Nexstar Media Group reported a loss in the third-quarter because of cost associated with its acquisition of Tribune Media and other charges.
The net loss was $5.8 million, or 13 cents a share, compared to net income of $100.5 million, or $2.21 a share, a year ago.
Contributing to the loss were $34 million in one-time transaction expenses and a $63.3 million non-cash impairment charge related to goodwill and intangible assets of its digital business.
Net revenue was down 4.2% to $663.5 million.
Despite a blackout of AT&T subscribers during a retransmission fee dispute, local ad revenue was up 10% to $208.3 million and national ad revenue was up 14.3% to $81.9 million. Political ad revenue dropped by nearly $60 million.
Retransmission fee revenue was up 3.7% to $294.8 million. Digital revenue fell 16.1% to $58.1 million.
“Our active third quarter and recent strategic initiatives have positioned Nexstar for its next free cash flow growth cycle and significant near-term leverage reduction,” said CEO Perry Sook.
“With our expanded and diversified operating base, expectations for significant 2020 political spending, and the benefit of recent and soon-to-be completed distribution agreement renewals, we remain confident in generating record levels of free cash flow next year and reducing the Company’s total net leverage ratio to below 4.0x at December 31, 2020,” Sook said.
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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.