Nexstar Broadcasting today reported a 19.6% rise in first quarter revenue, including a record amount of retrans revenue.
Nexstar, which owns, operates, programs, or provides services to 55 stations that reach roughly 9.3% of U.S. households, took in $83.6 million during the first three months of the year, with $14.5 million coming from carriage fees–a record for the company.
Core local and national revenue was up 7.8%. Nexstar’s stations made $45.4 million in local revenue for the first quarter and $17.4 million in national for the period.
On the strength of retrans and core advertising, Nexstar had a record amount of net revenue for the quarter.
“In the first quarter we generated significant increases from all of our revenue sources leading to record net revenue,” Perry Sook, Nexstar’s president and CEO, said, announcing the financial results. “Nexstar’s 19.6% rise in first quarter net revenue again highlights the value of our long-term strategy to transition the traditional television broadcasting operating model and our locally focused content and advertiser relationships into a diversified model of high margin revenue streams.”
Sook also predicted revenue gains for the rest of the year, especially when it comes to retrans revenue.
“With the renewal of more than 130 retransmission consent agreements in 2011 we project significant revenue growth from this source throughout the year,” Sook said.