Nexstar Broadcasting Extends Employment Agreement of Thomas E. Carter, Executive Vice President & Chief Financial Officer, Th...
January 10 2017 - 7:04AM
Business Wire
Nexstar Broadcasting Group, Inc. (the “Company”) (Nasdaq:NXST),
announced today that its Board of Directors has extended the
employment agreement of Executive Vice President and Chief
Financial Officer, Thomas E. Carter through December 31, 2021. The
extension supersedes Mr. Carter’s prior employment agreement, which
was to conclude in August 2018. Since joining Nexstar as Chief
Financial Officer in August 2009, Mr. Carter has engineered and
overseen a series of accretive growth transactions, capital
structure improvements, operational efficiency enhancements and
return of capital initiatives which have contributed to a 60-fold
appreciation in the Company’s equity valuation during his
tenure.
Commenting on the agreement, Perry A. Sook, Chairman, President
and Chief Executive Officer of Nexstar Broadcasting Group stated,
“In his seven years at Nexstar, Tom has been instrumental in
structuring accretive growth transactions, extracting synergies
through precise integration planning, bringing new efficiencies to
our operating practices and significantly enhancing the Company’s
access to and cost of growth capital. As a result, and upon
completion of the Media General transaction, Nexstar will be one of
the nation’s leading, diversified local marketing and content
companies with annual revenue in excess of $2.3 billion.
“We are grateful to Tom’s value-building contributions and look
forward to the continued benefit of his vision and commitment to
the Company’s viewers, advertising clients and shareholders. Tom
has been invaluable in our capital market interactions while
positioning Nexstar for continued growth with a portfolio of
premiere stations and digital assets, a strong balance sheet and an
attractive weighted average cost of capital which collectively
affords us the financial flexibility to simultaneously allocate
free cash flow to reduce leverage, evaluate additional accretive
strategic growth investments and expand our return of capital to
shareholders.”
Prior to joining Nexstar, Mr. Carter served as Managing
Director, Media Telecom Corporate Investment Banking at Banc of
America Securities, which he joined in 1985. In this position, he
acted as the senior banker responsible for delivering bank products
and services including M&A, private and public equity,
high-yield debt, fixed income derivatives, syndicated financial
products and treasury management for selected clients across the
broadcasting, cable, publishing and media industries, including
Nexstar Broadcasting. Mr. Carter began his banking career in 1980,
serving for five years in various roles in Corporate and
International Banking at a predecessor to JPMorgan Chase.
Under the terms of the new employment agreement, Mr. Carter will
remain eligible to receive an annual performance-based bonus and is
expected to be granted certain equity-based compensation incentives
that will continue to align his performance with the interests of
all shareholders and the Company’s long-term enhancement of
shareholder value.
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 104 television stations and
200 related digital multicast signals reaching 62 markets or
approximately 18.1% 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.
Pro-forma for the completion of all announced transactions,
Nexstar will own, operate, program or provide sales and other
services to 171 television stations and their related low power and
digital multicast signals reaching 100 markets or nearly 39% of all
U.S. television households. For more information please visit
www.nexstar.tv.
Forward-Looking Statements
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 and Media
General claim 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, the ultimate outcome
and benefits of a transaction between Nexstar and Media General and
timing thereof, and 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 timing to consummate the proposed
transaction; the risk that a condition to closing of the proposed
transaction may not be satisfied and the transaction may not close;
the risk that a regulatory approval that may be required for the
proposed transaction is delayed, is not obtained or is obtained
subject to conditions that are not anticipated, the impact of
changes in national and regional economies, the ability to service
and refinance our outstanding debt, successful integration of Media
General (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 and
Media General 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
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 the definitive joint proxy
statement/prospectus of Nexstar and Media General and Media
General’s and Nexstar’s other filings with the SEC.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170110005189/en/
Nexstar Broadcasting Group, Inc.Thomas E. Carter,
972-373-8800Chief Financial OfficerorJCIRJoseph Jaffoni, Jennifer
Neuman212-835-8500nxst@jcir.com
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