Business
Nexstar Media Group Reports Record Fourth Quarter Net Revenue of $1,377 Million
Net Revenue Drives Record 4Q Operating Income of $530.5 Million, Net Income of $362.9 Million Adjusted EBITDA of $657.1 Million and Free Cash Flow of $443.2
About this update from Nexstar Media Group, Inc.
[{"type":"text","content":"\nNet Revenue Drives Record 4Q Operating Income of $530.5 Million, Net Income of $362.9 Million Adjusted EBITDA of $657.1 Million and Free Cash Flow of $443.2 Million\n\nAllocated $224.3 Million Toward Leverage Reduction and Repurchased $84.3 Million of Class A Common Shares\n\nInitiates Pro-Forma Average Annual Free Cash Flow Guidance for the 2021/2022 Cycle of $1.27 Billion\n\n IRVING, Texas--(BUSINESS WIRE)--\nNexstar Media Group, Inc. (NASDAQ: NXST) (“Nexstar”) today reported financial results for the fourth quarter ended December 31, 2020 as summarized below. The actual results presented herein for the three months ended December 31, 2020 and 2019 reflect the full operations of both the Nexstar’s legacy broadcasting and digital operations and quarterly results from the Tribune Media stations which were acquired on September 19, 2019. Fourth quarter 2020 revenue from WGN America, also acquired in the Tribune transaction, is included in core advertising revenue and distribution fee revenue. The contribution from Nexstar’s 31.3% ownership stake in TV Food Network and other investments acquired in the Tribune transaction is included in the full income statement on page 7 under “Income (loss) on equity investments, net.”\n\n\n\nSummary 2020 Fourth Quarter Results and Full Year Highlights\n\n\n\n\n\n \n\n\n\n \n\n\n\nThree Months Ended December 31,\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\nYears Ended December 31,\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n\n\n($ in thousands)\n\n\n\n \n\n\n\n2020\n\n\n\n \n\n\n\n \n\n\n\n2019\n\n\n\n \n\n\n\n \n\n\n\nChange\n\n\n\n \n\n\n\n \n\n\n\n2020\n\n\n\n \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\n\n\n\n\nCore Advertising Revenue\n\n\n\n \n\n\n\n$\n\n\n\n473,524\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n525,458\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n(9.9\n\n\n\n)%\n\n\n\n \n\n\n\n$\n\n\n\n1,571,072\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n1,335,126\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n+17.7\n\n\n\n%\n\n\n\n\n\nPolitical Advertising Revenue\n\n\n\n \n\n\n\n$\n\n\n\n298,270\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n36,526\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n+716.6\n\n\n\n%\n\n\n\n \n\n\n\n$\n\n\n\n507,564\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n51,889\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n+878.2\n\n\n\n%\n\n\n\n\n\nTotal Television Advertising Revenue\n\n\n\n \n\n\n\n$\n\n\n\n771,794...