Nexstar, Scripps Have Improvement in Auto Ads
Nexstar and E.W. Scripps had growing auto advertising in Q3, executives said on earnings calls Tuesday. Scripps reported Q3 revenue of $612 million, up 10% from the same quarter the prior year. Nexstar reported Q3 net revenue of $1.27 billion,…
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a 9.7% improvement from Q3 2021. “This is the first quarter in years,” that auto ads have shown growth, said Scripps President-Local Media Brian Lawlor. “We’re starting to feel like the biggest pressure from supply chain is behind us." Nexstar CEO Perry Sook also said auto advertising has “returned to growth.” Sook said there's “pent-up demand” among car buyers, which could lead to “tailwinds” for Nexstar in 2023. Some broadcasters said last week auto manufacturers could face additional supply chain issues that might be reflected in ad purchases. Scripps CEO Adam Symson said the company has seen limited signs of “macroeconomic challenges” related to a downturn. National advertisers started to pull back "in anticipation of consumer weakness,” but local advertisers haven't, Sook said. Scripps, like several other broadcasters, reported fewer than expected political advertising dollars in Q3, partially because several candidates in Scripps markets who won primaries were popular with voters but not with advertisers such as political action committees, Scripps executives said. Nexstar met its political ad guidance, and Sook said Tuesday the company’s 2022 political ad dollars are close to beating the 2020 number, though that was a presidential election year. Sook also said Nexstar expects to announce a planned trial ATSC 3.0 project before Q1 2023.