Before we get deeper into our discussion this morning, just like last quarter, I want to quickly address a piece of housekeeping with respect to our announcement on July 21 that the company's Board of Directors decided to explore and evaluate strategic alternatives intended to maximize shareholder value, including the potential of a possible sale of the company.
As indicated in that release, Nexstar does not intend to disclose developments with respect to the strategic review process until such time as the Board has approved the transaction or otherwise, being disclosure to the appropriate. As such, we will not be making comments on this topic today.
Looking deeper now into our revenue growth, the 5.3% rise in core ad revenue and another period of double-digit increases in e-Media, retransmission fee and management fee revenue more than offset the impact of a 74.3% year-over-year reduction in political revenue.
Excluding political revenue from both periods, Nexstar's 2011 third quarter gross revenue rose 8.4% year-over-year. Our total third quarter retransmission fee, e-Media, mobile, management fee revenue cumulatively rose 26% to $15.2 million from the year-ago period. These high-margin revenue streams accounted for about 20.3% of our 2011 third quarter total net revenue compared to 16.5% in the third quarter of 2010, which as I noted a moment ago, benefited from $6.7 million in political revenue.Furthermore, Nexstar's total net revenue for the third quarter of 2011 is 23.9% ahead of the $60.4 million total net revenue reported in the third quarter of 2009, our last odd year comparison, and our revenue from non-television advertising sources has grown by 56% since that time. Despite the still fragile economic environment, Nexstar's 2011 revenue comparisons, excluding political, had improved on a quarterly sequential basis each quarter throughout the year.Read the rest of this transcript for free on seekingalpha.com
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