Nexstar Prepares For ‘Seamless Transition’ Of COO

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GRAPEVINE, TEX. — From August 2009 through September 2020, Tom Carter has served as the Chief Financial Officer of Nexstar Media Group, today the largest broadcast TV station company in the U.S. At that time, he rose to President/Chief Operations Officer, with the signing of a new employment agreement with a December 31, 2023, conclusion date.


It is now known that Carter will not be putting his signature on a new contract, and will leave Nexstar as the year comes to a close. As such, Nexstar has announced his successor.

 

That individual is Michael Biard, who will step in to Carter’s role as President/COO on August 21, following the August 8 release of its second quarter 2023 earnings release.

With his appointment, Biard has signed a new employment agreement with Nexstar that extends through August 2027.

Carter will transition to a role as Senior Advisor and, Nexstar says, “will support a seamless transition” through the conclusion of his employment agreement at the end of this year.

Biard is joining Nexstar from Fox Corporation and its predecessor companies, where he has been since 2000. He most recently served as President of Operations and Distribution, overseeing the company’s multi-platform content distribution, distribution strategy, affiliate marketing, and affiliate-related business operations and business affairs for all of its media brands, including FOX Sports, FOX Entertainment, and FOX News. In that role, Biard
was responsible for the distribution of television programming via broadcasting platforms, digital platforms, SVOD, and pay networks covering the FOX linear networks, direct-to-consumer products, FAST channels, and non-linear content licensing.

Importantly, Biard also held a key role in the acquisition and monetization of sports rights and was responsible for several operational areas at FOX, including real estate, security and the historic FOX Studios Lot in Los Angeles.

Commenting on Biard’s pending arrival at the company he founded some 30 years ago, Chairman/CEO Perry Sook said, “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. 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.”

A ‘TREMENDOUS PARTNER’

“Tom Carter has been a tremendous partner since joining Nexstar, overseeing a period of unprecedented growth and expansion for the company,” Sook added, speaking of his longtime colleague. “We are fortunate that Nexstar will continue to benefit from Tom’s knowledge and expertise as he helps Michael transition into his new role.”

Carter played a major role in the execution of Nexstar’s growth plan, including a mega-merger with Tribune Media that transpired following the implosion of Sinclair Broadcast Group’s planned merger with Tribune. He was also instrumental in directing Nexstar through its merger with Media General.

Furthermore, Carter led “integration planning and post-transaction synergy realization teams as well as continuous capital structure improvements, ongoing cost of capital reduction, operational efficiency enhancements and return of capital initiatives.”

Carter ranked No. 1 on RBR+TVBR‘s Broadcast Best Finance Leaders of 2020 and of 2021, as determined by readers of the Radio + Television Business Report.

Commenting on his forthcoming role at Nexstar, Biard said, “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 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.”

Biard also singled out Nexstar’s “strategic approach and disciplined execution,” which will enable further growth and expansion. “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.”

Before joining FOX, Biard was a practicing attorney.

Carter from 1985-2009 served as the Managing Director of Media Telecom Corporate Investment Banking at Banc of America Securities. In this position, he acted as the senior banker responsible for delivering bank products and services including M&A, private and public equity, high-yield debt, fixed income derivatives, syndicated financial products and treasury management for selected clients across the broadcasting, cable, publishing and media industries — including Nexstar.

Speaking of his tenure at Nexstar, which came after that role, Carter said, “I am extremely proud of the company that Nexstar has become and of the consistent financial returns we
have delivered for our shareholders. 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.”