Nexstar Broadcasting Enters into Definitive Agreement to Acquire Evansville ABC Affiliate WEHT-TV for $18.5 Million in Accretive Transaction

Nexstar Broadcasting Group, Inc. (Nasdaq: NXST) announced today that it entered into a definitive agreement to acquire the assets of WEHT-TV, the ABC affiliate serving the Evansville, Indiana market from Gilmore Broadcasting Corporation for $18.5 million plus any working capital adjustments applicable at the time of closing. Nexstar also announced that it entered into a definitive agreement to divest the FCC license related assets of WTVW-TV to Mission Broadcasting, Inc. ("Mission”) for $6.7 million. Nexstar will enter into a local services agreement with Mission to provide sales and other services to WTVW upon consummation of the transaction.

The proposed transactions are expected to be accretive to Nexstar’s operating results immediately upon closing and will result in Nexstar operating one station and providing sales and other services to another in 22 of the 36 markets where it operates. In addition, it will expand to 66 the number of stations and related digital signals that Nexstar either owns or provides sales and other services to, including 11 ABC affiliates at the time of closing.

Nexstar intends to finance the purchase of WEHT-TV, net of the proceeds from the sale of WTVW-TV to Mission, through borrowings of approximately $11.8 million, exclusive of working capital requirements, under its senior credit facility. The transactions are subject to FCC approval and are expected to close by year-end 2011.

Commenting on the agreement, Nexstar Broadcasting Group President and Chief Executive Officer, Perry A. Sook said, "Over its fifteen year history, Nexstar has emerged as the industry’s leading consolidator of stations in mid-sized markets through accretive transactions. The acquisition of WEHT-TV will further expand and diversify Nexstar’s station portfolio and opportunities to serve Evansville and the Tri-State viewing area of Southwestern Indiana, Northwestern Kentucky and Southeastern Illinois.

"The purchase price for WEHT-TV is approximately four times the average 2010/2011 pro-forma projected cash flow. Under Nexstar’s ownership the station will realize additional retransmission revenues as well as synergistic operating improvements, and on a pro-forma basis the acquisition is both immediately accretive to results and de-leveraging on a debt-to-cash-flow basis.”

According to Nielsen Media’s 2010-2011 Local Market Estimates, the Evansville DMA is ranked as the 103^rd largest television market in the country.

Christopher Miller of Gammon-Miller, LLC acted as broker in the transaction.

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, e-MEDIA, digital and mobile media platforms. Nexstar owns, operates, programs or provides sales and other services to 65 television stations and related digital signals in 36 markets in 16 states and reaches approximately 13.5 million viewers or approximately 11.6% of all U.S. television households. The stations are affiliates of NBC, CBS, ABC, FOX, MyNetworkTV, The CW, LATV, TV Azteca and Telemundo. The Company’s 35 community portal websites offer additional hyper-local content and verticals for consumers and advertisers.

Forward-Looking Statements

This news release 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, the Company 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 news release, concerning, among other things, 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, our ability to service and refinance our outstanding debt, successful integration of acquired television stations (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 served by the Company, volatility in programming costs, the effects of governmental regulation of broadcasting, industry consolidation, technological developments and major world news events. Unless required by law, we undertake 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 news release 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 our filings with the Securities and Exchange Commission.