Rochester, NY 8/20/2009 8:23:09 AM
Nexstar Broadcasting Group Inc., NXST - Nexstar Market Revenue Declines 12% By Second Quarter
Nexstar Broadcasting Group Inc.
Nexstar Broadcasting Group release its second quarter earning last Wednesday, with its revenue totaling $62.2 million, a 12% decline from the same period a year ago, when the company had record second-quarter earnings of $70.6 million. The Irving, Tex.-based company attributed to the decline to the recession's impact on ad spending and the 77% drop in political spending in a non-election year.
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"Nexstar's second quarter and year-to-date results demonstrate that the Company continues to be an industry leader in revenue performance in good times and bad," said Nexstar chairman, president and CEO Perry Sook in a statement. "Second quarter results are in-line with our operating expectations for the current environment as strong aggregate year-over-year increases in retransmission consent and e-MEDIA revenues, and the recognition of initial management fee revenue, partially mitigated the softness in spot revenue related to weak national and local economies.
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