Nexstar Media Group Inc. operates television stations in nearly half of the markets in the U.S., allowing it to reach 39% of television households. S&P Global Ratings believes Nexstar's reach strengthens its position when negotiating agreements with multichannel video programming distributors (MVPDs, including cable, satellite, and telecom providers) that retransmit their content, negotiating reverse retransmission agreements with broadcast television networks for programming, and competing for national advertising. We expect retransmission revenue (currently around 40% of revenue) will grow in the low-double-digit percent area over the next few years because of contractual annual price escalators and higher rates associated with contract renewals. This reduces Nexstar's exposure to more volatile advertising revenue, which has short-term contracts (typically a few weeks) and is
