How critical is a new retransmission consent agreement for one of the nation’s largest TV broadcasting companies, an entity that still awaits FCC approval of its proposed merger with Tribune Media?
For Nexstar Media Group, the lack of a retrans deal with AT&T for its three TV services is wreaking havoc for a stock that had zoomed to a record high just four months ago.
With Monday’s Closing Bell on Wall Street, Nexstar shares were down to $93.05, an 84-cent decline from Friday.
The dip brings NXST closer to a recent low of $91.24, seen August 15, and all but negates the company’s share growth seen over the last six months.
In fact, it was February 25 when Nexstar shares were last at this price. Only, NXST was in an upward trajectory, beginning at $73.62 in late December 2018 and soaring to $117.96 on April 16.