Nexstar Media Releases Statement on FCC Ruling Regarding Its Relationship With WPIX-TV

Rhea-AI Summary

Nexstar Media Group, Inc. (NXST) Chairman and CEO Perry Sook issues a statement, highlighting the company's strong financial performance and strategic initiatives.

IRVING, Texas--(BUSINESS WIRE)-- Nexstar Media Group, Inc. (Nasdaq: NXST), today released the following statement from its Chairman and Chief Executive Officer, Perry Sook, about the FCC’s action regarding the Company’s relationship with WPIX-TV in New York City:

“We are extremely disappointed in today’s action by the Federal Communication Commission regarding our relationship with WPIX-TV and we intend to dispute it vigorously. We believe the FCC has been misled by the often distracting noise in the media ecosphere and that it has completely misjudged the facts. The facts are that Nexstar has always complied with FCC regulations and that its relationship with WPIX-TV under a Local Marketing Agreement (LMA) was approved by the FCC in 2020, when WPIX-TV was purchased by Mission Broadcasting, Inc. Nexstar believes that joint operating, shared service, and local marketing agreements like those in which it is engaged are vitally important to maintain a competitive media marketplace and to enable broadcasters to continue investing in local news, investigative journalism, and other services that they uniquely provide to the communities in which they are located.”

About Nexstar Media Group, Inc.
Nexstar Media Group, Inc. (NASDAQ: NXST) is a leading diversified media company that produces and distributes engaging local and national news, sports and entertainment content across its television and digital platforms, including more than 310,000 hours of programming produced annually by its business units. Nexstar owns America’s largest local television broadcasting group comprised of top network affiliates, with over 200 owned or partner stations in 117 U.S. markets reaching 220 million people. Nexstar’s national television properties include The CW, America’s fifth major broadcast network, NewsNation, America’s fastest-growing national cable news network, popular entertainment multicast networks Antenna TV and Rewind TV, and a 31.3% ownership stake in TV Food Network. The Company’s portfolio of digital assets, including its local TV station websites, The Hill and NewsNationNow.com, are collectively a Top 10 U.S. digital news and information property. For more information, please visit nexstar.tv.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240321028040/en/

Media:

Gary Weitman

EVP & Chief Communication Officer

Nexstar Media Group, Inc.

972/373-8800 or gweitman@nexstar.tv

Investors:

Joseph Jaffoni or Jennifer Neuman

JCIR, Inc.

212/835-8500 or nxst@jcir.com

Source: Nexstar Media Group, Inc.

FAQ

What is the ticker symbol for Nexstar Media Group, Inc.?

The ticker symbol for Nexstar Media Group, Inc. is NXST.

Who issued the statement highlighted in the press release?

The statement was issued by Perry Sook, the Chairman and CEO of Nexstar Media Group, Inc.

What key points were emphasized in the statement by Perry Sook?

Perry Sook highlighted the strong financial performance and strategic initiatives of Nexstar Media Group, Inc.

What exchange is Nexstar Media Group, Inc. listed on?

Nexstar Media Group, Inc. is listed on the Nasdaq stock exchange with the ticker symbol NXST.

What role does Perry Sook hold at Nexstar Media Group, Inc.?

Perry Sook is the Chairman and CEO of Nexstar Media Group, Inc.