US Television Broadcast Station Groups

Nexstar Media Group is the largest television broadcast group in the United States by number of stations. Nexstar owns 197 television stations and operates 201 total stations across 116 markets, reaching 70% of US households (approximately 220 million people). The company generated $5.41 billion in revenue in 2024 and employs over 13,000 people. Nexstar also owns a 75% stake in The CW network and operates WGN Radio in Chicago.

Sinclair Broadcast Group is the second-largest with 185-193 stations covering 40% of American households, followed by Gray Media with 180 stations in 113 markets.

Owned-and-Operated (O&O) Stations are television stations directly owned and operated by a broadcast network (ABC, CBS, NBC, Fox). These stations are fully controlled by the network's parent company. For example, WABC-TV in New York is owned and operated by Disney (ABC's parent company). O&O stations typically appear in the largest markets like New York, Los Angeles, and Chicago.

Affiliate Stations are independently owned local stations that have contractual agreements to broadcast a network's programming. For example, many ABC affiliates in smaller markets are owned by groups like Nexstar or Sinclair, not by Disney. Affiliates have more local programming control and can pre-empt network shows, while O&O stations follow network directives more closely.

The four major broadcast networks own and operate the following number of stations:

• Fox Television Stations: 29 full-power stations (18 Fox-affiliated, plus others) in 14 of the top 15 DMAs, reaching the largest O&O footprint among major networks
• CBS/Paramount: 28 owned television stations in 17 major markets (15 CBS affiliates, 2 CW affiliates, 10 independent stations, 1 Start TV affiliate)
• NBC/NBCUniversal: 11 NBC owned stations in markets including New York (WNBC), Los Angeles (KNBC), Chicago (WMAQ), Philadelphia (WCAU), plus extensive Telemundo station group
• ABC/Disney: 8 owned-and-operated ABC stations in major markets including New York (WABC), Los Angeles (KABC), Chicago (WLS), Philadelphia (WPVI)

Each network also has 200+ affiliate agreements with independently owned stations to distribute programming nationwide.

In February 2022, Standard General (a media-focused investment firm) announced a $8.6 billion deal to acquire Tegna Inc., one of the largest independent television station groups with 64 stations in 51 markets reaching 39% of US households. The purchase price was $24 per share in cash ($5.4 billion) plus assumption of debt.

However, the Federal Communications Commission (FCC) raised concerns about the merger's potential to increase consumer prices and result in job losses. In 2023, the FCC sent the proposed merger to an administrative law judge for review, which historically has been a deal-killer for broadcast acquisitions due to added delay and regulatory uncertainty.

As of 2024-2025, the merger had not been finalized, and Tegna continues to operate as an independent publicly traded company (NYSE: TGNA). The regulatory hurdles effectively stalled the acquisition, though Tegna received Team Telecom approval for the transaction in earlier stages.

Gray Media (formerly Gray Television) is the largest owner of NBC-affiliated stations in the United States, with 64 NBC affiliates across its 113-market footprint. This surpasses both Nexstar Media Group and Tegna Inc. in terms of NBC affiliation count.

Gray Media is also the second-largest owner of ABC affiliates (behind Sinclair Broadcast Group) and operates the largest Telemundo affiliate group with 44 Spanish-language markets. The company owns 180 television stations total, reaching approximately 37% of US television households.

In terms of owned-and-operated NBC stations (O&O), NBCUniversal Local operates 11 NBC stations in major markets including New York (WNBC), Los Angeles (KNBC), Chicago (WMAQ), Philadelphia (WCAU), Dallas (KXAS), and Washington DC (WRC).

Local Marketing Agreement (LMA) is an arrangement where one television station (the "senior partner") operates another station's advertising sales, programming, and often news production while the second station maintains separate ownership on paper. LMAs allow station groups to control multiple stations in a single market.

Shared Services Agreement (SSA) is a similar arrangement where two separately owned stations share operational costs like technical facilities, human resources, and administrative services, but maintain separate programming and advertising sales departments.

These arrangements are common in the broadcast industry because FCC rules limit how many stations one company can own in a single market. For example, Mission Broadcasting owns 29 stations, but all are operated by Nexstar Media Group through LMAs and SSAs. In 2024, the FCC ruled that Mission's ownership of WPIX in New York was an "illegal circumvention" of ownership limits due to Nexstar treating the station like its own.

Critics argue these agreements create "virtual duopolies" that reduce competition and local content diversity, while proponents say they help smaller stations survive financially through operational efficiencies.

The top Spanish-language television broadcast groups in the United States are:

• TelevisaUnivision: The largest Spanish-language broadcaster, owning 59 television stations in the US and 4 channels in Mexico, with 222 affiliate stations total. Operates Univision (#1 Spanish-language network) and UniMás, plus 36 cable networks including TUDN (leading Spanish sports network). Univision finished 2024 as the #1 Spanish-language network across broadcast and cable, broadcasting Super Bowl LVIII (most-watched Spanish-language Super Bowl ever) and Copa América.
• Gray Media (Telemundo): Largest Telemundo affiliate group with 44 markets, reaching millions of Spanish-speaking households across the US.
• NBCUniversal Local (Telemundo Station Group): Operates owned-and-operated Telemundo stations in 30 US markets plus Puerto Rico, alongside NBC stations. Includes the TeleXitos multicast network for additional Spanish-language content.

TelevisaUnivision networks and platforms are the primary destination for US Hispanics and soccer fans, with comprehensive coverage of Liga MX, UEFA, and CONMEBOL tournaments.

The broadcast television industry has undergone significant consolidation and transformation in recent years:

• Major Consolidation (2010s-2020s): Large groups like Nexstar and Sinclair acquired hundreds of stations through mergers (Nexstar-Tribune 2019, Sinclair regional expansions). Gray Television stepped into #3 position after Tegna's Standard General acquisition was blocked by FCC in 2024.
• Regulatory Challenges: FCC scrutiny increased, blocking Tegna-Standard General ($8.6B, 2024) and ruling against Mission Broadcasting's WPIX arrangement (2024). The Top 30 station groups now control 83% of the $39.1 billion TV broadcasting industry revenue.
• Streaming Disruption: Networks pivoting to streaming (Disney+, Peacock, Paramount+) while maintaining O&O stations. August 2024: Disney discontinued ABC mobile apps to funnel viewers to Disney+/Hulu. Cord-cutting and unsettled ad markets led to TelevisaUnivision layoffs (5-9% workforce, December 2024) and Scripps layoffs (200+ employees, October 2024).
• Recent Station Sales: Allen Media Group selling 10 stations to Gray Media for $171M (2025). E.W. Scripps and Gray Media station swaps to optimize market coverage.
• NextGen TV/ATSC 3.0: Broadcast groups launching NextGen TV for 4K, improved reception, and interactive features (Mission-Nexstar launched on WPIX New York, 2024).

Despite streaming competition, local broadcast TV remains profitable due to political advertising (election cycles), retransmission consent fees from cable/satellite providers, and continued viewership for local news and live sports.