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Nexstar MEDIA GROUP , INC . NEXSTAR MEDIA GROUP REPORTS RECORD SECOND QUARTER NET REVENUE OF $ 1,131.6 MILLION Net Revenue Drives 2Q Operating Income of $ 288.3 Million , Net Income of $ 199.8 Million , Adjusted EBITDA of $ 418.8 Million and Free Cash Flow of $ 181.2 Million Returned $ 167.7 Million to Shareholders in the Second Quarter in the Form of Share Repurchases and Dividends Raises Pro - Forma Average Annual Free Cash Flow Guidance for the 2021/2022 Cycle to Approximately ~ $ 1.33 Billion IRVING , Texas - August 4 , 2021 - Nexstar Media Group , Inc. ( NASDAQ : NXST ) ( “ Nexstar " or " the Company " ) today reported financial results for the second quarter ended June 30 , 2021 as summarized below : Summary 2021 Second Quarter Highlights Three Months Ended June 30 , Six Months Ended June 30 , ( $ in thousands ) 2021 2020 Core Advertising Revenue $ 423,458 $ Political Advertising Revenue $ 8,511 $ 298,240 21,566 Change 2021 + 42.0 % $ 835,172 $ ( 60.5 ) % $ 13,919 $ 2020 715,619 76,907 Change + 16.7 % ( 81.9 ) % Total Television Advertising Revenue $ 431,969 $ 319,806 + 35.1 % $ 849,091 $ 792,526 + 7.1 % Distribution Fee Revenue Digital Revenue Other Revenue Net Revenue Income from Operations Net income Adjusted EBITDA Before One - Time LA LA LA LA $ 616,949 $ 536,544 + 15.0 % $ 1,238,184 $ 1,086,260 + 14.0 % $ 73,421 $ 46,661 + 57.3 % $ 139,811 $ 103,101 + 35.6 % $ 9,251 $ 11,622 ( 20.4 ) % $ 18,435 $ 24,568 ( 25.0 ) % $ 1,131,590 914,633 + 23.7 % $ 2,245,521 $ 2,006,455 + 11.9 % 288,328 $ 196,253 + 46.9 % $ 573,248 $ 501,268 + 14.4 % 199,761 $ 98,141 + 103.5 % $ 398,951 $ 255,835 + 55.9 % Transaction Expenses ( ¹ ) Adjusted EBITDA ( 1 ) Adjusted EBITDA Margin ( 2 ) $ 419,677 $ 418,790 37.0 % 298,282 292,836 32.0 % + 40.7 % $ 992,256 $ + 43.0 % $ 990,167 863,455 + 14.9 % 850,572 + 16.4 % 44.1 % 42.4 % Free Cash Flow Before One - Time Transaction Expenses ( 1 ) Free Cash Flow ( 1 ) $ $ 182,101 $ 181,214 $ 200,395 194,949 ( 9.1 ) % $ 666,754 $ ( 7.0 ) % $ 664,665 $ 630,795 617,912 + 5.7 % + 7.6 % ( 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 7 under " Income from equity method investments , net " while second quarter 2021 revenue from NewsNation ( 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 . However , 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 .