Nexstar’s review of strategic alternatives remains in process, CEO Perry...

timetable projections I made in conferences last year, so I don’t want to do that,” he said. Sook said he would be surprised if the one-year anniversary of the strategic review came and went without some sort of announcement. “There is a sense this can’t go on and on, and I'd be highly doubtful we'd pass the anniversary date,” without a disclosure concluding the review in one way or another, which could include the board taking no further action, he said. The board is discussing various alternatives, Sook said. “Things move slower than we all would like potentially, but pencils are not down on this.” Nexstar shares have gained about 38 percent since the company disclosed the strategic review last year, but still about 40 percent lower than when the company did its initial public offering in 2003. For 2012, Nexstar is poised to bring in a record amount of free cash flow, as boosts in political ad spending, core ad sales growth, digital ad sales and retransmission consent revenue are all set to help results, the company said. Sook said Nexstar is poised to collect about 50 percent more in retrans fees in 2012 than the $37.4 million in 2011. “Our 2012 retrans revenue will not only be a record, but it will grow at a percentage rate approximating twice that of our growth in 2011,” he said. Nexstar expects further retrans consent gains in 2014, as the broadcaster’s agreements with another two of its five largest pay-TV distributors expire at the end of 2013, Sook said. “The vast majority of that impact would be felt in 2014.” Total Q4 sales fell 11 percent from a year earlier to $86.2 million, reflecting a $20 million drop in political ad sales and a sharp reduction in network compensation. Excluding political ads, Nexstar’s national and political core revenue gained 6.4 percent to $67.3 million. Profit fell 71 percent to $3.3 million.