Nexstar Media Group said that it will combine its Nexstar Broadcasting and Nexstar Digital units into a single operating subsidiary called Nexstar Inc.
The move, effective Nov. 1, aims to maximize the value of Nexstar's content, national reach and consumer digital usage. The restructuring should also result in expense savings in the $5 million range in 2021.
Nexstar said that Gregory Raifman, president of Nexstar Digital, will leave the company at the conclusion of his contract on March 31, 2021.
The new Nexstar Inc. will now have broadcasting, networks and digital divisions.
The digital business will be led by Karen Brophy, who will be responsible for Nexstar's 121 local websites, programmatic, data science, social media group sales and partnerships. She will also be responsible for streamlining Nexstars ad tech stack.
Tim Busch will be president, broadcasting, overseeing the company's 197 TV station and multicast signals.
Sean Compton will serve as president, networks, responsible for WGN America, Antenna TV and WGN Radio.
Brophy, Busch and Compton will report to Nexstar Media Group president, CEO and COO Thomas Carter.
The operational realignment we are announcing today will accelerate Nexstar's growth by leveraging our leading local content and positioning the Company to become an even more nimble and competitive organization, thereby creating new value for shareholders, said Carter.
Tim, Sean and Karen are proven, experienced members of the Nexstar Nation and are ideally suited to lead our deep and capable operations, broadcast, content and digital teams. In addition to realizing operating expense efficiencies, by centralizing operations into a single primary operating entity, we will strengthen our focus on distributing the content consumers want most, delivered the way they prefer to consume it, which we believe will drive near- and long-term operating results improvements, Carter said.
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Nexstar Media Group said that it will combine its Nexstar Broadcasting and Nexstar Digital units into a single operating subsidiary called Nexstar Inc.
