Nexstar Revenue Up 21%

Strong core advertising and blockbuster political make for "record" quarter

Nexstar Broadcasting announced third quarter net revenue of $73.1 million, a 21.1% boost over the same quarter a year ago. Robust political spending, coupled with double digit increases in core local and national ad revenue, paced Nexstar to what Chairman/President/CEO Perry Sook called "record results" for the Irving, Tex.-based broadcaster, in terms of quarterly revenue.

"We generated growth from all of our revenue sources while exercising operating expense discipline across the enterprise," said Sook. "Third quarter gross television ad revenue growth of 22.8% reflects double digit increases in core local and national television advertising revenue and another quarter of robust political advertising growth. Nexstar's television ad revenue strength, combined with continued growth of the other elements of our revenue ‘quadruple play,' resulted in a 21.1% increase in third quarter net revenue."

Nexstar's retransmission consent revenue was $7.7 million, a 22.5% gain over the same quarter a year ago. The third quarter yielded $6.7 million in political advertising.

Nexstar received $500,000 in network comp, slightly less than it did in the third quarter of 2009.

Automotive advertising was up 33% in the quarter.