As its merger with Nexstar Broadcasting progresses, Media General on Friday reported revenues rising 16% to $343 million during the three months ending March 31.
President and CEO Vincent L. Sadusky said in a statement political advertising “exceeded our expectations,” helping drive the growth in total net revenues as well as a 31% growth in adjusted EBITDA. Net political revenues were $16 million, compared to $1 million in Q1 2015.
Excluding political, total net revenues grew 11% to $230 million, according to a company release.
Operating income, excluding merger and restructuring expenses, was $52 million, up from $26 million.Operating loss including the expenses was $18 million,compared to operating income of $21 million in the prior year, which is primarily due to a $60 million one-time break-up fee paid to Meredith Corp. in January to clear the way for Nexstar’s acquisition of Media General, which is expected to be completed by the end of the year, the company said.
The combined company, called Nexstar Media Group, will have 171 full-power TV stations in 100 markets and reach 39% of U.S. households.