Nexstar Broadcasting Statement on Cox Communications’ Action to Drop Network and Local Community Programming in Nine Markets

13 Stations Affected as Cox Has Yet to Reach Distribution Agreement
with Nexstar Broadcasting

IRVING, Texas–(BUSINESS WIRE)–Effective 11:59 p.m. local time on January 29, cable TV provider Cox
Communications (“Cox”) dropped the network and local community
programming for 13 stations impacting viewers in nine markets. The
action follows Cox’s refusal to reach a new distribution agreement
allowing the cable television provider the right to continue to air the
highly rated programming from the stations’ owner, Nexstar Broadcasting
Group, Inc. (Nasdaq:NXST) (“Nexstar”).

Nexstar deeply regrets Cox’s ill-advised action which deprives viewers
in the affected markets of broadcasts of leading network content from
ABC, CBS, FOX, NBC, CW and MyNetworkTV as well as local news and other
programming produced specifically for these local communities. Viewers
affected by the loss of service from Cox have several alternatives to
continue watching their favorite shows including other local cable
providers, DISH,
DirectTV,
over-the-air, and services including Verizon’s FIOS and AT&T U-verse.

The development is highly unusual for Nexstar but more common for Cox.
Nexstar has established a long-term record of completing hundreds of
agreements with multichannel video programming distributors (“MVPDs” or
cable TV, satellite TV, telecom companies) for the carriage of its
television stations and is proud of the fact that it has had no material
service interruptions related to distribution agreements since 2005. In
contrast, Cox is routinely involved in disputes with content providers
and since 2012 has dropped network and local community programming from
five other station owners as a result of its refusal to agree to fair
and reasonable market terms to carry some of the most highly rated
programming on television. Notably, in addition to its cable television
service business, Cox is also a television station owner and in this
capacity had two disputes in 2014 with MVPDs.

Nexstar has received support from industry experts regarding its right
to receive fair compensation for its programming including the following
statement from a former FCC official, “No such thing as a blackout in
today’s world. Any viewer with a digital TV and antenna can watch
television — for free. It’s only when MVPDs choose to stop transmission
that consumers get harmed. Broadcasts are always on.”

For the last five months (including a one month extension), Nexstar has
been negotiating in good faith to establish a mutually agreeable
contract with Cox. Significantly, Nexstar has offered Cox the same rates
it offered to other large distribution partners with whom it
successfully completed negotiations with in December. In response, Cox
publicly disparaged Nexstar and misled viewers as well as legislators
and regulators, the investment community and the public at-large (Nexstar
set the record straight
on January 28).

Nexstar is committed to consistently elevating the level of service
provided to local communities in the markets it serves across the United
States by making meaningful capital investments to expand local news,
lifestyle, sports, weather and other programming and enhancing station
infrastructure, production resources and technologies. Nexstar regrets
that Cox is willing to hold its paying subscribers hostage because it
won’t agree to fair and reasonable terms for viewers’ favorite
programming.

Nexstar remains eager to complete an agreement with Cox consistent with
those it has made with every other cable, satellite and telco provider
in order to end Cox’s action that is both unnecessary and punitive to
its subscribers.

About Nexstar Broadcasting Group, Inc.

Nexstar Broadcasting 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 103 television stations and 54 low power and digital
multicast signals reaching 62 markets or approximately 18.0% of all U.S.
television households. Nexstar’s portfolio includes primary affiliates
of NBC, CBS, ABC, FOX, MyNetworkTV and The CW and multicast affiliates
of Telemundo, Bounce TV, Me-TV, LATV, Estrella, This TV, Weather Nation
Utah, Movies! and News/Weather. 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.

Pro-forma for the completion of all announced transactions Nexstar will
own, operate, program or provide sales and other services to 171
television stations and their related low power and digital multicast
signals reaching 100 markets or approximately 39% of all U.S. television
households. For more information please visit www.nexstar.tv.

Additional Information

This communication does not constitute an offer to buy or solicitation
of an offer to sell any securities. In connection with the Agreement and
Plan of Merger, by and between Nexstar Broadcasting Group, Inc.
(“Nexstar”), Media General, Inc. (“Media General”) and Neptune Merger
Sub, Inc. (“Merger Sub”), Nexstar and Media General intend to file
relevant materials with the U.S. Securities and Exchange Commission
(“SEC”), including a Registration Statement on Form S-4 to be filed by
Nexstar that will contain a joint proxy statement/prospectus. INVESTORS
AND SECURITY HOLDERS OF NEXSTAR AND MEDIA GENERAL ARE URGED TO READ THE
REGISTRATION STATEMENT, PROXY STATEMENT/PROSPECTUS AND OTHER DOCUMENTS
FILED WITH THE SEC CAREFULLY IN THEIR ENTIRETY WHEN THEY BECOME
AVAILABLE AS THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED
TRANSACTION. Investors and security holders will be able to obtain free
copies of these documents (when available) and other documents filed
with the SEC by Nexstar or Media General through the web site maintained
by the SEC at http://www.sec.gov.
In addition, the joint proxy statement/prospectus (when finalized) will
be mailed to stockholders of Nexstar and Media General.

Certain Information Regarding Participants

Nexstar and Media General and their respective directors and executive
officers may be deemed to be participants in any solicitation with
respect to the proposed transaction under the rules of the SEC. Security
holders may obtain information regarding the names and interests of
Nexstar’s directors and executive officers in Nexstar’s Annual Report on
Form 10-K for the year ended December 31, 2014, which was filed with the
SEC on March 2, 2015, and Nexstar’s proxy statement for the 2015 Annual
Meeting of Stockholders, which was filed with the SEC on April 24, 2015.
Information about Media General’s directors and executive officers is
available in Media General’s definitive proxy statement, dated March 13,
2015, for its 2015 annual meeting of shareholders. These documents can
be obtained free of charge from the web site indicated above. Additional
information regarding the participants and a description of their direct
and indirect interests, by security holdings or otherwise, will be
contained in the Form S-4 and the joint proxy statement/prospectus that
Nexstar will file with the SEC when it becomes available.

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, the
ultimate outcome and benefits of any possible transaction between
Nexstar and Media General and timing thereof, and 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 timing to consummate
the proposed transaction; the risk that a condition to closing of the
proposed transaction may not be satisfied and the transaction may not
close; the risk that a regulatory approval that may be required for the
proposed transaction is delayed, is not obtained or is obtained subject
to conditions that are not anticipated, the impact of changes in
national and regional economies, the ability to service and refinance
our outstanding debt, successful integration of Media General (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.
Unless required by law, 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 Media General’s and Nexstar’s filings with the
Securities and Exchange Commission.

Contacts

Nexstar Broadcasting Group, Inc.
Elizabeth Ryder, 972-373-8800
Senior
Vice President & General Counsel
or
JCIR
Joseph
Jaffoni / Jennifer Neuman, 212-835-8500
nxst@jcir.com