Nexstar Media Group Inc ( NXST ) shares fell 1.26% to $148.30 during Wednesday's trading session after short seller Grizzly Research issued a report alleging the broadcaster's digital strategy is failing and the company is at risk of a rapid decline. Benzinga reached out to Nexstar for comment.

What To Know: Grizzly Research, which said it spoke with 16 former executives, alleged that Nexstar's leadership is "deeply out of touch" with digital media trends and overly reliant on aging linear TV revenues.

The report warned Nexstar could soon face a disruptive reckoning similar to Kodak's collapse in the face of digital photography.

According to Grizzly, Nexstar’s digital products are outdated, underused and plagued by declining traffic—particularly key properties like The CW, NewsNation and BestReviews.com.

The firm also flagged the company's high goodwill relative to shareholder equity and insider share sales as signs of weakening internal confidence. While Nexstar's digital unit presents itself as a forward-looking, data-driven operation,

Grizzly suggested the company lacks both strategy and tools to compete in a modern media ecosystem. Nexstar stock is still trading at a premium compared to peers, but Grizzly warned investors may be overestimating the sustainability of its current business model.

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How To Buy NXST Stock

Besides going to a brokerage platform to purchase a share – or fractional share – of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument.

For example, in Nexstar Media’s case, it is in the Communication Services sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment.

According to data from Benzinga Pro, NXST has a 52-week high of $191.86 and a 52-week low of $141.66.