Key Developments For Nexstar Broadcasting Group, Inc.
Nexstar Broadcasting Group, Inc. (NXST.O) (Consolidated Issue listed on NASDAQ Global Market)
Nexstar Broadcasting Group, Inc. Names Thomas Carter Chief Financial Officer
Nexstar Broadcasting Group, Inc. announced that Thomas E. Carter, has been named Chief Financial Officer (CFO), effective August 3, 2009. Mr. Carter will assume the CFO position from Shirley E. Green, who has served as Company`s Interim CFO since May 11, and who will continue as Company's Vice President, Controller and Secretary.
Nexstar Broadcasting Group, Inc. Announces Resignation Of Matthew E. Devine As CFO
Nexstar Broadcasting Group, Inc. announced that effective immediately Matthew E. Devine, Executive Vice President and Chief Financial Officer (CFO), has resigned to pursue other opportunities. Shirley E. Green, the Company's Vice President, Controller and Secretary, will serve as the Company's Interim CFO.
Nexstar Broadcasting Group, Inc. Completes Acquisition of WCWJ-TV, the CW Affiliate, in Jacksonville, Florida
Nexstar Broadcasting Group, Inc. announced that it completed the previously announced purchase of the assets of WCWJ-TV, the CW affiliate serving the Jacksonville, Florida market, from Media General, Inc. This acquisition marks Nexstar`s entrée into the State of Florida and will represent the 63rd television station that the Company owns or for which it provides sales, programming or other services. The terms of the acquisition were not disclosed.
Nexstar Broadcasting Group, Inc. Enters Into Agreement To Manage Television Operations of Four Points Media Group
Nexstar Broadcasting Group, Inc. announced that it has entered into an agreement with Four Points Media Group LLC (Four Points), owned by an affiliate of Cerberus Capital Management, L.P., whereby Nexstar will provide management services for Four Points' seven television stations located in four markets. Under the terms of the agreement, Nexstar will receive a fixed annual management fee of $2 million per year, as well as annual incentive compensation based on increases of the broadcast cash flow of Four Points' stations. Nexstar will also be entitled to a share of the equity profits if the stations are sold while the agreement is in effect. The agreement provides for minimum compensation to Nexstar of $10 million if the Four Points stations are sold during the initial three year term of the agreement.
Nexstar Broadcasting Group, Inc.'s Nexstar Broadcasting, Inc. Announces Early Results And Satisfaction of Minimum Condition of Exchange Offer
Nexstar Broadcasting, Inc. (Nexstar Broadcasting), an indirect subsidiary of Nexstar Broadcasting Group, Inc. announced early results of its offer to exchange up to $143,600,000 aggregate principal amount of its outstanding $191,510,000 in aggregate principal amount of 7% Senior Subordinated Notes due 2014 (CUSIP No. 65336YAB9) (the Old Notes) for (i) up to $143,600,000 in aggregate principal amount of Nexstar Broadcasting's 7% Senior Subordinated PIK Notes due 2014 (the New Notes), to be guaranteed by each of the existing guarantors to the Old Notes, and (ii) cash. Based on information provided by the exchange agent to Nexstar Broadcasting, Inc., as of 5:00 p.m., New York City time, on March 10, 2009, approximately $186,756,000 principal amount of Old Notes have been validly tendered for exchange. These tendered Old Notes may not be withdrawn. The amount of outstanding Old Notes validly tendered and not validly withdrawn as of 5:00 p.m., New York City time, on March 10, 2009, exceeded $114,900,000, the minimum condition of the exchange offer. The aggregate principal amount of Old Notes tendered in the exchange offer in excess of $143,600,000 is subject to reduction on a pro rata basis among all tendering holders. The exchange offer will expire at 12:00 midnight, New York City time, on March 26, 2009, unless extended or terminated.
