Nexstar 4th Quarter Earnings Down 28% in Non-Election Year

By Jon Lafayette
( Broadcasting & Cable )
published

Core advertising revenue up 4.3%

Nexstar
(Image credit: Nexstar)

Nexstar Media Group reported lower fourth quarter earnings and revenue as a non-election year concluded.

Net income was $264 million, or $5.19 a share, down from $364,2 million, or $7.97 a share a year ago.

Revenue fell 9.5% to $1.2 billion.

Also: Nexstar Media Raises Dividend on Common Stock by 29%

Total advertising revenue fell 33.6% to $512.8 million. Core advertising revenue rose 4.3% to $493.9 million, but political advertising fell 93.7% to $18.9 million from $298.3 million a year ago when the presidential campaign was in full swing.

Distribution revenue rose 16.6% to $615.9 million and digital revenue was up 56,3% to $101.7 million.

Also: Fox, Nexstar Stations Launch NextGen TV in Los Angeles 

“In 2021, Nexstar generated all-time high net revenue and record non-election year,” said CEO Perry Sook. “We are enthusiastic about Nexstar’s opportunities for the foreseeable future and have excellent three-year visibility. While early, this year is off to an excellent start and we expect 2022 operating results will benefit from strong mid-term election year political advertising.” ■

Jon Lafayette
Jon Lafayette

Jon has been business editor of Broadcasting+Cable since 2010. He focuses on revenue-generating activities, including advertising and distribution, as well as executive intrigue and merger and acquisition activity. Just about any story is fair game, if a dollar sign can make its way into the article. Before B+C, Jon covered the industry for TVWeek, Cable World, Electronic Media, Advertising Age and The New York Post. A native New Yorker, Jon is hiding in plain sight in the suburbs of Chicago.