Factoring out political, the increase jumps to 6.9%. The increases are led by a 4.3% gain in core advertising and double-digit increases in retrans, e-media and trade and barter.
Nexstar Broadcasting Group today reported financial results for the second quarter ended June 30 and the company’s net revenue rose 1.3% to $75.5 million, a company record.
- Local and national core ad revenue grew by 4.3% to $62 million.
- Retransmission consent revenue was up 18.4% to $8.6 million.
- e-Media revenue jumped 22.5% to $4.1 million.
- Trade and barter revenue grew 17.7% to $5.4 million.
All of those gains more than offset a 70.2% decrease in political ad revenue and a 16.2% drop in network compensation.
Commenting on the results, Perry A. Sook, Nexstar chairman, president and CEO, said: “The ongoing advertising rebound in our markets and Nexstar’s effectiveness in driving new-to-television local direct billings drove our seventh consecutive quarter of core television advertising revenue growth. The 4.3% rise in core ad revenue growth, 22.5% increases in e-Media revenue and 18.4% gain in retransmission fee revenue offset the reduction in political revenue and led to record second quarter net revenue and EBITDA.
“Excluding the impact of political revenue from both periods, Nexstar’s 2011 second quarter gross revenue rose 6.9% year-over-year and by 6.1% in the first half of 2011 versus the first half of 2010. In aggregate, 2011 second quarter retransmission fee, mobile and e-Media and management fee revenue rose 18.8% to $13.2 million from the year-ago period, and these higher margin revenue streams accounted for 17.5% of 2011 second quarter net revenue compared to 14.9% in the 2010 second quarter.”
Read the company’s report here.