Nexstar -- which last month won the battle over acquiring Media General in a $4.6 billion deal -- posted a 31% rise in revenue to $252.2 million. Net income slipped to $27.4 million from $30.9 million.
Nexstar’s stock price was up 3.4% in mid-day Thursday trading to $42.11. Local advertising revenue climbed 33% to $102.8 million, while national spot TV revenue grew 33% to $41.3 million and core advertising revenue was 33% higher.
Digital media doubled -- to $29.3 million for the fourth quarter and $909 million for the full year 2015.
During the period, retransmission revenues rose 85% to $81.7 million, with political advertising sinking to $7.9 million from $35.4 million in the fourth quarter 2014.
Since 2014, Nexstar has acquired Internet Broadcasting for $20 million; Yashi, a programmatic ad tech company for $33 million; and TV station group West Virginia Media Holdings for $130 million.
After the Media General deal closes, Nexstar will virtually double in size -- having 171 stations in 100 markets reaching 39% of all U.S. TV households, the maximum allowed by the Federal Communications Commission. Currently, it has 104 stations reaching 62 markets, about 18.1% of U.S. TV homes.
The Media General deal is expected to closed in late third/early fourth quarter. The company’s new name will be Nexstar Media Group.