Business
Nexstar Media Group Reports Third Quarter Net Revenue of $663.6 Million
Net Revenue Drives 3Q Operating Income of $121.6 Million, BCF of $202.6 Million, Adjusted EBITDA of $143.5 Million and Free Cash Flow of $59.5 Million
About this update from Nexstar Media Group, Inc.
[{"type":"text","content":"\nNet Revenue Drives 3Q Operating Income of $121.6 Million, BCF of $202.6 Million, Adjusted EBITDA of $143.5 Million and Free Cash Flow of $59.5 Million\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, 2019 as summarized below. On September 19, 2019, Nexstar completed its acquisition of Tribune Media Company (“Tribune” or “Tribune Media”) and also closed on the divestitures of 21 television stations. All actual results presented herein reflect the impact of $34.0 million and $1.3 million of one-time transaction expenses incurred in the quarters ended September 30, 2019 and September 30, 2018, respectively. The actual results presented herein for the three months ended September 30, 2019 reflect the Company’s legacy Nexstar broadcasting and digital operations (less twelve days of results from eight Nexstar station divestitures) and twelve days of results from the Tribune Media stations (net of divestitures). Third quarter 2019 revenue from WGN America, acquired in the Tribune transaction, is included in national ad revenue and retransmission fee revenue. The twelve day contribution in the 2019 third quarter from Nexstar’s 31.3% ownership stake in TV Food Network and other investments acquired in the Tribune transaction is included in the full income statement on page 7 under “Income (loss) on equity investments, net.” The comparable three month period ended September 30, 2018 reflects Nexstar’s legacy broadcasting and digital operations.\n\n\n\n\nSummary 2019 Third Quarter Highlights\n\n\n\n\n\n \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n \n\n\n\nThree Months Ended\nSeptember 30,\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\nNine Months Ended\nSeptember 30,\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n\n\n($ in thousands)\n\n\n\n \n\n\n\n2019\n\n\n\n \n\n\n\n \n\n\n\n2018\n\n\n\n \n\n\n\n \n\n\n\nChange\n\n\n\n \n\n\n\n2019\n\n\n\n \n\n\n\n2018\n\n\n\n \n\n\n\n \n\n\n\nChange\n\n\n\n\n\nLocal Revenue\n\n\n\n \n\n\n\n$\n\n\n\n \n\n\n\n \n\n\n\n208,338\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n \n\n\n\n \n\n\n\n189,423\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n+10.0\n\n\n\n%\n\n\n\n \n\n\n\n$\n\n\n\n \n\n\n\n \n\n\n\n595,783\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n \n\n\n\n \n\n\n\n581,251\n\n\...