LOS ANGELES & IRVING, Texas--(BUSINESS WIRE)--Nexstar Media Group, Inc. (Nasdaq: NXST) (“Nexstar” or “The Company”) announced today that plans are underway to bring the strategy for BiteSizeTV in alignment with the Company’s organization-wide commitment to local programming and content production. As a result, its wholly-owned subsidiary, Nexstar Broadcasting, Inc. (“Nexstar Broadcasting”) and FOX Television Stations, Inc. (“FOX”) will end Hollywood Today LIVE!, a one-hour, nationally syndicated daily entertainment news and talk variety show produced by BiteSizeTV. The final telecast of Hollywood Today LIVE! will air on April 28, 2017.
Commenting on the announcement, Perry A. Sook, Chairman, President and CEO of Nexstar Media Group, Inc. stated, “Nexstar is in the local media business and we remain focused on extending our legacy of local programming and content leadership by supporting the evolving needs and interests of our local viewers, hometown businesses and community organizations that we proudly serve each day. We are now evaluating other opportunities where we can create value from BiteSizeTV to generate positive results. Nexstar looks forward to continuing our relationship with FOX Television Stations and our partners at FOX Television.”
Nexstar obtained BiteSizeTV as part of its acquisition of Media General Inc. earlier this year. Hollywood Today LIVE! began as a pilot program on FOX-owned television stations in July 2014. Following its initial debut, Media General and FOX launched Season 1 of the nationally syndicated show across their respective broadcast platforms in September 2015 and Season 2 began airing in September 2016. FOX Television and Nexstar conducted a thorough analysis of Hollywood Today LIVE! and were unable to find a sufficient audience to support continued national syndication.
About Nexstar Media Group, Inc.
Nexstar Media 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 170 television stations and related digital multicast signals reaching 100 markets or approximately 39% of all U.S. television households. Nexstar’s portfolio includes primary affiliates of NBC, CBS, ABC, FOX, MyNetworkTV and The CW. Nexstar’s 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. For more information please visit www.nexstar.tv.
This communication 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, Nexstar 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 communication, concerning, among other things, future financial performance, including 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, the ability to service and refinance our outstanding debt, successful integration of acquired television stations and digital businesses (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, volatility in programming costs, the effects of governmental regulation of broadcasting, industry consolidation, technological developments and major world news events. Nexstar undertakes 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 communication 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 Nexstar’s other filings with the SEC.