Strong increases in local and national core revenue as well as retrans and e-Media money overcame the loss of political ad revenue compared to last year’s quarter.
Nexstar Broadcasting Group today reported financial results for the third quarter ended Sept. 30 that included a 2.3% increase in net revenues to $74,839,000 from $73,126,000 in the third quarter of 2010.
The gain came despite a 74% drop in political ad revenues. Local and national core revenue grew 5.3% to $59.6 million, with local up 3.9% to $43.3 million and national up 9% to $60 million.
Retransmission consent fee revenue grew 30.5% to $10 million, while e-Media revenue increased 17.5% to $4.2 million.
Perry A. Sook, chairman, president and CEO, said: “Nexstar’s third quarter results highlight the benefits of our revenue diversification initiatives, select accretive station acquisitions and our success in generating new local direct advertising. Nexstar’s record third quarter revenue reflects our eighth consecutive quarter of core television advertising revenue growth complemented by significant double-digit revenue gains in every one of our non-television advertising revenue sources.
“Nexstar’s positive core television advertising trends are continuing in the fourth quarter and we again expect positive year-over-year core revenue comparisons in the current quarter. Beyond Nexstar’s continued revenue momentum, we are successfully integrating the accretive acquisition of CBS affiliates, WFRV-TV and WJMN-TV and Internet technology provider GoLocal.Biz into our operations.”
Read the company’s report here.