Nexstar Media Group Applauds FCC Proposed Action To Modernize Local Media Ownership Rules
October 26 2017 - 3:38PM
Business Wire
Nexstar Media Group, Inc. (Nasdaq: NXST) (the “Company”) today
applauded the Federal Communications Commission’s (“FCC”)
publication of a draft proposed rulemaking to modernize local media
ownership rules to reflect the realities of the evolving media
marketplace, while supporting greater public service to local
communities.
Perry A. Sook, Chairman, President and Chief Executive Officer
of Nexstar Media Group, Inc. stated, “For over two decades, Nexstar
has endorsed an organization-wide commitment to uphold the FCC
mandate and public interest principles of diversity and localism
through the delivery of exceptional local programming and community
service. With outdated cross-ownership rules that were imposed in
the mid-1970s, giants in national telecom, cable and internet have
rapidly consolidated and a proliferation of new video and media
offerings for consumers has emerged. During this period, local
broadcasters and local media businesses endured significant
regulatory impediments to compete and innovate.
“We share Chairman Pai’s view that change is needed to enable
local broadcasters to fully compete in today’s marketplace. The
FCC’s proposed rulemaking takes an important step forward in
re-writing outdated local media ownership rules and modernizing
regulations to allow the local broadcast industry to compete on
equal footing. We believe these proposed actions will encourage new
investment to support job creation, increased local programming
production and greater public service.
“Local news programming is an important public service we
provide to local communities and now more than ever, viewers rely
on their local broadcast stations to deliver credible, balanced,
and timely information. Unfortunately, current regulations and
standards disproportionately apply regulatory burdens on the
broadcast industry that are not enforced on newer competitors, many
of whom have failed to uphold the most basic standards of
information authentication and integrity critical to serving
public interests.
“We are grateful that FCC Chairman Pai acknowledges the vital
importance of modernizing local media ownership rules to reflect
the current competitive landscape in a manner that strikes the
appropriate balance between promoting the free market principle of
competition and the public interest principle of diversity in media
ownership. Giving our industry a level playing field to compete
with media industry giants will allow local broadcasters to compete
more effectively in the modern media landscape while creating
efficiencies so we can make additional investments in localized
programming content, our people, news resources and reporting
capabilities.”
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/20171026006484/en/
Nexstar Media Group, Inc.Elizabeth Ryder, 972-373-8800Executive
Vice President and General CounselorJCIRJoseph Jaffoni / Jennifer
Neuman, 212-835-8500nxst@jcir.com
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