Nexstar Broadcasting to Close on KWBF-TV Acquisition in Little Rock, Arkansas

Nexstar Broadcasting Group, Inc. (Nasdaq: NXST) announced today that its previously announced acquisition of television station KWBF-TV in Little Rock, Arkansas from Equity Broadcasting is expected to close on January 30, 2009. In addition, Nexstar will re-launch the station with the call letters KARZ-TV on February 1, 2009.

KARZ-TV or "Z-42” will offer a wide variety of programming from MyNetworkTV shows such as the hit WWE Smackdown!, along with successful first run shows such as Who Wants to be a Millionaire?, and off-network programming including Family Guy, Law & Order: Criminal Intent and Sex and the City.

KARZ-TV will also feature the one-hour, prime time, leading local newscast programming produced by Nexstar sister station KARK-TV. This newscast will be "First in Prime” airing at 7:00 p.m. and is expected to drive growing viewership of Razorback Nation, the state’s leading coverage of University of Arkansas sports originating live from sister station KNWA-TV’s Fayetteville Studios.

Commenting on the acquisition, Nexstar Broadcasting Group President and CEO, Perry A. Sook said, "KARZ-TV represents a great opportunity to increase our level of service to Little Rock viewers and advertisers. We intend to super serve the local community, as viewers will see more local programming including local sports and expanded segments from the award winning KARK News teams. KARZ-TV’s full power digital signal will also represent an upgrade over the station’s existing signal in the market, allowing more viewers to receive great programming and sporting events in High Definition while creating a deeper platform for advertisers to reach local consumers.

"We are also excited that our acquisition of KARZ-TV extends Nexstar’s long-term strategy of identifying accretive acquisitions and prudently expanding our portfolio by operating multiple stations in concentrated geographic areas. In this regard, Little Rock will become the 19th market in which Nexstar owns, operates, programs or provides services to more than one station in its 29 markets, and KARZ-TV will represent the 51st television station which the Company owns or for which it provides sales, programming and other services.”

About Nexstar Broadcasting Group, Inc.

Upon completing the acquisition of KARZ-TV, Nexstar Broadcasting Group will own, operate, program or provides sales and other services to 51 television stations in 29 markets in the states of Illinois, Indiana, Maryland, Missouri, Montana, Texas, Pennsylvania, Louisiana, Arkansas, Alabama and New York. Nexstar’s television station group includes affiliates of NBC, CBS, ABC, FOX, MyNetworkTV and The CW and reaches approximately 8.2% 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.