Nexstar Broadcasting and Marshall Broadcasting Announce FCC Approval of License Transfers Associated with Grant Company, Inc. Acquisition

Minority-Owned Marshall Broadcasting to Become FCC Licensee Paving Way for Services Agreements with Nexstar and Nexstar’s Closing of Pending Transactions

LOS ANGELES & IRVING, Texas--()--Nexstar Broadcasting Group, Inc. (Nasdaq:NXST) (“Nexstar”) and Marshall Broadcasting Group, Inc. (“MBG”) announced that the Federal Communications Commission (“FCC”) has approved the license transfer of the stations in the table below associated with the acquisition of the stock of the Grant Company, Inc.. The license transfer to minority-owned Marshall Broadcasting is an important step in fulfilling Nexstar’s commitment to incubate broadcast station ownership by minority-owned companies, which is also a key FCC initiative.

               

Acquiror     

Market       Station       Affiliation

Nexstar     

Roanoke, VA       WFXR       FOX/CW

Nexstar     

Roanoke/Lynchburg, VA       WWCW       CW/FOX

Nexstar     

Huntsville, AL       WZDX       FOX

Nexstar     

Quad Cities/Burlington, IA       KGCW       CW

MBG     

Quad Cities/Davenport, IA       KLJB       FOX

Nexstar     

LaCrosse, WI       WLAX       FOX

Nexstar     

LaCrosse/Chippewa Falls, WI       WEUX       FOX
 

Perry A. Sook, Chairman, President and Chief Executive Officer of Nexstar Broadcasting Group, Inc., commented, “We are pleased to announce approval of an accretive transaction to benefit Nexstar shareholders. As a result of this approval, Nexstar will lead the industry in incubating a new, minority-controlled entrant to broadcasting and bringing additional news, information and specialized programming to markets where MBG will operate.

“The MBG transaction serves as a model to increase media ownership diversity while extending Nexstar’s long-term, well-documented initiatives to serve the public interests and needs of local viewers, hometown businesses, and organizations in the markets where we operate. Nexstar’s focus on localism including expanded local news, sports and other programming remains a key element of our broadcast platform and the addition of new minority-oriented public affairs programming complements this strategy. As an established and long-time media executive with extensive broadcast operating experience, Pluria Marshall has the background and skills necessary to serve local interests while maintaining independent operations and programming decisions for the stations.”

Pluria Marshall, Jr., President and CEO of MBG commented, “We are delighted to secure the approval from the FCC and the support of Nexstar as we move forward in diversifying the ownership of media assets among minority operators. This is a great day for Americans, minorities, MBG and Nexstar as equality of media asset ownership is as important as equality is in all facets of the country. We applaud the FCC for its forward thinking approach to providing appropriate guidelines and structure that enable new entrants to own, operate and program television stations. We look forward to playing an active role in the new communities in which we will operate while developing minority-oriented public affairs programming that will air on MBG stations and be syndicated to other television stations nationwide.”

About Nexstar Broadcasting Group, Inc.

Nexstar Broadcasting Group is a leading diversified media company that leverages localism to bring new services and value to consumers and advertisers through its traditional media, digital and mobile media platforms. Nexstar owns, operates, programs or provides sales and other services to 80 television stations and 21 related digital multicast signals reaching 46 markets or approximately 13.1% of all U.S. television households. Nexstar’s portfolio includes affiliates of NBC, CBS, ABC, FOX, MyNetworkTV, The CW, Telemundo, Bounce TV, Me-TV, and LATV. Nexstar’s 48 community portal websites offer additional hyper-local content and verticals for consumers and advertisers, allowing audiences to choose where, when and how they access content while creating new revenue opportunities.

Pro-forma for the completion of all announced transactions Nexstar will own, operate, program or provides sales and other services to 108 television stations and related digital multicast signals reaching 57 markets or approximately 17.3% of all U.S. television households.

Forward-Looking Statements

This news release includes forward-looking statements. We have based these forward-looking statements on our current expectations and projections about future events. Forward-looking statements include information preceded by, followed by, or that includes the words "guidance," "believes," "expects," "anticipates," "could," or similar expressions. For these statements, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. The forward-looking statements contained in this news release, concerning, among other things, changes in net revenue, cash flow and operating expenses, involve risks and uncertainties, and are subject to change based on various important factors, including the impact of changes in national and regional economies, our ability to service and refinance our outstanding debt, successful integration of acquired television stations (including achievement of synergies and cost reductions), pricing fluctuations in local and national advertising, future regulatory actions and conditions in the television stations' operating areas, competition from others in the broadcast television markets served by the Company, volatility in programming costs, the effects of governmental regulation of broadcasting, industry consolidation, technological developments and major world news events. Unless required by law, we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this news release might not occur. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this release. For more details on factors that could affect these expectations, please see our filings with the Securities and Exchange Commission.

Contacts

Nexstar Broadcasting Group, Inc.
Thomas E. Carter, 972-373-8800
Chief Financial Officer
or
JCIR
Joseph Jaffoni, Jennifer Neuman, 212-835-8500
nxst@jcir.com

Contacts

Nexstar Broadcasting Group, Inc.
Thomas E. Carter, 972-373-8800
Chief Financial Officer
or
JCIR
Joseph Jaffoni, Jennifer Neuman, 212-835-8500
nxst@jcir.com