IRVING, Texas – Nexstar Media Group, Inc. (Nasdaq: NXST) (the “Company”) today applauded the Federal Communications Commission’s (“FCC”) publication of a draft proposed rulemaking to modernize local media ownership rules to reflect the realities of the evolving media marketplace, while supporting greater public service to local communities.
Perry A. Sook, Chairman, President and Chief Executive Officer of Nexstar Media Group, Inc. stated, “For over two decades, Nexstar has endorsed an organization-wide commitment to uphold the FCC mandate and public interest principles of diversity and localism through the delivery of exceptional local programming and community service. With outdated cross-ownership rules that were imposed in the mid-1970s, giants in national telecom, cable and internet have rapidly consolidated and a proliferation of new video and media offerings for consumers has emerged. During this period, local broadcasters and local media businesses endured significant regulatory impediments to compete and innovate.
“We share Chairman Pai’s view that change is needed to enable local broadcasters to fully compete in today’s marketplace. The FCC’s proposed rulemaking takes an important step forward in re-writing outdated local media ownership rules and modernizing regulations to allow the local broadcast industry to compete on equal footing. We believe these proposed actions will encourage new investment to support job creation, increased local programming production and greater public service.
“Local news programming is an important public service we provide to local communities and now more than ever, viewers rely on their local broadcast stations to deliver credible, balanced, and timely information. Unfortunately, current regulations and standards disproportionately apply regulatory burdens on the broadcast industry that are not enforced on newer competitors, many of whom have failed to uphold the most basic standards of information authentication and integrity critical to serving public interests.
“We are grateful that FCC Chairman Pai acknowledges the vital importance of modernizing local media ownership rules to reflect the current competitive landscape in a manner that strikes the appropriate balance between promoting the free market principle of competition and the public interest principle of diversity in media ownership. Giving our industry a level playing field to compete with media industry giants will allow local broadcasters to compete more effectively in the modern media landscape while creating efficiencies so we can make additional investments in localized programming content, our people, news resources and reporting capabilities.”
About Nexstar Media Group, Inc.
Nexstar Media Group is a leading diversified media company that leverages localism to bring new services and value to consumers and advertisers through its traditional media, digital and mobile media platforms. Nexstar owns, operates, programs or provides sales and other services to 170 television stations and related digital multicast signals reaching 100 markets or approximately 39% of all U.S. television households. Nexstar’s portfolio includes primary affiliates of NBC, CBS, ABC, FOX, MyNetworkTV and The CW. Nexstar’s community portal websites offer additional hyper-local content and verticals for consumers and advertisers, allowing audiences to choose where, when and how they access content while creating new revenue opportunities. For more information please visit www.nexstar.tv.
This communication 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, Nexstar 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 communication, concerning, among other things, future financial performance, including 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, the ability to service and refinance our outstanding debt, successful integration of acquired television stations and digital businesses (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, volatility in programming costs, the effects of governmental regulation of broadcasting, industry consolidation, technological developments and major world news events. Nexstar undertakes 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 communication 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 Nexstar’s other filings with the SEC.
Executive Vice President and General Counsel
Nexstar Media Group, Inc.
Joseph Jaffoni, Jennifer Neuman
212/835-8500 or email@example.com