Nexstar CFO Resigns
May 12, 2009
IRVING, TEXAS: Matthew E. Devine, stepped down as executive vice president and chief financial officer of Nexstar Broadcasting, the company said Monday. The move was effective the same day. Nexstar (NASDAQ: NXST) said Devine left to “pursue other opportunities.” Shirley E. Green, Nexstar Broadcasting vice president, controller and secretary, will now also serve as interim CFO.
President and CEO Perry Sook offered the following statement: “We appreciate Matt’s contributions over the last three years, and we wish him continued success in his future endeavors. Our finance department is well-staffed, experienced and capable, and we are confident that Shirley will facilitate a smooth transition while we identify and appoint a new CFO.”
Nexstar has been in acquisition mode in recent months. It most recently closed on WCWJ-TV, the CW affiliate in Jacksonville, Fla., for “less than five times 2009 projected cash flow,” the company said. It too KWBF-TV in Little Rock, Ark., last fall, changing the station’s calls to KARZ-TV. It cut an agreement in March to manage seven TV stations in four markets for Four Points Media, the TV holding group of Cerberus Capital Management.
Nexstar will report 1Q09 results tomorrow. For the fourth quarter of 2008, the company posted revenues of $80.3 million, up 12 percent from a year previous. Net income was $5.4 million, not accounting for undetermined impairment. Shares of NXST were trading at around 72 cents in mid-afternoon. -- Deborah D. McAdams