Business
Nexstar Media Group Promotes Thomas E. Carter to President and Chief Operating Officer
IRVING, Texas--(BUSINESS WIRE)-- Nexstar Media Group, Inc. (NASDAQ: NXST) (“Nexstar” or the “Company”) announced today that Thomas E. Carter has been named
About this update from Nexstar Media Group, Inc.
[{"type":"text","content":" IRVING, Texas--(BUSINESS WIRE)--\nNexstar Media Group, Inc. (NASDAQ: NXST) (“Nexstar” or the “Company”) announced today that Thomas E. Carter has been named President and Chief Operating Officer, effective October 1, 2020. Mr. Carter will retain his current responsibilities as Chief Financial Officer for the foreseeable future. In conjunction with his promotion, Mr. Carter has entered into a new employment agreement that extends through December 31, 2023.\n\nMr. Carter joined Nexstar as Chief Financial Officer in August 2009 and has played a major role in the execution of the Company’s growth plan through the successful completion and integration of accretive acquisitions, including Tribune Media Company and Media General, which have resulted in a significant expansion of Nexstar’s free cash flow and operating portfolio while cementing the Company’s position as the nation’s largest local television broadcaster. He has also led integration planning and post-transaction synergy realization teams as well as continuous capital structure improvements, ongoing cost of capital reduction, operational efficiency enhancements and return of capital initiatives.\n\nPerry A. Sook, Chairman, President and Chief Executive Officer of Nexstar Media Group, Inc. commented, “Tom has been a trusted partner during his time at Nexstar and has been instrumental in driving the Company’s operating and financial growth and the ongoing execution of our strategic initiatives to enhance shareholder value. During Tom’s 11-year tenure, Nexstar has grown its revenue base more than 12 times while the Company’s equity valuation has risen by more than 90 times. Further, Tom has been tireless in his communications with the sell-side analysts who follow Nexstar and with our institutional investors, while leading our ongoing efforts to optimize our capital structure, reduce our cost of capital, and drive returns for shareholders.\n\n“Along with our Company’s Board of Directors, I am exceedingly confident that Tom will build on his 11 years of experience and success at Nexstar as he works with me to further grow our business and ensure that Nexstar creates new opportunities and value based on our ranking as the nation’s leading, diversified local media and content company. Our entire team congratulates Tom on this well-deserved promotion, and I look forward to contin...