Nexstar Media Group Stations(1)
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Nexstar Media Group Stations(1) Full Full Full Market Power Primary Market Power Primary Market Power Primary Rank Market Stations Affiliation Rank Market Stations Affiliation Rank Market Stations Affiliation 2 Los Angeles, CA KTLA The CW 57 Mobile, AL WKRG CBS 111 Springfield, MA WWLP NBC 3 Chicago, IL WGN Independent WFNA The CW 112 Lansing, MI WLAJ ABC 4 Philadelphia, PA WPHL MNTV 59 Albany, NY WTEN ABC WLNS CBS 5 Dallas, TX KDAF The CW WXXA FOX 113 Sioux Falls, SD KELO CBS 6 San Francisco, CA KRON MNTV 60 Wilkes Barre, PA WBRE NBC KDLO CBS 7 DC/Hagerstown, WDVM(2) Independent WYOU CBS KPLO CBS MD WDCW The CW 61 Knoxville, TN WATE ABC 114 Tyler-Longview, TX KETK NBC 8 Houston, TX KIAH The CW 62 Little Rock, AR KARK NBC KFXK FOX 12 Tampa, FL WFLA NBC KARZ MNTV 115 Youngstown, OH WYTV ABC WTTA MNTV KLRT FOX WKBN CBS 13 Seattle, WA KCPQ(3) FOX KASN The CW 120 Peoria, IL WMBD CBS KZJO MNTV 63 Dayton, OH WDTN NBC WYZZ FOX 17 Denver, CO KDVR FOX WBDT The CW 123 Lafayette, LA KLFY CBS KWGN The CW 66 Honolulu, HI KHON FOX 125 Bakersfield, CA KGET NBC KFCT FOX KHAW FOX 129 La Crosse, WI WLAX FOX 19 Cleveland, OH WJW FOX KAII FOX WEUX FOX 20 Sacramento, CA KTXL FOX KGMD MNTV 130 Columbus, GA WRBL CBS 22 Portland, OR KOIN CBS KGMV MNTV 132 Amarillo, TX KAMR NBC KRCW The CW KHII MNTV KCIT FOX 23 St. Louis, MO KPLR The CW 67 Green Bay, WI WFRV CBS 138 Rockford, IL WQRF FOX KTVI FOX 68 Des Moines, IA WHO NBC WTVO ABC 25 Indianapolis, IN WTTV CBS 69 Roanoke, VA WFXR FOX 140 Monroe, AR KARD FOX WTTK CBS WWCW The CW WXIN FOX KTVE NBC 72 Wichita, KS KSNW NBC 142 Lubbock, TX KLBK CBS 27 Raleigh, NC WNCN CBS KSNC NBC KAMC ABC 28 Nashville, TN WKRN ABC KSNG NBC 144 Topeka, KS KSNT NBC 29 San Diego, CA KSWB FOX KSNK NBC KTKA ABC 30 Salt Lake City, UT KTVX ABC 73 Springfield, MO KOLR CBS 145 Midland, TX KMID ABC KUCW The CW KOZL MNTV KPEJ FOX 32 Kansas City, MO WDAF FOX KRBK FOX 33 New Haven, CT WTNH ABC 74 Charleston, WV WOWK CBS 146 Minot-Bismarck, ND KXMA The CW KXMB CBS WCTX MNTV 76 Rochester, NY WROC CBS KXMC CBS 34 Columbus, OH WCMH NBC 78 Huntsville, AL WHDF The CW KXMD CBS 35 Milwaukee, WI WITI(3) FOX WHNT CBS 147 Wichita Falls, TX KFDX NBC 38 Spartanburg, SC WSPA CBS 82 Waco-Bryan, TX KWKT FOX WYCW The CW KYLE MNTV KJTL FOX 39 Las Vegas, NV KLAS CBS 83 Brownsville, TX KVEO NBC 148 Sioux City, IA KCAU ABC 40 Austin, TX KXAN NBC 85 Colorado Springs, 149 Panama City, FL WMBB ABC KNVA The CW CO KXRM FOX 152 Erie, PA WJET ABC KBVO MNTV 86 Shreveport, LA KTAL NBC WFXP FOX 42 Portsmouth, VA WAVY NBC KMSS FOX 153 Joplin, MO KSNF NBC WVBT FOX KSHV MNTV KODE ABC 43 Oklahoma City, OK KAUT Independent 87 Syracuse, NY WSYR ABC 157 Wheeling, WV WTRF CBS KFOR NBC 88 Champaign, IL WCIX MNTV 160 Terre Haute, IN WTWO NBC 44 Birmingham, AL WIAT CBS WCIA CBS WAWV ABC 45 Grand Rapids, MI WOOD NBC 89 Savannah, GA WSAV NBC 161 Binghamton, NY WIVT ABC WOTV ABC 91 Charleston, SC WCBD NBC 164 Abilene, TX KTAB CBS 46 Albuquerque, NM KRQE CBS 93 El Paso, TX KTSM NBC KRBC NBC KREZ CBS 94 Baton Rouge, LA WGMB FOX 166 Beckley, WV WVNS CBS KBIM CBS WVLA NBC 167 Hattiesburg, MS WHLT CBS KASY MNTV 95 Jackson, MS WJTV CBS 168 Billings, MT KSVI ABC KRWB The CW KHMT FOX KWBQ The CW 96 Burlington, VT WFFF FOX WVNY ABC 169 Rapid City, SD KCLO CBS 47 Harrisburg, PA WHTM ABC 171 Dothan, AL WDHN ABC 49 Greensboro, NC WGHP FOX 97 Florence, SC WBTW CBS 99 Tri-Cities, TN-VA WJHL CBS 172 Utica, NY WFXV FOX 50 New Orleans, LA WGNO ABC WUTR ABC WNOL The CW 100 Greenville, NC WNCT CBS 173 Clarksburg, WV WBOY NBC 51 Memphis, TN WREG CBS 101 Fayetteville, AR KFTA FOX 176 Jackson, TN WJKT FOX 52 Buffalo, NY WNLO The CW KNWA NBC 178 Elmira, NY WETM NBC WIVB CBS KXNW MNTV 178 Alexandria, LA WNTZ FOX 54 Richmond, VA WRIC ABC 103 Quad Cities, IL KLJB FOX 180 Marquette, MI WJMN CBS 55 Fresno, CA KSEE NBC KGCW The CW KGPE CBS WHBF CBS 181 Watertown, NY WWTI ABC 56 Providence, RI WPRI CBS 105 Evansville, IN WEHT ABC 188 Grand Junction, CO KREX CBS WNAC FOX WTVW The CW KREY CBS 106 Altoona, PA WTAJ CBS KFQX FOX 108 Augusta, GA WJBF ABC 195 San Angelo, TX KLST CBS 110 Ft. Wayne, IN WANE CBS KSAN NBC (1) Includes stations that we own, operate, or provide services to under local service agreements, including time brokerage agreements, shared services agreements, joint sales agreements, local marketing agreements and outsourcing agreements. (2) WDVM serves the Hagerstown, MD sub-market within the DMA. Its signal does not reach the entire Washington, DC market. (3) On March 2, 2020 Nexstar sold to Fox the Fox affiliate KCPQ and the MyNetworkTV affiliate KZJO in the Seattle, WA market, as well as the Fox affiliate WITI in the Milwaukee, WI market. On March 2, 2020 Nexstar acquired the Fox affiliate WJZY and the MyNetworkTV affiliate WMYT in the Charlotte, NC market from Fox. April 28, 2020 Dear Fellow Shareholders: 2019 was another outstanding year in Nexstar’s 24 year history as the continued success of our strategies to leverage the value of our local programming and unrivaled consumer reach drove record off-cycle political year financial results, with total net revenue of $3.0 billion, Adjusted EBITDA of $898.0 million and free cash flow of $521.0 million (before one time transaction expenses). Throughout the year, we achieved several important milestones, most notably the highly accretive acquisition of Tribune Media which not only positioned Nexstar as the largest U.S. television broadcast station group, with 197 television stations in 115 markets, but also marked the next significant phase in the Company’s long-term growth plan. In addition to completing the Tribune transaction, in 2019 Nexstar was active on several fronts to drive future growth and profitability including entering into deleveraging purchase and sale agreements with Fox Television Stations; completing new multi-year retransmission consent agreements representing approximately 70% of our subscribers; entering into new long-term network affiliation agreements with CBS, FOX and NBC, realigning our digital business and fortifying our balance sheet and capital structure flexibility while reducing our cost of borrowings. With our September 2019 acquisition of Tribune Media, Nexstar has solidified its position as the industry’s leading local media entity with an unmatched platform of broadcast, cable and digital media assets. Across America, our 5,400 local journalists — which is more than any other broadcast or cable network — produce exceptional local content to inform our viewers, while providing premium local advertising opportunities at scale to advertisers. We are also delivering tremendous value to our distribution and network partners as we currently originate over 254,000 hours of exclusive local programming with unrivaled reach to approximately 66 million or 63% of U.S. television households in 38 states across the nation, with an additional 86 million unique users across our websites and mobile apps. In addition, we own and actively manage WGN America a leading basic cable network, and own a 31.3% interest in TV Food Network which provides consistent contributions to our cash flows. Altogether, our exclusive local content, enhanced scale and superior geographic reach is enabling Nexstar to better compete in today’s rapidly transforming media and technology landscape, while extending our long-term record of delivering greater levels of service to our local communities and increased returns for our shareholders. In this regard, I am proud to note that, as reported by Kiplinger and using the Russell 1000 as its universe of stocks, Nexstar ranked fifth overall of the top ten performing stocks of the last decade with a total shareholder return of 2,974% and in 2019, we delivered a total shareholder return of 52%, clearly outpacing the market. With significant and growing free cash flow, throughout 2019 Nexstar continued to invest in local programming, our technology innovation and our employees, while enhancing shareholder returns through balance sheet and capital structure improvements as well as our return of capital and leverage reduction initiatives. In this regard, we returned $82.8 million to shareholders in the form of dividends and allocated $45.1 million of cash from operations to opportunistically repurchase approximately 440,000 shares, reducing our basic share count to 45.7 million at year end. At the same time, we took actions to further lower our cost of capital and extend maturities by completing the offering of approximately $665 million of 5.625% senior notes due 2027. By opportunistically accessing the capital markets, we were able to retire the most expensive pieces of our unsecured debt and our nearest term bonds are now due in 2024, at which time, we will have materially reduced our total net leverage. Since closing the Tribune Media transaction, we quickly integrated the acquired assets into Nexstar’s platform, thereby realizing a significant amount of the forecasted synergies, while upholding our promise to expand local news programming in a number of new markets.