Nexstar Media Group reported higher second-quarter net income as it cut losses at The CW.
Net income rose to $118 million, or $3.54 a share, from $96 million, or $2.64 a share, a year ago.
Losses at The CW were reduced by $33 million, compared to a year ago, the company said. Revenue rose 2.3% to a record $1.3 billion.
Distribution revenue increased 5.5% to $734 million.
Advertising revenue was up 2.2% to $522 million. Non-political advertising was down $24 million, while political advertising was up $45 million.
“Nexstar delivered another period of solid financial results, building on our strong start to the year,“ CEO Perry Sook said. “Following a first quarter in which Nexstar generated record first-quarter distribution and total net revenue, we did it again, generating our highest-ever second-quarter distribution and total net revenue.
“During the quarter, we continued executing on our plan at The CW, reducing operating losses by $33 million year-over-year and $83 million year-to-date as our organizational and programming changes are driving improved cash flows and the third consecutive quarter of ratings growth in primetime entertainment programming,” he said.
“Looking ahead, we expect to benefit from anticipated record levels of political spending on broadcast television in the second half of the year,” Sook said.
