Business
Nexstar Media Group First Quarter Net Revenue Rises 74.2% to a Record $1.1 Billion
Net Revenue Drives 1Q Operating Income of $305.0 Million, Net Income of $157.7 Million BCF of $430.0 Million, Adjusted EBITDA of $557.7 Million and Free Cash
About this update from Nexstar Media Group, Inc.
[{"type":"text","content":"\nNet Revenue Drives 1Q Operating Income of $305.0 Million, Net Income of $157.7 Million\nBCF of $430.0 Million, Adjusted EBITDA of $557.7 Million and Free Cash Flow of $423.0 Million\n\n\nAllocates $457 Million in Cash Toward Leverage Reduction and\nRepurchases $72.6 Million of Class A Common Shares in the First Quarter\n\n IRVING, Texas--(BUSINESS WIRE)--\nNexstar Media Group, Inc. (NASDAQ: NXST) (“Nexstar” or “the Company”) today reported financial results for the first quarter ended March 31, 2020 as summarized below. The actual results presented herein for the three months ended March 31, 2020 reflect the Company’s legacy Nexstar Broadcasting and digital operations and full quarterly results from the Tribune Media stations which we acquired on September 19, 2019. First quarter 2020 revenue from WGN America, also acquired in the Tribune transaction, is included in core advertising revenue and distribution fee revenue. The contribution from Nexstar’s 31.3% ownership stake in TV Food Network and other investments acquired in the Tribune transaction is included in the full income statement on page 7 under “Income (loss) on equity investments, net.” The comparable three month period ended March 31, 2019 reflects Nexstar’s legacy broadcasting and digital operations.\n\n\n\n\nSummary 2020 First Quarter Highlights\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\nThree Months Ended March 31,\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n\n\n($ in thousands)\n\n\n\n \n\n\n\n2020\n\n\n\n \n\n\n\n2019\n\n\n\n \n\n\n\n \n\n\n\nChange\n\n\n\n\n\nCore Advertising Revenue\n\n\n\n \n\n\n\n$\n\n\n\n \n\n\n\n417,379\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n \n\n\n\n251,844\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n+65.7\n\n\n\n%\n\n\n\n\n\nPolitical Advertising Revenue\n\n\n\n \n\n\n\n$\n\n\n\n \n\n\n\n55,341\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n \n\n\n\n1,307\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n+4134.2\n\n\n\n%\n\n\n\n\n\nTotal Advertising Revenue\n\n\n\n \n\n\n\n$\n\n\n\n \n\n\n\n472,720\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n \n\n\n\n253,151\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n+86.7\n\n\n\n%\n\n\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n\n\nDistribution Fee Revenue\n\n\n\n \n\n\n\n$\n\n\n\n \n\n\n\n549,716\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n \n\n\n\n313,974\n\n\n\n \n\n\n\n \n\n\...