Nexstar Media Group (NXST) risk factors, 2025 10-K

Risks Related to Our Operations

1. 01We may be required to cease certain station operations if the FCC denies renewal of any of our station licenses
2. 02Our distribution revenues and operating results may be adversely affected by, among other factors, declining MVPD subscribers and our inability to renew expiring distribution agreements on favorable terms or at all
3. 03Our station revenues and operating results may be adversely affected if we are unable to renew our network affiliation agreements on favorable terms, or at all
4. 04Our revenue and operating results may be adversely affected if we are unable to retain our largest customers, which account for a significant percentage of our total revenue, on favorable terms, or at all
5. 05Our advertising revenue and operating results may be affected by economic downturns, geopolitical events and other factors outside of our control
6. 06Because a significant percentage of our operating expenses are fixed, a relatively small decrease in revenue could have a significant negative impact on our operating results
7. 07Our growth may be limited if we are unable to implement an acquisition strategy and our operating results may be adversely affected if we are unable to successfully integrate any future acquisition
8. 08Our substantial debt and related interest expense could limit our ability to reinvest in the business, make acquisitions and/or return capital to shareholders
9. 09We may not be able to generate sufficient cash flow to meet our debt service requirements
10. 10The financial performance of our equity method investments and the performance of third-party services providers, upon which we rely but do not control, could adversely impact our results of operations
11. 11The loss of the services of our chief executive officer could disrupt management of our business and impair the execution of our business strategies
12. 12Our operating results could be adversely affected if the owners of the VIEs make decisions regarding the operation of their respective stations that adversely impact their operating results and reduce payments due to us under our local service agreements
13. 13Future impairment charges could adversely affect our operating results
14. 14Changes in deferred tax assets or valuation allowances as a result of tax law changes could affect our operating results
15. 15We may face additional tax liabilities stemming from proposed and ongoing tax audits
16. 16Our pension and postretirement benefit plan obligations may be increased by a declining stock market and lower interest rates
17. 17Adverse results from litigation or governmental investigations involving us can impact our business practices and operating results
18. 18Any decrease in our dividend payments or suspension of our dividend payments or stock repurchases could cause our stock price to decline
19. 19Our business relies on patents, trademarks, copyrights, and licenses to protect our technology and brand. Any damage to these assets could impact our success and financial performance
20. 20Cybersecurity risks could adversely affect our operating effectiveness and operating results

Risks Related to Our Industry

1. 21Intense competition in the television industry and alternative forms of media could limit our growth and profitability
2. 22As a television broadcasting company, we face a significant level of competition, both directly and indirectly. We compete for our audience against other video services in addition to all the other leisure activities in which one could choose to engage rather than watch television
3. 23New or changed federal statutes, legislation and regulations or changes in the application of existing regulations could significantly impact our operations or the television broadcasting industry as a whole
4. 24We are subject to foreign ownership limitations which limit foreign investments in us