IRVING, Texas--(BUSINESS WIRE)--Nexstar Media Group, Inc. (NASDAQ: NXST) (“Nexstar” or “the Company”) announced today that Keith P. Hopkins has been named Senior Vice President of Distribution, a new position at the Company. In his new role, Mr. Hopkins will work with Nexstar Chairman, President and CEO, Perry A. Sook and Executive Vice President and General Counsel, Elizabeth Ryder, overseeing strategic local content distribution initiatives and affiliate relations for the Company’s broadcast and digital operations in 100 markets across the United States. The appointment is effective September 1, 2017 and Mr. Hopkins will report directly to Mr. Sook and Ms. Ryder.
Prior to joining Nexstar, Mr. Hopkins served as Vice President, Affiliate Sales and Marketing for Tribune Media where he negotiated complex carriage agreements with multichannel video programming distributors (“MVPDs”) and new emerging platforms for all of Tribune’s owned or operated television stations, as well as WGN America. Before that, he served as Senior Director, Affiliate Sales and Marketing for the Pac-12 Networks, where he was on a team that led the global distribution development efforts for the Pac-12 national, regional and digital networks and executed carriage agreements with DISH, AT&T U-verse, NCTC and Google Fiber, among other MVPDs. Earlier in his career, Mr. Hopkins was a National Account Sales Manager at NBC Universal / Comcast Corporation.
In his new role, Mr. Hopkins will work with Mr. Sook, Ms. Ryder and other Nexstar corporate personnel to negotiate carriage agreements with Nexstar’s distribution partners, to advise on network affiliation contract negotiations including over-the-top (“OTT”) services, to manage contract and regulatory compliance, to execute action plans aimed at achieving operational goals, and to build on the Company’s relationships with networks, distributors, and syndicators. In addition, Mr. Hopkins will be responsible for identifying new revenue opportunities to leverage and monetize changing market dynamics related to distribution, rights, contract compliance and new entrants.
Commenting on the appointment, Perry Sook, said, “With our expanded scale, including 170 television stations in 100 markets across the United States, the successful negotiation of valuable distribution agreements remains a key strategic priority. With continued long-term progress against our revenue diversification initiatives, retransmission fee revenue and other non-core television revenue now accounts for more than 50% of our total revenue and our prospects for growth from this revenue stream remain strong and visible. We believe Keith is the ideal candidate to complement Elizabeth and I as we further build this revenue stream.
“Keith’s expertise in local, regional and national programming distribution makes him well-suited to manage our content delivery and monetization initiatives. In addition, his leadership qualities and industry knowledge will help the Company create new revenue streams through emerging technologies and distribution platforms. Elizabeth and I look forward to working with Keith as Nexstar continues to execute our well-defined strategy for sustained growth through the negotiation of distribution agreements that reflect the full value of our strong local programming, content offerings and audience reach, while serving the unique needs of our network and distribution partners.”
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.