Charter Communications Subscribers in Fifteen Markets to Lose Network & Local Programming at Midnight as Charter Fails to Rea...
December 31 2014 - 06:15PM
Business Wire
Nexstar Broadcasting Group, Inc. (Nasdaq: NXST) (“Nexstar”)
announced today that Charter Communications, Inc. ("Charter")
(NASDAQ: CHTR) has failed to reach a distribution agreement to
allow the cable television provider the right to continue to air
Nexstar’s highly rated programming. As a result, Charter
subscribers in fifteen markets will lose network, local news and
other programming at 11:59 p.m. ET tonight at the time the current
agreement expires.
Nexstar has established a long-term record of completing
hundreds of agreements with cable, satellite providers and telecom
companies for the carriage of its programming and is proud of the
fact that it has had no material service interruptions related to
distribution agreements since 2005. Since September, Nexstar has
been negotiating in good faith to establish a mutually agreeable
contract with Charter and Nexstar remains hopeful that a resolution
can be reached without a service interruption to viewers in
affected markets.
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 20
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 110 television stations and related digital multicast
signals reaching 58 markets or approximately 18.0% 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
Neuman212-835-8500nxst@jcir.com
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