To illustrate how effective our revenue distribution and diversification plans have been for Nexstar, our total net revenue for the fourth quarter of 2011 is 16.5% ahead of the $74 million reported in the fourth quarter of '09 and 20.4% ahead of the $71.6 million reported in the fourth quarter of '07. Furthermore, our 2011 fourth quarter revenue from non-television advertising revenue sources grew by approximately 79% from the 2009 levels and 172% from the comparable 2007 levels.
Nexstar's full-year 2011 core local and national revenue rose 4.8%, while annual net revenue declined just 2.2% for the year despite the cyclical impact of approximately $33 million variance in political advertising in 2011. This offset was largely backfilled by the increases in core, as well as the excellent growth I described from our non-traditional revenue sources.
We generated record odd-year fourth quarter broadcast cash flow of $34.9 million and adjusted EBITDA of $29.6 million and free cash flow of $15.3 million. For the full year, we generated record odd-year free cash flow of $34.2 million.
Taking a minute now to look at the 2-year cycle run rate, Nexstar generated a total of $94.3 million of free cash flow in 2011 and '10 or an average of $47.2 million per year. This would equate to over $1.50 per share of free cash flow and I'll discuss later how our expected growth, including the timing of our recently completed retransmission agreements, will lead to free cash flow growth increasing based on the 2011, 2012 cycle.Read the rest of this transcript for free on seekingalpha.com