Tonight at 12pm ET, Verizon FiOS removed from its cable systems local community programming and networking provided to nearly three million subscribers by 13 local television stations owned by Nexstar Media Inc., a wholly owned subsidiary of Nexstar. Media Group, Inc. (Nasdaq: NXST) (“Nexstar”). Verizon FiOS is refusing to reach a new distribution agreement that grants the cable company the right to continue broadcasting high-level programming on Nexstar’s local stations. As a result, millions of Americans across the country have missed local news, traffic, weather, sports and entertainment programs, as well as critical and up-to-date news on midterm elections and possible hurricanes in the South and East Coast, as well as colleges and NFL football this weekend. Additionally, Verizon FiOS has also removed Nexstar’s national cable news network, News Countryfrom its cable systems, denying subscribers access to news and analysis of programs such as “Cuomo”, “Dan Abrams Live” and “Banfield”.
Nexstar has negotiated tirelessly and in good faith in an effort to reach a mutually acceptable multi-year contract with Verizon FiOS, offering the same fair market rates offered to other retail partners with whom it successfully completed negotiations earlier this year. . Nexstar regularly reaches friendly retransmission and transportation agreements with its cable, satellite and telecommunications partners – in the past three years alone, the company has successfully completed agreements with over 500 distribution partners.
