Nexstar reported its fourth-quarter 2023 earnings Wednesday, revealing its TV advert gross sales have been down 36% from Oct. 1- Dec. 31.

In the identical interval, Nexstar’s losses on the CW narrowed to $52 million from $60 million in Q3.

Wall Avenue forecast earnings per share (EPS) of $4.20 on $1.31 billion in income, in keeping with analyst consensus information offered by LSEG, previously Refinitiv. Nexstar reported diluted EPS of $3.32 on $1.3 billion in income.

“The facility of the published mannequin and its capacity to achieve the most important viewers of any medium with necessary information, sports activities and leisure content material is as robust as ever, mirrored by the document viewers supply for NFL and Tremendous Bowl, Grammys and different reside sports activities and occasion programming,” Nexstar CEO Perry Sook mentioned in a letter to shareholders. “Validating the enduring power, attain and attraction of broadcast, in the course of the fourth quarter we efficiently accomplished all of our remaining distribution negotiations with out interruption, as our distribution companions, their clients and our viewers worth the highest-rated broadcast and fastest-growing cable information community programming we offer. The completion of those and different latest distribution agreements present strong visibility for our distribution revenues in 2024 and past.  As we transfer into 2024, an election yr, we look ahead to as soon as once more demonstrating the worth of broadcast tv to candidates and campaigns seeking to talk to the citizens by way of political promoting on tv.”

Nexstar inventory closed Tuesday at $162.40 per share. The common U.S. inventory markets will reopen at 9:30 a.m. ET.

Sook and different Nexstar executives will host a convention name at 10 a.m. ET to debate the quarter in better element.

Extra to return…