Jennifer Maas TV Business Writer Nexstar reported its fourth-quarter 2022 earnings Tuesday, revealing its core ad sales fell 3.3% from Oct.
1-Dec. 31, the quarter it finalized its purchase of the CW Network, but political ad revenue was up 1,306.9% due to the 2022 midterm elections.
The TV station groups giant reported core advertising revenue at $477.5 million for the quarter, down from $493.7 million in the comparable 2021 period.
Meanwhile, political ad sales were at a whopping $265.9 million versus $18.9 million last year. Overall, Nexstar’s total TV ad sales were up 45%, coming in at $743.4 million compared to $512.6 in Q4 2021. Click here to sign up for Variety’s free Strictly Business newsletter covering earnings, financial news, and more. Wall Street forecast earnings per share (EPS) of $8.26 on$1.5 billion in revenue, according to analyst consensus data provided by Refinitiv.
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