• by Wayne Friedman , May 9, 2017

Growing Nexstar Media Group more than doubled its quarterly revenue -- all from its first financial period recognizing its Media General TV station group purchase.

Revenues for the Irving, Texas-based TV station group grew 111% to $540.3 million for the first quarter, due to the completion of its Media General purchase in January. Net income fell 78% to $4.9 million from $22.2 million in the period a year before.

Local advertising revenue now totals $202.4 million (up 116%) with national spot advertising revenue at $77.7 million (119% higher). As with other TV station groups, political revenues sank during the period -- now amounting to $2 million versus $11.8 million in the first quarter the year before.

Retransmission fees also grew to $231.9 million -- up 138%. Digital revenue is at $46.7 million, up 107%.

Reports suggested that Nexstar was considering another major TV station group purchase -- that of Tribune Media, which yesterday announced it had struck a $4 billion deal to be acquired by Sinclair Broadcast Group.

Mid-day Tuesday trading of Nexstar was 2% higher to $62.40.