Nexstar Media Group Inc - NXST STOCK NEWS

Nexstar Media Group (NASDAQ: NXST) has announced it will report its 2024 third quarter financial results on Thursday, November 7, 2024. The company will host a conference call and webcast at 10:00 a.m. ET to review the results. Interested parties can access the call by dialing +1 877-407-9208 (domestic) or +1 201-493-6784 (international) with conference ID 13748486. A live webcast will be available through the 'Events and Presentations' section of Nexstar's website, with a replay accessible for 90 days following the event. Participants are advised to call five minutes in advance and allow 15 minutes for webcast registration and software installation.

Nexstar Media Group (NASDAQ: NXST) has appointed Scott Weaver as Senior Vice President of Government Relations, effective September 5. In this newly created role, Weaver will establish Nexstar's first Office of Government Affairs in Washington, D.C., reporting directly to CEO Perry Sook. He will set legislative and regulatory priorities, represent Nexstar's interests to the federal government, Congress, and regulatory bodies.

Weaver brings extensive experience, having previously founded HSA Strategies and served as Chairman of the Public Policy practice at Wiley Rein LLP. His appointment comes as Nexstar has grown to become the largest local broadcaster in the U.S., launched NewsNation, and acquired majority ownership of The CW Network.

Nexstar Media Group (NASDAQ: NXST) has announced its participation in three major investor conferences in September 2024. The company's executive management will attend:

• The Citi 2024 Global TMT Conference in New York on September 4, with a fireside chat at 10:00 a.m. ET
• The BofA 2024 Media, Communications and Entertainment Conference in New York on September 5, featuring a fireside chat at 2:00 p.m. ET
• Deutsche Bank's 32nd Annual Leveraged Finance Conference in Scottsdale, AZ on September 24

Chairman and CEO Perry A. Sook and EVP and CFO Lee Ann Gliha will represent Nexstar at the Citi and BofA events. Gliha will attend the Deutsche Bank conference. Live webcasts and replays of the Citi and BofA fireside chats will be available on Nexstar's website.

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.