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Nexstar Broadcasting Group, Inc. (Nasdaq: NXST) (“Nexstar”) announced today that effective Thursday, January 2, 2014, listing of the company's common stock will be transferred to the NASDAQ Global Select Market, the highest of the three market tiers at NASDAQ. Nexstar Broadcasting common shares previously traded on the NASDAQ Global Market and, following transfer to the NASDAQ Global Select Market, will continue to trade under the ticker symbol NXST.
NASDAQ-listed companies are classified under three listing tiers: NASDAQ Global Select Market, NASDAQ Global Market, and NASDAQ Capital Market. Listing on the NASDAQ Global Select Market is reserved for companies that meet the highest quantitative and qualitative listing standards, reflecting their demonstrated commitments to leadership and good governance.
Perry A. Sook, Chairman, President and Chief Executive Officer of Nexstar Broadcasting Group, Inc., commented, “We are honored to be added to NASDAQ's Global Select Market based on meeting NASDAQ's rigorous qualification and listing criteria. Since our initial public offering just over ten years ago, Nexstar has grown from 42 stations that it owned, operated, programmed and provided services to 108 stations once we complete all pending transactions. During this period we have consistently enhanced the operating results of acquired stations as reflected by our long-term record of free cash flow growth on a two year cycle. We look forward to completing several previously announced transactions in early 2014 and to further enhancing value for our shareholders.”
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, e-MEDIA, digital and mobile media platforms. Nexstar owns, operates, programs or provides sales and other services to 72 television stations and 13 related digital multicast signals reaching 41 markets or approximately 12.1% of all U.S. television households. Nexstar’s portfolio includes affiliates of NBC, CBS, ABC, FOX, MyNetworkTV, The CW, Telemundo, and Bounce TV, the nation’s first over-the-air broadcast television network programmed for African-American audiences and two independent stations. Nexstar’s 43 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.