Nexstar Broadcasting and CBS Enter into Affiliation Agreement Renewals

Agreement Extends Affiliation for 5 CBS Affiliated
Television Stations Owned or Operated by Nexstar

IRVING, Texas, June 17, 2015 – Nexstar Broadcasting Group, Inc. (Nasdaq: NXST) today announced a long-term affiliation agreement with the CBS Television Network which covers four of its owned stations including KGPE-TV in Fresno, CA; KREX-TV in Grand Junction, CO; KLAS-TV in Las Vegas, NV and WTAJ-TV in Altoona, PA. In addition, Mission Broadcasting, Inc. entered into a new agreement for WYOU-TV in Wilkes-Barre Scranton, PA.

Commenting on the agreement, Nexstar Broadcasting Group President and CEO, Perry A. Sook said, “We are delighted to extend our affiliation agreement with CBS in these markets. We recognize the value that the strong slate of CBS programming brings to our stations. Hits, including The Big Bang Theory, The Good Wife, NCIS and Elementary; highly-anticipated new Fall series, including Supergirl and Code Black; award-winning news and information series, including 48 Hours Mystery and 60 Minutes; the highly anticipated The Late Show with Stephen Colbert and exciting sports programming, including NCAA and NFL Thursday Night Football/ Superbowl 50, complement the high quality local news and other exclusive local content produced by Nexstar and allow us to deliver great entertainment and information to viewers and an excellent platform for marketing solutions for local and national advertisers.”

“We are very pleased to extend our affiliation with Nexstar and Mission in five key markets and happy they recognize the value our programming brings to their business,” said Ray Hopkins, President of Network Distribution for the CBS Television Network. “Nexstar has a proven record of providing local viewers with high-quality programming and strong community support and we look forward to reaching these audiences and continuing our long-time collaboration with Perry and his local teams for years to come.”

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 107 television stations and related digital multicast signals reaching 58 markets or approximately 18.0% of all U.S. television households. Nexstar’s portfolio includes affiliates of NBC, CBS, ABC, FOX, MyNetworkTV, The CW, Telemundo, Bounce TV, Me-TV, and LATV. Nexstar’s 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.

About CBS Corporation
CBS Corporation (NYSE: CBS.A and CBS) is a mass media company that creates and distributes industry-leading content across a variety of platforms to audiences around the world. The Company has businesses with origins that date back to the dawn of the broadcasting age as well as new ventures that operate on the leading edge of media. CBS owns the most-watched television network in the U.S. and one of the world’s largest libraries of entertainment content, making its brand – “the Eye” – one of the most recognized in business. The Company’s operations span virtually every field of media and entertainment, including cable, publishing, radio, local TV, film, outdoor advertising, and interactive and socially responsible media. CBS’s businesses include CBS Television Network, The CW (a joint venture between CBS Corporation and Warner Bros. Entertainment), Showtime Networks, CBS Sports Network, TVGN (a joint venture between CBS Corporation and Lionsgate), Smithsonian Networks, Simon & Schuster, CBS Television Stations, CBS Radio, CBS Outdoor, CBS Television Studios, CBS Global Distribution Group (CBS Studios International and CBS Television Distribution), CBS Interactive, CBS Consumer Products, CBS Home Entertainment, CBS Films and CBS EcoMedia. For more information, go to www.cbscorporation.com.

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.

Contact:
Thomas E. Carter
Chief Financial Officer
Nexstar Broadcasting Group, Inc.
972/373-8800

Joseph Jaffoni, Jennifer Neuman
JCIR
212/835-8500 or nxst@jcir.com

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CBS Contacts:
Dana McClintock
212-975-1077
dlmcclintock@CBS.com

Kelli Raftery
kelli.raftery@cbs.com