Nexstar grew its digital ad agency services by 38% to $62 million in Q1 2018, and other local publishers are increasingly bullish on the business according to a new Local Media Association survey. Almost one-third of its respondents said digital marketing services were their top growth opportunity, and two-thirds said that side of their business was profitable.
Sinclair, Nexstar, Univision and American Tower partner on developing a next-gen TV single frequency network that will be a test of a developed model for the transition from ATSC 1.0 to 3.0 and the deployment of SFN sites in preparation for future national deployment of 3.0 broadcast services.
Net revenue growth of 111% following the Media General merger boosts revenue to $540 million, driving record operating income of $110.1 million. All of the company’s revenue areas are up, except political.
Nexstar CFO Tom Carter is optimistic that a more deregulated era is dawning and the company will be acquiring more stations, though he won’t pin down a growth target. He’s also bullish on ATSC 3.0, and sees the repack as a kickstarter to get it in place.
The syndicated entertainment news and talk variety strip will fade to black on April 28 after two seasons.
The reinstatement of a regular sportscast during the 6 p.m. news at Nexstar’s CBS affil in Buffalo, N.Y., began Monday after almost a two-year absence. Dominic Mancuso, the new GM, and News Director Lisa Polster made the decision. The move is in keeping with Mancuso’s stated goal of rectifying some decisions made by previous management when the station was owned by Media General.
The station group promotes Coby Cooper to lead WATE Knoxville, Tenn., He’s succeeded as GM of WCIA-WCIX Champaign, Ill., by Gary Hackler, the duo’s former sales director.
Veteran Nexstar local broadcasting and sales management executive Kyle King moves from KMID Odessa-Midland, Texas, to lead KARK and KARZ in Little Rock, Ark., as well as two other stations run under a JOA. He’s succeeded at KMID by Michael Lee, VP-GM of KXXV Waco-Temple-Bryan, Texas.
Evidence is emerging that if station groups are allowed to scale up, they will become better broadcasters, pumping still more news and entertainment into the expanding TV ecosphere to the benefit of all — viewers and advertisers. FCC Chairman Ajit Pai is expected to move to loosen the ownership caps this year. Those opposed had better bring more to the debate than just theories about the inherent badness of bigness.
The 24-year CBS news veteran and former Los Angeles news director to lead Nexstar’s expanding Washington news bureau.
The local TV and sales management executive is tapped by Nexstar to oversee its KSNT (NBC) and KTMJ (Fox) operations as well as Vaughan Media’s ABC-CW affil KTKA.
“Suffice it to say that we are already in discussions, should the [FCC ownership] rules change, about opportunities that might be available to us,” Nexstar CEO Perry Sook told analysts and investors today.
The big driver for a record fourth quarter was political of $60 million, plus a 23% gain in retrans money and $25.7 million in digital revenue.The earnings report is the first since Nexstar closed on its purchase of Media General in January. The station group says that Media General shareholders will get $479 million from the sale of spectrum in the incentive auction. Nexstar sold no spectrum of its own.
The Charleston native and former Nexstar sales management executive returns home to lead the NBC-CW affiliate and associated digital services.
The broadcasting Executive with more than 30 years of experience Joins Nexstar from KMGH Denver to lead Nexstar’s CBS affiliate in Raleigh, N.C.
The local broadcast exec moves from the company’s WBOY Clarksburg, W.Va., to take over operations at the Richmond, Va. ABC affiliate.
The station group promotes her from its WFLA to a newly-created position overseeing Nexstar’s broadcast and digital local content initiatives.
The Nexstar executive with 20-plus years of broadcast sales and management experience moves from Jacksonville, Fla., to run operations in Savannah.
Steve Daniloff, an executive with more than 25 years of local broadcasting and sales management experience, is promoted to VP-GM of WBRE and WYOU. He succeeds Robert Bee who has been promoted to VP-GM of Nexstar’s ABC affiliate WHTM Harrisburg, Pa.
The station group moves him from its KASW Phoenix to oversee the Portland CBS affiliate.
The group owner taps Richard Graziano, a veteran broadcast and digital executive, to run its Connecticut ABC-MNT duopoly of WTNH-WCTX .
Christopher McDonnell will oversee KRON San Francisco and Randy Ingram will head the Indianapolis duopoly of WISH-WNDY.
Dish Network and the American Cable Association continue to put pressure on Nexstar’s $4.6 billion purchase of rival broadcaster Media General. Meeting with the FCC along with officials for the International Telephone and Telecommunications Alliance, the pay TV industry reps asked the agency to impose “baseball-style” arbitration for approval of the deal.
The American Cable Association says the $4.6 billion deal will give Nexstar 115 Big Four affiliates in 101 markets and undue leverage in retrans negotiations. With the leverage, Nexstar would “drive up…fees (and, in turn, consumer prices) and…increase the risk and incidence of broadcast programming blackouts.” As an alternative to denial, ACA suggests forcing Nexstar into “baseball-style arbitration” or preventing its use of “after-acquired station” clauses.
The CEOs of GateHouse Media, Townsquare Media and The Dallas Morning News framed out their companies’ respective futures at Borrell Associates’ conference on Tuesday, and digital was the cornerstone common denominator. A look at how Kirk Davis, Steven Price and Jim Moroney see digital diversification as fundamental to their long-term strategies.
Meredith Corp. is close to walking away from its attempt to merge with Media Genera, allowing Nexstar Broadcasting Group to acquire the TV station owner after months of negotiation, according to people familiar with the matter.
The company reiterates why it thinks its deal is best. Nexstar CEO Perry Sook: “We intend to take any steps that may be necessary to allow us to consummate our agreed transaction with Media General.”
A Media General SEC filing yesterday recommends shareholders approve the new deal unveiled yesterday by Meredith. However, it reveals that Media General CEO Vincent Sadusky thinks the competing bid from Nexstar is a better one.
After months of negotiation, Nexstar agrees to pay $17.66 a share to acquire Media General. For more, see “Meredith, Nexstar Battle Over Media General”
Nexstar Broadcasting, the owner of 106 TV stations reaching 17% of U.S. households, is nearing a better-than-$2 billion deal to acquire rival Media General. “The gap has closed and they are getting closer,” two sources close to the situation said Tuesday.
Nexstar Broadcasting met this week with Media General director John Muse in an attempt to negotiate a buyout of the Richmond, Va., company. Media General, by authorizing the Muse meeting, is sidelining lead independent director Soohyung Kim of Standard General, sources said.
Nexstar Broadcasting Group is planning to take its fight against Media General to the boardroom if the two sides can’t agree to merge. Nexstar is eyeing Media General’s board nominations that start on Dec. 28, as a prelude to mounting a challenger slate in a proxy battle.
The company said that while Nexstar’s offer to buy the company that followed Media General’s announcement to merge with Meredith Corp. is undervalued, it will enter into talks with Nexstar. Nexstar says it’s eager to negotiate, but is sticking with its original offer of cash and stock that now amounts to $15.70 per share.
Media General’s board is leaning toward deciding that Nexstar Broadcasting’s acquisition offer is reasonably likely to be better for shareholders than its existing agreement to buy Meredith Corp., people with knowledge of the matter said, putting the Meredith deal in jeopardy.
The Wall Street Journal reports that activist investor Starboard Value LP on Tuesday said Media General was dragging its feet in agreeing to negotiations with Nexstar Broadcasting Group and exploring a merger of the two TV station companies. WSJ subscribers can read the full story here.
Meredith said it believes due diligence will show the inferiority of Nexstar’s unsolicited offer for Media General. Meredith said it is “extremely confident that Meredith Media General has the potential to generate significant shareholder returns superior to Nexstar’s offer for Media General.”
The FCC ownership regulations have shaped (warped?) today’s broadcasting business in many ways and determined what kind of station deals can and cannot be done. For example, the 39% cap means many large groups can’t merge because they are at or near the limit. But it so complicates their ability to exit the business.
Nexstar Broadcasting Corp has won U.S. antitrust approval to buy Communications Corp of America on condition that it sell WEVV Evansville, Ind., the Department of Justice said Wednesday. Nexstar said in early August that it was selling WEVV to Bayou City Broadcasting for $18.6 million.