Business
Nexstar Media Group Reports Record Third Quarter Net Revenue of $1,118.2 Million
Net Revenue Drives Record 3Q Operating Income of $343.6 Million, Net Income of $189.3 Million BCF of $462.6 Million, Adjusted EBITDA of $443.6 Million and
About this update from Nexstar Media Group, Inc.
[{"type":"text","content":"\nNet Revenue Drives Record 3Q Operating Income of $343.6 Million, Net Income of $189.3 Million\n\nBCF of $462.6 Million, Adjusted EBITDA of $443.6 Million and Free Cash Flow of $219.0 Million\n\nAllocated $162.5 Million Toward Leverage Reduction and Repurchased $125 Million of Class A Common Shares\n\n IRVING, Texas--(BUSINESS WIRE)--\nNexstar Media Group, Inc. (NASDAQ: NXST) (“Nexstar” or “the Company”) today reported financial results for the third quarter ended September 30, 2020 as summarized below. The actual results presented herein for the three months ended September 30, 2020 reflect the Company’s legacy broadcasting and digital operations and quarterly results from the Tribune Media stations which were acquired on September 19, 2019. Third quarter 2020 revenue from WGN America, also acquired in the Tribune transaction, is included in core advertising revenue and distribution fee revenue. The contribution from Nexstar’s 31.3% ownership stake in TV Food Network and other investments acquired in the Tribune transaction is included in the full income statement on page 7 under “Income (loss) on equity investments, net.” The comparable three-month period ended September 30, 2019 reflects Nexstar’s legacy broadcasting and digital operations (less twelve days of results from eight Nexstar station divestitures) and twelve days of results from the Tribune Media stations (net of divestitures), WGN America and Nexstar’s ownership stake in TV Food Network during that period.\n\n\n\nSummary 2020 Third Quarter Highlights\n\n\n\n\n\n \n\n\n\n \n\n\n\nThree Months Ended September 30,\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\nNine Months Ended September 30,\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n\n\n($ 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$\n\n\n\n381,929\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n290,213\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n+31.6\n\n\n\n%\n\n\n\n \n\n\n\n$\n\n\n\n1,097,548\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n809,668\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n+35.6\n\n\n\n%\n\n\n\n\n\nPolitical Advertising Revenue\n\n\n\n \n\n\n\n$\n\n\n\n132,387\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n10,899\n\n\n\n \n\n\n\...