Nexstar Rides Election Wave To Record Q4 Revenue, Sees More Big Spending Ahead For 2022 Campaigns
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deadline.comNexstar, the No. 1 owner of local TV stations in the U.S., posted record results in the fourth quarter as political ad spending drove a 25% increase in revenue to nearly $1.4 billion.Political ad spending amounted to $298 million in the quarter ending December 31, out of total TV ad sales of $772 million.
The Atlanta runoffs in both of the state’s U.S. Senate seats adding to an already massive haul, and Nexstar’s stations also added debates and studio shows designed to amplify political news coverage.Net income came in at $7.97 on a diluted basis, more than triple the $2.36 recorded in the year-ago quarter.The numbers handily exceeded the consensus estimate of Wall Street analysts, which was for $1.34 billion in revenue and earnings of
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