Nexstar Media Group Inc (NASDAQ:NXST) reported a fourth-quarter fiscal 2023 net revenue decline of 12.3% year-over-year to $1.304 billion, missing the consensus of $1.314 billion.
Revenues were impacted by a decline in cyclical political advertising. Excluding political advertising revenue, net revenue increased 4.3% YoY.
Revenues from Television Advertising fell 35.5% Y/Y to $479 million, comprising Core Advertising revenue that fell 5.9% Y/Y to $449 million and Political Advertising revenue that fell 88.7% Y/Y to $30 million.
Distribution revenue gained 14.3% Y/Y to $704 million, and Digital revenue ...