Nexstar Broadcasting Group Inc. NXST,Up 9.89% at the end trading session
Nexstar Broadcasting Group Inc.
Nexstar Broadcasting Group Inc. had been trading since the end of July between $1.25 and $1.50. Up to that point, it had spent 2009 at less than $1. Many broadcast stocks were up today, while the major indices trended downward, but most posted gains in the range of a percent or two. Scripps shares (NYSE: SSP) were up around 7 percent; Media General (NYSE: MEG), up nearly 11 percent. (MEG recently filed a complaint with the FCC against Time Warner for dropping Charleston, S.C., NBC affiliate, WCBD-TV, though that wouldn’t spike the stock.)
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Nexstar Broadcasting Group, Inc. (Nexstar) is a television broadcasting company focused on the acquisition, development and operation of television stations in medium-sized markets in the United States. As of December 31, 2008, the Company owned and operated 32 stations, and provided sales or other services to an additional 18 stations that are owned by Mission Broadcasting, Inc. (Mission) and other entities. In 18 of the 29 markets that Nexstar serves, it owns, operates, programs or provides sales and other services to more than one station. The Company refers to these markets as duopoly markets. The stations that Nexstar owns, operates, programs or provides sales and other services to are in markets located in New York, Pennsylvania, Illinois, Indiana, Missouri, Texas, Louisiana, Arkansas, Alabama, Montana and Maryland.
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