Nexstar CEO sees possible settlement of Tegna antitrust suit as earnings soar

Nexstar Media Group chief executive Perry Sook told investors that a settlement of the antitrust lawsuit challenging the company's $6.2 billion acquisition of Tegna could be reached before the case goes to trial next year. He said the company faces less “ticking‑fee” pressure than other pending media deals, noting that the merger has already closed and that the recent FCC decision to eliminate the cap on local‑TV ownership provides only a marginal benefit to Nexstar’s legal position. The lawsuit, filed by the Department of Justice and several state attorneys general, alleges the combined firm would reach about 80 % of U.S. households, well above the historic 39 % limit, and a federal judge has issued a preliminary injunction freezing the transaction while Nexstar appeals to the Ninth Circuit.

In its second‑quarter earnings report, Nexstar posted record revenue of $2.0 billion, net income of $113 million and adjusted EBITDA of $633 million. Operating cash flow was $298 million, with $238 million in adjusted free cash flow. The company returned $57 million to shareholders as dividends and used $409 million to reduce debt, underscoring a strong financial position despite ongoing litigation.