition provides a larger asset base, the court-mandated separation creates a temporary operational ceiling. The success of the company's 2026 trajectory depends on whether it can transition The CW from a cost center to a profit center by year-end.
