Nexstar Third Quarter Revenues, Income Fall As Tribune Acquisition Kicks In

Results

NEXSTAR MEDIA GROUP, INC., which announced deals to sell TV stations in SEATTLE and MILWAUKEE to FOX and buy a pair of TV stations from FOX in CHARLOTTE just YESTERDAY (NET NEWS 11/5), has released its third quarter 2019 financial results, showing net revenue falling 4.2% to $663 million, with TV ad revenue falling 9.1% to $301 million. Net income dropped 105.2% from a gain of $100 million to a loss of $5.2 million. The results include 12 days of ownership of the former TRIBUNE TV stations and News-Talk WGN-A/CHICAGO, the company's only radio station, for which results are not disclosed.

Chairman/Pres./CEO PERRY SOOK said, “As the largest local broadcast television group in the United States with national coverage, an expanded presence in top 50 DMAs and a diverse portfolio of valuable media assets, NEXSTAR is well positioned to compete aggressively both locally and nationwide. Given the significant free cash flow from our expanded base of operations we can both materially reduce leverage and increase our return of capital to stockholders while investing in our business, growth prospects and team members to improve service to viewers and advertisers. We are confident that this focus, combined with our proven operating and integration strategies and the near-term commencement of the 2020 political cycle will enable us to extend our strong record of long-term shareholder value creation.”

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