Nexstar Broadcasting reported first quarter net revenue of $83.6 million, up 19.6% from the same quarter a year ago. Local ad revenue climbed 5% while national grew 15.6%, for a combined 7.8% increase in core revenues.
"Nexstar's growth and operating momentum is accelerating in 2012," said Perry Sook, chairman/president/CEO of Nexstar. "In the first quarter we generated significant increases from all of our revenue sources leading to record net revenue, adjusted EBITDA and free cash flow. Nexstar's 19.6% rise in first quarter net revenue again highlights the value of our long-term strategy to transition the traditional television broadcasting operating model and our locally focused content and advertiser relationships into a diversified model of high margin revenue streams.
Nexstar saw double digit growth in first quarter retransmission fee revenue, which rose 70.2% to $14.5 million. "With the renewal of more than 130 retransmission consent agreements in 2011 we project significant revenue growth from this source throughout the year," said Nexstar.
Online revenue grew 12.5% to $4.1 million.
Nexstar recorded approximately $2 million of management fee revenue in the first quarter, representing the termination payment following the completed sale of the Four Points stations to Sinclair Broadcast Group.
Sook said Nexstar is poised for sustained success. "Nexstar's record first quarter results again highlight the value of our focus on generating new local direct advertising and revenue diversification as well as completing select accretive station acquisitions," he said. "Nexstar is well positioned to remain an industry leader in driving core advertising increases and 2012 presents prospects for continued growth from all of our revenue sources, including significant political advertising revenue contributions."