Nexstar Q3 Revenue Up 25%
Nexstar Broadcasting Group reported third quarter revenue of $157.7 million, up 25% from the same quarter in the previous year. Local revenue grew 3.5% to $65.8 million in the quarter, while national revenue was down 11% to $25.6 million. Core revenue decreased close to 1% to $91.4 million in the quarter, while political spending, at $18.2 million, was way up over the previous third quarter.
Helping the financial picture, Nexstar reported a 59% rise in retransmission fee revenue to $40.7 million for the third quarter.
Nexstar announced its deal to acquire KCWI Des Moines for $3.5 million, as had been reported previously by B&C. On Oct. 23, Nexstar agreed to acquire KASW Phoenix for $68 million. Both are CW affiliates.
"Nexstar's record third quarter financial results reflect ongoing benefits from our results-focused operating disciplines, growing retransmission consent revenues, expanded digital media platform and our strategies to maximize the political revenue opportunity,” said Perry A. Sook, chairman, president and CEO of Nexstar Broadcasting Group. "These factors, coupled with completed, value-building station and digital media acquisitions and integrations, including the first full quarter of operations of five television stations in Colorado and Florida acquired in mid-June, drove record third quarter net revenue, BCF, adjusted EBITDA and free cash flow.”
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Michael Malone, senior content producer at B+C/Multichannel News, covers network programming, including entertainment, news and sports on broadcast, cable and streaming; and local broadcast television. He hosts the podcasts Busted Pilot, about what’s new in television, and Series Business, a chat with the creator of a new program, and writes the column “The Watchman.” He joined B+C in 2005. His journalism has also appeared in The New York Times, The Philadelphia Inquirer, Playboy and New York magazine.
By Kent Gibbons