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Silver Point Acquires 7.8% Stake in Nexstar

Silver Point Capital, a hedge fund managed by Edward Mule (see Silver Point’s recent stock picks), reported owning 1.6 million shares of Nexstar Broadcasting Group, Inc. (NASDAQ:NXST), up from a bit under 500,000 shares at the beginning of October. Nexstar is a $300 million market cap broadcasting company whose TV networks reach close to 11 million viewers in the United States. The company reported high revenue growth in the third quarter compared to the same period in 2011. While earnings have been good on a trailing basis in terms of the stock’s current valuation, Wall Street analysts are skeptical of Nexstar’s future performance and the forward P/E multiple is 22.

Nexstar Broadcasting Group, Inc. (NASDAQ:NXST)