The company provided guidance on its fourth quarter 2023 earnings call for distribution revenue growth in the high-single-digit percent area (in the mid-single-digit percent area when normalizing for blackouts in 2023) and net distribution revenue growth in the low-teens percent area in 2024. We estimate Nexstar will increase its distribution revenue, which includes retransmission fees from its local TV broadcast stations and affiliate fees from The CW and NewsNation, by about 8% in 2024 and about 1% in 2025, primarily by negotiating higher retransmission rates during contract renewals with pay-TV distributors that more than offset subscriber churn. The company renewed about 40% of its subscriber base with pay-TV distributors in 2023 (which will benefit its 2024 results). However, we estimate
