Nexstar Media Group Inc

NXST: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$842.00	Lblt	Jzfgddpg

Nexstar Earnings: Revenue Hits Record Levels Despite Weak National Advertising

Neil Macker

May 10, 2023

Nexstar posted a mixed start to 2023 as continued erosion in advertising spending weighed on the top line. The expected decline in political advertising revenue was compounded by an 8.5% decrease in core advertising. Despite continuing headwinds for core advertising, we expect distribution revenue growth from renewals along with earlier-than-usual political advertising spending to help stabilize the overall outlook for 2023. We are maintaining our $205 fair value estimate.

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