In addition, given Nexstar's announcement on July 21, 2011, that the company's Board of Directors decided to explore and evaluate strategic alternatives intended to maximize shareholder value, including a possible sale of the company, Nexstar does not intend to disclose developments with respect to this strategic review progress, until such time as the board has approved a transaction or otherwise deems disclosure appropriate. As such, management will not be making comments on this topic today.
At this time, I'd like to turn the conference over to your host, Nexstar President and CEO, Perry Sook. Please go ahead.
Perry A. Sook
Thank you, Morrissey, and good morning, everyone. Thank you, all, for joining us to review Nexstar's 2012 First Quarter Results. Tom Carter is here with me on the call today.2012 is off to an excellent start for Nexstar with another record quarter, led by robust growth in all of our financial and operating metrics. Nexstar generated record first quarter net revenue, and with the operating leverage of our model, the revenue increase resulted in our highest-ever, first quarter broadcast cash flow, adjusted EBITDA and free cash flow. Our 19.6% rise in first quarter net revenue was highlighted by 7.8% growth in our core and a 70% rise in our retrans revenue. It's evident how our operating efficiencies are translating into this solid revenue growth, turning it into cash flow as our EBITDA margins rose to 34.2% from 28.6% in the year-ago period, and if you look back to the first quarter of 2010, our margin was 30.4%. So 34.2%, we feel, in Q1 '12, compares impressively. Overall, 2012 will be a watershed year for the company, as the improving ad environment combined with a substantial increase in our retransmission revenue growth rates continue double-digit growth from our e-Media operations and the benefit of what are projected to be record political revenues, all will drive record top line revenue and bottom line profitability for the company.
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