|By Business Wire||
|May 19, 2014 01:00 PM EDT||
Nexstar Broadcasting Group, Inc. (Nasdaq:NXST) (“Nexstar”) announced today that it acquired the stock of Enterprise Technology Group (“ETG”), a provider of cloud-based content management, engagement and monetization solutions. The tuck-in acquisition adds new IP, technology and a team of skilled developers which complement Nexstar’s current content management businesses, and was funded through internal sources.
ETG’s re-engineered platform utilizes the public cloud to provide publishers with a platform that can effectively and efficiently enable client side customizations along with enhanced responsive content management system (“CMS”) capabilities. Enterprise Technology Group’s domestic and international clients include broadcasters, print publishers, brands and retailers, as it delivers “any screen” capabilities with respect to content creation, management, engagement and monetization.
Tom O’Brien, Nexstar Broadcasting Group Executive Vice President/Digital Media and Chief Revenue Officer, commented, “ETG represents an excellent strategic fit with Nexstar’s current digital media portfolio. Combining their multi-screen, responsive technology with Nexstar’s existing digital platform and agency capabilities, from our Internet Broadcasting and Inergize Digital divisions, enables us to expand the range of “best of breed” content publishing and monetization tools that we can offer to power our clients’ digital media businesses.”
The addition of ETG’s operations are expected to expand Nexstar’s digital business portfolio to approximately $50 million in annual run rate revenues.
Perry A. Sook, Chairman, President and Chief Executive Officer of Nexstar Broadcasting Group, Inc., added, “This is another step in our plan to strategically invest in and expand our digital media portfolio to serve a broad range of businesses and needs. By combining Nexstar’s technology offerings and capabilities with ETG’s, our holistic approach to content rendering, analytics and platform optimization will create revenue opportunities and deliver value across our existing digital media operations and to our growing client base, particularly those seeking cross-device CMS solutions.”
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, digital and mobile media platforms. Nexstar owns, operates, programs or provides sales and other services to 74 television stations and 19 related digital multicast signals reaching 44 markets or approximately 12.9% of all U.S. television households. Nexstar’s portfolio includes affiliates of NBC, CBS, ABC, FOX, MyNetworkTV, The CW, Telemundo, Bounce TV, Me-TV, Live Well and 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.
Pro-forma for the completion of all announced transactions Nexstar will own, operate, program or provides sales and other services to 108 television stations and related digital multicast signals reaching 56 markets or approximately 16.0% of all U.S. television households.
This news release 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, the Company 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 news release, concerning, among other things, 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, our ability to service and refinance our outstanding debt, successful integration of acquired television stations (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 served by the Company, volatility in programming costs, the effects of governmental regulation of broadcasting, industry consolidation, technological developments and major world news events. Unless required by law, we undertake 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 news release 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 our filings with the Securities and Exchange Commission.