Nexstar Grows Retrans 42%5/15/2009 10:55 AM Eastern
Nexstar Broadcasting Group released its first-quarter results Friday morning, with total revenue down 12.9% to $55.5 million, softened by a 42% rise in retransmission-consent revenue to $6.6 million in the period.
Broadcast cash flow declined 33% to $14.2 million from $21.3 million a year ago and adjusted earnings before interest, taxes, depreciation and amortization dipped 58% to $7.5 million from $18.1 million in 2008.
The sluggish advertising market has battered TV station groups across the country and while Nexstar is no exception, it could have been worse.
In a statement Nexstar CEO Perry Sook said that the company's diverse revenue streams - including e-Media and retrans - helped soften the blow of the advertising slump. E-Media, which includes Nexstar's local station Web sites, reported revenue of $2.4 million, a 17.7% increase from the prior year.