Nexstar Media Group’s profits jumped as advertising rebounded from its pandemic lows a year ago.
Second-quarter net income at the broadcaster rose to $200.1 million, or $4.51 a share, from $99.6 million, or $213 a share, a year ago.
Revenue rose 23.7% to $1.13 billion.
TV advertising revenue was up 35% to $432 million. Core advertising revenue, excluding political advertising, was up 42% to $423 million.
Distribution fee revenue was up 15% to $617 million and digital revenue climbed 57.3% to $73.4 million.
“Nexstar’s strong operating and financial growth momentum as well as our commitment to enhancing shareholder value was highlighted again in the second quarter as we delivered another period of outstanding financial results and industry-leading capital returns,” said CEO Perry Sook.
“In June, Nexstar marked its 25th anniversary of the Company’s founding,” Sook said. "As the largest broadcast group and the top producer of local news programming in North America, Nexstar is mobilizing our resources at scale to leverage the many opportunities we see across the business over the near- and long-term to deliver growing levels of content monetization.”
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.
The smarter way to stay on top of broadcasting and cable industry. Sign up below.
Thank you for signing up to Broadcasting & Cable. You will receive a verification email shortly.
There was a problem. Please refresh the page and try again.