It also operates all of the stations owned by affiliated companies, such as Mission Broadcasting and Vaughan Media, under local marketing agreements to satisfy existing regulations set in place by the Federal Communications Commission.

The Federal Communications Commission (FCC) gave final approval of the group deal on December 21, and the Sinclair purchase of the Four Points stations was completed on January 1, 2012.

[29] On August 12, 2012, Nexstar sold KBTV-TV to Deerfield Media, which entered into a JSA and SSA with Sinclair Broadcast Group to become a duopoly with KFDM-TV.

[32] The deal followed Phil Lombardo's decision to "slow down", as well as a desire by Lynch Entertainment to divest its investments in WOI and WHBF; Citadel would continue to own KLKN, WLNE-TV, and its Sarasota properties.

Due to Federal Communications Commission ownership regulations, one of the stations, KLJB, was spun off to Marshall Broadcasting Group, but is operated by Nexstar through a shared services agreement.

[43] On November 17, 2015, Nexstar announced its intent to purchase West Virginia Media Holdings' stations (WOWK-TV in Charleston, WBOY-TV in Clarksburg, WVNS-TV in Ghent, and WTRF-TV in Wheeling) for $130 million.

The company took over the stations' non-license assets under a time brokerage agreement in December 2015 pending the formal completion of the deal, expected in late 2016.

[46][47][48][49][50][51] On November 1, 2018, Nexstar bought out MyNetworkTV affiliate KFVE in Honolulu from American Spirit Media as part of transactions requiring from the Raycom Media/Gray Television merger.

[53] On November 5, 2019, it was announced that Nexstar would acquire Fox Television Stations-owned WJZY and MyNetworkTV outlet WMYT-TV in Charlotte, North Carolina for $45 million.

In turn, it also announced that it would sell its duopoly of Seattle-based KCPQ and KZJO (along with Milwaukee-based WITI) to FTS in a separate deal worth $350 million.

[54] As part of a settlement between the parties in litigation over the failed deal, Sinclair had to sell WDKY-TV in Lexington, Kentucky, and the non-license assets of KGBT-TV in Harlingen, Texas, to Nexstar Media Group for $60 million on January 27, 2020.

[55] The company's founder, Perry Sook, had once been a principal of Superior Communications, who owned the WDKY property, making the sale to Nexstar a homecoming of sorts.

[56] On September 28, 2015, Nexstar announced that it had presented an unsolicited offer to buy Media General for $4.1 billion (including debt).

WCWJ in Jacksonville, Florida, along with WSLS-TV in Roanoke, Virginia, was sold to the Graham Media Group; and KADN-TV, as well as KLAF-LD in Lafayette, Louisiana, was sold to Bayou City Broadcasting, with KREG-TV in Glenwood Springs, Colorado going to Marquee Broadcasting as part of a series of divestitures required following Nexstar's acquisition of Media General due to Federal Communications Commission ownership caps (the sale of the Roanoke and Lafayette stations are required as Media General and Nexstar both own stations in those markets).

[65] On June 3, 2016, it was announced that Nexstar would spin off WBAY-TV in Green Bay, Wisconsin and KWQC-TV in Davenport, Iowa to Gray Television for $270 million.

[66][67] On June 13, 2016, Nexstar announced that it would sell WFFT in Fort Wayne, Indiana; KQTV in St. Joseph, Missouri; KIMT in Rochester, Minnesota; WTHI-TV in Terre Haute; and WLFI in Lafayette, Indiana to Heartland Media, through its USA Television MidAmerica Holdings joint venture with MSouth Equity Partners, for $115 million.

[68] On June 30, 2016, Nexstar announced that it would sell KASA-TV in Santa Fe, to Ramar Communications, owner of Telemundo affiliate KTEL-CD (channel 15), Movies!

[71] On April 30, 2017, The Wall Street Journal reported that there were competing bids for Tribune Media from Nexstar and a partnership between 21st Century Fox and private equity firm Blackstone Group.

[80][81][82] On March 20, 2019, Nexstar announced that it would divest 19 stations to the E. W. Scripps Company and Tegna Inc. for a total sum of $1.32 billion, with Scripps receiving eight stations (WPIX, WSFL-TV, WTKR and WGNT, WTVR-TV, WXMI, KSTU, and KASW), and Tegna eleven (WATN-TV and WLMT, WTIC-TV and WCCT-TV, WOI-DT and KCWI, WNEP, WPMT, WQAD-TV, WZDX, and KFSM-TV).

Of those stations, only WPIX was not associated with a duopoly, but rather its market size (an outright acquisition under current FCC rules would cause Nexstar to exceed the 39 percent cap).

[85] On April 3, 2019, Marshall Broadcasting Group sued Nexstar for breach of contract, alleging that the company was trying to "undermine" its operations so it could buy back the stations at a later date and lower cost in the present regulatory environment.

[102][103] The Wall Street Journal reported on January 5, 2022, that Nexstar was a potential leading buyer of the CW, as the network's then-co-owners ViacomCBS (now known as Paramount Global) and WarnerMedia (since spun-off from AT&T and merged with Discovery, Inc. to form Warner Bros.

Discovery) explored options in selling a majority stake in the joint venture network; the three companies had yet to comment on the WSJ report.

The deal did not require regulatory approval, but had to perform financial closure conditions at the company's fiscal third quarter, i.e. by the start of October 2022, in order to complete the transaction; thus, Nexstar took over operations of the network on August 15.

"[110][111] The company announced on May 8 that it would buy KUSI-TV from McKinnon Broadcasting for $35 million, pending approval from the FCC; the purchase, which was closed on September 2, created a duopoly with Nexstar's Fox affiliate KSWB-TV, and is set to replace KFMB-DT2 as San Diego's CW station.

Upon approval, the deal would create a duopoly with it's existing Cleveland property WJW, and lead to the return of CW network programming on September 1, 2025, replacing WUAB whose owner Gray Media concurrently announced a relaunch of that station into a sports-focused independent.