
Nexstar Media Group and Sinclair Inc. are in a bind --
operating declining over-the-air TV businesses and with the Trump Administration now watching every move they make. Or everything they say.
Even before all this, TV station groups have been
pursuing other businesses for growth: Budding national news or locally sourced digital TV networks, more sports programming, and new ad-sales efforts adding growing local/regional streaming business
to over-the-air local TV stations' inventory.
But the easiest and biggest way to grow might be just buying up more over-the-air stations to gain competitive control of a marketplace that has
been shrinking.
For example, local TV is now only 6% of total U.S. media spend as of June 2025 -- down from 13% in 2017, according to Guideline.
Currently, Federal Communications
Commission regulations state that TV station ownership is capped at 39% of all U.S. TV households -- something that has been in place for over 20 years. Both Nexstar and Sinclair -- two of the biggest
station groups in the U.S. -- have been virtually at this limit for years.
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The Trump Administration has been leaning toward dropping this restriction. But what comes next?
At the same
time, President Trump now says he wants to pull broadcast licenses from TV stations that are critical of him. Putting it plainly, this would be a virtual open attack on the freedom of speech, and
freedom of the press.
So what do these TV station groups do? They are reading the room -- and have become ultra-sensitive. They found a critical seam (thanks to social media) in “Jimmy
Kimmel Live” when it came to Kimmel's monologue.
Like it or not, this put Nexstar and Sinclair in good favor with Trump’s belief on how to handle future broadcast licenses.
Many analysts believe, from all this, that free speech is on the chopping block.
An important
question is what happens when the next over-the-air TV comedian, news commentator or unscripted TV host goes off this way -- for something they say as an opinion, inadvertently, or as part of a comedy
routine?
Local and regional advertisers -- those supporting over-the-air TV -- will want to know as well.
Will Trump pull broadcast licenses, file more lawsuits, or ask for more
million-dollar settlements?
Good luck making free speech less free -- when your business, at its core, is all about speaking.