Appointment Follows Completion of Nexstar’s Previously Announced Accretive Acquisition of Four CBS-Affiliated Television Stations Serving the Minot-Bismarck-Dickinson-Williston Market for $44 Million
BISMARCK, MINOT, DICKINSON and WILLISTON, North Dakota and IRVING, Texas – Nexstar Broadcasting Group, Inc. (Nasdaq: NXST) announced today that Robert (“Bob”) Romine has been appointed Vice President and General Manager of KXMB-TV, KXMC-TV, KXMA-TV and KXMD-TV, the CBS affiliates serving the Bismarck-Minot-Dickinson (Williston), ND market (DMA #139) and the stations’ associated digital operations.
The appointment follows Nexstar’s completion today of the previously announced acquisition of the stations for $44.0 million from Reiten Television, Inc. (“Reiten”), in a transaction that is expected to be immediately accretive to Nexstar. Mr. Romine will assume his new responsibilities immediately and report to Julie Pruett, Senior Vice President of Nexstar Broadcasting.
An accomplished industry executive with over 35 years of local broadcasting experience, Bob Romine is returning to KXMB-TV in Bismarck, ND where he began his broadcasting career at Reiten Television, Inc. in 1979. During his seventeen-year tenure at KXMB-TV, he ascended to positions of increased responsibility, serving as an Account Executive and later as Local Sales Manager before being promoted to General Manager of the station in 1992. As General Manager, he was also responsible for overseeing all regional sales efforts for the Reiten stations in Western North Dakota. Importantly, he was instrumental in establishing local partnerships and creating non-traditional revenue streams through local news and sports programming origination.
In 1996, Mr. Romine joined Benedek Broadcasting Group as General Sales Manager of KHQA-TV (CBS) in Quincy, IL where he oversaw the buildout of its first digital facility and the launch of a satellite studio. Based on his success as General Sales Manager, in 2001, he was promoted to VP and General Manager of Benedek’s ABC affiliate WYTV-TV serving the Youngstown, OH market.
Prior to joining Nexstar, Mr. Romine was with Media General for thirteen years, where he served as VP and General Manager for WJTV-TV (CW) for six years before being appointed to Group Leader of its Jackson / Mobile region in 2009, where he oversaw the operations of WJTV-TV, WHLT-TV and WKRG-TV. During his tenure, he was selected to assist in the development and to lead the reorganization of the Media General’s small- to mid-sized broadcast markets. Through a combination of broadcast/ digital revenue maximization strategies and cost reduction measures, the realignment successfully supported station profitability during one of the most challenging periods ever in the U.S. economy. In 2011, he was promoted to Group Leader, President and General Manager of Media General’s WSPA-TV (CBS) and WYCW-TV (CW) in the Greenville-Spartanburg-Ashville-Anderson market (DMA #37) where he achieved revenue growth for three consecutive years.
Commenting on the appointment, Julie Pruett stated, “We are excited to have Bob join the Nexstar team, as he brings a comprehensive background in local news production, digital services, new business development, inventory control and regional sales to his new role. His impressive broadcast television and sales management career spans over 35 years, including 17 years serving the Bismarck-Minot-Dickinson (Williston) market. A well-respected leader, he brings a results-oriented approach to the business of broadcasting and has led high-achieving, deeply engaged sales teams that have established enduring partnerships with local advertisers, businesses and community organizations.
“Bob also has a proven record of improving customer retention and viewer interaction with broadcast and digital platforms and exceeding economic goals. He has consistently demonstrated his strong local community commitment by elevating the level of service at the stations he has managed through the creation and expansion of leading local news programming and community-focused content, as well as digital and mobile service offerings. Localism is our top priority at Nexstar and with Bob’s extensive experience and dedication to the local communities he serves, we are confident in his ability to provide effective leadership to our Western North Dakota operations. We look forward to his contributions as we continue to enhance the effectiveness and value of our broadcast, digital and mobile services to local viewers and advertisers.”
Commenting on his new role, Bob Romine stated, “Nexstar’s long-term success reflects its core commitment to the viewers and advertisers it serves and I am thrilled to return to North Dakota, the market where I began my career. In my new role, I will utilize the management experience and deep community relationships built over my career to further strengthen our Western North Dakota television and digital operations as leading providers of the most compelling local news content and entertainment programming in the market. I look forward to taking on this new opportunity and working with the exceptional team of broadcasters at KXMB-TV, KXMC-TV, KXMA-TV and KXMD-TV as we continue build upon the foundation of our client service excellence across our multi-distribution marketing solutions platform.”
Mr. Romine studied Mass Communications at Minot University. He has been actively involved with the local community and non-profit organizations throughout his career and currently serves as President of South Carolina Broadcasters Association and is a Board Member of Ten at the Top, an economic development group consisting of ten counties in Northwest South Carolina. He also previously served as the President of the Mississippi Broadcasters Association and the President of the Blair E. Batson Friends of Children’s Hospital Board of Directors.
About Nexstar Broadcasting Group, Inc.
Nexstar Broadcasting 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 103 television stations and 54 low power and digital multicast signals reaching 62 markets or approximately 18.0% of all U.S. television households. Nexstar’s portfolio includes primary affiliates of NBC, CBS, ABC, FOX, MyNetworkTV and The CW and multicast affiliates of Telemundo, Bounce TV, Me-TV, LATV, Estrella, This TV, Weather Nation Utah, Movies! and News/Weather. 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.
Pro-forma for the completion of all announced transactions Nexstar will own, operate, program or provide sales and other services to 171 television stations and their related low power and digital multicast signals reaching 100 markets or approximately 39% of all U.S. television households. For more information please visit www.nexstar.tv.
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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