Nexstar Broadcasting Enters into Agreement to Manage Television Operations of Four Points Media Group

Nexstar Broadcasting Group, Inc. (Nasdaq: NXST) announced today that it entered into an agreement with Four Points Media Group LLC ("Four Points”), owned by an affiliate of Cerberus Capital Management, L.P., whereby Nexstar will provide management services for Four Points’ seven television stations located in four markets. Under the terms of the agreement, Nexstar will receive a fixed annual management fee of $2 million per year, as well as annual incentive compensation based on increases of the broadcast cash flow of Four Points’ stations. Nexstar will also be entitled to a share of the equity profits if the stations are sold while the agreement is in effect. The agreement provides for minimum compensation to Nexstar of $10 million if the Four Points stations are sold during the initial three year term of the agreement.

Commenting on the agreement, Nexstar Broadcasting Group Chairman, President and Chief Executive Officer, Perry A. Sook said, "We are delighted to be working with Four Points as this is a tremendous opportunity to leverage Nexstar’s operating and management capabilities to serve the needs of other broadcast groups and to build value for Four Points.

"The management contract is a rewarding endorsement of Nexstar’s proven operating disciplines and industry leadership and we are confident that the incentive compensation to be derived from this agreement will be significantly additive to the annual management fees based on our strategies to improve the market position and operating efficiencies of these stations.

"Notably, the agreement also underscores Nexstar’s commitment to -- and long-term track record of success -- developing new high-margin revenue streams to support our goal of creating long-term value for our shareholders. Managing the Four Points stations is an excellent complement to our existing station and e-Media operations as the four markets in which Four Points operates do not geographically overlap with stations and network affiliations in which Nexstar owns, operates, programs or provides sales and other services to.”

Under the terms of the management agreement, Nexstar will oversee Four Points’ station operations and act as a resource on sales, promotion, programming alternatives, production, operations (including e-MEDIA functions), finance, contract administration and human resources. The agreement is effective March 20, 2009 and extends through March 31, 2012, with one-year renewal options.

The Four Points station group includes seven television stations that are affiliated with various television networks, including two CBS (KEYE-TV Austin, Texas and KUTV-TV Salt Lake City, Utah), two CW (WLWC-TV Providence, Rhode Island and WTVX-TV West Palm Beach, Florida), one MyNetworkTV (WTCN-CA West Palm Beach, Florida), one Azteca Amèrica (WWHB-CA West Palm Beach, Florida) and one RTN (KUSG-TV Salt Lake City, Utah).

Broadcast cash flow is calculated as income from operations, plus corporate expenses, depreciation, amortization of intangible assets and broadcast rights (excluding barter), non-cash contract termination fees, non-cash impairment charges, loss (gain) on asset exchange and loss (gain) on asset disposal, net, minus broadcast rights payments.

About Nexstar Broadcasting Group, Inc.

In addition to the seven stations in four markets owned by Four Points Media Group LLC, now managed by Nexstar, upon completing all announced transactions, Nexstar Broadcasting Group will own, operate, program or provide sales and other services to 52 television stations in 30 markets in the states of Illinois, Indiana, Maryland, Missouri, Montana, Texas, Pennsylvania, Louisiana, Arkansas, Alabama, New York and Florida. Nexstar’s television station group includes affiliates of NBC, CBS, ABC, FOX, MyNetworkTV and The CW and pro-forma for the completion of all announced transactions, reaches approximately 10 million U.S. television households or approximately 8.8% of all U.S. television households.

Forward-Looking Statements

Statements in this news release which are not purely historical facts, including statements about forecasted financial projections (such as changes in net revenue) or other statements about anticipations, beliefs, expectations, hopes, intentions or strategies in the future, may be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements 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, including our most recent Annual Report on Form 10-K.