The Lacuna Project

lacuna (n.) a gap in a record where something should be

Independent research. Not affiliated with any government, agency, or company.

Company

Nexstar Media Group, Inc.

Findings that rest on exhibits naming this entity

  • INF-1.2: On 19 March 2026 the FCC's Media Bureau granted Nexstar's acquisition of TEGNA and waived the National Television Ownership Rule; the order states that Nexstar would reach 54.5 percent of the national audience after the UHF discount, with six stations divested, and lists among its reasons that the combination will preserve Nexstar's ability to preempt network programming in favor of programming that better serves the local community. On 6 August 2026 the Commission adopted a Report and Order repealing the national television multiple ownership rule and replacing it with case-by-case review, over a dissent by Commissioner Gomez.
  • INF-1.3: Proxy statements filed from January to September 2026 list at least one of Vanguard, BlackRock and State Street as holding more than 5 percent of the common stock of each of 17 companies: eight media, five pharmaceutical and four defense. The listed stakes run from 5.1 to 14.9 percent, and 14 of the 17 proxies cite at least one Schedule 13G filed between January and April 2024, so the percentages describe holdings on dates from 31 December 2023 to 30 June 2026.
  • INF-1.5: In the latest annual reports reviewed, advertising supplied 20.0 percent of New York Times revenue (2025), 43.0 percent of Nexstar revenue (2025) and 58.5 percent of Fox's Television segment revenue (fiscal 2026). Distribution or affiliate fees exceeded advertising at Nexstar (55.3 percent against 43.0), Warner Bros. Discovery (51.6 percent against 19.6) and Disney's Linear Networks segment (67.8 percent against 30.5).
  • INF-1.15: On 17 September 2025 Nexstar announced that its ABC-affiliated stations would preempt "Jimmy Kimmel Live!" for the foreseeable future, and gave its own objection to Mr. Kimmel's comments as its reason. The release does not mention the FCC or any government request; Nexstar's agreement to acquire TEGNA, dated 18 August 2025, was pending before the FCC on that date.
  • INF-1.16: The filings reviewed do not state how much of each outlet's advertising revenue comes from pharmaceutical advertisers, and no document read shows whether coverage by the stations Nexstar and TEGNA operate changed after the March 2026 waiver. The court order requires Nexstar to hold TEGNA separate and not to influence its management, including newsroom personnel and programming, pending final judgment.

Exhibits naming this entity

  • Exhibit 948 19 March 2026. Federal Communications Commission, Media Bureau: Memorandum Opinion and Order, Applications for Consent to the Transfer of Control of TEGNA Inc. to Nexstar Media Inc., DA 26-267, MB Docket No. 25-331
  • Exhibit 953 17 April 2026. U.S. District Court, Eastern District of California: Order, In re Nexstar-TEGNA Merger Litigation, No. 2:26-cv-00976-TLN-CKD (E.D. Cal.), Dkt. 172
  • Exhibit 954 17 September 2025. Nexstar Media Group, Inc.: Company Objects to Talk Show Host’s Comments on Killing of Charlie Kirk (Nexstar press release)
  • Exhibit 955 18 September 2025. Nieman Journalism Lab (Harvard): “We can do this the easy way or the hard way”: Trump’s FCC again uses the threat of its regulatory powers to push a critic off the air
  • Exhibit 961 30 April 2026. Nexstar Media Group, Inc.: Nexstar Media Group, Inc. definitive proxy statement (DEF 14A), security ownership table
  • Exhibit 979 27 February 2026. Nexstar Media Group, Inc.: Nexstar Media Group, Inc. annual report (Form 10-K), revenue by source