Revenue Growth - Record third quarter net revenue of $1.37 billion, an increase of $234 million or 20.7% year-over-year[5] - Distribution revenue reached $719 million, up $121 million or 20.2% compared to the prior year quarter[6] - Advertising revenue totaled $622 million, reflecting a $113 million increase or 22.2% year-over-year, driven by a $135 million rise in political advertising[7] - Nexstar Media Group reported net revenue of $1,366 million for Q3 2024, a 20.7% increase from $1,132 million in Q3 2023[24] Profitability - Net income for the third quarter was $180 million, a significant increase of $172 million compared to the previous year, resulting in a net income margin of 13.2%[8] - The company achieved net income of $180 million in Q3 2024, compared to $8 million in Q3 2023, reflecting a significant year-over-year growth[24] - Nexstar's basic net income per share available to common stockholders was $5.34 for Q3 2024, significantly higher than $0.71 in Q3 2023[24] Cash Flow and Liquidity - Net cash provided by operating activities was $387 million, an increase of $249 million or 180.4% year-over-year[10] - Adjusted free cash flow reached $327 million, a substantial increase of $246 million or 303.7% compared to the prior year[11] - Adjusted Free Cash Flow for the nine months ended September 30, 2024, was $792 million, up from $659 million in the same period of 2023, indicating improved liquidity[27] - The company reported Free Cash Flow of $358 million for Q3 2024, compared to $102 million in Q3 2023, highlighting enhanced cash generation capabilities[27] - Cash flows from operating activities for the nine months ended September 30, 2024, were $839 million, compared to $817 million in the same period of 2023, indicating stable operational performance[25] Cost Management - Operating expenses totaled $1,031 million in Q3 2024, slightly down from $1,038 million in Q3 2023, demonstrating cost management efforts[24] - The company incurred depreciation and amortization expenses of $190 million in Q3 2024, down from $220 million in Q3 2023, reflecting asset management strategies[26] Debt and Shareholder Returns - As of September 30, 2024, total debt was $6.7 billion, with a first lien net leverage ratio of 1.91x[14][15] - The company returned $233 million to shareholders in the form of dividends and share repurchases, reducing shares outstanding by 3.1%[12] - The company announced a new $1.5 billion share repurchase authorization in July 2024[3] Interest and Operating Income - Interest expense remained stable at $113 million for both Q3 2024 and Q3 2023, indicating consistent financing costs[24] - Nexstar's total operating income for the nine months ended September 30, 2024, was $851 million, compared to $477 million in the same period of 2023, showcasing strong operational growth[24]

Core Insights - The author identifies as an independent investor rather than a professional analyst, preferring the terms "contributor" or "author" to describe their role [1][3] - The author has over 30 years of personal investment experience and a background in economics and finance, having worked in various capacities within the financial industry [1] - The author emphasizes the importance of understanding capital structures and the dynamics of newsflow and catalysts in stock price movements [1] Background and Experience - The author has experience as a buy-side analyst, fund co-manager, and analyst at a multi-strategy hedge fund, focusing on long-only stock market investments, particularly in financial companies [1] - The author transitioned to a role at a financial regulatory authority, gaining insights into international regulation and corporate governance through extensive interactions with corporate executives [1] - The author highlights the ability to read between the lines of corporate communications, understanding that messages are tailored for specific audiences [1] Current Position and Intentions - The author aims to share personal investment views and engage in discussions with the public, drawing from their diverse background in finance [1] - The author will limit contributions to publicly available information due to compliance reasons and will not disclose specific experiences from their career [1]

Group 1 - The stock of Nexstar Media Group, Inc. (NXST) is experiencing significant attention due to high implied volatility in the options market, particularly for the Dec 20, 2024 $95 Call option [1] - Implied volatility indicates the market's expectation of future price movement, suggesting that investors anticipate a significant change in Nexstar Media's stock price, possibly due to an upcoming event [2] - Nexstar Media currently holds a Zacks Rank 5 (Strong Sell) in the Broadcast Radio and Television industry, with no analysts increasing earnings estimates for the current quarter, resulting in a decrease from $5.89 to $5.51 per share in the Zacks Consensus Estimate [3] Group 2 - The high implied volatility surrounding Nexstar Media may indicate a developing trading opportunity, as options traders often seek to sell premium on such options to capitalize on decay, hoping the stock does not move as much as expected by expiration [4]

Core Insights - Nexstar Media Group has eliminated the position of Michael Strober, who was hired as EVP and Chief Revenue Officer in 2022, to streamline its organizational structure [1] - The company owns 75% of The CW network, with Paramount Global and Warner Bros. Discovery each retaining 12.5% after the acquisition [2] - The advertising outlook for Nexstar has become challenging, with a low single-digit decline year-over-year in Q3, influenced by the Paris Olympics and expected displacement of non-political revenue due to increased political advertising [5] Company Developments - Strober previously led the overhaul of Turner Broadcasting's ad sales division and was involved in various initiatives aimed at improving advertising experiences [3][4] - His hiring was part of a strategy to enhance Nexstar's national sales efforts and align sales strategies with the company's current operations [6]

Broadcast TV giant Nexstar Media Group undershot Wall Street analysts' estimates for the second quarter, but said losses are continuing to narrow at The CW. The company reported a 2% uptick in revenue in the second quarter to $1.27 billion, which was short of forecasts for $1.3 billion. Diluted earnings per share of $3.54 improved by 90 cents over the year-earlier period but did not hit the Street's target of $4.17. "During the quarter, we continued executing on our plan at The CW, reducing operating losses ...

In addition, two Paramount-owned independent stations in Miami, Florida, and Detroit, Michigan, both top-20 markets, will become affiliates of The CW Network on September 1. WBFS-TV in Miami and WKBD-TV in Detroit will begin carrying the network's news, primetime entertainment, live sports, and special event programming at that time. Multi-Year Renewal Covers CBS Affiliated Television Stations in 42 Markets Owned by Nexstar and Mission Broadcasting, Inc. Paramount-owned Stations in Miami and Detroit To Beco ...

Nexstar Media Group, Inc. (NASDAQ:NXST) Q1 2024 Earnings Conference Call May 9, 2024 10:00 AM ET Company Participants Joseph Jaffoni - JCIR Perry Sook - Founder, Chairman & CEO Michael Biard - President & COO Lee Ann Gliha - EVP & CFO Conference Call Participants Daniel Kurnos - The Benchmark Company Benjamin Soff - Deutsche Bank Steven Cahall - Wells Fargo Securities Alan Gould - Loop Capital Markets Craig Huber - Huber Research Partners James Goss - Barrington Research Associates Jason Bazinet - Citigroup ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Commission File Number: 000-50478 NEXSTAR MEDIA GROUP, INC. (Exact Name of Registrant as Specified in Its Charter) (State of Incorporation or Organization) (I.R.S. Em ...

With Paramount Global and its assets currently in play, Nexstar CEO Perry Sook was asked on a call today if the nation’s biggest broadcast might look at CBS stations. “Obviously, given our station footprint, the digestion of CBS station assets would be a tough nut, particularly under this regulatory environment and regime,” he said on a call after quarterly earnings. “If that were to change, maybe our opinion would change. But that certainly would have to happen, I think, for anyone to have confidence they ...

Exhibit 99.1 FIRST QUARTER 2024 EARNINGS RELEASE All-Time High Quarterly Distribution Revenue Reduced Year-over-Year Quarterly Losses at The CW by $50 Million Quarterly Return of Capital to Shareholders of $168 Million, Reducing Shares Outstanding by 1.7% STATEMENT FROM PERRY A. SOOK, FOUNDER, CHAIRMAN AND CEO "Nexstar is off to a strong start in 2024, delivering the highest first quarter net revenues in the Company's history and once again outpacing consensus expectations for Adjusted EBITDA and Adjusted F ...