Business
Nexstar Media Group Reports Record Second Quarter Net Revenue of $915.0 Million
Net Revenue Drives Record 2Q Operating Income of $196.3 Million, Net Income of $98.1 Million BCF of $290.8 Million, Adjusted EBITDA of $292.8 Million and
About this update from Nexstar Media Group, Inc.
[{"type":"text","content":"\nNet Revenue Drives Record 2Q Operating Income of $196.3 Million, Net Income of $98.1 Million\nBCF of $290.8 Million, Adjusted EBITDA of $292.8 Million and Free Cash Flow of $194.9 Million\n\n IRVING, Texas--(BUSINESS WIRE)--\nNexstar Media Group, Inc. (NASDAQ: NXST) (“Nexstar” or “the Company”) today reported financial results for the second quarter ended June 30, 2020 as summarized below. The actual results presented herein for the three months ended June 30, 2020 reflect the Company’s legacy Nexstar Broadcasting and digital operations and quarterly results from the Tribune Media stations which we acquired on September 19, 2019. Second quarter 2020 revenue from WGN America, also acquired in the Tribune transaction, is included in core advertising revenue and distribution fee revenue. The contribution from Nexstar’s 31.3% ownership stake in TV Food Network and other investments acquired in the Tribune transaction is included in the full income statement on page 7 under “Income (loss) on equity investments, net.” The comparable three-month period ended June 30, 2019 reflects Nexstar’s legacy broadcasting and digital operations during that period.\n\n\n\n\nSummary 2020 Second Quarter Highlights\n\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\nThree Months Ended June 30,\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\nSix Months Ended June 30,\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n\n\n($ 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$\n\n\n\n298,240\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n267,611\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n+11.4\n\n\n\n%\n\n\n\n \n\n\n\n$\n\n\n\n715,619\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n519,455\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n+37.8\n\n\n\n%\n\n\n\n\n\nPolitical Advertising Revenue\n\n\n\n \n\n\n\n$\n\n\n\n21,566\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n3,157\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n+583.1\n\n\n\n%\n\n\n\n \n\n\n\n$\n\n\n\n76,907\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n4,464\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n+1622.8\n\n\n\n%\n\n\n\n\n\nTotal Television Advertising Revenue\n\n\n\n \n\n\n\n$\n\n\n\n319,806\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n270,768\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n+18.1\n\n\n\n%\n\n\n\...