Nexstar, the largest TV station group, got a boost from midterm political ad spending as well as a rise in distribution and digital revenue in the second quarter.The company reported net income of $226.5 million, a rise of 13.4%, in the period ended June 30.
Revenue rose to $1.25 billion, up 10%, from the same period a year earlier. The results beat analysts consensus estimates, as did earnings per share.“Our results benefitted from strong year-over-year growth in political advertising, distribution, and digital revenues,” said Perry Sook, the company’s chairman and chief executive officer.Nexstar has been in the midst of expansion of its NewsNation, formerly WGN.
It’s up to 60 hours a week of original content, with the recent announcement that former CNN host Chris Cuomo will join its primetime line up in the fall.Nexstar is said to be in the process of buying a controlling stake in the CW from its parents Paramount Global and Warner Bros.
Discovery. The Nexstar board just extended Sook’s employment agreement through March 31, 2026.Political advertising revenue jumped to $86.7 million, from $8.5 million in the same period last year.Read more on deadline.com