Nexstar Media Group, Inc. · NASDAQ:NXST
Nexstar Media — Merger or Acquisition (September 2019)
15 slides from Nexstar Media's merger presentation, Sep 20, 2019
Slide 1: Completed Acquisition of Tribune Media Company
Exhibit 99.1 Completed Acquisition of Tribune Media Company Enhancing Nexstar’s Position as North America’s Leading Local Media Company S e p t e m b e r 2 0 , 2 0 1 9Exhibit 99.1 Completed Acquisition of Tribune Media Company Enhancing Nexstar’s Position as North America’s Leading Local Media Compa
Slide 2: Disclaimer
Disclaimer Forward-Looking Statements This Presentation 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 w
Slide 3: Transaction Benefits and Updates
Transaction Benefits and Updates Enhances Nexstar’s position as America’s leading local television broadcast and media company Increases geographic diversification and scale; increased financial diversification Favorable results from station divestitures, financing terms and recent operations Increa
Slide 4: Superior Geographic Diversification and Scale
Superior Geographic Diversification and Scale 1 Local and Network Affiliated TV Stations Local Websites and Mobile Apps 197 458 U.S. Markets U.S. States 115 43 ____________________ 4 (1) Includes both Nexstar-owned stations and stations to which Nexstar provides services pursuant to contractual agre
Slide 5: Largest Local Broadcast Group by U.S. TV Household Reach
Largest Local Broadcast Group by U.S. TV Household Reach #1 local broadcast TV station group and one of the largest producers and distributors of local news, lifestyle, sports and network programming % of U.S. Television Households Reached, Inclusive of UHF Discount 1 39% FCC Cap on National TV Owne
Slide 6: Top U.S. Broadcast Television Network Affiliate Partner
Top U.S. Broadcast Television Network Affiliate Partner 6Top U.S. Broadcast Television Network Affiliate Partner 6
Slide 7: Strong Local Television Brands with Leading Local News and Content
Strong Local Television Brands with Leading Local News and Content Award-winning journalism, top-rated network programming and premium local and regional multi-platform marketing opportunities Top 25 U.S. Television Markets State Capital News Bureaus 15 27 Million U.S. TV Households Local Multi-Medi
Slide 8: Ownership Interests in Prominent Cable and Radio Assets
Ownership and Ownership Interests in Prominent Cable and Radio Assets OWNERSHIP OWNERSHIP 8Ownership and Ownership Interests in Prominent Cable and Radio Assets OWNERSHIP OWNERSHIP 8
Slide 9: Meaningful Realizable Synergies
Meaningful Realizable Synergies Total Expected Year 1 Synergy Realization of ~$185 million Prior Projection Current Projection Difference ($/%) Corporate +$10/+50% ~$20m ~$30m Overhead Expense ~$65m ~$70m +$5m/+8% Reduction Net Retransmission +$10m/+13% ~$75m ~$85m Revenue TOTAL ~$185m ~$160m +$25m/
Slide 10: Strong Combined Company Financial Profile
Strong Combined Company Financial Profile 2018/2019 Net Revenues ($ millions) $3,800 $4,200 (RSN Assets) Corporate $2,630 $2,190 Overhead $1,680 $3,050 (Legacy Sinclair) NXST PF SBGI TGNA GTN SSP (5) (2) (3) (4) (1) + 2018/2019 Adj. EBITDA ($ millions) $1,650 $1,680 (RSN Assets) $860 $760 $360 $840
Slide 11: Pro Forma Capital Structure
Pro Forma Capital Structure NXST PF NXST NXST PF Capital Structure and Financing ($) in millions As of 6/30/19 As of 6/30/19 • New $675mm 5-year Term Loan A Revolver ($172) $ 6 $ 6 • New $3,065mm 7-year Term Loan B First Lien Term Loans 2,211 5,951 • New $1,120mm Senior Notes 6.125% Senior Notes due
Slide 12: Significant FCF Growth
Significant FCF Growth NXST Average Annual Free Cash Flow Growth (FY) Based on Two-Year Cycles NXST Stand-Alone NXST Pro-Forma for TRCO ($ in millions) REPORTED ESTIMATED 3 $1,020.0 2 ~60% $900.0 ~50% 1 $390.8 $184.0 $82.7 $47.2 2010/2011 2012/2013 2014/2015 2016/2017 2018/2019 2019/2020 1 Reported
Slide 13: Combined Company Expense Guidance
Combined Company Expense Guidance Pro-Forma NXST Full-Year 2020 Estimate ($) in millions Cash Interest Expense ~$400 million Operating Cash Taxes (excl. cash income taxes paid on the gain from station divestitures) ~$350 million Capital Expenditures (excluding station repack costs) ~$140 million Est
Slide 14: Nexstar with Tribune: A Powerful Combination
Nexstar with Tribune: A Powerful Combination A strategically, financially and operationally compelling combination ▪ Creates largest pure play broadcast television group with broad geographic reach and scale 1 – #1 US television broadcaster with 197 stations in 115 markets, with greatly expanded pre
Slide 15: Completed Acquisition of Tribune Media Company
Completed Acquisition of Tribune Media Company Enhancing Nexstar’s Position as North America’s Leading Local Media Company S e p t e m b e r 2 0 , 2 0 1 9Completed Acquisition of Tribune Media Company Enhancing Nexstar’s Position as North America’s Leading Local Media Company S e p t e m b e r 2 0 ,
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