Nexstar Media Group (NXST) is rising today on the news of a new TV acquisition. The news and media holding company announced this morning that it will be acquiring the WBNX-TV/TV55 television station based in Cleveland, Ohio. Currently operating as an independent TV network, Nexstar’s new acquisition will operate as an affiliate of The CW Network, beginning on September 1, 2025.
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As the 2024 U.S. presidential election approaches, stocks like Nexstar are in full focus as they rise on the momentum. But will this acquisition pose a long-term impact on NXST stock? Let’s take a closer look at these companies and assess what investors should be expecting.
What’s Happening with Nexstar Stock Today?
News of the acquisition has given Nexstar stock a modest bump today. NXST finished regular trading up 1.66% and has seen similar momentum in the after-hours session. Over the past six months, it has overcome volatility and managed to stay mostly in the green, rising by almost 8%. This has been mostly due to election-driven momentum, a consistent growth driver for many media stocks.
This recent growth trend makes sense. As the owner of companies such as The Hill and NewsNation, Nexstar is well-positioned to ride any wave powered by political news. However, it is clearly focused on expanding its reach through local media markets, as indicated by its recent acquisition. As Nexstar noted in its statement, “The acquisition will create a duopoly for Nexstar in the nation’s 19th largest television market, where the company already owns and operates WJW-TV (FOX).”
While the purchase of WBNX-TV/TV55 is helping push shares up today, it likely won’t have much of an impact in the long term. But if Nexstar continues its push to corner the local news market, particularly throughout battleground states, it could rise even more during the next election cycle, including the 2026 midterms.
Is Nexstar Stock a Strong Buy Right Now?
Wall Street is optimistic about Nexstar’s growth prospects. Analysts have a Strong Buy consensus rating on NXST stock based on five Buys assigned in the past three months, as indicated by the graphic below. After a 31% rally in its share price over the past year, the average NXST stock price target of $205.40 per share implies 18.2% upside potential.
As TipRanks reporter Catie Powers notes, the most recent analyst rating is positive. Walls Fargo (WFC)’s Steven Cahall maintained a Buy rating and a bullish price target of $209, implying 20% upside potential. While there may not be many ratings, the fact that all current ones are positive suggests that NXST stock will continue rising through the election and beyond.
