Nexstar Broadcasting Group reported a record $252.3 million in revenue for the fourth quarter of 2015, a 30.8% jump from Q4 2014’s $192,8 million.
While political revenue was understandably down 77.7% in a non-election quarter to $7.9 million, a number of other categories saw major increases. Local and national revenue each rose 33% to $102.8 million and $41.3 million, respectively. In addition, digital media revenue more than doubled, seeing a 105.8% boost from $14.2 million in Q4 2014 to $29.3 million this past quarter. The company's $81.7 million of retransmission revenue marked an 85.1% surge from Q4 2014's $44.1 million.
For the full year, Nexstar’s $896.4 million of revenue in 2015 was 42% better than 2014’s $631.3 million.
Nexstar, which agreed in late January to acquire Media General for $4.6 billion, is expecting a strong 2016.
“Nexstar’s 2016 financial growth will reflect our expanded scale, new operating efficiencies and synergies related to recent and to-be-completed acquisitions, the 2015 renewal of a significant number of retransmission consent agreements, an expansion of our digital media initiatives and the return of the political cycle and highly rated special event programming such as the Rio 2016 summer Olympics,” said Perry Sook, chairman, president and CEO.
“As we begin to benefit from what are expected to be record levels of political advertising in 2016, the ongoing, staggered renewal of our retransmission consent agreements and completion of smaller transactions announced in the second half of 2015, we have excellent visibility to delivering on or exceeding our free cash flow targets and a clear path for the continued near- and long-term enhancement of shareholder value.”