New Agreement Covers 31 FOX Affiliated
Stations Owned, Operated or for which
Nexstar Programs or Provides Services
Reaching 17.5 Million Television Households
FOX Affiliated Stations Nexstar is Acquiring
from Tribune Media Company will also
be Covered by New Agreements Immediately
Upon Closing of the Acquisition
Nexstar Media Group, Inc. (Nasdaq: NXST) (“Nexstar”) and Fox
Broadcasting Company LLC, a subsidiary of Fox Corporation (Nasdaq:
FOXA, FOX) (“FOX”), today announced a multi-year agreement that
renews FOX network affiliations for stations that Nexstar owns,
operates, programs or provides services to, in 31 markets that
reach approximately 8% of the U.S.
In addition, the new agreement will also cover the eight FOX
affiliates that Nexstar is acquiring from Tribune Media Company
(“Tribune”), upon closing of the acquisition. Following its pending
acquisition of Tribune, Nexstar will own, operate, program or
provide services to FOX affiliates in 39 markets and will be the
largest independent operator of FOX-affiliated stations, covering
16% of the U.S. and serving more than 17.5 million households.
“We are delighted to reach this long-term extension of our
affiliation agreements with FOX well ahead of the expiration date
of the existing contracts and in a manner that mutually recognizes
the value of our partnership,” stated Perry A. Sook, Nexstar Media
Group Founder, Chairman, President and CEO. “FOX’s marquee sports
programming line-up, including NFL Thursday Night Football and
Sunday games, MLB, NASCAR, MLS and the soon to launch WWE’s FRIDAY
NIGHT SMACKDOWN as well as college football, collectively draw
hundreds of millions of fans across the country. Additionally, FOX
offers our viewers popular primetime programming such as smash-hit
reality competition series, THE MASKED SINGER and MASTER CHEF;
critically acclaimed dramas, EMPIRE, 9-1-1 and THE RESIDENT;
beloved comedies, LAST MAN STANDING and FAMILY GUY; as well as
highly-anticipated new series PRODIGAL SON and ALMOST FAMILY. The
combination of Nexstar’s highly-rated local news programming with
FOX’s exciting sports and entertainment programming support our
goals for delivering great content and information to viewers,
while providing effective, multiplatform marketing opportunities
for local and national advertisers.”
“We are pleased to continue our affiliation with Nexstar, which
is one of our longstanding and valued partners,” added Mike Biard,
President, Operations and Distribution for Fox Corporation.
“Together FOX and Nexstar deliver leading primetime, sports and
local programming to our audiences, and with this new agreement we
look forward to continuing to provide consumers with an unrivaled
television viewing experience for years to come.”
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 174 full power television stations and related
digital multicast signals reaching 100 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.
About Fox Corporation
Fox Corporation produces and distributes compelling news, sports
and entertainment content through its iconic domestic brands
including: FOX News Media, FOX Sports, FOX Entertainment, and FOX
Television Stations. These brands hold cultural significance with
consumers and commercial importance for distributors and
advertisers. The breadth and depth of our footprint allows us to
deliver content that engages and informs audiences, develop deeper
consumer relationships and create more compelling product
offerings. FOX maintains an impressive track record of news,
sports, and entertainment industry success that will shape our
strategy to capitalize on current strengths and invest in new
initiatives. For more information about Fox Corporation, please
visit www.FoxCorporation.com.
Nexstar Media Group, Inc. 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 Securities and Exchange Commission.
Cautionary Note Regarding Fox Corporation Forward Looking
Statements
This news release contains forward-looking statements and
information within the meaning of the Private Securities Litigation
Reform Act of 1995. Words such as “may,” “will,” “should,”
“likely,” “anticipates,” “expects,” “intends,” “plans,” “projects,”
“believes,” “estimates,” “outlook” and similar expressions are used
to identify these forward-looking statements. These statements are
based on management’s current expectations and beliefs and are
subject to uncertainty and changes in circumstances. Actual results
may vary materially from those expressed or implied by the
statements in this news release due to changes in economic,
business, competitive, technological, strategic and/or regulatory
factors and other factors affecting the operation of the business
of Fox Corporation. More detailed information about risk factors
affecting Fox Corporation is contained in the documents Fox
Corporation has filed with or furnished to the Securities and
Exchange Commission (the “SEC”), including its Annual Report on
Form 10-K and subsequent Quarterly Reports on Form 10-Q.
Investors are cautioned not to put undue reliance on forward
looking statements or information. Statements and information in
this news release speak only as of the date they were made, and Fox
Corporation does not undertake any duty to update or release any
revisions to any forward looking statement made in this news
release or to report any events or circumstances after the date of
this news release or to reflect the occurrence of unanticipated
events or to conform such statements and information to actual
results or changes in expectations, except as required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20190916005296/en/
Nexstar Media Group Thomas E. Carter EVP and Chief
Financial Officer Nexstar Media Group, Inc. 972-373-8800
Joseph Jaffoni, Jennifer Neuman JCIR 212-835-8500 or
nxst@jcir.com
Fox Corporation Megan Klein 310-369-1363 or
megan.klein@fox.com
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