Nexstar Hits Record Q4 Results, Nearly Doubles Size In Media General Deal

Fast-growing TV station company Nexstar Broadcasting Group hit record financial results for its fourth-quarter reporting period -- partly due to TV station and digital acquisitions.

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.

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