Media Earnings November 5 2026 Nexstar Posts a Record 2.1 Billion Dollars and IMAX Nearly Doubles Its Box Office Record
Six media companies reported on November 5. Broadcast TV and big-screen film had record quarters, each driven by one event that won’t repeat on schedule. Of the ad-supported internet names, only Nextdoor grew.
Nexstar: TEGNA and an election year
Nexstar’s third-quarter net revenue was $2.13 billion, up 78% and a company record. Most of the jump is the TEGNA acquisition, which added $765 million of revenue and $243 million of adjusted EBITDA. Political advertising brought in $317 million, a third-quarter record ahead of the midterms. Advertising revenue more than doubled to $1.02 billion, and distribution fees from cable and streaming carriers rose 54% to $1.09 billion.
Net income was $250 million, against $65 million a year ago. Adjusted EBITDA was $756 million, a 35% margin. Nexstar repaid $350 million of debt in the quarter and $525 million more after it closed, and total debt stands at $11.4 billion.
The catch is legal. A preliminary injunction limits how far Nexstar can combine the two companies, and the trial on the merits is set for July 6, 2027. Nexstar removed the projected synergies from its leverage math. Political money disappears after November, so 2027 has to stand on distribution fees and whatever the court allows.
IMAX: one film did most of the work
IMAX revenue rose 64% to $174.6 million. Global box office on its screens was $712 million, almost double the previous quarterly record of $372 million. The Odyssey alone took more than $550 million on IMAX screens worldwide, the biggest IMAX release in the company’s history. Spider-Man: Brand New Day added $58 million.
Adjusted EBITDA was $120.9 million, a 69% margin, against 49% a year ago. That’s the operating leverage of a business that collects a share of ticket sales on screens other people built and run. Adjusted EPS was $2.21, or $1.58 without a one-time tax benefit. IMAX now expects 2026 box office to “significantly exceed” its $1.4 billion target and a full-year margin of about 50%. Installs were weaker, 32 systems against 38 a year ago, and the 2027 slate will have to replace a film of The Odyssey’s size.
Sphere, Nextdoor, Yelp and Ziff Davis
Sphere Entertainment’s revenue rose 4.5% to $274.3 million, beating estimates. The Sphere venue in Las Vegas is now 72% of revenue and growing. MSG Networks, the regional sports channel, is the rest and shrinking. A GAAP loss of $4.84 a share was far worse than expected, and shares slipped 2%.
Nextdoor grew revenue 14% to $78.8 million, with weekly active users also up 14% to 24.5 million. It nearly broke even, with a net loss of $0.7 million against $12.9 million a year ago. Full-year revenue guidance is $293 million to $295 million.
Yelp’s revenue slipped 1% to $371 million, a little above its own outlook. Net income was $34.6 million. The growth is in other revenue, up 82%, which includes data licensing helped by demand for Yelp’s local content from AI companies. That line runs at $136 million a year against a $250 million target. Yelp has bought back $200 million of stock this year.
Ziff Davis revenue fell 20.5% to $289.3 million, short of estimates, though adjusted EPS of $1.39 beat. Part of the comparison is the Connectivity division (Ookla, Speedtest and Downdetector), which Ziff Davis agreed in March to sell to Accenture for $1.2 billion. Free cash flow was negative $23 million, against $108 million a year ago. Ziff has spent about $265 million this year buying back nearly 14% of its shares.
The common thread
The winners had an event: an election cycle and a merger for Nexstar, one blockbuster for IMAX, a single venue for Sphere. The ad-funded websites had no event. Nextdoor grew from a small base, while Yelp and Ziff Davis shrank. Yelp is licensing its content into AI systems, and Yelp and Ziff Davis are both spending heavily on buybacks. Yelp’s AI licensing line is the one to track. If it reaches the $250 million target, a review site will have found a second business. If it stalls, the core ad business is shrinking.