Retrans Fees Reached $21.8 Million For Nexstar In 2008
Revenue Helped Offset Advertising Declines
Mike Farrell -- Multichannel News, 3/5/2009 4:06:00 PM
Nexstar Broadcasting Group reported strong fourth-quarter and year-end earnings Thursday, fueled by a rise in retransmission-consent revenue.
Nexstar reported revenue of $80.3 million in the period, up 12% and earnings before interest, taxes, depreciation and amortization rose 25.6% to $30.3 million in the period.
For the full year, revenue rose 7% to $284.9 million and cash flow was up 13% to 96.2 million.
That growth was mainly fueled by a 27% increase in retransmission consent revenue, which grew to $21.8 million for the year and helped offset declines in local advertising at the station group.
That retrans revenue is expected to climb even further in 2009. Back in February, Nexstar said its renewed and new multiyear retrans agreements would contribute more than $75 million to the company's coffers over the life of the pacts.
In a statement Thursday, chairman and CEO Perry Sook said that company expects about one-third of that $75 million in revenue to be realized in 2009.
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