Nexstar Media Group Inc Stock Price, News & Analysis

Nexstar Media Group has appointed David Hart as the new Vice President and General Manager of WSAV-TV in Savannah, Georgia. With over 30 years of experience, Hart has successfully increased audience size, revenue, and digital engagement at WRBL-TV. His leadership saw significant digital growth, with WRBL.com averaging over 750,000 unique visitors monthly. Hart's community involvement includes partnerships with local universities and leading charitable initiatives. He will report to Ron Romines, Senior Vice President of Nexstar's broadcasting division.

Nexstar Media Inc. has appointed Chris Cook as Vice President and General Manager of KLFY-TV and its digital operations in Lafayette, LA. Cook boasts over 20 years in broadcasting, previously serving in multiple roles at KLFY-TV and as Director of Sales at WISH-TV. His extensive experience includes driving advertising growth and digital content strategy. Cook returns to Lafayette, expressing confidence in leveraging Nexstar's resources to enhance local content and advertising solutions.

Nexstar Media Group, Inc. (NASDAQ: NXST) has appointed Larry Forsgren as Vice President and General Manager for WCIA-TV and WCIX-TV in Champaign-Springfield, Illinois. Forsgren brings over 25 years of broadcasting experience, having previously led KMTV-TV in Omaha, where he expanded local content and increased revenue significantly. His leadership is expected to enhance ratings and community connections at Nexstar's Illinois stations.

Nexstar Media Group reported strong third-quarter 2021 financial results, achieving net revenue of $1.16 billion, a 3.5% increase year-over-year. The company achieved operating income of $277.4 million and net income of $169.2 million. Adjusted EBITDA reached $410.4 million, with a 35.5% margin. Despite a 90.6% decline in political advertising revenue, core advertising grew by 13.3%. Nexstar returned $173.6 million to shareholders through buybacks and dividends. The company is optimistic about future revenue growth, especially in political advertising and digital platforms.

Nexstar Media Group, Inc. (NASDAQ: NXST) has promoted Dana Zimmer to President of Distribution, effective immediately. Since joining in 2019, Zimmer has expanded the distribution of Nexstar's extensive broadcast portfolio, which includes 199 local television stations covering 39% of U.S. households. She has successfully negotiated retransmission consent agreements and partnerships with major networks. CEO Perry Sook commended her contributions, noting the growth in retransmission and carriage revenues under her leadership. Zimmer expressed gratitude and optimism for further expansion opportunities.

Nexstar Media Group declared a quarterly cash dividend of $0.70 per share, payable on November 29, 2021, to shareholders recorded by November 12, 2021. The board will continue to review dividends quarterly, maintaining discretion in declarations.

Nexstar operates 199 television stations across 116 markets, reaching 39% of U.S. TV households. Its divisions include Broadcasting, Digital, and Networks, providing extensive media services and local content.

Nexstar Media Group has promoted Marc Hefner to Vice President and General Manager of KDAF-TV and cw33.com in Dallas, Texas. Hefner, who has over 25 years of broadcast experience, previously led operations at WSAV-TV in Savannah, where he achieved significant growth in audience engagement and revenue. He has a proven track record of expanding local programming and building partnerships within the community. Under his leadership, Nexstar aims to enhance its media operations and advertising solutions in the highly competitive Dallas market.

Nexstar Media Group, Inc. has announced the promotion of Tim Sanders to Vice President and General Manager for WTWO-TV and WAWV-TV in Terre Haute, Indiana. With over 20 years of local broadcast experience, including 17 years at these stations, Sanders will oversee broadcast and digital operations. He has a proven track record in increasing advertising revenues and expanding local programming. Sanders aims to enhance community engagement and advertising solutions in his new role, reporting to Traci Wilkinson, Senior VP and Regional Manager.

The launch of NEXTGEN TV in Hartford marks a significant upgrade in broadcast technology for local viewers. This new digital broadcast technology enhances the viewing experience with features like 4K resolution, HDR video, and improved audio quality. Four local channels, including TEGNA's WCCT and WTIC, and others from Meredith and Nexstar Media Group, are now available over-the-air free of charge. With compatibility across select devices from manufacturers such as LG and Samsung, NEXTGEN TV is designed to evolve with future updates, promising a more interactive and engaging viewing experience.