Nexstar Media Group, Inc. produces and distributes local and national news, sports and entertainment content across television and digital platforms. News about NXST commonly covers advertising and distribution revenue, political advertising cycles, local broadcast operations, The CW Network programming and sports distribution, and the company’s digital partnerships.
Recurring developments also include quarterly earnings, cash dividend declarations, investor-conference participation, debt and tender-offer activity, and corporate updates following Nexstar’s completed acquisition of TEGNA Inc. Company communications frequently connect these topics to broadcast station operations, local journalism, network affiliations, and national content distribution.
Nexstar Media Group (NASDAQ: NXST) reported record Q2 2022 results, achieving net revenue of $1.25 billion, up 10% year-over-year. Key highlights include net income of $226.5 million and adjusted EBITDA of $486.3 million. The company significantly increased political advertising revenue by 920% to $86.7 million. Free cash flow was reported at $219 million, with a remarkable return of capital to shareholders reaching $284.3 million. Nexstar anticipates continued growth amid strong political advertising and renewed distribution agreements, reaffirming an annual free cash flow target of $1.4 billion.
Nexstar Media Group has announced the extension of CEO Perry A. Sook's employment agreement through March 31, 2026. Under Mr. Sook's leadership since 1996, the company has grown from approximately $87 million in revenue at its 2003 IPO to over $4.6 billion in 2021. Nexstar has achieved total shareholder returns of over 1,800% over the past decade, outperforming major competitors and the S&P 500. The Board expressed confidence in Mr. Sook's leadership as Nexstar continues to compete in the evolving media landscape.
Nexstar Media Group (NASDAQ: NXST) declared a quarterly cash dividend of $0.90 per share, payable on August 25, 2022. The company also approved a new share repurchase program, allowing for $1.5 billion in stock buybacks, supplementing the remaining $415.1 million from a previous program. Furthermore, Nexstar's Board recommended declassifying the Board of Directors, pending shareholder approval at the 2023 Annual Meeting. CEO Perry A. Sook emphasized these actions are aimed at enhancing shareholder value.
NewsNation announced that Chris Cuomo, an award-winning journalist, will host a new prime-time show this fall. Mr. Cuomo, known for his work at CNN, will enhance NewsNation's commitment to unbiased news reporting. With over two decades of experience, he aims to foster conversations around common concerns rather than political divisions. Sean Compton, President of Networks for Nexstar Media, emphasized Cuomo's addition as a step towards furthering fairness and transparency in news. NewsNation, owned by Nexstar Media Group (NXST), reaches 75 million U.S. households.
Nexstar Digital has partnered with Teads to enhance digital advertising capabilities across its 125 websites and 239 mobile apps. This partnership focuses on delivering Teads' inRead advertising technology, allowing Nexstar to improve video and display ad monetization and increase its online inventory. The agreement aims to create a diversified revenue stream through enhanced user engagement and high-quality ads without compromising user experience. Both companies express optimism about the partnership's potential benefits for advertisers and audiences.
Nexstar Media Inc. promotes Cory Gylock to Vice President and General Manager of WLAX-TV and WEUX-TV in La Crosse/Eau Claire, Wisconsin. Gylock has been with Nexstar since 2012, previously serving as General Sales Manager, where he led significant revenue growth and community engagement initiatives.
He will report to Traci Wilkinson and aims to enhance viewer and advertiser relationships, leveraging Nexstar's commitment to local content and innovative marketing solutions.
Nexstar Media Inc. has appointed Brandin Stewart as Senior Vice President and Regional Manager, effective July 20. Stewart, who has nearly 20 years of experience in large market broadcasting, will oversee the company's television stations and digital operations across various markets from Irving, TX. Previously, he served as President and General Manager of CBS 3 in Philadelphia, where he enhanced ratings and revenue. Stewart aims to uphold Nexstar's commitment to local news and innovative advertising solutions.
Nexstar Digital, a subsidiary of Nexstar Media Group (NXST), has announced a new exclusive partnership with Teads to utilize their inRead advertising technology. This collaboration grants Nexstar Digital access to premium advertising formats across its 125 websites and 239 mobile apps, including NewsNation and The Hill. The partnership aims to enhance video and display ad monetization by integrating high-quality, unobtrusive ads into editorial content, thereby increasing user engagement and creating a diversified revenue stream for Nexstar Digital.
Nexstar Media Inc. has announced the promotion of Melissa Jones to Vice President and General Manager of WDTN-TV in Dayton, Ohio, effective July 20. With nearly 15 years of experience in local broadcast management and sales, Jones previously served as Director of Sales for WTEN-TV and WXXA-TV in Albany, New York. Her leadership has led to significant revenue growth and community engagement initiatives. Jones aims to leverage WDTN-TV's strengths to meet viewer and advertiser needs in Dayton.
Nexstar Media Group (NASDAQ: NXST) announced it will report its 2022 second quarter financial results on August 4, 2022, at 10:00 a.m. ET. A conference call and webcast will be held for the announcement, accessible via phone and online. Interested parties can dial +1 646-828-8073, conference ID 5103351 for access. Nexstar is a leading diversified media company, owning 200 stations across 116 markets, reaching 212 million people, and producing 283,000 hours of original content annually.