Nexstar Broadcasting to Acquire WCWJ-TV in Jacksonville, FL in Accretive Transaction

Nexstar Broadcasting Group, Inc. (Nasdaq: NXST) announced today that it entered into a definitive agreement to acquire the assets of WCWJ-TV, the CW affiliate serving the Jacksonville, Florida market, from Media General, Inc. (NYSE: MEG). This acquisition marks Nexstar’s entrée into the State of Florida and will represent the 52nd television station that the Company owns or for which it provides sales, programming or other services.

According to Nielsen Media’s 2008-2009 Local Market Estimates, Jacksonville is ranked as the 47th largest television market in the country.

Commenting on the agreement, Nexstar Broadcasting Group President and CEO, Perry A. Sook said, "The acquisition of WCWJ highlights Nexstar’s role in the industry as a leading consolidator of stations in mid-sized markets through accretive transactions. We are excited to enter the State of Florida and the Jacksonville television market, particularly with a station in the state’s largest and most populated city. Nexstar will offer Jacksonville viewers CW programming as well as top quality local sports and syndicated programming. We’ll also bring effective on-air and on-line marketing solutions to local and national advertisers including the launch of Nexstar’s differentiated e-MEDIA offerings through our proven Community Portal model.

"This transaction is also consistent with our ongoing debt-reduction priority. Upon closing, this acquisition will be immediately accretive to Nexstar’s operating results. The purchase price for WCWJ is less than five times 2009 projected cash flow. The station will benefit from the addition to Nexstar’s retransmission consent agreements with cable operators, direct broadcast satellite providers and telcos. Like other recently completed transactions, the acquisition of WCWJ allows Nexstar to expand and diversify its station portfolio while simultaneously de-leveraging the balance sheet.”

The transaction, which is subject to FCC approval and other customary conditions, is expected to close in the summer of 2009.

About Nexstar Broadcasting Group, Inc.

Upon completing the acquisition of WCWJ-TV and other pending 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.