(CelebrityAccess) Nexstar Broadcasting Group, soon to be the No. 1 owner of local TV stations in the U.S., reported record revenue of $798 million in the fourth quarter.
Nexstar said its revenue was boosted by political ad spending, which more than tripled the amount of the 2014 mid-term elections and rose total revenue by 22 percent from the same period in 2017.
Nexstar and Tribune Media Company announced in December they have entered into a definitive merger agreement where Nexstar will acquire all outstanding shares of Tribune Media in a $6.4 billion cash transaction that will make Nexstar the largest owner of local TV stations in the U.S. and expand its reach by 50 percent.
Net income was $154.million for the period, or $3.34 a share, slightly below Wall Street estimates of $3.40 a share.
NXST stock was trading at $94.40 at press time, up 3.9 percent for morning trading.
