Nexstar Media Group Announces Strategic Operational Realignment to Leverage Value of Proprietary Local Content Across Multiple Platforms - Seite 2

Karen Brophy, Tim Busch and Sean Compton and will report directly to Nexstar Media Group President, Chief Operating Officer and Chief Financial Officer, Thomas E. Carter. Following a transition period, Gregory R. Raifman, who currently serves as President of Nexstar Digital LLC, will leave the Company at the conclusion of his contract on March 31, 2021.

Thomas Carter commented, “The operational realignment we are announcing today will accelerate Nexstar’s growth by leveraging our leading local content and positioning the Company to become an even more nimble and competitive organization, thereby creating new value for shareholders. Tim, Sean and Karen are proven, experienced members of the Nexstar Nation and are ideally suited to lead our deep and capable operations, broadcast, content and digital teams. In addition to realizing operating expense efficiencies, by centralizing operations into a single primary operating entity, we will strengthen our focus on distributing the content consumers want most, delivered the way they prefer to consume it, which we believe will drive near- and long-term operating results improvements.

“We completed the highly accretive acquisition of Tribune Media a year ago and quickly and efficiently integrated their assets, resulting in first year operating synergies exceeding $185 million. At the same time, we converted the Tribune enterprise to Nexstar’s operating, sales and other protocols and successfully and cost-effectively launched News Nation on WGN America. As a result, we are leveraging our industry leading scale, diversified business model and solid operating execution to deliver record 2020 financial results as we dynamically manage the business to offset the impacts of the pandemic, reduce leverage and return capital to shareholders through quarterly cash dividends and share repurchases. Our decision to reorganize the business’ operating structure at this time reflects our view that there remains tremendous upside to be realized by maximizing the value of our assets, content and strong consumer engagement with our digital properties. Through a more streamlined operating and reporting structure as well as a more efficient support structure, we will better monetize our content and broadcast and digital usage while continuing to invest in our business and improve service to viewers and advertisers, all while driving a mid-seven figure expense savings in 2021. In addition, the merger of Nexstar Digital LLC into Nexstar Inc. is estimated to increase the restricted payment capacity under the two outstanding Nexstar Inc. bond issues by approximately $150 million, thereby allowing for more aggressive activity under our recently expanded repurchase authorization and other initiatives to enhance shareholder value.”