Nexstar Media Group (NASDAQ: NXST) has reported its third quarter numbers for the period ended Sept. 20, 2021. Highlights of the report include operating income of $277.4 million and net income of $169.2 million, with adjusted EBITDA of $410.4 million and free cash flow of $251.7 million.Operational highlights of the report include the company’s acquisition of “The Hill,” a digital media political news platform, and its launch of “Rewind TV,” a new multicast network; in addition, the company expanded its “NewsNation” programming. Finally, the company reported a return of $173.6 million to shareholders in the form of share repurchases and dividends. “Nexstar’s strong third-quarter financial results once again exceeded consensus expectations and highlight growing momentum across our broadcast, digital and networks platforms,” said Nexstar Media Group CEO and chair Perry A. Sook in the press release. “With pandemic-related challenges largely behind us, we are beginning to actualize the value of the scaled platform we have created. We acquired ‘The Hill,’ which has synergies across multiple business and functional lines, including leveraging our salesforce to drive revenue, using content from ‘The Hill’ on NewsNation, and increasing our overall digital audience. Our presence in ~80% of the states where sports betting is legal or expected to be legal enabled us to generate significant revenue from gaming/sports betting advertising, which is now a top-5 category for us and led us to partner with SportsGrid to launch its network in a number of our markets. We also launched our second owned and operated multicast network, ‘Rewind TV,’ to nearly 50 million homes primarily in the Nexstar portfolio.”
To view the full press release, visit https://ibn.fm/YTIVY
About Nexstar Media Group Inc.
Nexstar Media Group is a leading diversified media company that leverages localism to bring new services and value to consumers and advertisers through its traditional media, digital and mobile media platforms. Its wholly owned operating subsidiary, Nexstar Media Inc., consists of three divisions: broadcasting, digital and networks. The Broadcasting Division operates, programs or provides sales and other services to 199 television stations and related digital multicast signals reaching 116 markets or approximately 39% of all U.S. television households (reflecting the FCC’s UHF discount). The division’s portfolio includes primary affiliates of NBC, CBS, ABC, FOX, MyNetworkTV and the CW. The Digital Division operates “Best Reviews,” “The Hill,” and 120 local websites and 284 mobile apps offering hyperlocal content and verticals for consumers and advertisers, allowing audiences to choose where, when, and how they access content and creating new revenue opportunities for the company. The Networks Division operates “NewsNation,” formerly WGN America, a national news and entertainment cable network reaching 75 million television homes, multicast networks Antenna TV and Rewind TV, and WGN Radio in Chicago. Nexstar also owns a 31.3% ownership stake in TV Food Network, a top-tier cable asset. For more information about this company, please visit www.NexStar.tv.
NOTE TO INVESTORS: The latest news and updates relating to NXST are available in the company’s newsroom at https://ibn.fm/NXST
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