Nexstar Media Group Announces Strategic Operational Realignment to Leverage Value of Proprietary Local Content Across Multiple Platforms
Nexstar Media Group, Inc. (NASDAQ: NXST) (“Nexstar ” or the “Company”) announced today that effective November 1, 2020 it will combine its two primary operating subsidiaries, merging Nexstar Digital LLC, and Nexstar Broadcasting, Inc. creating a new single operating subsidiary. As part of the corporate streamlining, Nexstar Broadcasting, Inc. will be renamed Nexstar Inc. The new operational structure will align the Company’s national leadership in local content production with management teams that are broadcasting and digital subject matter experts to maximize the value of Nexstar’s content, national reach and significant consumer digital usage across multiple platforms. Nexstar expects a mid-seven figure expense savings in 2021 as a result of the synergies, efficiencies, and streamlined reporting structure resulting from this realignment.
Nexstar Media Group’s three primary businesses – broadcasting, networks and digital – will now be operating divisions under the Nexstar Inc. umbrella. The digital business unit will be led by Karen Brophy who will assume the role of President, Digital with responsibility for Nexstar’s 121 local websites, programmatic, data science, social media, group sales and partnerships as well as the ongoing streamlining of the Company’s ad tech stack to better align Nexstar with today’s digital environment. Karen Brophy brings to her new role more than 20 years of product and business operations experience, including more than 15 years working with leading media and entertainment corporations. Before joining Nexstar in 2018, she served as Senior Vice President of Strategy and Operations at Hearst Newspapers where she led key initiatives in video, audience development and business operations. Prior to that, she spent seven years as Vice President of Digital Product at Hearst where she led consumer product, engineering, content strategy and revenue partnerships. She has been a leader in the consumer product sector with prior roles at Yahoo!, Tribune, Spin Media and the New York Times. Ms. Brophy also has extensive experience developing enterprise level digital publishing platforms for major media companies such as The Financial Times and Time Inc. Timothy C. Busch will serve as President, Broadcasting overseeing the Company’s 197 television stations and related digital multicast signals which reach 115 markets or nearly 39% of all U.S. television households and Sean Compton will serve as President, Networks overseeing WGN America, AntennaTV, and WGN Radio.