As RBR+TVBR reported Thursday afternoon, AT&T and Nexstar Media Group resolved their nearly two-month-long carriage dispute and “blackout” by coming to terms on a new retransmission consent agreement.
The news was warmly received by shareholders, as Nexstar’s stock jumped by nearly 5% in Friday’s trading.
Just before 3pm Eastern, NXST was trading at $98.63, up 4.9%, on volume of 366,457 shares.
Average trading volume for Nexstar is 564,676 shares.
The jump returns Nexstar stock to prices last seen August 12 and 13, and back toward prices seen from March through the end of July.
And, with the new accord in place, NXST is now poised to meet or exceed its record high of $117.96, seen April 16.
Nexstar has a 1-year target price of $132.22.
Getting there is likely easier now that the AT&T pact, which encompasses DirecTV, AT&T TV NOW and U-Verse, is signed. Nexstar’s Q2 earnings beat Street estimates, and all appears on track for its closing of its merger with Tribune Media.
Nexstar beat the consensus EPS for Q2 2019 by 2 cents.
