Nexstar Media Group reported higher first-quarter earnings and said that it cut losses at The CW by $50 million year-over-year.
Net income rose to $175 million, or $5.16 per share, from $111 million, or $2.97 a share, a year ago.
Revenue rose 2% to $1.3 billion.
Distribution revenue increased 4.5% to $761 million. Advertising revenue was down 1% to $512 million.
“Nexstar is off to a strong start in 2024, delivering the highest first-quarter net revenues in the company’s history and once again outpacing consensus expectations for adjusted EBITDA and adjusted free cash flow,” Nexstar chairman and CEO Perry Sook said.
“As the industry’s largest local broadcaster with the most-watched broadcast television programming, Nexstar’s value to our distribution and advertising partners is demonstrated by our continued strong financial performance, including all-time quarterly high distribution revenue,” Sook said. “We continue to make progress at The CW, reducing operating losses by $50 million year-over-year and kicking off the 2023/2024 broadcast season by delivering two sequential quarters of primetime audience improvement.
“Looking ahead, we remain confident that Nexstar will deliver another strong year of financial results and expect to build momentum through 2024, given the anticipated record-level of political spending this presidential election cycle,” Sook said.
