“The SmackDown did have a winner: Sports entertainment engine WWE ended the year with a gain of 38%. The runner up — big broadcaster and new CW owner Nexstar, which rose 16%. ”
“As for Nexstar, the big broadcaster benefits from scale, including multiple stations in some markets with highly competitive political races; it surpassed $500 million in political advertising for 2022. And it’s also dialed down its ad exposure, with over half of sales coming from distribution, or retrans, a business historically resistant to economic downturns.
“It was the one broadcaster that actually hit the political numbers. It’s relatively under-levered, pays a healthy dividend and has been buying back a lot of stock,” noted one analyst.”
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