The rise to $97 million was driven by a 515% rise in political ad money plus strong retrans. E-media and local revenue contributions.
Nexstar Posts 31% Gain In 4Q Revenue
Nexstar Broadcasting Group today reported record financial results for the fourth quarter ended Dec. 31, 2010. Net revenue came in at $97 million, up from $74 million in the year-ago quarter.
Political ad money led the way; at $22.6 million the category was up 515% from 4Q 2009’s $3.6 million.
Local revenue rose 7% to $47 million; national revenue was down 7.7% to $16 million.
Money from retransmission consent fees rose 20% to $7.6 million. E-media revenue picked up 16% to $3.9 million, while management fee revenue skyrocketed 460% to $3.8 million.
Perry A. Sook, Nexstar chairman, president and CEO, commented: “Nexstar’s record quarterly financial results highlight our significant revenue diversification progress which drove the highest quarterly results in the company’s history. Our success in driving profitable revenue growth reflects the strength of our core local content, ability to develop distribution and digital extensions for our core content including the creation of new online, text and mobile content and applications, and the benefit derived from leveraging our management operating disciplines to provide services to other broadcasters.
“Further illustrating the momentum of our revenue diversification strategies, fourth quarter 2010 net revenue rose 20.9% over the same period in 2008, which was a presidential election year. Strength in core television advertising trends — which began for Nexstar in the 2009 fourth quarter — is continuing in 2011 and we are well positioned to further grow all of our non-political revenue sources throughout 2011.”
Read the company’s report here.