Former Congressman and Member of the House
Telecommunications and FinanceSub Committee and Former
Station Owner and FCC LicenseeBrings Highly Relevant
Experience to Nexstar Board
Nexstar Broadcasting Group, Inc. (Nasdaq:NXST) announced today
that the Board of Directors has elected C. Thomas McMillen to serve
on the Company’s Board of Directors, as a Class I Director, to
replace Royce Yudkoff who has resigned his position on the Board.
Mr. McMillen satisfies the standards for director independence
under the applicable rules of the SEC and the NASDAQ as well as the
Company’s Corporate Governance Guidelines. Reflecting the changes,
Nexstar’s Board continues to have seven members, six of whom
satisfy the standards for director independence under NASDAQ
listing rules.
C. Thomas McMillen has over 27 years of political, business and
sports experience and leadership and is currently the Chairman and
Chief Executive Officer of Washington Capital Advisors, an
investment firm. He is also a director of the RCS Capital., a
publicly traded investment bank and broker-dealer and serves on the
advisory board of Clean Energy Systems, a clean coal technology
firm, Integrity Global Security, a cyber security firm and the
Association for Rare Earth. During his career, Mr. McMillen has
been an active investor, principal, and board member in companies
in the cellular telephone, paging, health care, motorcycle,
environmental technology, broadcasting, real estate and insurance
industries. From 2010 to 2012, Mr. McMillen was the sole
member and manager of NVT License Holdings, LLC, (New Vision
Television) a Delaware limited liability company, which was the
indirect parent and controlling entity of several other limited
liability companies which held the Federal Communications
Commission licenses for eight full power and two low power
television stations in eight different television markets.
Mr. McMillen served three consecutive terms in the U.S. House of
Representatives from the Fourth Congressional District of Maryland
from 1987 to 1993, and was named by President Clinton to co-chair
of the President’s Council on Physical Fitness and Sports in 1993,
a position he held until December 1997. Mr. McMillen began his
involvement with the Council in 1970 as a high school senior when
he was selected by President Nixon to become the youngest member of
the Council. From May 2011 to July 2013, he served as the Chairman
of the National Foundation on Physical, Fitness, Sports and
Nutrition, a Congressionally authorized foundation that Mr.
McMillen founded where he currently serves as Treasurer. In
Congress, Mr. McMillen served on the Banking, Finance and Urban
Affairs Committee, the Energy and Commerce Committee and the
Science, Space and Technology Committee. He was unanimously elected
as President of the Democratic freshman class of the 100th
Congress. He served as Chairman of the Congressional Chesapeake Bay
Caucus, Co-Chairman of the Congressional Biotechnology Caucus, and
Vice-Chairman of the Federal Government Task Force.
Perry A. Sook, Chairman, President and Chief Executive Officer
of Nexstar Broadcasting Group, Inc., commented on the appointment,
“Tom brings a diverse range of relevant industry and political and
legislative experience to the Nexstar Broadcasting board. He has an
impressive record of accomplishment as a Congressman and in the
telecommunications industry and has distinguished career in sports
both as a competitor and as an advocate for physical fitness. We
look forward to benefiting from his experience and knowledge as we
continue to pursue strategies to further broaden the reach and
diversify of our operations by delivering exceptional local and
network programming and online content and service in our markets
for the benefit of viewers while creating an even stronger
marketing platform for local businesses.
“On behalf of the entire Board, I’d like to express my gratitude
to Royce for his eighteen years of service as a director. Royce
served during a period of rapid growth and development for Nexstar
following its formation in 1996 and we wish him all the best in his
current and future endeavors.”
C. Thomas McMillen added, “This is an exciting opportunity for
me to join the Board of Directors of a leading television
broadcaster that is committed to its viewers and the local markets
it serves while developing new and innovative initiatives to expand
its digital media operations. I look forward to contributing to
Nexstar’s continued success.”
Mr. McMillen attended the University of Maryland where he was a
three-time All-American in basketball, an academic All-American,
and was a member of the 1972 Olympic basketball team. He graduated
from the University with a Bachelor of Science degree in Chemistry
and is the first and only University of Maryland student to be
awarded a Rhodes Scholarship, on which he received a Bachelor and
Master of Arts in politics, philosophy and economics from Oxford
University in 1978. Mr. McMillen subsequently played for 11 years
in the N.B.A., with the New York Knicks, the Atlanta Hawks, and the
Washington Bullets (now Washington Wizards). He retired from the
N.B.A. in 1986 when he was elected to Congress. He has received
several accolades throughout his career and has been inducted as a
member of the GTE Academic All-American Hall of Fame, the
University of Maryland Alumni Hall of Fame, the College Basketball
Hall of Fame, and the Atlantic Coast Conference (ACC) Top 50
players of all time. Mr. McMillen serves as a board member for
various academic and community-focused organizations including The
Economic Club and the Military Ball based in Washington, DC as well
as the Humane Society of the United States, among many others.
Nexstar also announced that effective July 1, the Board of
Directors’ Nominating and Governance Committee will be expanded to
three directors from two directors with C. Thomas McMillen and
current Director, Jay M. Grossman joining Committee Chair, I.
Martin Pompadur. Current Director, Geoff Armstrong, will resign
from the Nominating and Governance Committee and will continue to
serve as the Chair of the Board’s Compensation Committee and as a
member of the Board’s Audit Committee. The Board believes that
alternating the composition of its Board Committees is consistent
with corporate governance best practices.
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 19
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, Live Well and independent
stations. Nexstar’s 47 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 56 markets or approximately 16.0% 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.
Nexstar Broadcasting Group, Inc.Thomas E. Carter,
972-373-8800Chief Financial OfficerorJCIRJoseph Jaffoni / Jennifer
Neuman, 212-835-8500nxst@jcir.com
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