The recent discussions around vaccines and then the US withdrawal from Afghanistan have highlighted the role of media in propagating narratives. With the vaccines, it was about vaccine acceptance vs. vaccine hesitancy. With the whole situation in Afghanistan, the talk has been about geopolitics and the decision-making of US President Joe Biden. Speaking of media companies, Nexstar Media Group is among the largest. It controls 199 full-power stations and has a presence in 116 markets. 68% of US television households watch a channel controlled by the Nexstar Media Group. Not only is Nexstar large, but it is also one of the most influential media businesses around. If you are looking for the best communication stocks to buy right now, then the Nexstar Media Group is a possible candidate due to its market position.
The Growth Of Nexstar Media Group
Nexstar Media has grown tremendously in a relatively short period of time. Twenty-five years ago, the company had just one station. Today, it is America’s largest media and local television company. Nexstar employs 124,000 people and a staggering 275,000 hours of local programming across all its stations. Nexstar has not fallen behind on the digital front either. It has developed a host of digital properties that are ranked in the top 10 nationally based on user activity. Nexstar has grown over the decades via a series of acquisitions. The company went public in 2003. Nexstar continued its acquisition spree, and a big purchase came in 2016. It purchased 71 stations and the digital properties of Media General. That deal made Nexstar Media Group one of America’s leading media companies. Nexstar is one of the best media stocks to invest in right now.
Nexstar Media Group’s stock trades under the ticker “NXST” on the Nasdaq exchange. The stock is flat for the month of August 2021. In fact, the stock has moved sideways since March 2021. A break in either direction could lead to a significant move.