At this time, I'd like to turn the conference over to your host, Nexstar President and CEO, Perry Sook. Please go ahead, sir.
Perry A. Sook
Thank you, and good morning, everyone. I'd like to thank you all for joining us to review our 2011 fourth quarter and our full-year 2011 operating results. Tom Carter, our Chief Financial Officer, is here with me this morning as well as Tim Busch and Brian Jones, our Co-Chief Operating Officers.
I'm very proud to report today that Nexstar generated record odd-year fourth quarter financial results, including an 8.4% increase in 2011 fourth quarter total revenue, excluding total [ph] spending. We ended what was a strong 2011 for Nexstar with the fourth quarter core revenue growth of 6.4%. That marked the highest rate of quarterly core revenue growth during the year and our ninth consecutive quarter of year-over-year core television advertising revenue growth. Solely reflecting the impact of $20.6 million in year-over-year declines in political revenue, our Q4 '11 net revenue came in at $86.2 million, which was 11.2% behind last year's final.Nexstar's continued leadership in new business development resulted in a 4.6% increase in fourth-quarter local spot revenue and an 11.6% rise in national spot revenue. Our year-over-year core revenue growth marks a quarterly sequential improvement over the 5.3% growth in Q3 of '11, the 4.3% increase in Q2 and the 3.3% rise posted in Q1 of '11. And it is more than double the 2.9% core local and national television ad revenue growth recorded in last year's fourth quarter. In addition, the strength in core advertising activity, Nexstar's record odd-year fourth quarter revenue, EBITDA and free cash flow highlight the continued growth in every one of our non-television advertising revenue sources, with each reaching record annual levels of contribution. Our Q4 core TV ad revenue growth was complemented by a 34.9% rise in retransmission fee revenue, an 8.1% increase in e-Media revenue and a 9% improvement in our management agreement revenue.