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Nexstar Media Misses Q3 Earnings On Sharp Decline In Television Advertising Business


  • By Grand News Network
  • |
  • November 8, 2023

Nexstar Media Group Inc (NASDAQ: NXST) reported a third-quarter FY23 net revenue decline of 10.8% Y/Y to $1.13 billion, missing the consensus of $1.17 billion.

Revenues were impacted by a decline in cyclical political advertising and the temporary removal of stations from an MVPD related to contract negotiations.

Revenues from Television Advertising fell 22.5% Y/Y to $410 million, comprising Core Advertising revenue that fell 2.3% Y/Y to $391 million and Political Advertising revenue that fell 85.3% Y/Y to $19 million.

Distribution revenue declined 6.7% Y/Y to $598 million, and Digital revenue ...

Full story available on Benzinga.com


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