Nexstar Broadcasting Group, Inc.'s Initial Public Offering Priced at $14.00 Per Share

Irving, Texas (November 24, 2003) -- Nexstar Broadcasting Group, Inc (NASDAQ: NXST) announced today the initial public offering of 10,000,000 shares of its common stock at $14.00 per share. The shares will be quoted on the Nasdaq National Market under the symbol "NXST" beginning November 24, 2003. Nexstar has granted to the underwriters the option to purchase up to 1,500,000 additional shares of common stock to cover over-allotments, if any.

Banc of America Securities LLC acted as the sole book-running manager. Bear, Stearns & Co. Inc. was a joint lead manager, and Lehman Brothers, UBS Investment Bank and RBC Capital Markets acted as co-managers. The offering is expected to close on November 28, 2003.

The shares will be issued pursuant to a registration statement that was declared effective by the Securities and Exchange Commission on November 21, 2003. The registration statement, in the form in which it became effective, includes disclosure required by the SEC regarding compliance of a recent amendment to the CEO's employment agreement with applicable prohibitions on loans to insiders under the Sarbanes Oxley Act of 2002 ("SOA"). While the disclosure indicates Nexstar's belief that this amendment was not subject to such prohibitions, the issue is not entirely free from doubt since there is no case law on point. Even if it were determined that the amendment to the employment agreement did constitute a violation under the SOA, Nexstar does not believe that any consequences would have a material adverse effect. For additional information regarding this matter, see page 3 of the final prospectus referred to below.

This announcement shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction. Copies of the prospectus relating to these securities may be obtained when available by writing to Banc of America Securities, Capital Markets Operations (Prospectus Fulfillment Department), 9 West 57th Street, New York, New York 10019, by facsimile request at (212)-230-8540 or by e-mail request at

About Nexstar Broadcasting Group, Inc.

Nexstar is a television broadcasting company focused on the acquisition, development and operation of television stations located in medium-sized markets in the United States. Nexstar currently owns and operates 16 stations and provides management, sales or other services to an additional ten stations.