Nexstar Media Group, Inc. (NASDAQ: NXST) (“Nexstar” or the
“Company”) announced today that Thomas E. Carter has been named
President and Chief Operating Officer, effective October 1, 2020.
Mr. Carter will retain his current responsibilities as Chief
Financial Officer for the foreseeable future. In conjunction with
his promotion, Mr. Carter has entered into a new employment
agreement that extends through December 31, 2023.
Mr. Carter joined Nexstar as Chief Financial Officer in August
2009 and has played a major role in the execution of the Company’s
growth plan through the successful completion and integration of
accretive acquisitions, including Tribune Media Company and Media
General, which have resulted in a significant expansion of
Nexstar’s free cash flow and operating portfolio while cementing
the Company’s position as the nation’s largest local television
broadcaster. He has also led integration planning and
post-transaction synergy realization teams as well as continuous
capital structure improvements, ongoing cost of capital reduction,
operational efficiency enhancements and return of capital
initiatives.
Perry A. Sook, Chairman, President and Chief Executive Officer
of Nexstar Media Group, Inc. commented, “Tom has been a trusted
partner during his time at Nexstar and has been instrumental in
driving the Company’s operating and financial growth and the
ongoing execution of our strategic initiatives to enhance
shareholder value. During Tom’s 11-year tenure, Nexstar has grown
its revenue base more than 12 times while the Company’s equity
valuation has risen by more than 90 times. Further, Tom has been
tireless in his communications with the sell-side analysts who
follow Nexstar and with our institutional investors, while leading
our ongoing efforts to optimize our capital structure, reduce our
cost of capital, and drive returns for shareholders.
“Along with our Company’s Board of Directors, I am exceedingly
confident that Tom will build on his 11 years of experience and
success at Nexstar as he works with me to further grow our business
and ensure that Nexstar creates new opportunities and value based
on our ranking as the nation’s leading, diversified local media and
content company. Our entire team congratulates Tom on this
well-deserved promotion, and I look forward to continuing our close
collaboration in the years to come.”
Tom Carter added, “I am extremely proud of the work and progress
of the Nexstar Nation and grateful for the trust that Perry and the
Board have placed in me as I assume these new roles at Nexstar.
Working alongside Perry and the entire management team for the past
11 years has been a wonderful opportunity and we’ve collectively
created a company of unmatched scale and unparalleled financial
performance. In the last month alone, we’ve taken several actions
from a capital structure and operating perspective to de-lever and
create new growth opportunities. The future for Nexstar is very
bright and I look forward to collaborating with the rest of the
Company’s executive team in our ongoing efforts to leverage
Nexstar’s position as the nation’s leading local media company to
create new value for 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 that role 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. He began
his banking career in 1980, serving for five years in various roles
in Corporate and International Banking at a predecessor to JPMorgan
Chase.
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 197 television stations and related digital
multicast signals reaching 115 markets or nearly 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 press 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, 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 press release,
concerning, among other things, the Issuer’s issuance of the Notes
and the use of proceeds therefrom, involve risks and uncertainties,
and are subject to change based on various important factors,
including the Issuer’s ability to consummate the offering of the
Notes on the terms expected or at all, current capital and debt
market conditions, risks and uncertainties related to the global
Coronavirus Disease 2019 (“COVID-19”) pandemic, including, for
example, expectations regarding the impact of COVID-19 on our
businesses and our future financial performance; our ability to
obtain financial and tax benefits from the Coronavirus Aid, Relief,
and Economic Security Act; 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 press
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 Nexstar’s Annual Report on Form 10-K
for the year ended December 31, 2019, Nexstar’s Quarterly Report on
Form 10-Q for the quarterly period ended June 30, 2020 and
Nexstar’s subsequent public filings with the Securities and
Exchange Commission.
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version on businesswire.com: https://www.businesswire.com/news/home/20200929005249/en/
Investor Contact: Thomas E. Carter Chief Financial
Officer Nexstar Media Group, Inc. 972/373-8800
Joseph Jaffoni, Jennifer Neuman JCIR 212/835-8500 or
nxst@jcir.com
Media Contact: Gary Weitman EVP & Chief
Communications Officer Nexstar Media Group, Inc. 312/222-3394 or
gweitman@nexstar.tv
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