Overview
- Nexstar, during Thursday’s earnings call, said it filed a Ninth Circuit appeal and brought in antitrust litigator Beth Wilkinson to lead its defense.
- A federal judge in California issued a preliminary injunction that requires Nexstar and Tegna to keep running as separate companies while the case proceeds.
- A separate challenge to the FCC’s approval is before the D.C. Circuit after the court declined an emergency stay, so the waiver remains in effect for now.
- DirecTV and 13 state attorneys general argue the deal would cut competition and raise TV costs, citing an FCC waiver that lets the combined stations reach about 80% of U.S. homes.
- Nexstar withheld long-term guidance because of the court order, though first-quarter revenue rose to $1.4 billion and profit increased, helped by a partial contribution from Tegna.