Business
Nexstar Media Group Fourth Quarter Net Revenue Rises 37.9% to a Record $1.1 Billion
Net Revenue Drives 4Q Operating Income of $256.5 Million, and Net Income of $113.9 Million Record BCF of $416.8 Million, Adjusted EBITDA of $379.2 Million
About this update from Nexstar Media Group, Inc.
[{"type":"text","content":"\nNet Revenue Drives 4Q Operating Income of $256.5 Million, and Net Income of $113.9 Million\n\n\nRecord BCF of $416.8 Million, Adjusted EBITDA of $379.2 Million and Free Cash Flow of $173.9 Million\n\n\nRepurchases $45.1 Million of Common Shares in the Fourth Quarter\n\n\nInitiates Pro-Forma Average Annual Free Cash Flow Guidance for the 2020/2021 Cycle of $1.175 Billion\n\n IRVING, Texas--(BUSINESS WIRE)--\nNexstar Media Group, Inc. (NASDAQ: NXST) (“Nexstar” or “the Company”) today reported financial results for the fourth quarter ended December 31, 2019 as summarized below. The actual results presented herein for the three months ended December 31, 2019 reflect the Company’s legacy Nexstar Broadcasting and digital operations and full quarter results from the Tribune Media stations which we acquired on September 19, 2019. Fourth quarter 2019 revenue from WGN America, also acquired in the Tribune transaction, is included in core advertising revenue and distribution fee revenue. A full quarter contribution from Nexstar’s 31.3% ownership stake in TV Food Network and other investments acquired in the Tribune transaction is included in the full income statement on page 7 under “Income (loss) on equity investments, net.” The comparable three month period ended December 31, 2018 reflects Nexstar’s legacy broadcasting and digital operations.\n\n\n\n\nSummary 2019 Fourth Quarter and Full Year Highlights\n\n\n\n\n\n \n\n\n\n \n\n\n\nThree Months Ended\nDecember 31,\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\nYears Ended\nDecember 31,\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n\n\n($ in thousands)\n\n\n\n \n\n\n\n2019\n\n\n\n \n\n\n\n \n\n\n\n2018\n\n\n\n \n\n\n\nChange\n\n\n\n \n\n\n\n \n\n\n\n2019\n\n\n\n \n\n\n\n2018\n\n\n\n \n\n\n\nChange\n\n\n\n\n\nCore Advertising Revenue\n\n\n\n \n\n\n\n$\n\n\n\n \n\n\n\n525,458\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n \n\n\n\n298,368\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n+76.1\n\n\n\n%\n\n\n\n \n\n\n\n$\n\n\n\n \n\n\n\n1,335,126\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n \n\n\n\n1,089,920\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n+22.5\n\n\n\n%\n\n\n\n\n\nPolitical Advertising Revenue\n\n\n\n \n\n\n\n$\n\n\n\n \n\n\n\n36,526\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n \n\n\n\n140,160\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n(73.9\n\n\n\n)%\n\n\n\n \n\n\n\n$\n\n\n\n \n\n\n\n51,889\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n...