After a long time near the bottom, Nexstar Broadcasting stock prices continue to improve on a nearly daily basis.
The company closed at 11 cents higher in trading Monday, up from $10.54 to $10.65 per share. Several months ago, Nexstar bottomed out at less than four dollars per share. Nexstar owns KSNF and operates KODE in Joplin, and owns KSFX and operates KOLR in Springfield.
Meanwhile, Saga Communications, owner of KOAM and KFJX in the Joplin area, was down six cents at the close Monday to $10.18 per share.
Nexstar Broadcasting has been on a roll ever since it was able to establish a new revenue stream through the sale of retransmission rights to cable companies.
I was critical of Nexstar's stance when it was withholding programming from Cable One in Joplin. Obviously, I was wrong.
This news of profitability in advance of a presidential election year is noteworthy. Those are typically the most profitable years for media outlets so these numbers should continue to rise--especially if they can cut some of their debt.
ReplyDelete