Market Overview

Nexstar Broadcasting Enters into Definitive Agreements to Acquire Two Stations in Accretive Transactions for $19.45 Million

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Acquisitions Complement Existing Nexstar Broadcast and Digital
Services in the Springfield, MO and Huntsville, AL Markets

Nexstar
Media Group, Inc.
(NASDAQ:NXST) ("Nexstar" or "the Company")
announced today that its subsidiary, Nexstar Broadcasting, Inc., has
entered into definitive agreements with KRBK LLC to acquire KRBK-TV, the
FOX affiliate serving Springfield, Missouri (DMA #75), and with
Huntsville TV LLC to acquire WHDF-TV, the CW affiliate serving
Huntsville, Alabama (DMA #80) for an aggregate purchase price of $19.45
million, plus certain price adjustments and capital expenditure
requirements. The proposed transactions are expected to be immediately
accretive to Nexstar's operating results upon closing. The Company
intends to finance the station acquisitions with cash from operations
and borrowings under its senior credit facilities.

KRBK-TV and WHDF-TV complement the existing programming and marketing
solutions and services delivered to viewers and advertisers in
Springfield and Huntsville by stations and digital platforms owned by
Nexstar, or with whom Nexstar has a local service agreement, including
WZDX-TV (FOX), WAMY-TV (MyNet), KOLR-TV (CBS) and KOZL-TV (MyNet), as
well as rocketcitynow.com
and ozarksfirst.com.
Pursuant to local marketing agreements, Nexstar began operating WHDF-TV
on July 15, 2018 and KRBK-TV on August 1, 2018. The transactions are
subject to FCC and other customary approvals, and are expected to close
in the fourth quarter of 2018.

Commenting on the agreement, Tim
Busch
, President of Nexstar Broadcasting, Inc. said, "Nexstar
remains opportunistic in expanding our broadcast and digital platform by
pursuing strategically and financially compelling growth opportunities
that further enhance our overall competitive position and free cash
flow. The acquisitions of KRBK-TV and WHDF-TV will allow Nexstar to
generate incremental advertising and net retransmission consent revenue
growth without increasing our total U.S. television household reach. In
addition, the transactions are EBITDA leverage-neutral on a pro-forma
basis, and the purchase price represents a highly attractive multiple of
the pro forma contribution to Nexstar's
operating results, given the operating synergies and anticipated
elevated levels of advertising and distribution revenues.

"Importantly, as our organization grows, we continue to simultaneously
expand our support of the evolving needs and interests of our local
viewers, hometown businesses and community organizations that we proudly
serve each day. We remain committed to Nexstar's rich tradition of local
programming excellence and community orientation at both stations and
look forward to delivering more exceptional primetime, syndicated,
sports and local news programming to Springfield and Huntsville viewers."

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 171 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.

Forward-Looking Statements

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.

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