Nexstar Broadcasting Enters into Definitive Agreement to Acquire KWBF-TV in Little Rock, AR

Nexstar Broadcasting Group, Inc. (Nasdaq: NXST) announced today that it entered into a definitive agreement to acquire the assets of KWBF-TV, the MyNetworkTV affiliate serving the Little Rock, Arkansas market for $4 million from Equity Broadcasting Corp. The proposed acquisition complements Nexstar’s existing Little Rock television station holdings where the Company operates KARK-TV, the local NBC affiliate in the market.

According to Nielsen Media’s 2008-2009 Local Market Estimates, Little Rock will be ranked as the 56th largest television market in the country in 2009. Upon completion of the acquisition Nexstar will own, operate, program or provide services to more than one station in 19 of the 29 markets where it operates. KWBF-TV will represent the 51st television station that Nexstar owns or for which it provides sales, programming and other services.

Commenting on the agreement, Nexstar Broadcasting Group President and CEO, Perry A. Sook said, "This transaction reflects Nexstar’s long-term strategy of identifying accretive acquisitions and prudently expanding our portfolio by operating multiple stations in concentrated geographic areas. Under Nexstar’s ownership, KWBF-TV will realize additional retransmission revenues and we’ll achieve operating and financial synergies between KARK-TV and KWBF-TV. Post-closing, our immediate strategies will focus on leveraging our existing local sales teams, award-winning local news and e-Media operations across both stations. On a pro-forma basis the purchase price represents a multiple of less than six times the last twelve months’ cash flow. As such, the acquisition is expected to be accretive to the company which will allow for further balance sheet de-leveraging.”

Nexstar intends to finance the acquisition through cash on hand. Pro-forma for the transaction, Nexstar is on track to end 2008 with a total leverage ratio of approximately 6.0x compared to its permitted leverage covenant of 6.50x at December 31, 2008.

The transaction, which is subject to FCC approval and other customary conditions, is expected to close in the first half of 2009.

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 8.2% of all U.S. television households.

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