Welcome to our dedicated page for Nexstar Media Group news (Ticker: NXST), a resource for investors and traders seeking the latest updates and insights on Nexstar Media Group stock.
Nexstar Media Group, Inc. (NASDAQ: NXST) is the largest television station owner-operator in the United States, reaching approximately 68% of U.S. TV households. With over 200 television stations in 116 markets, Nexstar has grown significantly from a single station to a national powerhouse in just 20 years. The company owns and operates media assets such as NewsNation, America's fastest-growing national cable news network, and a 75% stake in The CW, one of the nation's leading broadcast networks.
Nexstar's portfolio also includes affiliations with major broadcast networks like CBS, Fox, NBC, and ABC, making it a top affiliate for these networks. The company also holds a 31% stake in the Food Network and the Cooking Channel, further diversifying its media reach. Nexstar's digital operations are expanding as well, offering comprehensive local news and information through platforms like The Hill and NewsNationNow.com.
Recent achievements include a multi-year extension of an agreement with Nielsen to provide Local and National TV measurement services across Nexstar's media businesses. This agreement will help Nexstar leverage Nielsen's comprehensive suite of digital and TV measurement solutions, providing accurate audience insights and data-driven measurement.
Nexstar is committed to delivering exceptional service and unique local content to the communities it serves. The company’s ability to engage local audiences and offer targeted advertising solutions makes it a valuable partner for businesses and advertisers. With a strong financial position and a diversified portfolio, Nexstar continues to be a leading force in the media industry, driving innovation and growth across its platforms.
The CW Network and Gray Media (NYSE: GTN) have renewed affiliation agreements for 38 local television stations across the United States. These stations collectively reach nearly 10% of the U.S. audience, serving over 12 million TV households. The renewed affiliations ensure these stations remain the exclusive local broadcasters for several major sports events, including Pac-12 and ACC college football, ACC basketball, NASCAR Xfinity Series Racing, WWE NXT wrestling, and LIV Golf in their respective markets. While the financial details of the agreement were not disclosed, this renewal signifies a continued partnership between The CW Network and Gray Media, maintaining a significant presence in local television markets across the country.
Nexstar Media Group reported record second-quarter net revenue of $1.27 billion, marking a 2.3% increase year-over-year. Key figures included a net income of $106 million, a rise of 41.3%, and an adjusted EBITDA of $398 million, up 18.8%. Adjusted free cash flow reached $78 million, a 5.4% increase.
Distribution revenue stood at $734 million, a 5.5% increase, while advertising revenue was $522 million, up 2.2%. Operating losses at The CW were reduced by $33 million year-over-year, contributing to improved cash flows.
Nexstar returned $190 million to shareholders, reducing outstanding shares by 1.7%. The company repaid $31 million in debt. The consolidated debt was $6.78 billion, with a first lien net leverage ratio of 2.19x.
The CW Network has announced new affiliates in Tucson, Arizona (KTTU-TV), Santa Barbara, California (KCOY-TV), and Corpus Christi, Texas (KSCC-TV), effective September 1. These stations will become the exclusive homes for Pac-12 college football, ACC college football and basketball, NASCAR Xfinity Series Racing, WWE NXT wrestling, and LIV Golf in their respective markets.
Notably, KTTU-TV in Tucson will host the 2024 Snoop Dogg Arizona Bowl Presented by Gin & Juice by Dre and Snoop on December 28. This expansion strengthens The CW's local presence and sports offerings in these markets, potentially increasing viewership and advertising opportunities.
Nexstar Media Group (NASDAQ: NXST) has appointed Ellen Johnson to its Board of Directors, effective October 1, 2024. Johnson, currently the Executive VP and CFO of Interpublic Group (NYSE: IPG), brings extensive financial and advertising industry expertise. She will serve as an independent director, increasing Nexstar's board to 10 members, with 9 being independent and 3 being women.
At IPG, Johnson oversees Global Finance, IT, Investor Relations, and ESG programs. Her experience in accounting, corporate finance, and ESG is expected to be valuable for Nexstar's business advancement and shareholder value enhancement. Johnson's appointment strengthens Nexstar's leadership as it continues to grow its media and entertainment business, which includes assets like NewsNation, The CW, and The Hill.
Nexstar Media Group (NASDAQ: NXST) and Paramount Global (NASDAQ: PARA, PARAA) have announced a multi-year renewal of CBS Television Network affiliations for 42 markets. This agreement covers 40 stations owned by Nexstar and 2 owned by Mission Broadcasting, reaching 15% of the U.S. audience and serving nearly 19 million television households.
Additionally, two Paramount-owned independent stations in Miami (WBFS-TV) and Detroit (WKBD-TV) will become affiliates of The CW Network on September 1, 2024. These stations will begin broadcasting the network's news, primetime entertainment, live sports, and special event programming.
The financial terms of these agreements were not disclosed.
Nexstar Media Group (NASDAQ: NXST) has announced two significant financial decisions. Firstly, the company declared a quarterly cash dividend of $1.69 per share, payable on August 23, 2024, to shareholders of record as of August 9, 2024. Secondly, the Board of Directors approved a new $1.5 billion share repurchase program. This authorization is in addition to the existing program announced in July 2022, which had $496 million remaining as of May 8, 2024.
While Nexstar intends to continue paying regular quarterly dividends, future payments will be subject to quarterly review and Board approval. The share repurchase program will be executed at the Board's discretion, subject to regulatory limitations.
Nexstar Media Group (NASDAQ: NXST) will release its 2024 second quarter financial results on Thursday, August 8, 2024. The company will hold a conference call and webcast at 10:00 a.m. ET to discuss the results. Interested parties can join the call by dialing +1 877-407-9208 or +1 201-493-6784 using the conference ID 13747205. Alternatively, a live webcast will be available through the 'Investor Relations' section on Nexstar’s website. A replay of the webcast will be accessible for 90 days post-event. Participants are advised to join the call early and allocate 15 minutes for the webcast registration.
Nexstar Media Group has promoted Lloyd Bucher to Vice President and General Manager of its broadcast and digital operations in Philadelphia, Pennsylvania. Bucher, who succeeds Vince Giannini, will oversee WPHL-TV, phl17.com, and their social media channels, reporting to Brandin Stewart. He brings nearly 30 years of leadership experience, including recent roles managing Nexstar's operations in Charlotte, North Carolina, where he drove significant growth in digital advertising revenue and launched successful programming. Bucher, a Philadelphia native, expressed his enthusiasm about returning to his hometown and leveraging Nexstar's resources to create opportunities for success.
Major broadcasters in the Myrtle Beach-Florence market, including WPDE-TV, WBTW, WHMC, and WWMB, launched NextGen TV, a new digital broadcast technology powered by ATSC 3.0. This upgrade delivers improved video quality, enhanced sound, and advanced emergency alerts. The launch follows a decade of research and significant planning, with BitPath coordinating efforts across the stations. Viewers can access the new service by rescanning their TV sets, while cable and satellite subscribers require no adjustments. NextGen TV is already available in over 70 cities nationwide, covering 75% of viewers.
Nexstar Media Group (NASDAQ: NXST) has appointed Lisa Taylor as Senior Vice President of Digital Advertising Sales, effective June 17. Taylor, with over 20 years of experience in advertising sales, joins Nexstar from Amazon. At Amazon, she achieved a 300% increase in new business revenue as Senior Business Development Manager for Amazon Ads. Taylor will report to Andrew Alford, President of Nexstar's broadcasting division, and will be responsible for digital revenue growth across Nexstar's broadcast group. She will lead sales strategy, sales enablement, and talent development for 117 local markets. Taylor has also held leadership positions at Meredith Mr. Alford praised her experience in the rapidly evolving digital landscape, and Taylor expressed her excitement about joining Nexstar.
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