Responsibilities Expanded to Accelerate Nexstar’s Transformation Into a Next Generation, Multi-Media Company
IRVING, Texas – Nexstar Media Group, Inc. (Nasdaq: NXST) (the “Company”) (Nasdaq: NXST), announced today that its Board of Directors has extended the employment agreement of Executive Vice President Business Development and Chief Revenue Officer, Thomas M. O’Brien, through October 31, 2021. Mr. O’Brien will continue to report to Perry Sook, Chairman, President and Chief Executive Officer and the contract extension supersedes Mr. O’Brien’s prior employment agreement, which was to conclude in October 2018.
Since joining the Company as Chief Revenue Officer in November 2013, Mr. O’Brien has developed and implemented Nexstar’s comprehensive multi-screen strategy, led the Company’s business development and digital investment activity to capitalize on emerging market trends, catalyzed multi-platform audience and revenue opportunities and significantly expanded its overall digital business portfolio, leading to 9-fold growth in the Company’s digital revenue during his tenure.
Commenting on the agreement, Perry A. Sook, Chairman, President and Chief Executive Officer of Nexstar Media Group stated, “For nearly 21 years, Nexstar has been an industry innovator and pioneer in the development of diversified revenue streams as well as new services and products for our viewers and advertisers. Tom’s extensive broadcast experience and digital background has been a great fit with our operations and culture and has enabled us to rapidly expand our digital revenue streams, establishing Nexstar as one of the nation’s largest multi-platform local media companies. In addition, he has capably led our broadcast and digital teams to be at the forefront of the industry in creating new multi-screen business models while engineering accretive digital growth transactions. Tom’s extensive TV and digital experience and deep understanding of the complexities of the dynamic and converging broadcast and digital marketplaces provides us with unique perspectives on how we will continue to develop new business models and go-to-market strategies that will further extend Nexstar’s record of profitable growth. We are grateful for Tom’s value-building contributions and look forward to the continued benefit of his vision and commitment to the Company’s viewers, advertising clients and shareholders.
“With his successes to date, Tom’s responsibilities have been expanded to now include the development and execution of strategies and business opportunities to accelerate Nexstar Media Group’s transformation into a next generation, multi-media company. He will also focus on positioning Nexstar to further capitalize on the convergence of broadcast and digital media in areas such as automated buying/selling, data science, expansion of the Company’s digital products, monetizing OTT distribution opportunities and ATSC 3.0, including Nexstar’s recently announced consortium with Sinclair Broadcast Group that is promoting spectrum aggregation, innovation and monetization while strengthening our ability to compete in the wireless data transmission sector.”
Prior to joining Nexstar, Mr. O’Brien was an NBC senior executive for 14 years, last serving as Executive Vice President and Chief Revenue Officer for CNBC. He also spent 12 years as a President and General Manager in the NBC Television Stations Division and was appointed President and General Manager of NBC’s flagship television station, WNBC, in 2008. At WNBC, he was accountable for all of NBC’s Local Media properties in New York including: WNBC; NBCNewYork.com; NBC’s local digital/cable channel; and various out-of-home platforms. Before moving to New York, O’Brien was the President and GM of NBC’s KXAS in Dallas/Ft. Worth from 2001-2008. Tom was recognized with an Emmy Award for Overall Station Excellence in 2008 and an AWRT Award of Excellence for TV/Cable General Management in 2006. Earlier in his career with NBC, O’Brien served as President and GM of WVIT in Connecticut, where he led the station to become the market leader in news, revenue and profitability. Before joining NBC in 1997, O’Brien spent 9 years with Viacom Broadcasting, where he served in several sales management roles. He started his career on the production side of the business, working in various production positions at Capital Cities Communications, CBS Sports and ESPN.
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.
Thomas E. Carter
Chief Financial Officer
Nexstar Broadcasting Group, Inc.
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