Nexstar Broadcasting Completes Redemption of Its Outstanding 16% Senior Discount Notes

IRVING, Texas (January 7, 2004) – Nexstar Broadcasting Group, Inc. (Nasdaq: NXST) today announced that its wholly-owned subsidiary, Nexstar Finance Holdings, Inc., redeemed all of its outstanding 16% Senior Discount Notes due 2009 (CUSIP No. 65335BAB0). The aggregate amount paid to the Note holders for the redemption, call premiums and accrued interest through January 6th was $34.8 million.

About Nexstar Broadcasting Group, Inc.

Nexstar Broadcasting Group owns, operates, programs or provides sales and other services to 42 television stations in 26 markets in the states of Illinois, Indiana, Maryland, Missouri, Montana, Texas, Pennsylvania, Louisiana, Arkansas, Alabama and New York. Nexstar's television station group includes affiliates of NBC, CBS, ABC, FOX and UPN, and reaches approximately 7% of all U.S. television households.

Note Regarding Forward-Looking Statements

Statements in this release that are "forward looking statements" are based upon current expectations and assumptions, and involve certain risks and uncertainties within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Words or expressions such as "intends", "expects," "expected," "anticipates" or variations of such words and similar expressions are intended to identify such forward-looking statements. Key risks are described in the Company's reports filed with the Securities and Exchange Commission (SEC).

Readers should note that these statements are subject to change and to inherent risks and uncertainties, and may be impacted by several factors, including: economic and regulatory changes, the loss of key personnel, a downturn in the performance of our television stations, the Company's substantial debt levels, and changes in the broadcast industry generally. The Company's actual performance and results could differ materially because of these factors and other factors discussed in more detail in the Company's filings with the Securities and Exchange Commission, including its registration statement on Form S-1, copies of which can be obtained from the SEC, www.sec.gov, or the Company's website, www.nexstar.tv. Unless legally required, the Company undertakes no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise.