Nexstar Media Group and Fox Broadcasting Company Renew Affiliation Agreements

New Agreement Covers 31 FOX Affiliated Stations Owned, Operated or for which Nexstar Programs or Provides Services Reaching 17.5 Million Television Households

FOX Affiliated Stations Nexstar is Acquiring from Tribune Media Company will also be Covered by New Agreements Immediately Upon Closing of the Acquisition

NEW YORK, NY and IRVING, Texas – September 16, 2019 – Nexstar Media Group, Inc. (Nasdaq: NXST) (“Nexstar”) and Fox Broadcasting Company LLC, a subsidiary of Fox Corporation (Nasdaq: FOXA, FOX) (“FOX”), today announced a multi-year agreement that renews FOX network affiliations for stations that Nexstar owns, operates, programs or provides services to, in 31 markets that reach approximately 8% of the U.S.

In addition, the new agreement will also cover the eight FOX affiliates that Nexstar is acquiring from Tribune Media Company (“Tribune”), upon closing of the acquisition. Following its pending acquisition of Tribune, Nexstar will own, operate, program or provide services to FOX affiliates in 39 markets and will be the largest independent operator of FOX-affiliated stations, covering 16% of the U.S. and serving more than 17.5 million households.

“We are delighted to reach this long-term extension of our affiliation agreements with FOX well ahead of the expiration date of the existing contracts and in a manner that mutually recognizes the value of our partnership,” stated Perry A. Sook, Nexstar Media Group Founder, Chairman, President and CEO. “FOX’s marquee sports programming line-up, including NFL Thursday Night Football and Sunday games, MLB, NASCAR, MLS and the soon to launch WWE’s FRIDAY NIGHT SMACKDOWN as well as college football, collectively draw hundreds of millions of fans across the country. Additionally, FOX offers our viewers popular primetime programming such as smash-hit reality competition series, THE MASKED SINGER and MASTER CHEF; critically acclaimed dramas, EMPIRE, 9-1-1 and THE RESIDENT; beloved comedies, LAST MAN STANDING and FAMILY GUY; as well as highly-anticipated new series PRODIGAL SON and ALMOST FAMILY. The combination of Nexstar’s highly-rated local news programming with FOX’s exciting sports and entertainment programming support our goals for delivering great content and information to viewers, while providing effective, multiplatform marketing opportunities for local and national advertisers.”

“We are pleased to continue our affiliation with Nexstar, which is one of our longstanding and valued partners,” added Mike Biard, President, Operations and Distribution for Fox Corporation. “Together FOX and Nexstar deliver leading primetime, sports and local programming to our audiences, and with this new agreement we look forward to continuing to provide consumers with an unrivaled television viewing experience for years to come.”

About Nexstar Media Group, Inc.

Nexstar Media 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 174 full power television stations and related digital multicast signals reaching 100 markets or nearly 39% of all U.S. television households. Nexstar’s portfolio includes primary affiliates of NBC, CBS, ABC, FOX, MyNetworkTV and The CW. 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. For more information please visit www.nexstar.tv.

About Fox Corporation

Fox Corporation produces and distributes compelling news, sports and entertainment content through its iconic domestic brands including: FOX News Media, FOX Sports, FOX Entertainment, and FOX Television Stations. These brands hold cultural significance with consumers and commercial importance for distributors and advertisers. The breadth and depth of our footprint allows us to deliver content that engages and informs audiences, develop deeper consumer relationships and create more compelling product offerings. FOX maintains an impressive track record of news, sports, and entertainment industry success that will shape our strategy to capitalize on current strengths and invest in new initiatives. For more information about Fox Corporation, please visit www.FoxCorporation.com.

Nexstar Media Group, Inc. Forward-Looking Statements

This communication 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, Nexstar 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 communication, concerning, among other things, future financial performance, including 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, the ability to service and refinance our outstanding debt, successful integration of acquired television stations and digital businesses (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, volatility in programming costs, the effects of governmental regulation of broadcasting, industry consolidation, technological developments and major world news events. Nexstar undertakes 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 communication 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 Nexstar’s other filings with the Securities and Exchange Commission.

Cautionary Note Regarding Fox Corporation Forward Looking Statements
This news release contains forward-looking statements and information within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “may,” “will,” “should,” “likely,” “anticipates,” “expects,” “intends,” “plans,” “projects,” “believes,” “estimates,” “outlook” and similar expressions are used to identify these forward-looking statements. These statements are based on management’s current expectations and beliefs and are subject to uncertainty and changes in circumstances. Actual results may vary materially from those expressed or implied by the statements in this news release due to changes in economic, business, competitive, technological, strategic and/or regulatory factors and other factors affecting the operation of the business of Fox Corporation. More detailed information about risk factors affecting Fox Corporation is contained in the documents Fox Corporation has filed with or furnished to the Securities and Exchange Commission (the “SEC”), including its Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q.

Investors are cautioned not to put undue reliance on forward looking statements or information. Statements and information in this news release speak only as of the date they were made, and Fox Corporation does not undertake any duty to update or release any revisions to any forward looking statement made in this news release or to report any events or circumstances after the date of this news release or to reflect the occurrence of unanticipated events or to conform such statements and information to actual results or changes in expectations, except as required by law.

Contacts:

Nexstar Media Group

Thomas E. Carter
EVP and Chief Financial Officer
Nexstar Media Group, Inc.
972-373-8800

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

Fox Corporation

Megan Klein
310-369-1363 or megan.klein@fox.com