Increases in local, national and retrans money push non-political revenue to $67.3 million.
Nexstar Broadcasting Group today reported financial results for the fourth quarter ended Dec. 31, 2011, that included a 6.4% increase in local and national core revenue to $67.3 million from $63.2 million in the same quarter a year earlier.
Local revenue was up 4.6% to $49.3 million; national revenue rose 11.6% to $18 million; and retransmission consent revenue grew 34.9% to $10.2 million.
Those increases weren’t enough, however, to offset the 91% drop in political ad revenue — from $22.6 million in 4Q 2012 to $$2 million in 4Q 2011. That resulted in a 11.2% decrease in net revenue to $86.2 million from the year-earlier $97 million.
Perry A. Sook, Nexstar chairman, president and chief executive officer, commented: “Nexstar ended 2011 on a strong note with fourth quarter core revenue growth of 6.4%, marking the highest level of quarterly core revenue growth during the year and our ninth consecutive quarter of core television advertising revenue growth.
“Nexstar’s full-year 2011 core local and national revenue rose 4.8%, which was in line with our expectations, while net revenue declined just 2.2% despite the cyclical impact of an approximately $33 million variance in political advertising in 2011.
”Overall, Nexstar’s fourth quarter and full year results again highlight the value of our focus on generating new local direct advertising and revenue diversification as well as completing select accretive station acquisitions.”
Read the company’s report here.