Nexstar Broadcasting Group reported that retransmission consent revenues jumped 42.2% to $6.6 million in Q1. That helped counter the advertising downturn, as net revenues fell only 12.9% to $55.5 million.
“Nexstar’s first quarter revenue performance again proved to be industry leading. The growth of the Company’s diversified high-margin revenue streams softened the impact of the challenging economy. First quarter e-Media revenues increased 17.7% to $2.4 million while retransmission consent revenues grew 42.2% to $6.6 million in the first quarter of ’09 compared to the same period last year,” said CEO Perry Sook. He also pointed to the recent deal to manage the Four Points Media stations as a future growth driver and said Nexstar is in discussions for other arrangements of that type.
In Q1, gross local revenues were down 14.3% to $35.9 million, national declined 25.3% to $12.1 million and political dropped to $400K from $2.1 million.
Broadcast cash flow was down 33% to $14.2 million.
Nexstar didn’t provide formal guidance, but Sook told analysts Q2 was looking pretty similar to Q1.