Nexstar Media Group is America's largest local television broadcaster, operating over 200 stations across more than 100 U.S. markets alongside national networks including a majority stake in The CW and full ownership of NewsNation, reaching approximately 225 million people. The company generates revenue primarily from distribution fees paid by cable and satellite providers for station signals and network carriage, as well as from local and national advertising, while also operating digital news platforms and consumer websites serving tens of millions of monthly users. Its business model is supported by established local market franchises built over decades, affiliate relationships with major broadcast networks, and geographic and revenue diversification that reduce customer and market concentration risk.