Nexstar Media Group ( (NXST) ) has released its Q3 earnings. Here is a breakdown of the information Nexstar Media Group presented to its investors.
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Nexstar Media Group, Inc. is a prominent media company that operates in the television broadcasting sector, producing and distributing local and national news, sports, and entertainment content across various platforms including television and digital media.
In its latest earnings report, Nexstar Media Group announced a record third-quarter net revenue of $1.37 billion, driven by substantial growth in distribution and advertising revenue. The company also reported a significant net income increase to $180 million, with an adjusted EBITDA of $510 million.
Key highlights of Nexstar’s financial performance include a 20.7% increase in net revenue year-over-year, attributed largely to a 22.2% rise in advertising revenue, boosted by political advertising. The company also achieved a remarkable 82.8% increase in adjusted EBITDA, reflecting strategic cost reductions and revenue growth. Furthermore, Nexstar reduced its quarterly losses at The CW by $36 million and completed substantial shareholder returns, including $233 million in stock repurchases and dividends.
Looking ahead, Nexstar Media Group remains focused on leveraging its strong financial position to continue enhancing shareholder value through strategic initiatives and operational improvements. The management maintains an optimistic outlook, aiming to capitalize on growth opportunities within the media landscape.
