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Nexstar Ad Sales Fall 36% in Q4 as CW Loss Narrows to $52 Million
Nexstar reported its fourth-quarter 2023 earnings Wednesday, revealing its TV ad sales were down 36% from Oct. 1- Dec. 31.
Wall Street forecast earnings per share (EPS) of $4.20 on $1.31 billion in revenue, according to analyst consensus data provided by LSEG, formerly Refinitiv. “The power of the broadcast model and its ability to reach the largest audience of any medium with important news, sports and entertainment content is as strong as ever, reflected by the record audience delivery for NFL and Super Bowl, Grammys and other live sports and event programming,” Nexstar CEO Perry Sook said in a letter to shareholders. “Validating the enduring strength, reach and appeal of broadcast, during the fourth quarter we successfully completed all of our remaining distribution negotiations without interruption, as our distribution partners, their customers and our audience value the highest-rated broadcast and fastest-growing cable news network programming we provide.
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