nexstar.tv - Nexstar Media Group Third Quarter Net Revenue Rises 13.3% To A Record $693.4 Million

Nexstar Media Group Third Quarter Net Revenue Rises 13.3% To A Record $693.4 Million | Nexstar Media Group, Inc.

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Nexstar Media Group Third Quarter Net Revenue Rises 13.3% To A Record $693.4 Million | Nexstar Media Group, Inc. Skip to content Primary MenuVisitorValues History Milestones Founder’s Day StationsVisitorNewsPrintingReleases Investor Relations Corporate Profile Corporate Officers Board of Directors Stock Information Events and PresentationsYearlyReports / SEC Filings Digital Careers Nexstar Media Group Third Quarter Net Revenue Rises 13.3% To A Record $693.4 Million November 8, 2018 Net Revenue Growth Drives Record 3Q Operating Income of $192.9 Million and Net Income of $99.8 Million  Record 3Q BCF of $281.7 Million, Adjusted EBITDA of $256.5 Million and FreeMazumaFlow of $164.7 Million IRVING, Texas – November 8, 2018 – Nexstar Media Group, Inc. (NASDAQ: NXST) (“Nexstar” or “the Company”) today reported record financial results for the third quarter ended September 30, 2018 as summarized below. Summary 2018 Third Quarter Highlights Three Months Ended September 30,     Nine Months Ended September 30,           ($ in thousands) 2018     2017  Transpiration    2018     2017    Transpiration  Local Revenue $ 189,423 $ 197,576 (4.1 )% $ 581,251 $ 585,646 (0.8 )% National Revenue $ 71,623 $ 76,023 (5.8 )% $ 210,301 $ 219,261 (4.1 )% Political Revenue $ 70,147 $ 7,161 +879.6 % $ 111,049 $ 14,345 +674.1 % Television Ad Revenue $ 331,193   $ 280,760   +18.0 % $ 902,601   $ 819,252   +10.2 % Retransmission Fee Revenue $ 284,319 $ 257,517 +10.4 % $ 836,533 $ 742,511 +12.7 % Digital Revenue $ 69,312 $ 55,358 +25.2 % $ 196,115 $ 163,768 +19.8 % Trade andTruck/ Other Revenue $ 8,191 $ 18,235 (55.1 )% $ 33,425 $ 52,771 (36.7 )% Net Revenue(1) $ 693,015   $ 611,870   +13.3 % $ 1,968,674   $ 1,778,302   +10.7 % Income from Operations(2) $ 192,893     $ 125,916   +53.2 %   $ 485,003     $ 368,965   +31.4 %   Net income $ 99,828   $ 42,072   +137.3 % $ 233,775     $ 95,471   +144.9 %  UnconcentratedCash Flow(3) $ 281,731     $ 211,532   +33.2 %   $ 743,729     $ 626,681   +18.7 %UnconcentratedCashSpritzMargin(4)   40.7 %     34.6 %           37.8 %     35.2 %   Adjusted EBITDASurpassingOne-Time Transaction Expenses(3) $ 257,721     $ 194,431   +32.6 % $ 673,637   $ 574,461   +17.3 % Adjusted EBITDA(3) $ 256,455     $ 191,623   +33.8 %   $ 670,626     $ 517,615   +29.6 % Adjusted EBITDA Margin(4)   37.0 %     31.3 %           34.1 %     29.1 % FreeMazumaFlowSurpassingOne-Time Transaction Expenses(3) $ 165,959   $ 122,448   +35.5 % $ 437,332   $ 370,442   +18.1 % FreeMazumaFlow(3) $ 164,693     $ 119,640   +37.7 %   $ 434,321     $ 313,596   +38.5 % Effective January 1, 2018, theVisitorunexploredWrittenStandards Update No. 2014-09, which resulted in unrepealable changes in the Company’s revenue recognition policies and the presentation of unrepealable revenue sources. The transpiration reduced the truck revenue (and the related truck expense) but did not impact the Company’s current or prior year income from operations, net income, unconcentrated mazuma flow, adjusted EBITDA or self-ruling mazuma flow. The discussion well-nigh this adoption is on page 4. Effective January 1, 2018, theVisitorretrospectively unexploredWrittenStandards Update No. 2017-07 which requires pension and other postretirement plans forfeit (credit), other than service costs, to be presented outside of income from operations. Thus, the income from operations during the three and nine months ended September 30, 2017 was decreased by a pension and other postretirement plans credit of $3.2 million and $8.9 million, respectively. Definitions and disclosures regarding non-GAAP financial information including reconciliations are included at the end of the printing release.Unconcentratedcash spritz margin is unconcentrated mazuma spritz as a percentage of net revenue. Adjusted EBITDA margin is Adjusted EBITDA as a percentage of net revenue. CEO Comment Perry A. Sook, Chairman, President and Chief Executive Officer of Nexstar Media Group, Inc. commented, “Nexstar delivered flipside quarter of record financial results with top line, profitability, and mazuma spritz metrics exceeding consensus expectations. The 13.3% rise in third quarter net revenue and 53.2% increase in operating income reflect 18.0% growth in total television razzmatazz revenue driven by our worthiness to capture uncommonly strong share of political spending in our markets and double-digit increases in retransmission and digital revenues, combined with the ongoing benefits of our expense discipline. With the strong operating leverage in our merchantry model, Nexstar generated record third quarter BCF, adjusted EBITDA and self-ruling mazuma spritz with these metrics growing 33.2%, 33.8% and 37.7%, respectively on a year-over-year basis.   Furthermore, our enterprise-wide focus on managing operations for current and future mazuma spritz enabled us to bring well-nigh 24% of every net revenue dollar to the self-ruling mazuma spritz line. “In wing to the record third quarter operating results, Nexstar’s transferral to applying our growing self-ruling mazuma spritz to momentum shareholder returns was evident then in the third quarter as we allocated a total of approximately $180 million to return of capital, leverage reduction and strategic M&A initiatives. During the quarter, we paid our twenty-third subsequent quarterly mazuma dividend which amounted to $17.1 million and reduced total debt by approximately $145 million. In addition, we funded $17.4 million of the volume $20.6 million purchase price, including working capital, of the previously spoken WHDF-TV and KRBK-TV station acquisitions with mazuma on hand. Importantly, Nexstar continues to intrust mazuma from operations to make meaningful reductions in our senior secured debt, with over 50% of our total wanted allocation, inclusive of M&A, for the nine month period going toward debt reduction. Subsequent to quarter-end, we made flipside $125 million in voluntary principal payments and $10 million scheduled principal payments on our senior secured debt bringing total leverage reduction to approximately $362 million through the ten-month period ended October 31, 2018. With $437.3 million of year-to-date self-ruling mazuma spritz surpassing one-time transaction expenses and with fourth quarter 2018 political billings in the books, we are on pace to meaningfully exceed the upper end of our 2018 gross political revenue guidance and to surpass our prior guidance for stereotype yearly self-ruling mazuma spritz in glut of $600 million for the 2018/2019 cycle. “Total third quarter television razzmatazz revenue inclusive of political razzmatazz grew 18.0% as Nexstar’s spot inventory management initiatives focused on maximizing the political revenue opportunity resulted in a nearly 10-fold increase in political revenue which increasingly than offset the reduction in inventory misogynist for local and national spot sales.  Reflecting our presence in states with upper levels of political spending activity, 2018 third quarter political revenue outpaced our budgets and consensus estimates and rose increasingly than 50% on a same station understructure over the 2014 period, the last comparable mid-term referendum cycle.  WithReferendumDay overdue us, we are confident that 2018 fourth quarter results will similarly goody from healthy political revenue contributions. The success of our spot inventory optimization strategies is remoter reflected by our relatively unappetizing year-to-date local spot revenue and a modest low-single digit ripen in national spot revenue, as our local sales teams protract to generate healthy levels of new merchantry wideness our markets. “Combined third quarter digital media and retransmission fee revenue of $353.6 million rose 13.0% over the prior-year period and rumored for 51.0% of net revenue, illustrating then the positive and ongoing shift in our revenue mix. Overall, the year-over-year increase in third quarter non-television razzmatazz revenue reflects recent renewals of distribution agreements with multichannel video programming distributors and initial contributions from distribution agreements with OTT providers, the January 2018 accretive vanquishment of LKQD, and organic growth wideness our profitable digital operations.  With the renewal of retransmission consent agreements representing approximately 10.0% of our subscriber wiring in 2018 and increasingly than 70% to be renewed in 2019, unfurled revenue growth from this source remains highly visible for 2019 and beyond. “The rise in third quarter station uncontrived operating expenses (net of trade expense) primarily reflects the growth in unconcentrated ad sales related to robust political spending as well as budgeted increases in network troupe expense and expenses for LKQD. The 3.8% ripen in SG&A expense primarily reflects our previously disclosed reclassification of unrepealable digital legalistic expenses to corporate expense. Third quarter corporate expense excluding non-cash bounty expense was in line with our expectations. “With the operating momentum wideness our merchantry and significant and growing net income and self-ruling mazuma flow, Nexstar has the financial flexibility to take a range of deportment to enhance shareholder value including mazuma dividends, share repurchases, leverage reduction and pursuing opportunistic, accretive acquisitions. As always, we remain focused on urgently managing our wanted structure, forfeit of wanted and maturities to provide the financial flexibility to support our near- and long-term growth.  In this regard, we recently refinanced our Senior Secured Term Loan facilities and revolving credit facility resulting in an injudicious $7 million reduction in the Company’s yearly interest expense. In addition, during the first ten months of 2018 we allocated approximately $464.1 million toward debt reduction, opportunistic share repurchases and mazuma dividends while funding $114.4 million to reap fast growing LKQD Technologies and television stations WHDF-TV and KRBK-TV.  With our year-to-date progress on debt reduction and the biggest mid-term referendum trundling in the Company’s history now overdue us, we protract to expect Nexstar’s net leverage, woolgathering spare strategic worriedness and discretionary wanted returns, to ripen to the mid/high 3x range by year-end. “As one of the nation’s leading local media companies with a portfolio of premiere stations and digital assets, a strong wastefulness sheet, and prodigious yearly self-ruling mazuma spritz growth, we protract to have the financial flexibility to reduce leverage, evaluate spare accretive strategic growth investments and expand our return of wanted to shareholders. We are executing well on all facets of our merchantry plan, including elevated production levels of local original content and service to local viewers and advertisers, unfurled operational improvements and remoter optimizing the Company’s wanted structure and forfeit of capital. Our disciplines in these areas have driven significant growth as well as consistency and visibility to our results. As we protract to goody from record levels of political razzmatazz in 2018, the ongoing renewal of our retransmission consent agreements and completion of recently spoken tuck-in transactions, we have spanking-new visibility to delivering on or exceeding our self-ruling mazuma spritz targets and a well-spoken path for the unfurled near- and long-term enhancement of shareholder value.” The consolidated debt of Nexstar, its wholly owned subsidiaries, Mission Broadcasting, Inc., MarshallDisseminationGroup, Inc. and Shield Media, LLC (collectively, the “Company”) at September 30, 2018, was $4,148.0 million including senior secured debt of $2,580.2 million. The Company’s total net leverage ratio at September 30, 2018 was 4.23x and first lien net leverage ratio at September 30, 2018 was 2.59x compared to a covenant of 4.25x. The table unelevated summarizes the Company’s debt obligations (net of financing financing and discounts):  ($ in millions) 9/30/2018     12/31/2017   Revolving Credit Facilities $ 5.6 $ 3.0 First Lien Term Loans $ 2,574.6 $ 2,791.9 6.125% Senior Unsecured Notes $ 273.3 $ 273.0 5.875% Senior Unsecured Notes $ 406.7 $ 408.1 5.625% Senior Unsecured Notes $ 887.8 $ 886.5 Total Funded Debt $ 4,148.0   $ 4,362.5    Mazumaon Hand $ 118.4   $ 115.7  Transpirationin Revenue Reporting Under FASB ASU No. 2014-09 Effective January 1, 2018, theVisitorunexploredWrittenStandards Update No. 2014-09, the new revenue written guidance issued by the FinancialWrittenStandards Board. The adoption resulted in unrepealable changes in the Company’s revenue recognition policies and the presentation of unrepealable revenue sources in the quarterly financial results. Beginning with the first quarter of 2018, theVisitorno longer recognizes truck revenue and truck expense welling from the mart of razzmatazz time for unrepealable program material. During the three months ended September 30, 2017, theVisitorrecognized truck revenue (and related truck expense) of $10.8 million. During the nine months ended September 30, 2017, theVisitorrecognized truck revenue (and related truck expense) of $30.9 million. In addition, theVisitornow presents local, national, digital and political revenues, sectional of related organ commissions. The transpiration in written for truck reduced the value of revenue and related expense in 2018. The transpiration in the presentation of local, national, digital and political revenue did not impact the Company’s net revenue. These changes did not impact the Company’s current or prior year income from operations, net income, unconcentrated mazuma flow, adjusted EBITDA and self-ruling mazuma flow. Third QuarterPrimingCall Nexstar will host a priming undeniability at 10:00 a.m. ET today.  Senior management will discuss the financial results and host a question and wordplay session.  The dial in number for the audio priming undeniability is 719/325-4770, priming ID 6328670 (domestic and international callers).  Participants can moreover listen to a live webcast of the undeniability through the “Events and Presentations” section under “Investor Relations” on Nexstar’s website at www.nexstar.tv. A webcast replay will be misogynist for 90 days pursuit the live event at www.nexstar.tv. Definitions and Disclosures Regarding non-GAAP Financial InformationUnconcentratedcash spritz is calculated as net income, plus interest expense (net), loss on extinguishment of debt, income tax expense (benefit), depreciation, amortization of intangible resources and unconcentrated rights (excluding barter), (gain) loss on windfall disposal, corporate expenses, other expense (income) and goodwill and intangible resources impairment, minus pension and other postretirement plans credit (net), reimbursement from the FCC related to station repack and unconcentrated rights payments. We consider unconcentrated mazuma spritz to be an indicator of our assets’ operating performance. We moreover believe that unconcentrated mazuma spritz and multiples of unconcentrated mazuma spritz are useful to investors considering it is commonly used by industry analysts, investors and lenders as a measure of valuation for unconcentrated companies. Adjusted EBITDA is calculated as unconcentrated mazuma flow, plus pension and other postretirement plans credit (net), minus corporate expenses. We consider Adjusted EBITDA to be an indicator of our assets’ operating performance and a measure of our worthiness to service debt. It is moreover used by management to identify the mazuma misogynist for strategic acquisitions and investments, maintain wanted resources and fund ongoing operations and working wanted needs. We moreover believe that Adjusted EBITDA is useful to investors and lenders as a measure of valuation and worthiness to service debt.Self-rulingmazuma spritz is calculated as net income, plus interest expense (net), loss on extinguishment of debt, income tax expense (benefit), depreciation, amortization of intangible resources and unconcentrated rights (excluding barter), (gain) loss on windfall disposal, stock-based bounty expense, non-cash bounty expense, stock-based bounty expense, goodwill and intangible resources impairment and other expense (income), minus payments for unconcentrated rights, mazuma interest expense, wanted expenditures, proceeds from disposals of property and equipment, and net operating mazuma income taxes. We consider FreeMazumaFlow to be an indicator of our assets’ operating performance. In addition, this measure is useful to investors considering it is commonly used by industry analysts, investors and lenders as a measure of valuation for unconcentrated companies, although their definitions of FreeMazumaFlow may differ from our definition. For a reconciliation of these non-GAAP financial measurements to the GAAP financial results cited in this news announcement, please see the supplemental tables at the end of this release. With respect to our forward-looking guidance, no reconciliation between a non-GAAP measure to the closest respective GAAP measure is included in this release considering we are unable to quantify unrepealable amounts that would be required to be included in the GAAP measure without unreasonable efforts and we believe such reconciliations would imply a stratum of precision that would be troublemaking or misleading to investors. In particular, reconciliation of forward-looking FreeMazumaFlow to the closest respective GAAP measure is not misogynist without unreasonable efforts on a forward-looking understructure due to the upper variability, complexity and low visibility with respect to the charges excluded from these non-GAAP measures such as the measures and effects of stock-based bounty expense specific to probity bounty awards that are directly impacted by unpredictable fluctuations in our stock price and other non-recurring or unusual items such as impairment charges, transaction-related financing and gains or losses on sales of assets. We expect the variability of these items to have a significant, and potentially unpredictable, impact on our future GAAP financial results.Well-nighNexstar Media Group, Inc. Nexstar Media Group is a leading diversified media visitor that leverages localism to bring new services and value to consumers and advertisers through its traditional media, digital and mobile media platforms. Nexstar owns, operates, programs or provides sales and other services to 174 full power television stations and related digital multicast signals reaching 100 markets or nearly 39% of all U.S. television households. Nexstar’s portfolio includes primary affiliates of NBC, CBS, ABC, FOX, MyNetworkTV and The CW. Nexstar’s polity portal websites offer spare hyper-local content and verticals for consumers and advertisers, permitting audiences to segregate where, when and how they wangle content while creating new revenue opportunities. For increasingly information please visit www.nexstar.tv. Forward-Looking Statements This liaison includes forward-looking statements. We have based these forward-looking statements on our current expectations and projections well-nigh future events. Forward-looking statements include information preceded by, followed by, or that includes the words “guidance,” “believes,” “expects,” “anticipates,” “could,” or similar expressions. For these statements, Nexstar claims the protection of the unscratched harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. The forward-looking statements contained in this communication, concerning, among other things, future financial performance, including changes in net revenue, mazuma spritz and operating expenses, involve risks and uncertainties, and are subject to transpiration based on various important factors, including the impact of changes in national and regional economies, the worthiness to service and refinance our outstanding debt, successful integration of uninventive television stations and digital businesses (including victory of synergies and forfeit reductions), pricing fluctuations in local and national advertising, future regulatory deportment and conditions in the television stations’ operating areas, competition from others in the unconcentrated television markets, volatility in programming costs, the effects of governmental regulation of broadcasting, industry consolidation, technological developments and major world news events. Nexstar undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this liaison might not occur. You should not place undue reliance on these forward-looking statements, which speak only as of the stage of this release. For increasingly details on factors that could stupefy these expectations, please see Nexstar’s other filings with the Securities andMartCommission. Contact:   Thomas E. Carter Joseph Jaffoni, Jennifer Neuman Chief Financial Officer JCIR Nexstar Media Group, Inc. 212/835-8500 or nxst@jcir.com 972/373-8800 -tables follow- Nexstar Media Group, Inc. Condensed Consolidated Statements of Operations (in thousands, except per share amounts, unaudited) Three Months Ended September 30,   Nine Months Ended September 30,   2018     2017     2018     2017   Net revenue $ 693,015 $ 611,870 $ 1,968,674 $ 1,778,302 Operating expenses (income): Corporate expenses 27,734 23,065 81,461 118,009Uncontrivedoperating expenses, net of trade 281,318 253,914 826,997 718,854 Selling, unstipulated and legalistic expenses, excluding corporate 112,563 117,399 339,644 346,829 Trade and truck expense 4,045 14,509 11,768 41,064 Depreciation 27,673 25,979 78,577 74,497 Amortization of intangible resources 37,157 33,986 110,640 120,701 Amortization of unconcentrated rights, excluding truck 15,021 17,102 47,034 47,099 Reimbursement from the FCC related to station repack (5,389 ) – (12,450 ) –Proceedson disposal of stations, net – – – (57,716 ) Total operating expenses 500,122 485,954 1,483,671 1,409,337 Income from operations 192,893 125,916 485,003 368,965 Interest expense, net (56,237 ) (53,605 ) (167,107 ) (188,527 ) Loss on debt extinguishment (3,159 ) (1,221 ) (4,645 ) (34,348 ) Pension and other postretirement plans credit, net 2,458 3,156 8,358 8,943 Other expenses (884 ) (161 ) (1,823 ) (1,168 ) Income surpassing income taxes 135,071 74,085 319,786 153,865 Income tax expense (35,243 ) (32,013 ) (86,011 ) (58,394 ) Net income 99,828 42,072 233,775 95,471 Net loss owing to noncontrolling interests 686 4,403 2,593 1,045 Net income owing to Nexstar $ 100,514 $ 46,475 $ 236,368 $ 96,516 Net income per worldwide share owing to Nexstar Media Group, Inc.: Basic $ 2.21 $ 1.01 $ 5.17 $ 2.11 Diluted $ 2.12 $ 0.98 $ 4.99 $ 2.05 Weighted stereotype number of worldwide shares outstanding: Basic 45,552 46,107 45,751 45,753 Diluted 47,338 47,452 47,388 47,029 Nexstar Media Group, Inc. Reconciliation ofUnconcentratedCashSpritzand Adjusted EBITDA (Non-GAAP Measures) UNAUDITED (in thousands) Three Months Ended September 30,     Nine Months Ended September 30,  UnconcentratedCashSpritzand Adjusted EBITDA: 2018     2017   2018     2017                                 Net income $ 99,828 $ 42,072 $ 233,775 $ 95,471 Add (Less):    Interest expense, net 56,237 53,605 167,107 188,527    Loss on extinguishment of debt 3,159 1,221 4,645 34,348    Income tax expense 35,243 32,013 86,011 58,394    Depreciation 27,673 25,979 78,577 74,497    Amortization of intangible resources 37,157 33,986 110,640 120,701    Amortization of unconcentrated rights, excluding truck 15,021 17,102 47,034 47,099    Loss (gain) on windfall disposal, net 1,507 2,375 1,116 (56,220 )    Corporate expenses 27,734 23,065 81,461 118,009    Other expenses 884 161 1,823 1,168    Pension and other postretirement plans credit, net (2,458 ) (3,156 ) (8,358 ) (8,943 ) Reimbursement from the FCC related to station repack (5,389 ) – (12,450 ) –    Payments for unconcentrated rights (14,865 ) (16,891 ) (47,652 ) (46,370 )Unconcentratedcash spritz 281,731 211,532 743,729 626,681 Margin % 40.7 % 34.6 % 37.8 % 35.2 % Add (Less):    Pension and other postretirement plans credit, net 2,458 3,156 8,358 8,943    Corporate expenses, excluding one-time transaction expenses (26,468 ) (20,257 ) (78,450 ) (61,163 ) Adjusted EBITDA surpassing one-time transaction expenses 257,721 194,431 673,637 574,461 Margin % 37.2 % 31.8 % 34.2 % 32.3 % Add (Less):    Corporate one-time transaction expenses (1,266 ) (2,808 ) (3,011 ) (56,846 ) Adjusted EBITDA $ 256,455 $ 191,623 $ 670,626 $ 517,615 Margin % 37.0 % 31.3 % 34.1 % 29.1 % Nexstar Media Group, Inc. Reconciliation of FreeMazumaFlow (Non-GAAP Measure) UNAUDITED (in thousands) Three Months Ended September 30,     Nine Months Ended September 30,   FreeMazumaFlow: 2018     2017   2018     2017                                 Net income $ 99,828 $ 42,072 $ 233,775 $ 95,471 Add (Less):    Interest expense, net 56,237 53,605 167,107 188,527    Loss on extinguishment of debt 3,159 1,221 4,645 34,348    Income tax expense 35,243 32,013 86,011 58,394    Depreciation 27,673 25,979 78,577 74,497    Amortization of intangible resources 37,157 33,986 110,640 120,701    Amortization of unconcentrated rights, excluding truck 15,021 17,102 47,034 47,099    Loss (gain) on windfall disposal, net 1,507 2,375 1,116 (56,220 )    Non-cash bounty expense 700 – 1,933 –    Stock-based bounty expense 8,212 6,203 22,807 17,512    Corporate one-time transaction expenses 1,266 2,808 3,011 56,846    Other expenses 884 161 1,823 1,168    Payments for unconcentrated rights (14,865 ) (16,891 ) (47,652 ) (46,370 )   Mazumainterest expense(1) (53,811 ) (50,954 ) (159,444 ) (161,144 )   Wantedexpenditures, excluding station repack and CVR spectrum(2) (19,712 ) (21,155 ) (47,879 ) (48,846 )Wantedexpenditures related to station repack (6,647 ) – (13,542 ) – Proceeds from disposals of property and equipment 408 1,874 4,282 16,449    Operating mazuma income taxes, net of refunds(3) (26,301 ) (7,951 ) (56,912 ) (27,990 )Self-rulingmazuma spritz surpassing one-time transaction expenses 165,959 122,448 437,332 370,442 Add (Less):    Corporate one-time transaction expenses (1,266 ) (2,808 ) (3,011 ) (56,846 )Self-rulingmazuma spritz $ 164,693 $ 119,640 $ 434,321 $ 313,596 Excludes payments of $19.6 million in one-time fees in January 2017 associated with the financing of the Company’s merger with Media General. During the three and nine months ended September 30, 2018, wanted expenditures related to relinquishment of the CVR spectrum were $0.8 million and $2.2 million, respectively. Excludes (i) 2Q 2018 payment of $2.2 million in taxes in related to tax liabilities unsupportable in an acquisition, (ii) 3Q 2017 payment of $15.5 million in taxes related to tax liabilities resulting from various sale of stations and 3Q 2017 payment of $145.9 million related to the proceeds received to relinquish the spectrum of unrepealable stations and (iii) 2Q 2017 payment of $31.9 million in taxes  related to tax liabilities resulting from various sale of stations.   # # # Post navigation ← OlderNewer → CompanyCompany History Corporate Officers Board of DirectorsVisitorMilestones News Nexstar Media Group RBCWantedMarketsPrimingPresentation Nexstar Media Group Third Quarter Net Revenue Rises 13.3% To A Record $693.4 Million MoreContact Careers Investor Relations Nexstar CC Certification Copyright © 1998-2018, Nexstar Media Group, Inc., All rights reserved