IRVING, Texas - Nexstar Media Group, Inc. (NASDAQ: NASDAQ:NXST) has appointed Lisa Taylor as the new Senior Vice President of Digital Advertising Sales. Starting her role on June 17, Taylor will focus on driving digital revenue growth for Nexstar's broadcast group. With over two decades of experience in advertising sales, Taylor's expertise is expected to enhance the company's local digital sales strategy and revenue.
Taylor's career includes notable achievements such as a 300% increase in new business revenue during her tenure at Amazon (NASDAQ:AMZN), where she served as Senior Business Development Manager. Her responsibilities included developing a strategic plan for digital growth, enhancing partnerships, and creating metrics for addressable advertising solutions.
At Nexstar, Taylor will manage digital advertising sales for the company's broadcast group, which encompasses owned and partner television stations and their websites across 117 local markets in the U.S. Her role will involve leading local digital sales strategies, expanding local sales products, as well as training and talent development to grow station-level and groupwide revenues.
Andrew Alford, President of Nexstar's broadcasting division, praised Taylor's deep experience and understanding of the digital sales landscape, expressing confidence in her ability to build effective sales teams and drive ad revenue and profit.
Taylor remarked on her appointment, expressing enthusiasm about working with Nexstar's digital teams and leveraging the company's scale and portfolio to offer customizable advertising solutions, positioning Nexstar advantageously over competitors.
Nexstar Media Group is a leading diversified media company, producing content across television and digital platforms. It owns the largest local television broadcasting group in the U.S., with over 200 stations in 117 markets, as well as national television properties and digital assets. Taylor's addition to the team is part of Nexstar's ongoing efforts to expand its digital advertising capabilities.
This announcement is based on a press release statement from Nexstar Media Group, Inc.
In other recent news, Nexstar Broadcasting Group kicked off 2024 with a strong start, posting record first-quarter net revenue of $1.28 billion, bolstered by a high distribution revenue of $761 million. The company's adjusted EBITDA stood at $542 million, exceeding Deutsche Bank (ETR:DBKGn)'s projections by 3.3%.
Despite a slight dip in advertising revenue, Nexstar anticipates a rebound in the second quarter, particularly in national advertising. Political advertising saw a significant surge, with a $31 million increase compared to the same period last year.
Deutsche Bank has updated its financial model for Nexstar, resulting in a slight decrease in the company's price target from $210.00 to $207.00, while maintaining a Buy rating. This adjustment reflects changes in Nexstar's first-quarter performance and recent statements from the company's management. Deutsche Bank now projects a $2.19 billion EBITDA for 2024, which aligns with the company's guidance.
The CW network, a key growth driver for Nexstar, is expected to enhance operating profit by over $100 million for the year. The company's NewsNation has risen to become the second-largest cable news network in pay-TV distribution. These recent developments underscore Nexstar's confidence in its business strategy and long-term growth prospects.
InvestingPro Insights
As Nexstar Media Group, Inc. (NASDAQ: NXST) welcomes Lisa Taylor to spearhead digital revenue growth, the company's commitment to enhancing shareholder value is evident in its financial metrics and strategic initiatives. With a market capitalization of $5.08 billion, Nexstar's current P/E ratio stands at a competitive 13.04, reflecting investor confidence in its earnings potential. Adjusted for the last twelve months as of Q1 2024, this ratio further improves to 12.2, indicating the company's continued focus on profitability.
InvestingPro Tips highlight that Nexstar's management has been actively engaging in share repurchases, demonstrating a strong belief in the company's intrinsic value. Moreover, Nexstar has raised its dividend for 11 consecutive years and maintained dividend payments for 12 consecutive years, showcasing a commitment to returning value to shareholders. This is underscored by a substantial dividend yield of 4.39% as of the latest data, coupled with a notable dividend growth of 25.19% over the last twelve months.
The company's revenue, while showing a slight contraction of 5.67% last year, still stands at a robust $4.96 billion. Importantly, the gross profit margin remains high at 57.0%, reflecting efficient operations and a strong market position. These financial health indicators, along with a solid return on assets of 2.86%, paint a picture of a company that is not only managing its resources well but is also generating consistent returns from its investments.
For readers looking to delve deeper into Nexstar's financial performance and strategic outlook, there are additional InvestingPro Tips available at https://www.investing.com/pro/NXST. These tips can provide further insights into the company's future profitability and its potential for long-term growth. Interested investors can benefit from a special offer by using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, unlocking access to a wealth of expert analysis and data.
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