World Courant
Nexstar reported its fourth-quarter 2023 earnings Wednesday, revealing its TV advert gross sales have been down 36% from Oct. 1- Dec. 31.
In the identical interval, Nexstar’s losses on the CW narrowed to $52 million from $60 million in Q3.
Wall Road forecast earnings per share (EPS) of $4.20 on $1.31 billion in income, in line with analyst consensus knowledge supplied by LSEG, previously Refinitiv. Nexstar reported diluted EPS of $3.32 on $1.3 billion in income.
“The facility of the printed mannequin and its capacity to succeed in the most important viewers of any medium with essential information, sports activities and leisure content material is as sturdy as ever, mirrored by the report viewers supply for NFL and Tremendous Bowl, Grammys and different reside sports activities and occasion programming,” Nexstar CEO Perry Sook mentioned in a letter to shareholders. “Validating the enduring energy, attain and enchantment of broadcast, through the fourth quarter we efficiently accomplished all of our remaining distribution negotiations with out interruption, as our distribution companions, their prospects and our viewers worth the highest-rated broadcast and fastest-growing cable information community programming we offer. The completion of those and different current distribution agreements present stable visibility for our distribution revenues in 2024 and past. As we transfer into 2024, an election yr, we look ahead to as soon as once more demonstrating the worth of broadcast tv to candidates and campaigns seeking to talk to the voters via political promoting on tv.”
Nexstar inventory closed Tuesday at $162.40 per share. The common US inventory markets will reopen at 9:30 am ET.
Sook and different Nexstar executives will host a convention name at 10 am ET to debate the quarter in larger element.
Extra to return…
Nexstar Advert Gross sales Fall 36% in This fall as CW Loss Narrows to $52 Million
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