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 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the fiscal year ended December 31, 2023 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) Delaware 23-3083125 (State of Organization or Incorpor ...

NEXSTAR MEDIA GROUP REPORTS FOURTH QUARTER NET REVENUE OF $1.3 BILLION Exhibit 99.1 Q4 Consolidated Net Revenue Drives Operating Income of $230 Million, Net Income of $100 Million, Consolidated Adjusted EBITDA of $411 Million and Attributable Free Cash Flow of $265 Million Quarterly and Full Year Return of Capital to Shareholders of $137 Million and $796 Million, Respectively, Reduced Shares Outstanding by 8.7% during 2023 Issues 2024 Adjusted EBITDA Guidance of $2.085 Billion to $2.195 Billion IRVING, Texa ...

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 September 30, 2023 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) Delaware 23-3083125 (State of Incorporation or ...

Financial Data and Key Metrics Changes - Nexstar reported Q3 2023 revenue of $1.13 billion, down from $1.27 billion in the prior year, primarily due to a decline in political advertising and temporary removal of stations from an MVPD [55][43] - Distribution revenue decreased by $43 million or 6.7% year-over-year to approximately $598 million, impacted by the removal of stations on DIRECTV for 76 days [28][43] - Adjusted EBITDA for Q3 was $236 million, representing a 20.8% margin, while excluding the CW, it was $294 million with a 27.2% margin [35][66] Business Line Data and Key Metrics Changes - Core television advertising revenue declined by 2.3% year-over-year, with a more significant decline of 6.8% when excluding the CW, although this marked an improvement from the previous quarter [24][14] - Digital revenue increased by 15.1% to approximately $99 million, driven by local digital advertising and agency services, despite some weakness in national digital advertising [29][66] - The CW generated $59 million in revenue with an adjusted EBITDA loss of $58 million, an improvement from $74 million losses in Q2 [32][66] Market Data and Key Metrics Changes - Automotive advertising, the largest category, grew by 13% over Q3 2022, indicating a rebound in this sector [26] - Political advertising revenue for Q3 was $19 million, reflecting a cyclical decline, but expectations for 2024 are optimistic with projected local broadcasting spending of $5 billion [58][27] - Subscriber attrition remained in the low single digits, positively impacted by increased carriage of CW and MyNetwork TV on YouTube TV [60] Company Strategy and Development Direction - Nexstar plans to bring the majority of its national sales efforts in-house starting January 2024 to enhance advertising sales effectiveness [17] - The company is leveraging its CW network to increase audience reach and profitability through compelling sports programming and strategic content investments [16][22] - Future growth is anticipated from successful renegotiation of distribution contracts and the expected boost from the political advertising cycle in 2024 [18][37] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business model and the ability to generate significant free cash flow, with a repurchase of $199 million worth of stock in Q3 [8][18] - The management team highlighted the importance of broadcast television in reaching large audiences, particularly for sports organizations [13][45] - There is optimism regarding the impact of the Disney Charter deal on subscriber attrition and overall market conditions [88] Other Important Information - Nexstar has reduced its shares outstanding by over 25% since initiating its repurchase program, reflecting a commitment to shareholder value [15][69] - The company expects to continue executing share repurchases as part of its strategy to enhance long-term shareholder value [96][95] - The CW's losses have been reduced by $75 million year-to-date compared to the previous owner, with a goal of reaching breakeven in the coming years [32][49] Q&A Session Summary Question: Can you provide clarity on the CW outlook and its financial performance? - Management clarified that cumulative losses to breakeven for the CW are expected to be in the low nine figures, with free cash flow guidance indicating better-than-expected performance [82][83] Question: How does the Disney Charter deal impact subscriber declines? - Management believes the deal will help moderate subscriber attrition, as bundling services may prevent customers from switching providers [88] Question: What is the expected impact of new deals on cash flow and monetization? - Management indicated that the combination of local and national deals is expected to enhance CPMs and overall cash flow, although some deals will not start until late 2024 or 2025 [100]