Nexstar Profits Rise as Losses at The CW Shrink
Revenues up 2.3%
![Nexstar Media Group](https://cdn.mos.cms.futurecdn.net/azrSGeZwtxyCYPVEhexv9h-320-80.jpeg)
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.
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“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.
Jon has been business editor of Broadcasting+Cable since 2010. He focuses on revenue-generating activities, including advertising and distribution, as well as executive intrigue and merger and acquisition activity. Just about any story is fair game, if a dollar sign can make its way into the article. Before B+C, Jon covered the industry for TVWeek, Cable World, Electronic Media, Advertising Age and The New York Post. A native New Yorker, Jon is hiding in plain sight in the suburbs of Chicago.