Press release

Nexstar Media Group Declares Quarterly Cash Dividend of $0.45 Per Share

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Nexstar Media Group, Inc. (Nasdaq: NXST) announced today that its Board
of Directors declared a quarterly cash dividend of $0.45 per share of
its Class A common stock. The dividend is payable on Friday, May 24,
2019, to shareholders of record on Friday, May 10, 2019.

While the Company intends to pay regular quarterly cash dividends for
the foreseeable future, all subsequent dividends will be reviewed
quarterly and declared by the Board of Directors at its discretion.

About Nexstar Media Group, Inc.

Nexstar Media 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 174 full power television stations and related digital
multicast signals reaching 100 markets or nearly 39% of all U.S.
television households. Nexstar’s portfolio includes primary affiliates
of NBC, CBS, ABC, FOX, MyNetworkTV and The CW. Nexstar’s 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. For
more information please visit

Forward-Looking Statements

This communication 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, Nexstar Media and Tribune Media claim
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 communication, concerning,
among other things, the ultimate outcome, benefits and cost savings of
any possible transaction between Nexstar Media and Tribune Media and
timing thereof, and future financial performance, including 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 timing of and any potential delay in consummating
the proposed transaction; the risk that a condition to closing of the
proposed transaction may not be satisfied and the transaction may not
close; the risk that a regulatory approval that may be required for the
proposed transaction is delayed, is not obtained or is obtained subject
to conditions that are not anticipated, the risk of the occurrence of
any event, change or other circumstance that could give rise to the
termination of the Merger Agreement; the risk that Nexstar Media fails
to obtain the necessary financing arrangements set forth in the debt
commitment letters delivered pursuant to the Merger Agreement, the
impact of changes in national and regional economies, the ability to
service and refinance our outstanding debt, successful integration of
Tribune Media (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,
volatility in programming costs, the effects of governmental regulation
of broadcasting, industry consolidation, technological developments and
major world news events. Unless required by law, Nexstar Media and
Tribune Media 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 communication
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 Tribune Media’s and Nexstar Media’s filings
with the Securities and Exchange Commission.