Nexstar Media Group said it promoted Thomas Carter to president and chief operating officer, effective Oct. 1.
Carter, who has been Nexstar’s chief financial officer, will retain those responsibilities “for the foreseeable future,” the company said Carter succeeds Brian Jones, who retired as executive VP and COO in August.
Nexstar said Carter has played a key role as the broadcaster has grown via acquisitions, completing transactions such as buying Media General and Tribune Media, leading integration planning and post-transaction synergy realization.
“Tom has been a trusted partner during his time at Nexstar and has been instrumental in driving the Company’s operating and financial growth and the ongoing execution of our strategic initiatives to enhance shareholder value,” said Nexstar CEO Perry Sook. “During Tom’s 11-year tenure, Nexstar has grown its revenue base more than 12 times while the Company’s equity valuation has risen by more than 90 times. Further, Tom has been tireless in his communications with the sell-side analysts who follow Nexstar and with our institutional investors, while leading our ongoing efforts to optimize our capital structure, reduce our cost of capital, and drive returns for shareholders.”
Before Nexstar, Cater was managing director, media telecom corporate investment banking at Banc of America Securities. He began his banking careers at JPMorgan Chase.
“I am extremely proud of the work and progress of the Nexstar Nation and grateful for the trust that Perry and the board have placed in me as I assume these new roles at Nexstar," Carter said.
"Working alongside Perry and the entire management team for the past 11 years has been a wonderful opportunity and we’ve collectively created a company of unmatched scale and unparalleled financial performance. In the last month alone, we’ve taken several actions from a capital structure and operating perspective to de-lever and create new growth opportunities,” Carter added. “The future for Nexstar is very bright and I look forward to collaborating with the rest of the Company’s executive team in our ongoing efforts to leverage Nexstar’s position as the nation’s leading local media company to create new value for shareholders.”
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Jon has been business editor of Broadcasting+Cable since 2010. He focuses on revenue-generating activities, including advertising and distribution, as well as executive intrigue and merger and acquisition activity. Just about any story is fair game, if a dollar sign can make its way into the article. Before B+C, Jon covered the industry for TVWeek, Cable World, Electronic Media, Advertising Age and The New York Post. A native New Yorker, Jon is hiding in plain sight in the suburbs of Chicago.