Exhibit 99.1
FOR IMMEDIATE RELEASE
NEXSTAR BROADCASTING GROUP TO ACQUIRE QUORUM BROADCASTING
Irving, TX (September 12, 2003) Nexstar Broadcasting Group announced today that it has reached a definitive agreement to acquire Quorum Broadcasting. The purchase price was not disclosed. Quorum, based in Franklin, TN owns television stations in ten markets, and has local service agreements in four of its markets with stations owned by either Mission Broadcasting of Amarillo or VHR Broadcasting. Quorum has previously announced the sale of WTVW-TV Evansville, IN to GNS Media, which is expected to close in the fourth quarter of this year.
In commenting on the acquisition, Nexstar President and Chief Executive Officer Perry A. Sook said, “This is an important and strategic acquisition for our company. Pro-forma for the acquisition, Nexstar will own, operate or provide services to a total of 40 television stations in 25 markets. This deal is an exciting next step towards our goal of becoming the leading television station operator serving medium and smaller television markets. We will increase our presence in the states of New York, Indiana, Illinois, Missouri, Louisiana and Texas, adding to our existing operating clusters. We are eager to build on the existing foundation created by Dan Sullivan and his team.”
The transaction is subject to regulatory approval and is expected to close in the fourth quarter of this year. Nexstar Broadcasting Group is based in Irving, Texas and currently owns, operates and provides services to 25 television stations in 16 markets. A complete listing of the Company’s television operations, including the stations to be acquired, is attached.
For more information contact:
Perry A. Sook
President/CEO
or
Bob Thompson
Executive VP/CFO
(972) 373-8800
DMA | Market | Station Call Letters | Channel # | Affiliation | Status | |||||
8 | Washington, DC-Hagerstown, MD | WHAG-TV | 25 | NBC | Owned* | |||||
53 | Wilkes Barre-Scranton, PA | WBRE-TV WYOU-TV | 28 22 | NBC CBS | Owned SSA | |||||
56 | Little Rock-Pinebluff, AR | KARK-TV | 4 | NBC | Owned | |||||
73 | Springfield, MO | KOLR-TV KDEB-TV | 10 27 | CBS Fox | SSA & JSA* Owned* | |||||
77 | Rochester, NY | WROC-TV | 8 | CBS | Owned | |||||
81 | Shreveport, LA | KTAL-TV | 6 | NBC | Owned | |||||
82 | Champaign-Springfield-Decatur, IL | WCIA-TV WCFN-TV | 3 49 | CBC UPN | Owned Owned | |||||
104 | Ft. Wayne, IN | WFFT-TV | 55 | Fox | Owned* | |||||
117 | Peoria-Bloomington, IL | WMBD-TV WYZZ-TV | 31 43 | CBS Fox | Owned JOA | |||||
129 | Amarillo, TX | KAMR-TV KCIT-TV KCPN-LP | 4 14 65 | NBC Fox Ind. | Owned* SSA & JSA* SSA & JSA* | |||||
133 | Monroe, LA-El Dorado, AR | KARD-TV | 14 | Fox | Owned* | |||||
135 | Rockford, IL | WQRF-TV | 39 | Fox | Owned* | |||||
137 | Beaumont-Port Arthur, TX | KBTV-TV | 4 | NBC | Owned | |||||
142 | Wichita Falls, TX-Lawton, OK | KFDX-TV KJTL-TV KJBO-LP | 3 18 35 | NBC Fox UPN | Owned SSA & JSA SSA & JSA | |||||
143 | Erie, PA | WJET-TV WFXP-TV | 24 66 | ABC Fox | Owned TBA | |||||
145 | Joplin, MO-Pittsburgh, KS | KSNF-TV KODE-TV | 16 12 | NBC ABC | Owned SSA | |||||
146 | Terre Haute, IN | WTWO-TV WBAK-TV | 2 38 | NBC Fox | Owned SSA & JSA** | |||||
147 | Lubbock, TX | KLBK-TV KAMC-TV | 13 28 | CBS ABC | Owned* SSA & JSA* | |||||
158 | Odessa-Midland, TX | KMID-TV | 2 | ABC | Owned | |||||
163 | Abilene-Sweetwater, TX | KTAB-TV KRBC-TV | 32 9 | CBS NBC | Owned SSA | |||||
167 | Utica, NY | WFXV-TV WPNY-LP | 33 11 | Fox UPN | Owned* Owned* | |||||
170 | Billings, MT | KSVI-TV KHMT-TV | 6 4 | ABC Fox | Owned* TBA* | |||||
171 | Dothan, AL | WDHN-TV | 18 | ABC | Owned | |||||
193 | St. Joseph, MO | KQTV-TV | 2 | ABC | Owned | |||||
196 | San Angelo, TX | KACB-TV | 3 | NBC | SSA | |||||
* Acquisition pending by Nexstar or Mission from Quorum Broadcasting, Mission of Amarillo and VHR Broadcasting
** Acquisition pending by Mission from Bahakel Communications