Nexstar Media Group, Inc. (NASDAQ:NXST), a media company with a market capitalization of $4.9 billion and currently trading at attractive valuations according to InvestingPro analysis, saw its CEO Perry Sook recently sell 52,808 shares of the company's common stock, generating approximately $8.3 million. The shares were sold at an average price of $157.41 each. Following this transaction, Sook retains direct ownership of 674,694 shares. Additionally, he holds 975,956 shares indirectly through PS Sook Ltd., a company in which he and his spouse are beneficial owners.
Before the sale, Sook exercised stock options to acquire the same number of shares at a price of $47.11 per share, totaling around $2.49 million. These options were part of a grant from January 2015, which became fully vested by January 2019.
In other recent news, Nexstar Media Group, Inc. reported record third-quarter net revenue of $1.37 billion, marking a 20.7% increase from the previous year. This surge is attributed primarily to a rise in political advertising revenue, which totaled $491 million year-to-date, and a significant increase in distribution revenue that reached a record $719 million. The company also returned $590 million to shareholders through dividends and share repurchases, while reducing its debt by $146 million.
Despite a 4.5% decline in nonpolitical advertising and a decrease in national revenue, Nexstar remains optimistic about future growth, particularly in the political advertising sector and potential industry deregulation. The company also anticipates a slowdown in subscriber attrition and aims to enhance shareholder value through consolidation and improved local news reporting.
Nexstar's diversified media platform, including 200 broadcast stations and The CW network, contributed to its strong financial performance. The company also secured significant affiliation renewals, including a deal with CBS for 42 markets. These are among the recent developments that continue to shape Nexstar's strategic positioning in the industry.
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