Nexstar Media Group to Align BiteSizeTV Strategy with Organization-Wide Commitment to Local Programming and Content Production
April 07 2017 - 4:00PM
Business Wire
“Hollywood Today LIVE!” to End
Production
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.
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 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.
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version on businesswire.com: http://www.businesswire.com/news/home/20170407005621/en/
Nexstar Broadcasting, Inc.Brian Jones, 972-373-8800Executive
Vice-President & COOorJCIRJoseph Jaffoni, Jennifer
Neuman212-835-8500nxst@jcir.com
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