Nexstar Media Group – Best Media Stocks To Buy Now
If you are bullish on media stocks and television station operators, then the first name that comes to mind is Nexstar Media Group. It is the largest television station operator in the US, with 198 stations in a staggering 116 markets. Nexstar has a presence in the top 50 designated market areas. Nexstar Media either owns more than one television station or provides services to more than one television station in more than half of its 116 markets. Nexstar Media Group has also been successful in growing through acquisitions, and it has the experience to extract value from such transactions. If you are looking for digital media stocks to buy now, then Nexstar Media Group is a candidate.
Nexstar Media Group Reports Q42020 Earnings
In late February 2021, Nexstar Media Group released its fourth-quarter 2020 earnings results. Revenue was up a significant 37.3% at $771 million as compared to $561 million in Q42019. The US Presidential elections played their part in driving up political ad revenue. The jump in revenue drove up net income by 218% year-on-year to $362 million.
Company CEO Perry Sook said, “Simply put, Nexstar had an outstanding 2020 despite the headwinds. Our strong fourth quarter and full-year operating results mark another year of record financial performance with all of our key metrics from net revenue to free cash flow growing at double-digit rates or more and coming in at the highest levels in the company’s history for both the three and 12-month periods of 2020.”
Nexstar Media results demonstrate that it is among the best media stocks to buy now.
Nexstar Media Group’s stock closed at $151 on 8th March 2021. The stock has been on an uptrend, rising by 20% over the preceding month. For comparison, another media peer of Nexstar is Comcast. Its stock closed at $55 on 8th March 2021. Comcast is up 5% over the preceding month.