Nexstar Broadcasting Group, Inc. (Nasdaq:NXST) announced today that the
Board of Directors has elected C. Thomas McMillen to serve on the
Company’s Board of Directors, as a Class I Director, to replace Royce
Yudkoff who has resigned his position on the Board. Mr. McMillen
satisfies the standards for director independence under the applicable
rules of the SEC and the NASDAQ as well as the Company’s Corporate
Governance Guidelines. Reflecting the changes, Nexstar’s Board continues
to have seven members, six of whom satisfy the standards for director
independence under NASDAQ listing rules.
C. Thomas McMillen has over 27 years of political, business and sports
experience and leadership and is currently the Chairman and Chief
Executive Officer of Washington Capital Advisors, an investment firm. He
is also a director of the RCS Capital., a publicly traded investment
bank and broker-dealer and serves on the advisory board of Clean Energy
Systems, a clean coal technology firm, Integrity Global Security, a
cyber security firm and the Association for Rare Earth. During his
career, Mr. McMillen has been an active investor, principal, and board
member in companies in the cellular telephone, paging, health care,
motorcycle, environmental technology, broadcasting, real estate and
insurance industries. From 2010 to 2012, Mr. McMillen was the sole
member and manager of NVT License Holdings, LLC, (New Vision Television)
a Delaware limited liability company, which was the indirect parent and
controlling entity of several other limited liability companies which
held the Federal Communications Commission licenses for eight full power
and two low power television stations in eight different television
markets.
Mr. McMillen served three consecutive terms in the U.S. House of
Representatives from the Fourth Congressional District of Maryland from
1987 to 1993, and was named by President Clinton to co-chair of the
President’s Council on Physical Fitness and Sports in 1993, a position
he held until December 1997. Mr. McMillen began his involvement with the
Council in 1970 as a high school senior when he was selected by
President Nixon to become the youngest member of the Council. From May
2011 to July 2013, he served as the Chairman of the National Foundation
on Physical, Fitness, Sports and Nutrition, a Congressionally authorized
foundation that Mr. McMillen founded where he currently serves as
Treasurer. In Congress, Mr. McMillen served on the Banking, Finance and
Urban Affairs Committee, the Energy and Commerce Committee and the
Science, Space and Technology Committee. He was unanimously elected as
President of the Democratic freshman class of the 100th Congress. He
served as Chairman of the Congressional Chesapeake Bay Caucus,
Co-Chairman of the Congressional Biotechnology Caucus, and Vice-Chairman
of the Federal Government Task Force.
Perry A. Sook, Chairman, President and Chief Executive Officer of
Nexstar Broadcasting Group, Inc., commented on the appointment, “Tom
brings a diverse range of relevant industry and political and
legislative experience to the Nexstar Broadcasting board. He has an
impressive record of accomplishment as a Congressman and in the
telecommunications industry and has distinguished career in sports both
as a competitor and as an advocate for physical fitness. We look forward
to benefiting from his experience and knowledge as we continue to pursue
strategies to further broaden the reach and diversify of our operations
by delivering exceptional local and network programming and online
content and service in our markets for the benefit of viewers while
creating an even stronger marketing platform for local businesses.
“On behalf of the entire Board, I’d like to express my gratitude to
Royce for his eighteen years of service as a director. Royce served
during a period of rapid growth and development for Nexstar following
its formation in 1996 and we wish him all the best in his current and
future endeavors.”
C. Thomas McMillen added, “This is an exciting opportunity for me to
join the Board of Directors of a leading television broadcaster that is
committed to its viewers and the local markets it serves while
developing new and innovative initiatives to expand its digital media
operations. I look forward to contributing to Nexstar’s continued
success.”
Mr. McMillen attended the University of Maryland where he was a
three-time All-American in basketball, an academic All-American, and was
a member of the 1972 Olympic basketball team. He graduated from the
University with a Bachelor of Science degree in Chemistry and is the
first and only University of Maryland student to be awarded a Rhodes
Scholarship, on which he received a Bachelor and Master of Arts in
politics, philosophy and economics from Oxford University in 1978. Mr.
McMillen subsequently played for 11 years in the N.B.A., with the New
York Knicks, the Atlanta Hawks, and the Washington Bullets (now
Washington Wizards). He retired from the N.B.A. in 1986 when he was
elected to Congress. He has received several accolades throughout his
career and has been inducted as a member of the GTE Academic
All-American Hall of Fame, the University of Maryland Alumni Hall of
Fame, the College Basketball Hall of Fame, and the Atlantic Coast
Conference (ACC) Top 50 players of all time. Mr. McMillen serves as a
board member for various academic and community-focused organizations
including The Economic Club and the Military Ball based in Washington,
DC as well as the Humane Society of the United States, among many others.
Nexstar also announced that effective July 1, the Board of Directors’
Nominating and Governance Committee will be expanded to three directors
from two directors with C. Thomas McMillen and current Director, Jay M.
Grossman joining Committee Chair, I. Martin Pompadur. Current Director,
Geoff Armstrong, will resign from the Nominating and Governance
Committee and will continue to serve as the Chair of the Board’s
Compensation Committee and as a member of the Board’s Audit Committee.
The Board believes that alternating the composition of its Board
Committees is consistent with corporate governance best practices.
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 80 television stations and 19 related digital multicast
signals reaching 46 markets or approximately 13.1% of all U.S.
television households. Nexstar’s portfolio includes affiliates of NBC,
CBS, ABC, FOX, MyNetworkTV, The CW, Telemundo, Bounce TV, Me-TV, Live
Well and independent stations. Nexstar’s 47 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.
Copyright Business Wire 2014