Longtime Fox exec Michael Biard has be named the new president and chief operating officer of Nexstar.
Current Nexstar president and COO Thomas Carter is stepping down from his post and shifting to senior advisor. Carter will support the leadership transition, which begins Aug. 21, through the end of the year.
Biard, whose Nexstar contract extends through August 2027, will report directly to Nexstar chairman and CEO Perry Sook.
“Michael is a talented, innovative, and deeply experienced media executive who will be a great leader for Nexstar and the senior management team as we chart the future of the Company,” Sook said in a statement Tuesday. “The Board of Directors and I are confident that his vision and judgement will be invaluable as we continue maximizing Nexstar’s shareholder return by furthering the growth of our national brands and audiences, enhancing the value of our spectrum through the additional deployment of ATSC 3.0, and strategically targeting accretive mergers and acquisitions.”
Biard added: “Perry, Tom, and the Nexstar Nation have created a company with extraordinary scale and unparalleled financial performance. Nexstar has built a true media powerhouse, with respected national brands like The CW Network, NewsNation, The Hill, and local television stations reaching 68% of the country with high-quality local news and programming. This impressive foundation consistently returns value to Nexstar shareholders, delivering more free cash flow than many older, larger competitors. Nexstar’s strategic approach and disciplined execution will enable further growth and expansion, and I am eager to help lead the way forward. I am grateful to Perry, Tom, and the Board for this opportunity, and I want to express my profound appreciation to my colleagues and close friends at FOX, especially Lachlan Murdoch and John Nallen, for allowing me to pursue it.”
At Fox, Biard will be replaced by David Espinosa, who has been appointed Fox’s new president of distribution.
Carter joined Nexstar as CFO in August 2009 and was promoted to president and COO in 2020. During his time, he’s overseen Nexstar’s acquisitions of the CW Network, Tribune Media Company, and Media General.
“I am extremely proud of the company that Nexstar has become and of the consistent financial returns we have delivered for our shareholders,” Carter said. “It has been an honor to collaborate with Perry and the management team for the past 14 years, and to have played a role in Nexstar’s growth. I am also deeply grateful to the Nexstar Nation for the relationships I have forged during my time with the Company. Michael will be a great leader for Nexstar and I am looking forward to working with him as he transitions to a role I have enjoyed immensely.”
More to come…
Read More About:
Source: Read Full Article
