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Nexstar Media Group Posts Solid Q3 Results As Core Advertising Gains Offset 2020 Political Windfall
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deadline.comTop U.S. local TV station owner Nexstar Media Group reported solid third-quarter results, with distribution and core advertising gains offsetting record 2020 political ad spending.The company’s total revenue gained 3.5% in the quarter compared with the same period a year ago, reaching $1.16 billion.
Diluted earnings per share dipped to $3.90 from $4.08, but topped Wall Street analysts’ consensus expectations, as did revenue.Distribution revenue climbed 13%, the company said.
When the $120 million political surge from the year-ago quarter is excluded, station revenue rose 10%.In a conference call with analysts to discuss the results, executives downplayed the impact of supply-chain issues on advertising, a scenario causing concern in other
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