Nexstar sees 25% spike in Q3 revenue
| 09 November 2014
Nexstar Broadcasting Group has reported third quarter revenue of $157.7 million, up 25% from the same quarter in the previous year.
Notably, the local TV affiliate conglomerate reported a 59% rise in retransmission fee revenue, which reached $40.7 million for the third quarter.
Local broadcast revenue from advertising 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, spiked significantly over the previous third quarter thanks to the US 2014 midterm election
"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 maximise the political revenue opportunity,” said Perry Sook, chairman, president and CEO of Nexstar.
"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.”
Nexstar recently announced an agreement to acquire two CW affiliates: KCWI Des Moines for $3.5 million, and KASW Phoenix for $68 million.