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Nexstar MEDIA GROUP , INC . NEXSTAR MEDIA GROUP REPORTS RECORD FIRST QUARTER NET REVENUE OF $ 1,113.9 MILLION Net Revenue Drives 1Q Operating Income of $ 284.9 Million , Net Income of $ 199.2 Million , Adjusted EBITDA of $ 571.4 Million and Free Cash Flow of $ 483.5 Million Allocated $ 75 Million Toward Leverage Reduction , Repurchased $ 121 Million of Class A Common Shares and Returned $ 30.4 Million to Shareholders in Dividends in the First Quarter IRVING , Texas - May 4 , 2021 - Nexstar Media Group , Inc. ( NASDAQ : NXST ) ( " Nexstar " or " the Company " ) today reported financial results for the first quarter ended March 31 , 2021 as summarized below : Summary 2021 First Quarter Highlights ( $ in thousands ) Three Months Ended March 31 , 2021 2020 Change Core Advertising Revenue Political Advertising Revenue Total Television Advertising Revenue SASAS $ 411,714 $ 5,408 417,122 SSS $ 417,379 ( 1.4 ) % $ 55,341 ( 90.2 ) % $ 472,720 ( 11.8 ) % Distribution Fee Revenue Digital Revenue Other Revenue Net Revenue Income from Operations Net income Adjusted EBITDA Before One - Time Transaction Expenses ( 1 ) Adjusted EBITDA ( 1 ) SASSASA $ 621,235 $ $ 66,390 $ $ 9,184 $ $ 1,113,931 SASASA 549,716 + 13.0 % 56,440 + 17.6 % 12,946 ( 29.1 ) % $ 1,091,822 + 2.0 % $ EA 284,920 $ EA 305,015 ( 6.6 ) % EA 199,190 $ EA 157,694 + 26.3 % 572,575 $ 565,173 + 1.3 % $ 571,377 $ 557,736 + 2.4 % 51.3 % 51.1 % Adjusted EBITDA Margin ( 2 ) Free Cash Flow Before One - Time Transaction Expenses ( 1 ) $ Free Cash Flow ( 1 ) 484,649 $ 483,451 $ 430,400 422,963 + 12.6 % + 14.3 % ( 1 ) The contribution from Nexstar's 31.3 % ownership stake in TV Food Network and other investments is included in the full income statement on page 6 under " Income on equity investments , net " while first quarter 2021 revenue from News Nation ( formerly WGN America ) is included in core advertising revenue and distribution fee revenue . Definitions and disclosures regarding non - GAAP financial information including reconciliations are included at the end of the press release . Effective November 1 , 2020 , the Company combined its broadcast and digital operations and no longer reports broadcast cash flow but investors can calculate a comparable metric for the combined broadcast and digital operations by adding back corporate expense to Adjusted EBITDA . ( 2 ) Adjusted EBITDA margin is Adjusted EBITDA as a percentage of net revenue .