Nexstar’s Q1 Ad Sales Dip 6% as the CW Network Helps Digital Revenue Grow 16%
variety.comJennifer Maas TV Business Writer Nexstar reported its first-quarter 2023 earnings Tuesday, revealing its overall ad sales were down 6% year-over-year but its digital revenue increased by a record 16.5%, in part due to the inclusion of the CW Network in its offering.
Wall Street forecast earnings per share (EPS) of $2.67 on $1.24 billion in revenue, according to analyst consensus data provided by Refinitiv.
Nexstar reported diluted EPS of $2.97 on $1.26 billion in revenue. “Nexstar’s first quarter financial results once again outperformed consensus expectations across all key financial metrics including net revenue, Adjusted EBITDA and attributable free cash flow.
All-time high quarterly distribution revenue and the benefit of The CW acquisition more than offset the cyclical year-over-year decline in political and Olympic advertising, resulting in record first quarter net revenues for the Company.
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