Nexstar Broadcasting Group Reports Record Second Quarter Results

- Income from Operations Rises 20.9%; Net Income of $3.9 Million
or $0.14 Per Share -

- Broadcast Cash Flow and EBITDA Exceed Guidance -
IRVING, Texas--(Business Wire)--
Nexstar Broadcasting Group, Inc. (NASDAQ: NXST) today reported
record financial results for the second quarter ended June 30, 2008.

Summary 2008 Second Quarter Highlights:

Net revenue for the quarter ended June 30, 2008 grew 2.9% to $70.7
million compared to $68.7 million in the second quarter of 2007.

Income from operations rose 20.9% to $16.2 million for the three
months ended June 30, 2008, compared with $13.4 million in the quarter
ended June 30, 2007.

Broadcast cash flow increased 6.7% to $28.6 million in the second
quarter of 2008 compared with $26.8 million for the same period in
2007. Second quarter 2008 EBITDA grew 5.9% to $25.0 million up from
$23.6 million in the second quarter of 2007. Free cash flow increased
15.6% to $11.1 million in the quarter ended June 30, 2008, compared
with $9.6 million in the comparable period of 2007.

CEO Comment

Perry A. Sook, Chairman, President and Chief Executive Officer of
Nexstar Broadcasting Group, Inc., commented, "Nexstar's record second
quarter operating results highlight strong year-over-year increases in
political, eMedia and retransmission consent revenues which more than
offset the softness in spot revenue and the erosion of network comp.
Second quarter 2008 net revenue of $70.7 million included
approximately $3.1 million of net political advertising revenue up
from $68.7 million of net revenue in last year's second quarter, which
included approximately $1.0 million of net political ad revenue. In
addition, our corporate and station level personnel are exercising
disciplined expense management thereby offsetting the impact of soft
national and local economies.

"Second quarter 2008 retransmission consent revenue grew 14% from
year-ago levels to $4.8 million while eMedia revenue rose nearly
three-fold to $2.6 million. For the full year, these digital
high-margin revenue streams are expected to account for approximately
$30.0 million of total revenue.

"Throughout 2008 we'll apply the Company's free cash to complete
our digital television cap ex program and to reduce debt. We view our
projected 2008 digital television cap ex spending of approximately $30
million as one-time in nature so 2009 free cash flow will benefit
materially from the conclusion of the program. We believe Nexstar is
on track to end 2008 with a total debt leverage ratio of approximately
5.5x -- the lowest debt leverage ratio in the Company's history --
compared to its permitted leverage covenant of 6.50x at December 31,
2008."

Outstanding Debt

The Company's total net debt at June 30, 2008 was $655.6 million,
compared to $665.0 million at December 31, 2007. The total net debt
consists of $354.9 million of bank debt, $198.2 million of senior
subordinated 7% notes, $35.0 million of senior subordinated 12% PIK
notes and $83.1 million of 11.375% senior discount notes, less cash on
hand of $15.6 million.

As defined in the Company's credit agreement, consolidated total
net debt was $621.2 million at June 30, 2008. The Company's total
leverage ratio at June 30, 2008 was 6.67x compared to a permitted
leverage covenant of 6.75x.

Total interest expense in the second quarter of 2008 was $10.8
million, compared to $13.8 million for the same period in 2007. Cash
interest expense for the second quarter of 2008 was $10.5 million,
compared to $10.1 million for the same period in 2007.

On April 1, 2008, Nexstar redeemed a principal amount of
approximately $46.9 million of 11.375% notes outstanding sufficient to
ensure that the 11.375% notes would not be "applicable high yield
discount obligations" within the meaning of Section 163(i)(1) of the
Internal Revenue Code. This principal payment was funded with cash
generated from operations and from borrowings under its senior secured
credit facility.

Summary 2008 Third Quarter Outlook

Nexstar today issued the outlook below for the three-month period
ending September 30, 2008.

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----------------------------------------------------------------------
(in millions) Three Months Ended
September 30,
----------------------------------------------------------------------
2008 2007 Approximate
Estimate Actual Change
----------------------------------------------------------------------
Net Revenue $70.5 - $72.0 $64.5 9.3% - 11.6%
----------------------------------------------------------------------
Station Operating Expenses $43.0 - $44.0 $41.7 3.1% - 5.5%
----------------------------------------------------------------------
Corporate Overhead $3.3 - $3.5 $3.1 6.5% - 12.9%
----------------------------------------------------------------------
*T

Net revenue is comprised of gross local, national and political
advertising revenue, revenue related to retransmission agreements,
eMedia, trade and barter revenue, and other sources of revenue, less
agency commissions.

Station operating expenses include the direct expenses, trade and
barter expense and program amortization costs associated with the
operation of the Company's television stations.

The Company's financial outlook for the quarter ending September
30, 2008 is subject to, and could be affected by: economic
developments, regulatory developments, the timing of any investments,
dispositions or other transactions, and major news events, among other
circumstances. Reference is made to the "Safe Harbor" statement
regarding forward-looking comments at the end of this press release.
While the Company may, from time to time, issue updated guidance, it
assumes no obligation to do so.

Second Quarter Conference Call

Nexstar will host a conference call at 10:30 a.m. EDT today.
Senior management will discuss the financial results and host a
question and answer session. A live audio webcast of the call will be
accessible to the public on Nexstar's web site, www.nexstar.tv. A
recording of the webcast will subsequently be archived on the site.
The dial in number for the audio conference call is 212/231-2902
(303/223-0120 for international callers); no access code is needed. A
replay of the call will be available through August 10, 2008 by
dialing 402/977-9140 (416/626-4100 for International callers) and
entering access code 21389265

Definitions and Disclosures Regarding non-GAAP Financial
Information

Broadcast cash flow is calculated as income from operations plus
corporate expenses, plus non-cash contract termination fees,
depreciation, amortization of intangible assets and broadcast rights
(excluding barter), loss (gain) on asset exchange and loss (gain) on
asset disposal, net, minus broadcast rights payments.

EBITDA is calculated as broadcast cash flow less corporate
expenses.

Free cash flow is calculated as income from operations plus
depreciation, amortization of intangible assets and broadcast rights
(excluding barter), loss (gain) on asset exchange, loss (gain) on
asset disposal, net, non-cash stock option expense and non-cash
contract termination fees, less payments for broadcast rights, cash
interest expense, capital expenditures and net cash income taxes.

Total net debt is calculated as total outstanding debt less cash
on hand.

Broadcast cash flow, EBITDA, free cash flow and net debt results
are non-GAAP financial measures. Nexstar believes the presentation of
these non-GAAP measures are useful to investors because they are used
by lenders to measure the Company's ability to service debt; by
industry analysts to determine the market value of stations and their
operating performance; by management to identify the cash available to
service debt, make strategic acquisitions and investments, maintain
capital assets and fund ongoing operations and working capital needs;
and, because they reflect the most up-to-date operating results of the
stations inclusive of pending acquisitions, TBAs or LMAs. Management
believes they also provide an additional basis from which investors
can establish forecasts and valuations for the Company's business. For
a reconciliation of these non-GAAP financial measurements to the GAAP
financial results cited in this news announcement, please see the
supplemental tables at the end of this release.

About Nexstar Broadcasting Group, Inc.

Nexstar Broadcasting Group currently owns, operates, programs or
provides sales and other services to 50 television stations in 29
markets in the states of Illinois, Indiana, Maryland, Missouri,
Montana, Texas, Pennsylvania, Louisiana, Arkansas, Alabama and New
York. Nexstar's television station group includes affiliates of NBC,
CBS, ABC, FOX, MyNetworkTV and The CW and reaches approximately 8.25%
of all U.S. television households.

Forward-Looking Statements

This news 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, the Company 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 news release, concerning, among other
things, 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, our ability to service and refinance our
outstanding debt, successful integration of acquired television
stations (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 served by the Company, volatility in programming costs, the
effects of governmental regulation of broadcasting, industry
consolidation, technological developments and major world news events.
Unless required by law, we undertake 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 news 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 our filings with the Securities and Exchange
Commission.

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Nexstar Broadcasting Group, Inc.
Condensed Consolidated Statements of Operations
(in thousands, except per share amounts)

Three Months Ended Six Months Ended
June 30, June 30,
------------------- -------------------
2008 2007 2008 2007
--------- --------- --------- ---------
(Unaudited) (Unaudited)
Net revenue (1) $70,747 $68,729 $134,459 $130,783
--------- --------- --------- ---------

Operating expenses:
Station direct
operating expenses,
net of trade
(exclusive of
depreciation and
amortization shown
separately below) 17,583 16,915 35,659 33,763
Selling, general, and
administrative
expenses (exclusive of
depreciation and
amortization shown
separately below) 18,151 18,612 35,813 35,864
Non-cash contract
termination fee (2) - - 7,167 -
Loss (gain) on asset
exchange (2,742) (1,035) (3,592) (1,035)
Loss (gain) on asset
disposal, net (205) (242) (170) (90)
Trade and barter
expense 4,449 4,426 8,958 9,364
Corporate expenses 3,588 3,175 6,811 6,221
Amortization of
broadcast rights,
excluding barter 2,057 1,966 4,303 4,228
Amortization of
intangible assets 6,383 6,467 12,755 12,932
Depreciation 5,314 5,024 10,647 10,012
--------- --------- --------- ---------

Total
operating
expenses 54,578 55,308 118,351 111,259
--------- --------- --------- ---------

Income from operations 16,169 13,421 16,108 19,524
Interest expense, including
amortization of debt financing
costs (10,806) (13,771) (24,795) (27,491)
Interest / other income 151 145 552 261
--------- --------- --------- ---------

Income (loss) before income
taxes 5,514 (205) (8,135) (7,706)
Income tax expense (1,634) (1,086) (3,313) (2,618)
--------- --------- --------- ---------

Net income (loss) $ 3,880 $ (1,291) $(11,448) $(10,324)
========= ========= ========= =========

Basic and diluted net income
(loss) per share $ 0.14 $ (0.05) $ (0.40) $ (0.36)
Basic and diluted weighted
average number of shares
outstanding 28,422 28,402 28,420 28,397
*T

(1) Includes total retransmission consent compensation and
retransmission advertising of approximately $4.8 million and $4.2
million for the three months ended June 30, 2008 and 2007,
respectively, and $9.4 million and $8.1 million for the six months
ended June 30, 2008 and 2007, respectively.

(2) In the six months ended June 30, 2008 the Company recorded a
one-time, pre-tax, non-cash charge of $7.2 million related to a
contract termination.

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Nexstar Broadcasting Group, Inc.
Reconciliation Between Actual Consolidated Statements of Operations
and Broadcast Cash Flow and EBITDA (Non-GAAP Measures)
(in thousands)

Three Months Six Months Ended
Ended June 30,
June 30,
----------------- -----------------
2008 2007 2008 2007
-------- -------- -------- --------
(Unaudited) (Unaudited)

Income from operations $16,169 $13,421 $16,108 $19,524
Add:
Depreciation 5,314 5,024 10,647 10,012
Amortization of intangible
assets 6,383 6,467 12,755 12,932
Amortization of broadcast
rights, excluding barter 2,057 1,966 4,303 4,228
Non-cash contract termination
fee - - 7,167 -
Loss (gain) on asset exchange (2,742) (1,035) (3,592) (1,035)
Loss (gain) on asset disposal,
net (205) (242) (170) (90)
Corporate expenses 3,588 3,175 6,811 6,221

Less:
Payments for broadcast rights 1,987 2,007 4,128 4,261
-------- -------- -------- --------

Broadcast cash flow $28,577 $26,769 $49,901 $47,531

Less:
Corporate expenses 3,588 3,175 6,811 6,221
-------- -------- -------- --------
EBITDA $24,989 $23,594 $43,090 $41,310
======== ======== ======== ========
*T

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Nexstar Broadcasting Group, Inc.
Reconciliation Between Actual Consolidated Statements of Operations
and Free Cash Flow (Non-GAAP Measure)
(in thousands)

Three Months Six Months Ended
Ended June 30,
June 30,
----------------- -----------------
2008 2007 2008 2007
-------- -------- -------- --------
(Unaudited) (Unaudited)

Income from operations $16,169 $13,421 $16,108 $19,524
Add:
Depreciation 5,314 5,024 10,647 10,012
Amortization of intangible
assets 6,383 6,467 12,755 12,932
Amortization of broadcast
rights, excluding barter 2,057 1,966 4,303 4,228
Non-cash contract termination
fee - - 7,167 -
Loss (gain) on asset exchange (2,742) (1,035) (3,592) (1,035)
Loss (gain) on asset disposal,
net (205) (242) (170) (90)
Non-cash stock option expense 644 471 1,291 942

Less:
Payments for broadcast rights 1,987 2,007 4,128 4,261
Cash interest expense 10,475 10,135 20,591 20,473
Capital expenditures 3,882 4,246 8,128 10,104
Cash income taxes, net of refunds 134 51 178 51
-------- -------- -------- --------

Free Cash Flow $11,142 $ 9,633 $15,484 $11,624
======== ======== ======== ========
*T

Nexstar Broadcasting Group, Inc.
Matthew E. Devine, 972-373-8800
Chief Financial Officer
OR
Jaffoni & Collins Incorporated
Joseph Jaffoni/Ratula Roy, 212-835-8500
nxst@jcir.com

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