Second-quarter core advertising at Nexstar Media Group -- the largest U.S. TV station group -- slipped 2.2% to $404 million due to a soft local and national advertising market.
Overall advertising revenue -- including political -- was down 17.4% to $413 million.
The company said these results were partially offset when including revenue results from The CW Network, which it bought in September 2022.
Company-wide revenue was virtually flat at $1.24 billion. Without the CW results, Nexstar's revenue dropped 6% for the year-ago period.
Net losses at the CW, which amounted to $78 million, helped pull down Nexstar’s overall net income 67% to $75 million in the period.
Nexstar’s cash flow -- adjusted earnings before interest taxes, depreciation, and amortization (EBITDA), a key financial measure -- was 32% lower to $331 million.
Positive results came from Nexstar distribution revenue for its stations, including The CW, which grew 8% in the period to $696 million. Higher revenue from new distribution agreements starting in 2022 more than offset lower pay TV subscribers due to cord-cutting.
Digital advertising and ecommerce revenue grew 11% to $98 million.
Mid-day trading of Nexstar stock was down 3% to $178.64. Over the last six months, the company’s share price has been down 11%.