Nexstar’s Sook Says Media General Talks Continue

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Nexstar Broadcasting GroupNexstar too, cited acquisitions for helping push its third-quarter earnings to $224.9 million, up 42.6% over the same quarter a year ago; the broadcaster added 27 stations.


Officials told Wall Street analysts that digital media revenue growth and monies from distribution helped boost overall revenues as well.

Nexstar officials said local revenue was up 33.7% to $88 million while national revenue increased 48.2% to $37.9 million. Retransmission consent revenue rose 96.5% to $80 million.

Digital media rose 55.6% to just over $20 million in the quarter.

Nexstar President/CEO Perry Sook told analysts in an earnings call that “swiftly executed synergies” from acquisitions helped control expenses in the quarter; since 2011, Nexstar has added 64 stations, he said.

Of the Nexstar bid to acquire Media General, Sook said the company is “moving aggressively on what we believe to be … the largest deal in our history.” Nexstar offered $10.50 a share in cash for Media General in September.

“We think we should prevail,” said Sook, who added both companies continue to talk and exchange information. “They would need to declare our offer to be superior, before we could enter into negotiations.”

Asked about its potential participation plans for the FCC’s broadcast spectrum incentive auction, the company is “spending more time looking at the economics” of taking part, and will be “putting a finer point on that in the next month or so,” according to one official.