Nexstar Media Group Inc (NASDAQ:NXST) shares are trading lower after the company reported a second-quarter FY24 net revenue increase of 2.3% Y/Y to $1.269 billion, missing the consensus of $1.297 billion. Revenues from Advertising rose 2.2% Y/Y to $522 million. The increase was driven by a $37 million rise in election-related political ads, offsetting a $24 million drop in non-political ad revenue due to a weak advertising market. Distribution revenue gained 5.5% Y/Y to $734 million. This growth was driven by favorable distribution contract renewals, rate escalators, increased vMVPD subscribers, new CW affiliations, and the return of partner stations on one MVPD. Adjusted EBITDA jumped 18.8% Y/Y ...