Nexstar Media Group, Inc. reported significant financial growth in its third quarter and year-to-date results for 2024, with net revenue for the three months ending September 30, 2024, reaching $1,366 million, a 20.7% increase from $1,132 million in the same period of 2023. For the nine months ended September 30, 2024, net revenue totaled $3,920 million, up 8.0% from $3,629 million in the prior year. This growth was driven by a notable rise in both distribution and advertising revenues, attributed to favorable contract renewals, increased political advertising due to the upcoming elections, and the addition of CW affiliations.
Operating income for the third quarter surged to $335 million, compared to $94 million in the same quarter of 2023, marking a 256.4% increase. Net income for the three months ended September 30, 2024, was $180 million, a substantial rise from $8 million in the previous year. Year-to-date net income also improved significantly, reaching $453 million compared to $171 million for the same period in 2023.
Nexstar's total assets decreased to $11,693 million as of September 30, 2024, down from $12,078 million at the end of 2023. Current assets slightly declined to $1,421 million, while cash and cash equivalents increased to $181 million from $135 million. Total liabilities also decreased to $9,452 million, down from $9,765 million at the end of 2023, contributing to an increase in retained earnings to $3,485 million.
The company continued to focus on strategic growth, including the acquisition of assets from WSNN-LD and KUSI-TV for a total of $38 million in mid-2023. Additionally, Nexstar expanded its programming by renewing affiliation agreements with CBS and Gray Television for The CW Network, and it launched 24/7 news programming for NewsNation.
Nexstar's share repurchase program remains robust, with $423 million spent on repurchasing 2,576,330 shares during the nine months ended September 30, 2024. The board increased the share repurchase authorization by $1.5 billion in July 2024, leaving $1.7 billion available as of the filing date.
The company declared a quarterly cash dividend of $1.69 per share, reflecting a 25% increase, payable on November 29, 2024. As of September 30, 2024, Nexstar's total outstanding debt was $6,700 million, down from $6,837 million at the end of 2023, indicating a continued focus on managing its debt levels effectively.
About NEXSTAR MEDIA GROUP, INC.
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