Nexstar's FCF and Capital Allocation

ALL AMERICAN THE 2 One of America's Major Broadcast Networks WALKER WHOSE ANYWAY WINCHESTERS PENN&TELLER FLUS • In September 2022, Nexstar acquired a 75% interest in The CW Network for no consideration. Nexstar is the #1 CW affiliate* covering 32% of TVHH, including 5 of the top 10 DMAS. THE w The CW Network provides 14 hours of primetime programming per week and 3 hours on Saturdays THE JUU PLUS The CW Plus provides 24/7 programming for smaller market affiliates ست CW Digital offers its network content and a library of third- party content on cwtv.com and all major OTT platforms with over 90MM downloads Path to Profitability Improve and diversify programming to align with audiences Accelerate digital growth Reduce costs and focus on execution Achieve profitability by 2025 Interim losses primarily funded by recent real estate asset sale net proceeds The Nexstar - CW Opportunity ✓ Solidifies and Creates Better Revenue Opportunities for Nexstar CW Stations and Other CW Affiliates - Protects existing television advertising and distribution revenue generated by Nexstar's 37 CW-affiliated stations Improved CW ratings will create opportunities to increase local advertising revenue Recently signed LIV Golf to an exclusive broadcast deal Positions Nexstar to Respond to Future Changes in the Network/Affiliate Ecosystem Owning our own network/content will provide Nexstar with additional leverage in future negotiations with producers, networks, MVPDs and vMVPDS Increases Nexstar's Exposure to the Lucrative National Advertising Market ✓ Establishes Nexstar as a Player in AVOD The CW App is available on all major platforms with over 90 million downloads Value Creation Opportunity from Improving Profitability of the Network *Including partner stations. 15

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