IRVING, Texas - Nexstar Media Group, Inc. (NASDAQ: NASDAQ:NXST) has announced the appointment of Lloyd Bucher as the new Vice President and General Manager of its Philadelphia broadcast and digital operations, including WPHL-TV (CW), phl17.com, and their associated mobile and social media channels. Bucher, a Philadelphia native with nearly three decades of experience in the industry, steps into his new role following the retirement of his predecessor earlier this month.
Bucher's return to Philadelphia marks a significant homecoming, as he spent the initial 35 years of his life in the area. He transitions to his new position from Charlotte, North Carolina, where he served as Vice President and General Manager for Nexstar's operations, including WJZY-TV (FOX) and WMYT-TV (MyNet), and spearheaded the launch of the rebranded website qcnews.com.
During his leadership in Charlotte, Bucher was noted for his innovative strategies, which included the introduction of "Queen City News," a local news expansion, and the morning lifestyle program "Positively Charlotte." His efforts in forging partnerships with local sports teams such as Charlotte FC and the Carolina Panthers were pivotal in enhancing the stations' community presence and viewership.
Brandin Stewart, Senior Vice President and Regional Manager for Nexstar's broadcasting division, praised Bucher's consistent track record of driving growth in ratings, revenue, and profit. Stewart highlighted Bucher's knack for establishing new relationships with advertisers and marketers, developing new programming, and deepening community ties.
Bucher's career includes a tenure as Vice President and General Manager of WPTV-TV in West Palm Beach, Florida, where he expanded local news programming and launched several digital initiatives, including the station's first mobile news app. His earlier career also includes various sales and marketing roles in Miami and Philadelphia.
In his statement, Bucher expressed gratitude for the opportunity to return to his hometown and lead the broadcast and digital teams at WPHL-TV. He emphasized the station's legacy of quality programming and community service, which he aims to enhance with Nexstar's resources.
Bucher's appointment is based on a press release statement from Nexstar Media Group, Inc. His educational background includes a bachelor's degree in marketing from Hofstra University and a law degree from the Widener University School of Law. His community service record includes board memberships with the Urban League of Palm Beach County and Florida Atlantic University's Center for Autism and Related Disabilities, among others.
In other recent news, Nexstar Broadcasting Group has been the focus of an updated financial model from Deutsche Bank (ETR:DBKGn), leading to a minor decrease in the company's price target from $210.00 to $207.00. This adjustment is based on Nexstar's first-quarter performance and the management's recent statements about the company's operations. Nexstar's first-quarter results met revenue expectations and surpassed adjusted EBITDA forecasts by 3.3%. The company also reported record-setting first-quarter net revenue of $1.28 billion, backed by a high distribution revenue of $761 million. Moreover, Nexstar has seen a significant increase in political advertising, with a $31 million rise compared to the same period last year. Despite a slight decline in advertising revenue in Q1, improvements are expected in the second quarter, particularly in national advertising. These are some of the recent developments for Nexstar Broadcasting Group.
InvestingPro Insights
Nexstar Media Group, Inc. (NASDAQ: NXST) has recently appointed Lloyd Bucher as the new Vice President and General Manager of its Philadelphia operations, signaling a strong commitment to leadership and growth. This move comes at a time when Nexstar displays a robust financial health, underscored by key metrics that reflect the company's strategic initiatives, such as aggressive share buybacks and a consistent increase in shareholder yield.
With a market capitalization of $5.07 billion, Nexstar stands out with a favorable price-to-earnings (P/E) ratio of 12.2 for the last twelve months as of Q1 2024, suggesting that the company is potentially undervalued compared to industry standards. Additionally, the company boasts a solid gross profit margin of 57.0% for the same period, indicative of efficient operations and strong pricing power. The dedication to shareholder returns is further evidenced by a dividend yield of 4.28%, complemented by an impressive 25.19% dividend growth in Q1 2024, marking the company's ability to sustain and grow its dividend payouts over time.
These financial strengths are not just numbers—they represent Nexstar's capacity to invest in talent and technology, which can be seen through strategic appointments like Bucher's and the continuous enhancement of its broadcast and digital platforms. Among the InvestingPro Tips, it's noted that Nexstar has raised its dividend for 11 consecutive years and has maintained dividend payments for 12 consecutive years, highlighting the company's commitment to rewarding its shareholders. Furthermore, analysts predict the company will be profitable this year, which aligns with Bucher's track record of driving growth.
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