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Posts Tagged ‘Perry A. Sook’

Q4 Earnings: Nexstar Net Revenue Up 19%

nexstar logoNexstar Broadcasting reported $138.1 million in revenue for the fourth quarter of 2013, an increase of +18.9% compared to the year-ago quarter.

Both local and national revenues increased compared to the fourth quarter of 2012: local revenue was up +42.7% and national revenue was up +59.5%. While political revenue was down in the non-election year, digital media and retransmission revenue both grew compared to the year-ago quarter.

“Our near- and long-term path to growth and the enhancement of shareholder value remains on plan and 2014 will see another period of record financial results as Nexstar will benefit from its expanded scale, new operating efficiencies and synergies related to recent and soon-to-be-completed acquisitions, the renewal in the 2013 fourth quarter of a significant number of retransmission consent agreements, an expansion of our digital media initiatives and the return of the political cycle and highly rated special event programming such as the winter Olympics,” Nexstar chairman and CEO Perry A. Sook said in a statement.

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Nexstar Moves Corporate Headquarters About One Mile

nexstar_304Nexstar Broadcasting Group announced it moved its entire corporate staff to its new headquarters in Irvine, TX, yesterday.

“The relocation of our headquarters reflects Nexstar’s rapid growth and expansion.,” Perry A. Sook, chairman, president and CEO of Nexstar said in a statement. “The new corporate offices provide Nexstar with economic and operational benefits as well as capacity for continued growth as we seek to further expand our local marketing solutions platform of leading broadcast and digital media assets.”

According to a Google map search conducted by TVSpy, Nexstar’s new address is about a mile away from its old HQ. Read more

Nexstar and Mission Broadcasting Buying Six Stations in Two Markets

nexstar_304Nexstar Broadcasting and Mission Broadcasting have announced a definitive agreement to acquire six television stations for $37.5 million.

In the deal, Nexstar will pay $33.5 million to buy WMBB (ABC) in Panama City, FL, and KREX (CBS), KREG (CBS), KREY (CBS) and KGJT (MyNetworkTV) in Grand Junction, CO, from Gray Television. Mission will pay $4 million for KFQX in Grand Junction, CO, from Excalibur Broadcasting. KREG and KREY are satellite stations of KREX.

Perry A. Sook, chairman, president and CEO of Nexstar Broadcasting Group, Inc., said in a statement. “The agreements to acquire stations in Grand Junction and Panama City mark our entrée into these markets and upon completing all announced transactions, we will own or provide services to multiple stations in 37 of the 56 markets where we will operate.”

Gray and Excalibur previously agreed to buy WMBB, KREX, KREG, KREY, and KFQX as part of a 20 station deal with Hoak Media and Parker Broadcasting and then sell them off because of FCC ownership restrictions.

The addition of the stations will bring Nexstar’s station total to 108 in 56 markets reaching approximately 16 percent of all US TV households.

Nexstar Rings NASDAQ Opening Bell

nexstar broadcasting opening bell

Nexstar CEO Perry Sook rang the NASDAQ opening bell this morning as his company celebrates 10 years of trading on the exchange. Nexstar was founded in 1996 and went public in November 2003. Including pending transactions, the Texas-based station group has a total of 102 stations in 54 markets, reaching 15.5% of all U.S. television households.

Q3 Earnings: Nexstar Net Revenue Up 40%

nexstar logoNexstar Broadcasting reported $125.8 million in net revenue for the third quarter of 2013, an increase of +39.8% compared to the year-ago quarter.

Local revenues rose +42% and national revenues were up +48% year-over-year. Political revenues were down -90% in the non-election year, but retransmission revenue, digital media revenue and trade and barter revenue were all up for the quarter.

“Since the Company’s initial public offering ten years ago, through accretive acquisitions Nexstar has grown from 42 stations that it owned, operated, programmed and provided services to, and we have consistently enhanced the operating results of acquired stations as reflected by our long-term record of free cash flow growth on a two year cycle,” Nexstar CEO Perry A. Sook said in a statement.

Nexstar and Mission to Acquire Five Stations

Nexstar Broadcasting and Mission Broadcasting are acquiring five stations, three from Citadel Communications and two from Stainless Broadcasting, for $103.25 million. The transaction is expected to be approved in the first quarter of 2014.

Citadel Communications will sell WOI in Des Moines, KCAU in Sioux City and WHBF in Rock Island, Ill., to Nexstar for $88 million. Nexstar will begin operating the three stations immediately under a time brokerage agreement, according to Nexstar.

Mission Broadcasting will acquire two stations in Binghamton, N.Y. — Fox affiliate WICZ and MyNetworkTV affiliate WBPN — from Stainless Broadcasting for $15.25 million.

“The acquisition of the Des Moines and Sioux City stations marks Nexstar’s entrée into Iowa, an important state for political advertising activity, while the Rock Island station also reaches Iowa and will benefit from efficiencies related to Nexstar’s existing operations in Illinois where we now operate or provide services to six stations,” Nexstar chairman and CEO Perry A. Sook said in a statement.

With the acquisitions, Nexstar will own, operate or provide services to 96 stations in 51 markets, reaching 14.6 percent of all U.S. television households.

The official announcement from Nexstar is after the jump. Read more

Q2 Earnings: Nexstar Revenue Rises 42%

Nexstar Broadcasting reported net revenue of $126.2 million for the second quarter of 2013, a 42% increase compared to the year-ago quarter.

Local and national core revenue was up 44% compared to the second quarter of 2012, with local revenues up 40.9% and national revenues up 51.8%. E-media revenues and retransmission revenues were also up significantly for the quarter, increasing 73.2% and 63.1%, respectively. Political revenues fell 69.5% in the non-election year.

“Nexstar’s growth and operating momentum is accelerating in 2013 and we remain confident that continued year-over-year growth in all of our non-political revenue sources in the second half of the year will result in record annual revenue and free cash flow,” Nexstar chairman and CEO Perry A. Sook said in a statement.

Nexstar Broadcasting Revenue Up 34% in Q1

Nexstar Broadcasting reported $112.2 million in net revenue during the first quarter of 2013, a 34% increase on the year-ago quarter’s $83.6 million.

Local revenues were up 31.9% for the quarter and national revenues were up 34.3%. Political revenues were down significantly in the non-election year, but retransmission fees were up 64.2% and e-media revenue was up 57.3%. Broadcast cash flow was $39.8 million, an increase of 16.9% on the year-ago quarter.

“Industry revenue improved each month during the first quarter and this trend continues for Nexstar in the second quarter to date,” Nexstar chairman, president and CEO Perry A. Sook said in a statement. “As such, we are well positioned to grow all of our non-political revenue sources throughout 2013.”

Nexstar Broadcasting Q4 Revenue Up 35%

Nexstar Broadcasting reported a record $116.2 million in revenue in the fourth quarter of 2012, an increase of 34.8% on the year-ago quarter.

Compared to the fourth quarter of 2011, local revenue increased 6.8% and national revenue increased 14.3%. Retransmission fee revenue increased 55.9%, and political revenue was up 1,262% from the year-ago quarter.

“Our strong financial results were primarily driven by record-breaking political advertising sales, higher core television ad revenue, growing retransmission consent revenues, and our 24th consecutive quarter of e-Media revenue increases. We also benefited from a month of operations related to the accretive acquisition of ten television stations from Newport Television,” Nexstar chairman and CEO Perry A. Sook said in a statement.

Nexstar Completes Purchase of WFFF-WVNY

Nexstar Broadcasting and Mission Broadcasting has completed the purchase of WFFF and WVNY, the Fox and ABC affiliates in Burlington, Vt.-Plattsburgh, N.Y.

Nexstar bought the two stations from Smith Media, LLC for $16.9 million. Nexstar and Mission have entered into a local services agreement for Nexstar to provide sales and other services to WVNY.

“This transaction is consistent with our acquisition criteria as it further diversifies our operations, expands our scale, creates another new duopoly market and is financially accretive,” Nexstar chairman and CEO Perry A. Sook said in a statement.

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