Nexstar Media Group cemented its position at the top of the broadcast industry following its $6.2 billion acquisition of Tegna, according to annual revenue data compiled by TVNewsCheck.
How Nexstar and Tegna Dominate Station Group Revenue
According to annual reports filed by publicly traded companies, Nexstar generated $4.8 billion in total revenue, while Tegna brought in $2.8 billion. Combining those figures yields $7.6 billion, more than double the revenue of runner-up Gray Television. TVNewsCheck based its annual ranking on total annual revenue from the prior year, combining advertising sales and retransmission consent fees. While the courts have temporarily blocked Nexstar from absorbing the Tegna stations and could theoretically force an unwinding of the deal, editors included the merger because it represents the only transaction of sufficient scale to significantly alter the industry standings.
Shifting Ranks Among the Top Ten Station Groups
The broader top ten station group list saw minimal movement aside from Tegna’s exit from its previous No. 4 spot. According to the rankings, Fox climbed past Comcast/NBC to occupy the No. 4 position vacated by Tegna. That upward movement by Fox opened a space for TelevisaUnivision to break into the top ten. Gray Media retained its hold on the No. 2 position behind Nexstar, while Sinclair maintained the No. 3 spot with $2.6 billion in total revenue, according to company financial disclosures.
Methodology Behind Public Filings and BIA Estimates
The rankings rely on a hybrid methodology to capture financial data across the industry. For the five publicly traded companies that break out their television broadcasting financials—specifically Nexstar, Gray, Tegna, Sinclair, and E.W. Scripps—researchers pulled revenue figures directly from corporate annual reports. For the remaining twenty groups on the list, the chart relies on revenue and coverage estimates provided by BIA Advisory Services, a research and investment firm based in Chantilly, Virginia. BIA tracks station group ownership using individual market data and historical trends to estimate ad sales, while modeling retransmission consent revenue using public company benchmarks.
Did You Know? BIA Advisory Services derives its retransmission consent revenue estimates by modeling public company disclosures against known local market subscriber counts and carriage agreements.
Actual Coverage Versus FCC Ownership Limits
The distinction between actual household coverage and legacy FCC calculation rules remains crucial for broadcast groups. The Actual Coverage column measures the percentage of the estimated 128 million U.S. television homes reached by a group’s portfolio. By contrast, FCC Coverage reflects the formula the Federal Communications Commission historically used to enforce station ownership limits. Before the FCC voted to eliminate the 39% ownership cap, rules allowed station groups to discount the audience reach of UHF stations by half, permitting certain groups to theoretically reach up to 78% of homes. According to the data, three groups—Nexstar, TelevisaUnivision, and Scripps—utilized that UHF discount to exceed the strict 39% threshold.
Frequently Asked Questions
Who is the largest TV station group owner?
Nexstar holds the No. 1 position in TVNewsCheck’s rankings following its acquisition of Tegna, boasting a combined revenue of $7.6 billion.
How is total revenue calculated for the station groups?
Total annual revenue combines advertising sales—including spot and digital sales—and retransmission consent fees from the prior year.
Are the Nexstar and Tegna stations fully integrated?
Not yet. While the deal closed, ongoing antitrust litigation and a temporary court block prevent Nexstar from fully integrating the Tegna stations into its operations.
What source provides data for privately held station groups?
BIA Advisory Services supplies revenue and coverage estimates for the twenty station groups that do not publicly break out their broadcast financials.