Nexstar Broadcasting Group, Inc. (Nasdaq: NXST) announced today
that the Company’s Controller Patrick J. Cusick, CPA, has been promoted
to the position of Vice President, Controller. In addition, Director of
Financial Operations, D. Randall Bradford, CPA, has been promoted to
Vice President of Financial Operations. The appointments are effective
April 1, 2014 and Messrs. Cusick and Bradford will report directly to
Nexstar Chief Financial Officer, Thomas E. Carter.
Mr. Cusick will be responsible for oversight of all accounting, tax and
financial reporting activities including Securities and Exchange
Commission (SEC) filings, certifications and Sarbanes-Oxley compliance
and documentation, as well as managing the audit function and
relationship. Mr. Bradford will oversee financial, treasury and risk
management and special projects for the various operating units of the
company. In addition, both Cusick and Bradford will continue to conduct
internal and industry analysis to support the Company’s goals for
organic and M&A growth.
Thomas Carter commented, “Nexstar has developed a deep financial
management team and we are delighted to elevate Patrick and Randy’s
responsibilities and acknowledge their past contributions. Patrick and
Randy bring strong backgrounds in financial reporting, regulatory
compliance and merger and acquisition skills to their new positions at
Nexstar. In addition, both possess deep industry knowledge having worked
at Nexstar during a period of rapid growth and expansion. We are
confident that their background, expertise and knowledge will continue
to prove valuable to Nexstar as we further build the company through
strong station management disciplines, expansion of our digital media
operations, and the acquisition and integration of acquired properties.”
Mr. Cusick brings 25 years of accounting experience to his position at
Nexstar including three and a half years at the Company. He joined
Nexstar in August 2010 and served as the Company's Assistant Controller
from August 2010 to December 2012 and has served as the Company’s
Controller since January 1, 2013. From 2006 to 2010, Mr. Cusick was an
Assurance Senior Manager at a nationally recognized accounting firm,
managing audit engagements for public and private mid-market companies
and he previously held positions with two big four accounting firms. Mr.
Cusick earned a Masters of Accounting from University of Florida in 1993
and a Bachelor of Science in Accounting in 1991.
Mr. Bradford brings 16 years of accounting and finance experience to his
new position and joined Nexstar in 2009 as Regional Controller and has
served since January 2013 as Director of Financial Operations. Prior to
joining the company, Mr. Bradford was the Chief Financial Officer of a
radio broadcasting company where he established and directed accounting,
financial, risk management and human resource activities, secured credit
facility financing and negotiated station acquisition transactions. From
1999 to 2005 he served as Controller at a start-up provider of
Internet-based solutions and services for healthcare entities, where he
established and oversaw the accounting activities. Earlier in his career
he held senior finance and accounting positions at several
organizations. Mr. Bradford earned a BBA in Finance from Texas A&M
University in 1988.
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 74 television stations and 13 related digital multicast
signals reaching 44 markets or approximately 12.1% of all U.S.
television households. Nexstar’s portfolio includes affiliates of NBC,
CBS, ABC, FOX, MyNetworkTV, The CW, Telemundo, Bounce TV and independent
stations. Nexstar’s 43 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 provides sales and other services to 108
television stations and related digital multicast signals reaching 56
markets or approximately 16.0% of all U.S. television households.
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.
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