Gilmore to Sell News 25 in Evansville

This afternoon NEWS25 WEHT in Evansville posted the following on their website regarding the sale of the station. The station has been owned by Gilmore Broadcasting since the early 60's. We have posted the formal announcement here for you.

It is our prayer that those employed by the company will find a comfortable and prosperous home with the new owners.

EVANSVILLE - Today, NEWS 25 (WEHT-TV) General Manager and COO of Gilmore Broadcasting received notice that Gilmore Broadcasting has reached an agreement with Nexstar Broadcasting to sell NEWS 25. Nexstar will be completing its due diligence including the approval by the FCC.

NEWS 25 first signed on the air on September 11, 1953. Gilmore Broadcasting has owned the station since July 1964. The station has won numerous awards including the Columbia School of Journalism Excellence in Broadcasting, IBA Station of the Year, Emmy Awards and Associated Press Awards. It has been Evansville's ABC affiliate since 1995. The NEWS 25 Sports Channel airs on WEHT's digital sub-channel.

Below is Nexstar's announcement of the sale agreement:

"Nexstar Broadcasting Group, Inc. (Nasdaq: NXST) announced today that it entered into a definitive agreement to acquire the assets of WEHT-TV, the ABC affiliate serving the Evansville, Indiana market from Gilmore Broadcasting Corporation for $18.5 million plus any working capital adjustments applicable at the time of closing. Nexstar also announced that it entered into a definitive agreement to divest the FCC license related assets of WTVW-TV to Mission Broadcasting, Inc. ("Mission") for $6.7 million. Nexstar will enter into a local services agreement with Mission to provide sales and other services to WTVW upon consummation of the transaction.

The proposed transactions are expected to be accretive to Nexstar's operating results immediately upon closing and will result in Nexstar operating one station and providing sales and other services to another in 22 of the 36 markets where it operates. In addition, it will expand to 66 the number of stations and related digital signals that Nexstar either owns or provides sales and other services to, including .

Nexstar intends to finance the purchase of WEHT-TV, net of the proceeds from the sale of WTVW-TV to Mission, through borrowings of approximately $11.8 million, exclusive of working capital requirements, under its senior credit facility. The transactions are subject to FCC approval and are expected to close by year-end 2011.

Commenting on the agreement, Nexstar Broadcasting Group President and Chief Executive Officer, Perry A. Sook said, "Over its fifteen year history, Nexstar has emerged as the industry's leading consolidator of stations in mid-sized markets through accretive transactions. The acquisition of WEHT-TV will further expand and diversify Nexstar's station portfolio and opportunities to serve Evansville and the Tri-State viewing area of Southwestern Indiana, Northwestern Kentucky and Southeastern Illinois.

"The purchase price for WEHT-TV is approximately four times the average 2010/2011 pro-forma projected cash flow. Under Nexstar's ownership the station will realize additional retransmission revenues as well as synergistic operating improvements, and on a pro-forma basis the acquisition is both immediately accretive to results and de-leveraging on a debt-to-cash-flow basis."

According to Nielsen Media's 2010-2011 Local Market Estimates, the Evansville DMA is ranked as the 103rd largest television market in the country.

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 65 television stations and related digital signals in 36 markets in 16 states and reaches approximately 13.5 million viewers or approximately 11.6% of all U.S. television households. The stations are affiliates of NBC, CBS, ABC, FOX, MyNetworkTV, The CW, LATV, TV Azteca and Telemundo. The Company's 35 community portal websites offer additional hyper-local content and verticals for consumers and advertisers."