Third-quarter core advertising at the TV station company Nexstar Media Group rose significantly -- 13% -- due to gaming/sports betting.
Core advertising -- excluding political advertising -- was $432.7 million, up from $381.9 million in 2020.
“Our presence in 80% of the states where sports betting is legal or expected to be legal enabled us to generate significant revenue from gaming/sports betting advertising,” stated Perry
Sook, chairman-CEO of Nexstar Media Group.
Sook adds that gaming/sports betting has become a top five category and is generally a No. 1 or No. 2 category in established gaming/sports betting markets.
Overall, the company’s advertising revenue for the period dropped 14%, when including political advertising, to $445 million.
Political advertising was $12.4 million in the most recent reporting period. In the presidential election third-quarter period in 2020, Nexstar took in $132.4 million.
Nexstar posted a strong period with distribution revenue -- up 15% to $619.9 million. Digital media revenue grew 47% to $81.1 million.
Overall company-wide revenue was up 3% to $1.16 billion, with net income dropping 10% to $169.2 million. Mid-morning trading of Nexstar’s stock was down 1% to $152.65.
Nexstar owns or operates 199 TV stations (including partner stations) and low power and digital multicast signals reaching 116 markets or more than 68% of all U.S. television homes.