Nexstar Media Group Reports Q3 Net Revenue of $1.2B, Drives Net Income of $65M and Adjusted EBITDA of $358M

Nexstar Media Group reported Q3 net revenue of $1.20 billion, driving net income of $65 million, adjusted EBITDA of $358 million, net cash provided by operating activities of $117 million, and adjusted free cash flow of $166 million. The company also entered into a definitive agreement to acquire TEGNA Inc. for $6.2 billion, a highly accretive transaction. Nexstar's core business performed well, with stable year-over-year distribution and non-political advertising revenue, and strong expense management.