Business
Nexstar Media Group Reports Record Second Quarter Net Revenue of $1.27 Billion
Q2 Net Revenue Drives Net Income of $106 Million, Adjusted EBITDA of $398 Million and Adjusted Free Cash Flow of $78 Million All-Time High Second Quarter
About this update from Nexstar Media Group, Inc.
[{"type":"text","content":"\nQ2 Net Revenue Drives Net Income of $106 Million, Adjusted EBITDA of $398 Million and\n\n\nAdjusted Free Cash Flow of $78 Million\n\n\nAll-Time High Second Quarter Distribution Revenue\n\n\nReduced Year-over-Year Quarterly Losses at The CW by $33 Million\n\n\nQuarterly Return of Capital to Shareholders of $190 Million, Reducing Shares Outstanding by 1.7%\n\n\n IRVING, Texas--(BUSINESS WIRE)--\nNexstar Media Group, Inc. (NASDAQ: NXST) (“Nexstar” or the “Company”) today reported financial results for the second quarter ended June 30, 2024 as summarized below. Please visit Nexstar’s website to view the full press release.\n\n\nSTATEMENT FROM PERRY A. SOOK, FOUNDER, CHAIRMAN AND CEO\n\n\n“Nexstar delivered another period of solid financial results, building on our strong start to the year. Following a first quarter in which Nexstar generated record first-quarter distribution and total net revenue, we did it again, generating our highest-ever second-quarter distribution and total net revenue. During the quarter, we continued executing on our plan at The CW, reducing operating losses by $33 million year-over-year and $83 million year-to-date as our organizational and programming changes are driving improved cash flows and the third consecutive quarter of ratings growth in primetime entertainment programming. Overall, our strong year-to-date operating performance yielded $483 million of Adjusted Free Cash Flow and we returned $358 million, or 74% of Adjusted Free Cash Flow, to shareholders in the form of dividends and share repurchases. Looking ahead, we expect to benefit from anticipated record levels of political spending on broadcast television in the second half of the year.”\n\n\n\n\n2024 Second Quarter Financial Summary\n\n\n\n\n\n\n\n\n\n\n \n \n\n\n\n\n\n \n \n\n \n\n\n\n($ in millions)\n\n\n\n\n\n\n \n\n\n\n\n\n\nThree Months Ended June 30,\n\n\n\n\n\n \n\nSix Months Ended June 30,\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\n2024\n\n\n\n\n\n\n \n\n\n\n\n\n\n2023\n\n\n\n\n\n\n \n\n\n\n\n\n\n% Change\n\n\n\n\n\n\n \n\n\n\n\n\n\n2024\n\n\n\n\n\n\n \n\n\n\n\n\n\n2023\n\n\n\n\n\n\n \n\n\n\n\n\n\n% Change\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\nDistribution\n\n\n\n\n\n\n \n\n\n\n\n\n\n$734\n\n\n\n\n\n\n \n\n\n\n\n\n\n$696\n\n\n\n\n\n\n\n5.5\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n$1,495\n\n\n\n\n\n\n\n$1,424\n\n\n\n\n\n\n \n\n\n\n...