Nexstar Revenue Up 9%
Political-ad, retranmission-consent and digital revenue boost Nexstar Broadcasting to $70.3 million for Q3
By Michael Malone -- Broadcasting & Cable, 11/10/2008 5:24:00 AM
Political-ad, retransmission-consent and digital revenue boosted Nexstar to a 9% gain in third quarter revenue. Nexstar reported $70.3 million for the quarter, compared to $64.5 million in the same quarter last year. Broadcast cash flow was $27.3 million, up from $22.8 million in the same quarter last year.
Nexstar saw $7.8 million in political revenue in the quarter; eMedia revenue rose 62.6% to $2.7 million; and Nexstar’s stations grabbed over $4 million in Olympics-related advertising revenue. Nexstar also bagged $6.2 million in retransmission consent revenue—a 37.8% gain from the same quarter a year ago.
“Nexstar’s third quarter net revenue growth of 9.0% demonstrates that we continue to outpace the industry. Revenue growth was driven by strong year-over-year increases in political, retransmission consent and eMedia revenues which offset the softness of traditional television advertising spending in our markets,” said Nexstar Broadcasting Group President/CEO Perry A. Sook. “These results were delivered despite the effects of Hurricane Ike, which disrupted the operations of our Southeast Texas and Louisiana properties for much of the month of September.
Sook said Nexstar would continue to keep an eye on costs until the economy improves. “Given the current environment, we are focused on aggressively controlling our costs, while continuing to grow our eMedia platform, complete our digital build out and reduce our outstanding debt,” he said. “As our recently announced acquisition of KWBF-TV in Little Rock, Arkansas indicates, we are prepared to selectively grow the Company by adding to our station portfolio. This opportunistic and strategic transaction is both accretive to our shareholders and helps de-lever our company.”
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