Nucor earnings beat by $0.08, revenue fell short of estimates
IRVING, Texas - Nexstar Media Group, Inc. (NASDAQ: NASDAQ:NXST), a media company with a market capitalization of $5 billion and strong financial health according to InvestingPro, has announced the renewal of NBC Television Network affiliations for 33 stations across the United States. This multi-year agreement includes 29 Nexstar-owned stations, three owned by Mission Broadcasting, Inc., and one by White Knight Broadcasting, Inc. The renewed affiliations will ensure NBC content continues to reach over 14 million U.S. television households.
The deal extends NBC's presence in key markets and reinforces Nexstar's position as a significant player in local television broadcasting. Nexstar's portfolio includes America's largest local television group, which spans 200 owned or partner stations in 116 U.S. markets, reaching an estimated 220 million people. The company's strong market position is complemented by its shareholder-friendly policies, including a 4.19% dividend yield and 12 consecutive years of dividend increases. In addition to the local stations, Nexstar operates national television properties such as The CW, NewsNation, Antenna TV, and Rewind TV, and holds a 31.3% stake in TV Food Network.
While the financial details of the affiliation renewal were not made public, the agreement underscores the ongoing value of network-affiliate partnerships in the broadcasting industry. Nexstar's commitment to delivering a mix of local and national content remains a cornerstone of its business model, ensuring viewers have access to a diverse range of programming.
This agreement is based on a press release statement and continues to build on Nexstar's expansive media footprint, which also includes a significant digital presence. The company's digital assets rank among the top 10 U.S. digital news and information properties, featuring local TV station websites, The Hill, and NewsNationNow.com.
The renewal of these affiliations is a strategic move for both Nexstar and NBCUniversal, maintaining the distribution of NBC's programming in numerous markets and supporting Nexstar's mission to provide engaging local and national content to its viewers. Trading at an attractive P/E ratio of 9.2, Nexstar appears undervalued according to InvestingPro's Fair Value analysis. Investors can access detailed valuation metrics, 10+ additional ProTips, and comprehensive research reports through InvestingPro's premium features.
In other recent news, Nexstar Media Group reported a record third-quarter net revenue of $1.37 billion, marking a 20.7% increase from the previous year. This growth was largely fueled by a rise in political advertising revenue, which totaled $491 million year-to-date, and a significant increase in distribution revenue reaching a record of $719 million. The company also returned a substantial $590 million to shareholders through dividends and share repurchases, while reducing its debt by $146 million and outstanding shares by 6.3%.
Nexstar's diversified media platform, which includes 200 broadcast stations and The CW network, played a key role in its financial success. However, the company did report a 4.5% decline in nonpolitical advertising and a decrease in national revenue. On a positive note, Nexstar's political advertising revenue surged to $154 million, a $135 million increase year-over-year.
These recent developments indicate a strong financial performance for Nexstar, despite some areas of decline. Nexstar remains optimistic about future growth, particularly in political advertising, and the potential for industry deregulation. The company's commitment to returning value to shareholders and reducing debt further underscores its financial stability as it looks toward future opportunities.
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