Nexstar Media Group reported record fourth quarter revenue, but net income fell, including a a loss recorded by the recently acquired The CW Network.
Net income fell to $203.3 million, or $5.30 a share, from $263.9 million, or $6.19 a share, a year ago.
The company said that adjusted earnings before interest, taxes, depreciation and amortization were $592 million, up 19.8%. Excluding $63.3 million in losses from The CW, adjusted EBITDA was $$661.8 million, up 32.5%.
Excluding The CW, fourth-quarter adjusted EBITDA increased 32.5% to $551.8 million.
Revenue rose 19% to a record $1.49 billion, including the acquisition of the majority stake in The CW. Revenue at The CW was up 14.3% from a year ago.
Total television advertising revenue rose 45% to $743.4 million. Core advertising revenue fell 3.3% to $477.5 million, but that was offset by political advertising jumping to $265.9 million from $18.9 million a year earlier.
Distribution revenue was flat at $615.6 million. Digital revenue rose 10.1% to $112 million.
“Our strong financial results are a referendum on the power of the broadcast model and its ability to deliver audiences at scale and strong levels of free cash flow,” Nexstar chairman and CEO Perry Sook said. “Our portfolio of local and national media assets provide nationwide reach on par with other broadcast networks and local activation at a greater scale than any other broadcast network owner, creating a differentiated and attractive value proposition for advertisers, brands and content owners in an increasingly fragmented marketplace.
"We are focused on the continued expansion of our capabilities and leveraging our linear, digital, mobile and streaming assets in new ways to deliver new levels of monetization, growth and shareholder returns,” Sook said. ■
