|By Business Wire||
|March 31, 2014 07:00 AM EDT||
Nexstar Broadcasting Group, Inc. (Nasdaq: NXST) announced today that the Company’s Controller Patrick J. Cusick, CPA, has been promoted to the position of Vice President, Controller. In addition, Director of Financial Operations, D. Randall Bradford, CPA, has been promoted to Vice President of Financial Operations. The appointments are effective April 1, 2014 and Messrs. Cusick and Bradford will report directly to Nexstar Chief Financial Officer, Thomas E. Carter.
Mr. Cusick will be responsible for oversight of all accounting, tax and financial reporting activities including Securities and Exchange Commission (SEC) filings, certifications and Sarbanes-Oxley compliance and documentation, as well as managing the audit function and relationship. Mr. Bradford will oversee financial, treasury and risk management and special projects for the various operating units of the company. In addition, both Cusick and Bradford will continue to conduct internal and industry analysis to support the Company’s goals for organic and M&A growth.
Thomas Carter commented, “Nexstar has developed a deep financial management team and we are delighted to elevate Patrick and Randy’s responsibilities and acknowledge their past contributions. Patrick and Randy bring strong backgrounds in financial reporting, regulatory compliance and merger and acquisition skills to their new positions at Nexstar. In addition, both possess deep industry knowledge having worked at Nexstar during a period of rapid growth and expansion. We are confident that their background, expertise and knowledge will continue to prove valuable to Nexstar as we further build the company through strong station management disciplines, expansion of our digital media operations, and the acquisition and integration of acquired properties.”
Mr. Cusick brings 25 years of accounting experience to his position at Nexstar including three and a half years at the Company. He joined Nexstar in August 2010 and served as the Company's Assistant Controller from August 2010 to December 2012 and has served as the Company’s Controller since January 1, 2013. From 2006 to 2010, Mr. Cusick was an Assurance Senior Manager at a nationally recognized accounting firm, managing audit engagements for public and private mid-market companies and he previously held positions with two big four accounting firms. Mr. Cusick earned a Masters of Accounting from University of Florida in 1993 and a Bachelor of Science in Accounting in 1991.
Mr. Bradford brings 16 years of accounting and finance experience to his new position and joined Nexstar in 2009 as Regional Controller and has served since January 2013 as Director of Financial Operations. Prior to joining the company, Mr. Bradford was the Chief Financial Officer of a radio broadcasting company where he established and directed accounting, financial, risk management and human resource activities, secured credit facility financing and negotiated station acquisition transactions. From 1999 to 2005 he served as Controller at a start-up provider of Internet-based solutions and services for healthcare entities, where he established and oversaw the accounting activities. Earlier in his career he held senior finance and accounting positions at several organizations. Mr. Bradford earned a BBA in Finance from Texas A&M University in 1988.
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 13 related digital multicast signals reaching 44 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, Bounce TV 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.
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