Nexstar's Stock Dips: Q2 Earnings Fall Short Amid Mixed Advertising Market
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Aug 08 2024
0mins
Should l Buy NXST?
Source: Benzinga
Financial Performance: Nexstar Media Group reported a 2.3% year-over-year increase in net revenue for Q2 FY24 to $1.269 billion, falling short of expectations. Advertising revenue rose by 2.2%, while distribution revenue increased by 5.5%. Adjusted EBITDA grew by 18.8%, but EPS was below consensus estimates.
Future Outlook: The company anticipates benefiting from record political spending on broadcast television in the latter half of the year, while also noting improvements in cash flows and ratings growth at The CW.
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Analyst Views on NXST
Wall Street analysts forecast NXST stock price to rise
4 Analyst Rating
3 Buy
1 Hold
0 Sell
Strong Buy
Current: 221.730
Low
204.00
Averages
232.25
High
250.00
Current: 221.730
Low
204.00
Averages
232.25
High
250.00
About NXST
Nexstar Media Group, Inc. is a diversified media company with television broadcasting, television network and digital media assets operating in the United States. The Company produces and distributes engaging local and national news, sports and entertainment content across its television and digital platforms. The Company’s reportable broadcast segment includes television stations and related local websites that Nexstar owns, operates, programs or provides sales and other services to in various markets across the United States, NewsNation, a national cable news network, two owned and operated multicast networks and other multicast network services, and WGN-AM, a Chicago radio station. The other operating segments, The CW and digital businesses, focused on the national marketplace. The Company’s portfolio of digital assets, including its local TV station websites, The Hill and NewsNationNow.com. Its national television properties include The CW, NewsNation, Antenna TV, and Rewind TV.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Merger Condition Met: Nexstar completed the acquisition of TEGNA on March 19, 2026, satisfying the conditions for early settlement and further solidifying its market position in the media industry.
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See More
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Details of the Tender Offer: The tender offer pertains to all of Tegna Inc.'s 5.000% senior notes due in 2029.
See More
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- Impact on Market: This change reflects ongoing adjustments in the index to better represent the market and its sectors.
See More
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- Temporary Restraining Order: Eight states, including California and New York, have requested a judge to temporarily block Nexstar Media Group's $6.2 billion acquisition of Tegna, aiming to protect competition and public interest through lawful and transparent judicial review.
- Antitrust Lawsuit Context: The request follows a lawsuit filed by state attorneys general on Wednesday, expressing concerns that Nexstar's acquisition could violate antitrust laws and negatively impact market competition.
- Transaction Completion and Stock Reaction: Despite the legal challenges, Nexstar announced the completion of the acquisition, with Tegna's shares being delisted, while Nexstar's stock rose by 2%, indicating a positive initial market reaction to the deal.
- Regulatory Approval: The transaction received approval from the Federal Communications Commission and the U.S. Department of Justice on Thursday, despite state objections, suggesting regulatory support for the merger that may influence future legal proceedings.
See More
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- E.W. Scripps Surge: E.W. Scripps shares increased by about 8%, reflecting the company's successful strategies in content creation and distribution, which may have attracted more advertising clients and driven revenue growth.
- Nexstar Media Group Gains: Nexstar Media Group's stock rose by approximately 3.8%, suggesting that its efforts in diversifying revenue streams and digital transformation are yielding positive results, enhancing its competitive position in the market.
- Optimistic Industry Outlook: With the recovery of the advertising market, the overall performance of the television and radio industry is likely to continue improving, attracting more investor attention and further driving stock price increases.
See More
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