##### Table of Contents

---

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549



---

FORM 10-Q



---



|x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|- | ---------------------------------------------------------------------------------------

for the quarterly period ended March 31, 2007

OR



| ̈ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|- | ----------------------------------------------------------------------------------------

for the transition period
from 
to.

Commission File Number: 333-62916-02



---

MISSION BROADCASTING, INC.

(Exact
name of registrant as specified in its charter)



---



|                                                             |  |                                                     
|------------------------------------------------------------ |  | ----------------------------------------------------
|Delaware                                                     |  | 51-0388022                                          
|(State of Organization or Incorporation)                     |  | (IRS Employer Identification No.)                   
|                                                             | 
|7650 Chippewa Road, Suite 305 Brecksville, Ohio 44141        |  | (440) 526-2227                                      
|(Address of Principal Executive Offices, including Zip Code) |  | (Registrants Telephone Number, Including Area Code)



---

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter
period that it was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No ̈

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer or a non-accelerated filer. See definition of
accelerated filer and large accelerated filer in Rule 12b-2 of the Exchange Act. (check one):

Large accelerated
filer ̈Accelerated filer ̈Non-accelerated filer  x

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange
Act).    Yes ̈No  x

As of June 30, 2006, Mission Broadcasting, Inc. had one shareholder, David S. Smith. Mr. Smith held all 1,000 shares of the outstanding common
stock of Mission Broadcasting, Inc. at June 30, 2006. As of April 30, 2007, Mission Broadcasting, Inc. had 1,000 shares of outstanding common stock.



---



---

##### Table of Contents

TABLE OF CONTENTS



|              |  |                                                                                                   |  |     
|------------- |  | ------------------------------------------------------------------------------------------------- |  | ----
|              |  |                                                                                                   |  | Page
|PART I        |  | FINANCIAL INFORMATION                                                                             |  |     
|              |  |                                                                                                  
|ITEM 1.       |  | Financial Statements (Unaudited)                                                                  |  |     
|              |  |                                                                                                  
|              |  | Condensed Balance Sheets at March 31, 2007 and December 31, 2006                                  |  | 1   
|              |  |                                                                                                  
|              |  | Condensed Statements of Operations for the three months ended March 31, 2007 and 2006             |  | 2   
|              |  |                                                                                                  
|              |  | Condensed Statement of Changes in Shareholders Deficit for the three months ended March 31, 2007 |  | 3   
|              |  |                                                                                                  
|              |  | Condensed Statements of Cash Flows for the three months ended March 31, 2007 and 2006             |  | 4   
|              |  |                                                                                                  
|              |  | Notes to Condensed Financial Statements                                                           |  | 5   
|              |  |                                                                                                  
|ITEM 2.       |  | Managements Discussion and Analysis of Financial Condition and Results of Operations             |  | 12  
|              |  |                                                                                                  
|ITEM 3.       |  | Quantitative and Qualitative Disclosures about Market Risk                                        |  | 18  
|              |  |                                                                                                  
|ITEM 4.       |  | Controls and Procedures                                                                           |  | 18  
|              |  |                                                                                                  
|PART II       |  | OTHER INFORMATION                                                                                 |  |     
|              |  |                                                                                                  
|ITEM 1.       |  | Legal Proceedings                                                                                 |  | 19  
|              |  |                                                                                                  
|ITEM 1A.      |  | Risk Factors                                                                                      |  | 19  
|              |  |                                                                                                  
|ITEM 2.       |  | Unregistered Sales of Equity Securities and Use of Proceeds                                       |  | 19  
|              |  |                                                                                                  
|ITEM 3.       |  | Defaults Upon Senior Securities                                                                   |  | 19  
|              |  |                                                                                                  
|ITEM 4.       |  | Submission of Matters to a Vote of Security Holders                                               |  | 19  
|              |  |                                                                                                  
|ITEM 5.       |  | Other Information                                                                                 |  | 19  
|              |  |                                                                                                  
|ITEM 6.       |  | Exhibits                                                                                          |  | 19  
|              | 
|EXHIBIT INDEX |  |                                                                                                  



ii



---

##### Table of Contents

PART I. FINANCIAL INFORMATION



|ITEM 1. | Financial Statements
|------- | --------------------

MISSION BROADCASTING, INC.

CONDENSED BALANCE SHEETS

(in thousands, except share information)



|                                                                                                                                      |  |                |         |   |                   |   |         |  
|------------------------------------------------------------------------------------------------------------------------------------- |  | -------------- | ------- | - | ----------------- | - | ------- | -
|                                                                                                                                      |  | March 31, 2007 |         |   | December 31, 2006 |  
|                                                                                                                                      |  | (Unaudited)    |        
|ASSETS                                                                                                                                |  |                |         |   |                   |   |         |  
|Current assets:                                                                                                                       |  |                |         |   |                   |   |         |  
|Cash and cash equivalents                                                                                                             |  | $              | 1,456   |   |                   | $ | 3,577   |  
|Accounts receivable (allowance for doubtful accounts of $0 and $0, respectively)                                                      |  |                | 627     |   |                   |   | 619     |  
|Current portion of broadcast rights                                                                                                   |  |                | 2,225   |   |                   |   | 2,919   |  
|Prepaid expenses and other current assets                                                                                             |  |                | 82      |   |                   |   | 145     |  
|Deferred tax asset                                                                                                                    |  |                | 82      |   |                   |   | 84      |  
|                                                                                                                                      |  |                |         |   |                   |   |         |  
|Total current assets                                                                                                                  |  |                | 4,472   |   |                   |   | 7,344   |  
|                                                                                                                                      |  |               
|Property and equipment, net                                                                                                           |  |                | 20,344  |   |                   |   | 20,420  |  
|Broadcast rights                                                                                                                      |  |                | 1,655   |   |                   |   | 2,121   |  
|FCC licenses                                                                                                                          |  |                | 28,736  |   |                   |   | 28,736  |  
|Goodwill                                                                                                                              |  |                | 16,651  |   |                   |   | 16,651  |  
|Other intangible assets, net                                                                                                          |  |                | 40,852  |   |                   |   | 42,201  |  
|Other noncurrent assets                                                                                                               |  |                | 242     |   |                   |   | 253     |  
|                                                                                                                                      |  |                |         |   |                   |   |         |  
|Total assets                                                                                                                          |  | $              | 112,952 |   |                   | $ | 117,726 |  
|                                                                                                                                      |  |                |         |   |                   |   |         |  
|                                                                                                                                      |  |               
|LIABILITIES AND SHAREHOLDERS DEFICIT                                                                                                 |  |                |         |   |                   |   |         |  
|Current liabilities:                                                                                                                  |  |                |         |   |                   |   |         |  
|Current portion of debt                                                                                                               |  | $              | 1,727   |   |                   | $ | 1,727   |  
|Current portion of broadcast rights payable                                                                                           |  |                | 2,300   |   |                   |   | 3,028   |  
|Taxes payable                                                                                                                         |  |                | 16      |   |                   |   |        |  
|Accounts payable                                                                                                                      |  |                | 580     |   |                   |   | 379     |  
|Accrued expenses                                                                                                                      |  |                | 621     |   |                   |   | 997     |  
|Interest payable                                                                                                                      |  |                | 67      |   |                   |   | 102     |  
|Deferred revenue                                                                                                                      |  |                | 910     |   |                   |   | 886     |  
|Due to Nexstar Broadcasting, Inc.                                                                                                     |  |                | 18,283  |   |                   |   | 20,167  |  
|                                                                                                                                      |  |                |         |   |                   |   |         |  
|Total current liabilities                                                                                                             |  |                | 24,504  |   |                   |   | 27,286  |  
|                                                                                                                                      |  |               
|Debt                                                                                                                                  |  |                | 168,382 |   |                   |   | 168,814 |  
|Broadcast rights payable                                                                                                              |  |                | 1,982   |   |                   |   | 2,467   |  
|Deferred tax liabilities                                                                                                              |  |                | 6,077   |   |                   |   | 5,746   |  
|Deferred revenue                                                                                                                      |  |                | 379     |   |                   |   | 337     |  
|Deferred gain on sale of assets                                                                                                       |  |                | 2,214   |   |                   |   | 2,258   |  
|Other liabilities                                                                                                                     |  |                | 1,330   |   |                   |   | 2,765   |  
|                                                                                                                                      |  |                |         |   |                   |   |         |  
|Total liabilities                                                                                                                     |  |                | 204,868 |   |                   |   | 209,673 |  
|                                                                                                                                      |  |                |         |   |                   |   |         |  
|                                                                                                                                      |  |               
|Commitments and contingencies                                                                                                         |  |                |         |   |                   |   |         |  
|                                                                                                                                      |  |               
|Shareholders deficit:                                                                                                                |  |                |         |   |                   |   |         |  
|Common stock, $1 par value; 1,000 shares authorized; 1,000 shares issued and outstanding at both March 31, 2007 and December 31,
2006 |  |                | 1       |   |                   |   | 1       |  
|Subscription receivable                                                                                                               |  |                | (1      | ) |                   |   | (1      | )
|Accumulated deficit                                                                                                                   |  |                | (91,916 | ) |                   |   | (91,947 | )
|                                                                                                                                      |  |                |         |   |                   |   |         |  
|Total shareholders deficit                                                                                                           |  |                | (91,916 | ) |                   |   | (91,947 | )
|                                                                                                                                      |  |                |         |   |                   |   |         |  
|Total liabilities and shareholders deficit                                                                                           |  | $              | 112,952 |   |                   | $ | 117,726 |  
|                                                                                                                                      |  |                |         |   |                   |   |         |  

The accompanying notes are an integral part of these condensed financial statements.



1



---

##### Table of Contents

MISSION BROADCASTING, INC.

CONDENSED STATEMENTS OF OPERATIONS

(in thousands)



|                                                                                                                  |  |                              |        |   |      |   |        |  
|----------------------------------------------------------------------------------------------------------------- |  | ---------------------------- | ------ | - | ---- | - | ------ | -
|                                                                                                                  |  | Three Months Ended March 31, |       
|                                                                                                                  |  | 2007                         |        |   | 2006 |  
|                                                                                                                  |  | (Unaudited)                  |       
|Net broadcast revenue                                                                                             |  | $                            | 1,667  |   |      | $ | 1,369  |  
|Revenue from Nexstar Broadcasting, Inc.                                                                           |  |                              | 7,172  |   |      |   | 6,976  |  
|                                                                                                                  |  |                              |        |   |      |   |        |  
|Net revenue                                                                                                       |  |                              | 8,839  |   |      |   | 8,345  |  
|                                                                                                                  |  |                              |        |   |      |   |        |  
|                                                                                                                  |  |                             
|Operating expenses:                                                                                               |  |                              |        |   |      |   |        |  
|Direct operating expenses (exclusive of depreciation and amortization shown separately below)                     |  |                              | 1,224  |   |      |   | 1,139  |  
|Selling, general, and administrative expenses (exclusive of depreciation and amortization shown separately below) |  |                              | 528    |   |      |   | 501    |  
|Fees incurred pursuant to local service agreements with Nexstar Broadcasting, Inc.                                |  |                              | 1,965  |   |      |   | 1,950  |  
|Amortization of broadcast rights                                                                                  |  |                              | 950    |   |      |   | 945    |  
|Amortization of intangible assets                                                                                 |  |                              | 1,349  |   |      |   | 1,349  |  
|Depreciation                                                                                                      |  |                              | 836    |   |      |   | 781    |  
|Loss on asset disposal, net                                                                                       |  |                              | 1      |   |      |   | 7      |  
|                                                                                                                  |  |                              |        |   |      |   |        |  
|                                                                                                                  |  |                             
|Total operating expenses                                                                                          |  |                              | 6,853  |   |      |   | 6,672  |  
|                                                                                                                  |  |                              |        |   |      |   |        |  
|                                                                                                                  |  |                             
|Income from operations                                                                                            |  |                              | 1,986  |   |      |   | 1,673  |  
|Interest expense, including amortization of debt financing costs                                                  |  |                              | (3,126 | ) |      |   | (2,789 | )
|Interest income                                                                                                   |  |                              | 20     |   |      |   | 13     |  
|                                                                                                                  |  |                              |        |   |      |   |        |  
|                                                                                                                  |  |                             
|Loss before income taxes                                                                                          |  |                              | (1,120 | ) |      |   | (1,103 | )
|                                                                                                                  |  |                             
|Income tax expense                                                                                                |  |                              | (349   | ) |      |   | (337   | )
|                                                                                                                  |  |                              |        |   |      |   |        |  
|                                                                                                                  |  |                             
|Net loss                                                                                                          |  | $                            | (1,469 | ) |      | $ | (1,440 | )
|                                                                                                                  |  |                              |        |   |      |   |        |  

The accompanying notes are an integral part of these condensed financial statements.



2



---

##### Table of Contents

MISSION BROADCASTING, INC.

CONDENSED STATEMENT OF CHANGES IN SHAREHOLDERS DEFICIT

For the Three Months Ended March 31, 2007

(in thousands, except share information)



|                                                            |  |              |  |                        |   |  |                     |    |   |                             |   |         |   |  |   |         |  
|----------------------------------------------------------- |  | ------------ |  | ---------------------- | - |  | ------------------- | -- | - | --------------------------- | - | ------- | - |  | - | ------- | -
|                                                            |  | Common Stock |  | SubscriptionReceivable |   |  | Accumulated Deficit |    |   | Total Shareholders Deficit |  
|                                                            |  | Shares       |  | Par Value              |   |  |                    
|Balance at January 1, 2007 (Unaudited)                      |  | 1,000        |  | $                      | 1 |  | $                   | (1 | ) |                             | $ | (91,947 | ) |  | $ | (91,947 | )
|Adjustment for the cumulative effect of adopting FIN No. 48 |  |             |  |                        |  |  |                     |   |   |                             |   | 1,500   |   |  |   | 1,500   |  
|Net loss                                                    |  |             |  |                        |  |  |                     |   |   |                             |   | (1,469  | ) |  |   | (1,469  | )
|                                                            |  |              |  |                        |   |  |                     |    |   |                             |   |         |   |  |   |         |  
|Balance at March 31, 2007 (Unaudited)                       |  | 1,000        |  | $                      | 1 |  | $                   | (1 | ) |                             | $ | (91,916 | ) |  | $ | (91,916 | )
|                                                            |  |              |  |                        |   |  |                     |    |   |                             |   |         |   |  |   |         |  

The accompanying notes are an integral part of these condensed financial statements.



---

##### Table of Contents

MISSION BROADCASTING, INC.

CONDENSED STATEMENTS OF CASH FLOWS

(in thousands)



|                                                                             |  |                              |        |   |      |   |        |  
|---------------------------------------------------------------------------- |  | ---------------------------- | ------ | - | ---- | - | ------ | -
|                                                                             |  | Three Months Ended March 31, |       
|                                                                             |  | 2007                         |        |   | 2006 |  
|                                                                             |  | (Unaudited)                  |       
|Cash flows from operating activities:                                        |  |                              |        |   |      |   |        |  
|Net loss                                                                     |  | $                            | (1,469 | ) |      | $ | (1,440 | )
|Adjustments to reconcile net loss to net cash used for operating activities: |  |                              |        |   |      |   |        |  
|Deferred income taxes                                                        |  |                              | 333    |   |      |   | 336    |  
|Depreciation of property and equipment                                       |  |                              | 836    |   |      |   | 781    |  
|Amortization of intangible assets                                            |  |                              | 1,349  |   |      |   | 1,349  |  
|Amortization of debt financing costs                                         |  |                              | 11     |   |      |   | 24     |  
|Amortization of broadcast rights, excluding barter                           |  |                              | 374    |   |      |   | 428    |  
|Payments for broadcast rights                                                |  |                              | (423   | ) |      |   | (505   | )
|Loss on asset disposal, net                                                  |  |                              | 1      |   |      |   | 7      |  
|Deferred gain recognition                                                    |  |                              | (44    | ) |      |   | (43    | )
|Changes in operating assets and liabilities:                                 |  |                              |        |   |      |   |        |  
|Accounts receivable                                                          |  |                              | (8     | ) |      |   | (235   | )
|Prepaid expenses and other current assets                                    |  |                              | 63     |   |      |   | 61     |  
|Other noncurrent assets                                                      |  |                              | (5     | ) |      |   | (4     | )
|Taxes payable                                                                |  |                              | 16     |   |      |   |       |  
|Accounts payable and accrued expenses                                        |  |                              | (175   | ) |      |   | 55     |  
|Interest payable                                                             |  |                              | (35    | ) |      |   | (28    | )
|Deferred revenue                                                             |  |                              | 66     |   |      |   | 175    |  
|Other noncurrent liabilities                                                 |  |                              | 65     |   |      |   | 75     |  
|Due to Nexstar Broadcasting, Inc.                                            |  |                              | (1,884 | ) |      |   | (1,121 | )
|                                                                             |  |                              |        |   |      |   |        |  
|Net cash used for operating activities                                       |  |                              | (929   | ) |      |   | (85    | )
|                                                                             |  |                              |        |   |      |   |        |  
|                                                                             |  |                             
|Cash flows from investing activities:                                        |  |                              |        |   |      |   |        |  
|Additions to property and equipment                                          |  |                              | (762   | ) |      |   | (176   | )
|Proceeds from sale of assets                                                 |  |                              | 2      |   |      |   | 4      |  
|                                                                             |  |                              |        |   |      |   |        |  
|Net cash used for investing activities                                       |  |                              | (760   | ) |      |   | (172   | )
|                                                                             |  |                              |        |   |      |   |        |  
|                                                                             |  |                             
|Cash flows used for financing activities:                                    |  |                              |        |   |      |   |        |  
|Repayment of long-term debt                                                  |  |                              | (432   | ) |      |   | (431   | )
|                                                                             |  |                              |        |   |      |   |        |  
|Net decrease in cash and cash equivalents                                    |  |                              | (2,121 | ) |      |   | (688   | )
|Cash and cash equivalents at beginning of period                             |  |                              | 3,577  |   |      |   | 1,404  |  
|                                                                             |  |                              |        |   |      |   |        |  
|Cash and cash equivalents at end of period                                   |  | $                            | 1,456  |   |      | $ | 716    |  
|                                                                             |  |                              |        |   |      |   |        |  
|                                                                             |  |                             
|Supplemental schedule of cash flow information:                              |  |                              |        |   |      |   |        |  
|Cash paid for interest                                                       |  | $                            | 3,150  |   |      | $ | 2,794  |  
|Cash paid for income taxes, net                                              |  | $                            |       |   |      | $ |       |  

The accompanying notes are an integral part of these condensed financial statements.



4



---

##### Table of Contents

MISSION BROADCASTING, INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS

1. Organization and Business Operations

As of March 31, 2007, Mission Broadcasting, Inc. (Mission or the Company) owned and operated 15 television stations all of
which are affiliated with the NBC, ABC, CBS, Fox or MyNetworkTV television networks, in markets located in New York, Pennsylvania, Illinois, Indiana, Missouri, Texas and Montana. The Company operates in one reportable television broadcasting
segment. Through local service agreements, Nexstar Broadcasting, Inc. (Nexstar) provides sales and operating services to all of the Mission television stations (see Note 3). As more fully described in Note 9, Missions sole
shareholder has granted Nexstar purchase options to acquire the assets and assume the liabilities of each Mission station, subject to Federal Communications Commission (FCC) consent.

The Company is highly leveraged, which makes it vulnerable to changes in general economic conditions. The Companys ability to repay or refinance
its debt will depend on, among other things, financial, business, market, competitive and other conditions, many of which are beyond its control, as well as Nexstar maintaining its pledge to continue the local service agreements with the
Companys stations.

2. Summary of Significant Accounting Policies

Interim Financial Statements

The condensed financial statements as of March 31, 2007, and for the three months ended March 31, 2007 and 2006 are unaudited. However, in the opinion of management, such financial statements include all adjustments (consisting
solely of normal recurring adjustments) necessary for the fair statement of the financial information included herein in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) and pursuant to
the rules and regulations of the Securities and Exchange Commission. The preparation of the condensed financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets
and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenue and expenses during the period. Actual results could differ from those estimates. Results of operations
for interim periods are not necessarily indicative of results for the full year. These financial statements should be read in conjunction with the financial statements and related notes included in the Companys Annual Report on Form 10-K for
the fiscal year ended December 31, 2006. The balance sheet at December 31, 2006 has been derived from the audited financial statements at that date, but does not include all of the information and footnotes required by U.S. GAAP for
complete financial statements.

Adoption of FIN No. 48

On January 1, 2007, the Company adopted FIN No. 48, Accounting for Uncertainty in Income Taxes, an interpretation of FASB Statement
No. 109 (FIN No. 48) which clarifies whether the benefit of tax positions taken in a filed tax return, or expected to be taken in a future tax return, should be reflected in income tax expense in the financial statements.
FIN No. 48 requires that the benefit from an uncertain tax position be recognized in the financial statements only if it is more likely than not that the tax position will be sustained, based on its technical merits, upon examination by a
taxing authority. The amount recognized in the financial statements from an uncertain tax position is measured as the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. To the extent a tax
return position has not been reflected in the financial statements, a liability (unrecognized tax benefit) is recorded. The Company recognizes accrued interest and penalties related to unrecognized tax benefits in income tax expense,
which is consistent with its recognition of these items in prior period financial statements. As a result of adopting FIN No. 48, the Company recorded a $1.5 million decrease to other liabilities and a cumulative-effect adjustment decreasing
the January 1, 2007 balance of accumulated deficit by a corresponding amount. See Note 7 for further discussion of the Companys unrecognized tax benefits.

Recent Accounting Pronouncements

In September 2006, the FASB issued Statement of Financial
Accounting Standards No. 157, Fair Value Measurements (SFAS No. 157), which addresses how companies should determine fair value when they are required to use a fair value measure for recognition or disclosure
purposes under generally accepted accounting principles. SFAS No. 157 defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. Under SFAS No. 157, the definition of fair
value retains the exchange price notion in earlier definitions of fair value, but clarifies that the exchange price is the price in an orderly transaction between market participants to sell the asset or transfer the liability in the
market in which the reporting entity would transact for the asset or liability. The transaction to sell the asset or transfer the liability is a hypothetical transaction at the measurement date, considered from the perspective of a market
participant that holds the asset or owes the liability. SFAS No. 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007, and interim periods within those fiscal years, which is the
Companys 2008 fiscal year. The Company will adopt this Statement in the first quarter 2008. Management is currently evaluating the



5



---

##### Table of Contents

MISSION BROADCASTING, INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS(Continued)

2. Summary of Significant
Accounting Policies(Continued)

impact of adopting SFAS No. 157, but does not presently anticipate it will have a material effect on its
financial position or results of operations.

In February 2007, the FASB issued Statement of Financial Accounting Standards No. 159,
The Fair Value Option for Financial Assets and Financial Liabilities  Including an amendment of FASB No. 115 (SFAS No. 159), which provides a fair value measurement option for eligible financial assets and
liabilities. Under SFAS No. 159, an entity is permitted to elect to apply fair value accounting to a single eligible item, subject to certain exceptions, without electing it for other identical items. Subsequent unrealized gains and losses on
items for which the fair value option has been elected will be included in earnings. The fair value option established by this Statement is irrevocable, unless a new election date occurs. This standard reduces the complexity in accounting for
financial instruments and mitigates volatility in earnings caused by measuring related assets and liabilities differently. SFAS No. 159 is effective as of the beginning of an entitys first fiscal year beginning after November 15,
2007 which for the Company is January 1, 2008. The Company will adopt the provisions of this Statement beginning in fiscal 2008. Management is currently evaluating the impact the adoption of SFAS No. 159 will have on the Companys
financial statements, but does not presently anticipate it will have a material effect on its financial position or results of operations.

3. Local
Service Agreements with Nexstar

Mission has entered into local service agreements with Nexstar to provide sales and operating services
to all of Missions stations. Under the terms of a shared services agreement (SSA), the Nexstar station in the market provides certain services including news production, technical maintenance and security, in exchange for monthly
payments from Mission to Nexstar. For each station that Mission has entered into an SSA, it has also entered into a joint sales agreement (JSA). Under the terms of the JSA, Nexstar sells the advertising time of the Mission station and
retains a percentage of the net revenue it generates in return for monthly payments to Mission of the remaining percentage of net revenue. Under the terms of a time brokerage agreement (TBA), Nexstar programs most of the stations
broadcast time, sells the stations advertising time and retains the advertising revenue it generates in exchange for monthly payments to Mission. JSA and TBA fees generated from Nexstar under the agreements are reported as Revenue from
Nexstar Broadcasting, Inc., and SSA fees incurred by Mission under the agreements are reported as Fees incurred pursuant to local service agreements with Nexstar Broadcasting, Inc. in accompanying condensed statements of
operations.

The arrangements under the local service agreements each Mission station has entered into with Nexstar has had the effect of
Nexstar receiving substantially all of the available cash, after Missions payment of operating costs and debt service, generated by the Companys stations. Mission anticipates that Nexstar will continue to receive substantially all of
Missions available cash, after payments for operating costs and debt service, generated by its stations.

On August 28, 2006,
Mission entered into a TBA with Nexstar and the Company began providing Fox network programming to Nexstar-owned KFTA Channel 24 (Fort Smith, Arkansas) in exchange for monthly payments of $5 thousand to Nexstar. Also under the TBA, Nexstar began
selling all advertising time during the Fox programming time periods in exchange for monthly payments of $20 thousand to Mission. The TBA will terminate upon the assignment of KFTAs FCC license from Nexstar (see Note 4).



6



---

##### Table of Contents

MISSION BROADCASTING, INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS(Continued)

3. Local Service Agreements with
Nexstar(Continued)

In order for both Nexstar and Mission to comply with FCC regulations, Mission maintains complete
responsibility for and control over programming, finances, personnel and operations of its stations.

The following table summarizes the
various local service agreements Mission had in effect with Nexstar as of March 31, 2007:



|                 |  |                                              |  |                |  |                  |  |                  |  |                                                                                                                      
|---------------- |  | -------------------------------------------- |  | -------------- |  | ---------------- |  | ---------------- |  | ---------------------------------------------------------------------------------------------------------------------
|Station          |  | Market                                       |  | Affiliation    |  | Type ofAgreement |  | Expiration       |  | Consideration received from or paid to Nexstar                                                                       
|Mission-Owned:   |  |                                              |  |                |  |                  |  |                 
|WFXP             |  | Erie, PA                                     |  | Fox            |  | TBA              |  | 8/16/11          |  | Monthly payments received from Nexstar(1)                                                                            
|                 |  |                                              |  |                | 
|KJTL and KJBO-LP |  | Wichita Falls, TX-Lawton, OK                 |  | FoxMyNetworkTV |  | SSAJSA           |  | 5/31/095/31/09   |  | $60 thousand per month paid to Nexstar 70% of the KJTL/KJBO-LP net revenue collected each month received from Nexstar
|                 |  |                                              |  |                | 
|WYOU             |  | Wilkes Barre-Scranton, PA                    |  | CBS            |  | SSA              |  | 1/4/08           |  | $110 thousand per month paid to Nexstar                                                                              
|                 |  |                                              |  |                | 
|                 |  |                                              |  |                |  | JSA              |  | 9/30/14          |  | 70% of the WYOU net revenue collected each month received from Nexstar                                               
|                 |  |                                              |  |                | 
|KODE             |  | Joplin, MO-Pittsburg, KS                     |  | ABC            |  | SSA              |  | 3/31/12          |  | $75 thousand per month paid to Nexstar                                                                               
|                 |  |                                              |  |                | 
|                 |  |                                              |  |                |  | JSA              |  | 9/30/14          |  | 70% of the KODE net revenue collected each month received from Nexstar                                               
|                 |  |                                              |  |                | 
|KRBC             |  | Abilene-Sweetwater, TX                       |  | NBC            |  | SSA              |  | 6/12/13          |  | $25 thousand per month paid to Nexstar                                                                               
|                 |  |                                              |  |                | 
|                 |  |                                              |  |                |  | JSA              |  | 6/30/14          |  | 70% of the KRBC net revenue collected each month received from Nexstar                                               
|                 |  |                                              |  |                | 
|KSAN             |  | San Angelo, TX                               |  | NBC            |  | SSA              |  | 5/31/14          |  | $10 thousand per month paid to Nexstar                                                                               
|                 |  |                                              |  |                | 
|                 |  |                                              |  |                |  | JSA              |  | 5/31/14          |  | 70% of the KSAN net revenue collected each month received from Nexstar                                               
|                 |  |                                              |  |                | 
|WFXW             |  | Terre Haute, IN                              |  | Fox            |  | SSA              |  | 5/8/13           |  | $10 thousand per month paid to Nexstar                                                                               
|                 |  |                                              |  |                | 
|                 |  |                                              |  |                |  | JSA              |  | 5/8/13           |  | 70% of the WFXW net revenue collected each month received from Nexstar                                               
|                 |  |                                              |  |                | 
|KCIT and KCPN-LP |  | Amarillo, TX                                 |  | FoxMyNetworkTV |  | SSAJSA           |  | 4/30/094/30/09   |  | $50 thousand per month paid to Nexstar 70% of the KCIT/KCPN-LP net revenue collected each month received from Nexstar
|                 |  |                                              |  |                | 
|KHMT             |  | Billings, MT                                 |  | Fox            |  | TBA              |  | 12/13/09         |  | Monthly payments received from Nexstar(1)                                                                            
|                 |  |                                              |  |                | 
|KAMC             |  | Lubbock, TX                                  |  | ABC            |  | SSAJSA           |  | 2/15/092/15/09   |  | $75 thousand per month paid to Nexstar 70% of the KAMC net revenue collected each month received from Nexstar        
|                 |  |                                              |  |                | 
|KOLR             |  | Springfield, MO                              |  | CBS            |  | SSAJSA           |  | 2/15/092/15/09   |  | $150 thousand per month paid to Nexstar 70% of the KOLR
net revenue collected each month received from Nexstar       
|                 |  |                                              |  |                | 
|WUTR             |  | Utica, NY                                    |  | ABC            |  | SSAJSA           |  | 3/31/143/31/14   |  | $10 thousand per month paid to Nexstar 70% of the WUTR net revenue collected each month received from Nexstar        
|                 |  |                                              |  |                | 
|WTVO             |  | Rockford, IL                                 |  | ABC            |  | SSAJSA           |  | 10/31/1410/31/14 |  | $75 thousand per month paid to Nexstar 70% of the WTVO net revenue collected each month received from Nexstar        
|                 |  |                                              |  |               
|Nexstar-owned:   |  |                                              |  |                |  |                  |  |                 
|KFTA             |  | Ft. Smith-Fayetteville-Springdale-Rogers, AR |  | Fox/NBC        |  | TBA              |  | (2)              |  | $5 thousand per month paid to Nexstar $20 thousand per month received from Nexstar                                   

---

|(1) | Payments are variable based on stations monthly operating expenses.
|--- | --------------------------------------------------------------------

|(2) | TBA will terminate upon the assignment of KFTAs FCC license from Nexstar.
|--- | --------------------------------------------------------------------------

Under these agreements, Mission is responsible for certain operating expenses of its stations and therefore may have unlimited exposure to any potential
operating losses. Mission will continue to operate its stations under the SSAs and JSAs or TBAs until the termination of such agreements. The SSAs and JSAs generally have a term of ten years. Nexstar indemnifies Mission from Nexstars
activities pursuant to the local service agreement to which Nexstar is a party.



7



---

##### Table of Contents

MISSION BROADCASTING, INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS(Continued)

4. Pending Transaction

On April 11, 2006, Nexstar and Mission filed an application with the FCC for consent to assignment of the license for KFTA Channel
24 (Ft. Smith, Arkansas) from Nexstar to Mission. Consideration for this transaction is set at $5.6 million. On August 28, 2006, Mission and Nexstar entered into a local service agreement (see Note 3) whereby Mission pays Nexstar for the right
to broadcast programming on KFTA and Nexstar pays Mission for the right to sell all advertising time on KFTA within certain time periods. Also in 2006, Mission entered into an affiliation agreement with the Fox network which provides Fox programming
to KFTA. Upon completing the assignment of KFTAs license, the Company plans to enter into JSA and SSA agreements with Nexstar-owned KNWA in Fort Smith-Fayetteville-Springdale-Rogers, Arkansas, whereby KNWA will provide local news, sales and
other non-programming services to KFTA.

In May 2006, two affiliates of Equity Broadcasting Corporation (Equity) filed a
petition to deny against the KFTA assignment application alleging that Nexstar improperly controls Mission and its stations. Nexstar and Mission submitted a joint opposition to Equitys petition to deny. The FCC is currently considering the
KFTA assignment application. In September 2006, Equity also submitted a petition to deny Nexstars application for the renewal of KFTAs FCC license. Nexstar has filed its response to Equitys petition to deny the license renewal.
Although management believes that the petitions have no merit, it is not possible to predict what action the FCC will take on the petitions to deny, or when it will take such action.

5. Intangible Assets and Goodwill

Intangible assets subject to amortization consisted of the
following:



|                                                |  |                               |       |                |                          |                   |   |         |   |       |   |                          |                |   |        |  |   |         |   |  |   |       
|----------------------------------------------- |  | ----------------------------- | ----- | -------------- | ------------------------ | ----------------- | - | ------- | - | ----- | - | ------------------------ | -------------- | - | ------ |  | - | ------- | - |  | - | ------
|                                                |  | Estimated useful life (years) |       | March 31, 2007 |                          | December 31, 2006
|                                                |  |                               | Gross |                | Accumulated Amortization |                   |   | Net     |   | Gross |   | Accumulated Amortization |                |   | Net   
|                                                |  |                               |       |                |                          | (in thousands)    |   |         |   |       |   |                          | (in thousands) |   |        | 
|Network affiliation agreements                  |  | 15                            |       | $              | 66,744                   |                   | $ | (32,219 | ) |       | $ | 34,525                   |                | $ | 66,744 |  | $ | (31,106 | ) |  | $ | 35,638
|Other definite-lived intangible assets          |  | 1-15                          |       |                | 14,117                   |                   |   | (7,790  | ) |       |   | 6,327                    |                |   | 14,117 |  |   | (7,554  | ) |  |   | 6,563 
|                                                |  |                               |       |                |                          |                   |   |         |   |       |   |                          |                |   |        |  |   |         |   |  |   |       
|Total intangible assets subject to amortization |  |                               |       | $              | 80,861                   |                   | $ | (40,009 | ) |       | $ | 40,852                   |                | $ | 80,861 |  | $ | (38,660 | ) |  | $ | 42,201
|                                                |  |                               |       |                |                          |                   |   |         |   |       |   |                          |                |   |        |  |   |         |   |  |   |       

Total amortization expense from definite-lived intangibles for both the three months ended
March 31, 2007 and 2006 was $1.3 million. The Companys estimate of amortization expense for definite-lived intangible assets recorded on its books as of March 31, 2007 is approximately $5 million for each year for the years of 2007
through 2011.

The aggregate carrying value of indefinite-lived intangibles, consisting of FCC licenses and goodwill, was $45.4 million at
both March 31, 2007 and December 31, 2006. Indefinite-lived intangible assets are not subject to amortization, but are tested for impairment annually or whenever events or changes in circumstances indicate that such assets might be
impaired. As of March 31, 2007, the Company did not identify any events that would trigger an impairment assessment.

During the
three-month period ended March 31, 2007, there were no changes to the carrying amount of goodwill.

6. Debt

Long-term debt consisted of the following:



|                      |  |                |         |   |                  |   |         |  
|--------------------- |  | -------------- | ------- | - | ---------------- | - | ------- | -
|                      |  | March 31,2007  |         |   | December 31,2006 |  
|                      |  | (in thousands) |        
|Term loans            |  | $              | 170,109 |   |                  | $ | 170,541 |  
|                      |  |               
|Less: current portion |  |                | (1,727  | ) |                  |   | (1,727  | )
|                      |  |                |         |   |                  |   |         |  
|                      |  | $              | 168,382 |   |                  | $ | 168,814 |  
|                      |  |                |         |   |                  |   |         |  



8



---

##### Table of Contents

MISSION BROADCASTING, INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS(Continued)

6. Debt(Continued)

Senior Secured Credit Facility

The Mission senior secured credit facility (the Mission Facility) consists of a Term Loan B and a $15.0 million revolving loan. As of March 31, 2007 and December 31, 2006, Mission had $170.1
million and $170.5 million, respectively, outstanding under its Term Loan B and no borrowings were outstanding under its revolving loan.

The Term Loan B, which matures in October 2012, is payable in consecutive quarterly installments amortized at 0.25% quarterly, with the remaining 93.25% due at maturity. During the three months ended March 31, 2007 repayments of
Missions Term Loan B totaled $0.4 million. The revolving loan is not subject to incremental reduction and matures in April 2012.

The
total weighted-average interest rate of the Mission Facility was 7.10% and 7.11% at March 31, 2007 and December 31, 2006, respectively. Interest is payable periodically based on the type of interest rate selected. Additionally, Mission is
required to pay quarterly commitment fees on the unused portion of its revolving loan commitment ranging from 0.375% to 0.50% per annum, based on the consolidated senior leverage ratio of Nexstar and Mission for that particular quarter.

Unused Commitments and Borrowing Availability

As of March 31, 2007, there were approximately $15.0 million of unused commitments under Missions credit facility. The total amount of borrowings available under the revolving loan commitment of
Missions senior secured credit facility is based on covenant calculations contained in Nexstars credit agreement. As of March 31, 2007, all $15.0 million of total unused commitments under the Mission credit facility were available
for borrowing.

Collateralization and Guarantees of Debt

Nexstar Broadcasting Group, Inc. (Nexstars ultimate parent) and its subsidiaries guarantee full payment of all obligations under Missions bank
credit facility in the event of its default. Similarly, Mission is a guarantor of Nexstars bank credit facility and the senior subordinated notes issued by Nexstar. The bank credit facilities are collateralized by a security interest in
substantially all the combined assets, excluding FCC licenses, of Nexstar and Mission.

Debt Covenants

Missions bank credit facility agreement does not contain financial covenant ratio requirements, but does provide for default in the event Nexstar
does not comply with all covenants contained in its credit agreement.

7. Income Taxes

The Companys provision for income taxes is primarily comprised of deferred income taxes created by an increase in the deferred tax liabilities
position during the year resulting from the amortization of goodwill and other indefinite-lived intangible assets for income tax purposes which are not amortized for financial reporting purposes. These deferred tax liabilities do not reverse on a
scheduled basis and are not used to support the realization of deferred tax assets. The Companys deferred tax assets primarily result from federal and state net operating loss carryforwards (NOLs). The Companys NOLs are
available to reduce future taxable income if utilized before their expiration. The Company has provided a valuation allowance for certain deferred tax assets as it believes they may not be realized through future taxable earnings.

At January 1, 2007, the Company had gross unrecognized tax benefits of approximately $4.1 million, which did not materially change as of
March 31, 2007. The Company has not accrued interest on the unrecognized tax benefits as an unfavorable outcome upon examination would not result in a cash outlay, but would reduce NOLs subject to a valuation allowance. Due to the existence of
a valuation allowance, their reversal will have no effect on the Companys effective tax rate or financial position.

The Company
files income tax returns in the U.S. federal jurisdiction and various state jurisdictions. The Company is no longer subject to U.S. federal tax examinations for years after 2002. Additionally, any NOLs that were generated in prior years and that are
utilized in the future may be subject to examination by the Internal Revenue Service. State jurisdictions that remain subject to examination are not considered significant.



9



---

##### Table of Contents

MISSION BROADCASTING, INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS(Continued)

8. FCC Regulatory Matters

Television broadcasting is subject to the jurisdiction of the FCC under the Communications Act of 1934, as amended (the
Communications Act). The Communications Act prohibits the operation of television broadcasting stations except under a license issued by the FCC, and empowers the FCC, among other things, to issue, revoke, and modify broadcasting
licenses, determine the location of television stations, regulate the equipment used by television stations, adopt regulations to carry out the provisions of the Communications Act and impose penalties for the violation of such regulations. The
FCCs ongoing rule making proceedings could have a significant future impact on the television industry and on the operation of the Companys stations. In addition, the U.S. Congress may act to amend the Communications Act in a manner that
could impact the Companys stations and the television broadcast industry in general.

Some of the more significant FCC regulatory
matters impacting the Companys operations are discussed below.

Digital Television (DTV) Conversion

Television broadcasting in the United States is moving from an analog transmission system to a digital transmission system. For the
transition period, the FCC allotted each licensed television station a second channel for broadcast of a DTV signal. In 2006, President Bush signed into law legislation that establishes February 17, 2009 as the deadline for television
broadcasters to broadcast on a single DTV channel and return their analog channel to the FCC. Prior to February 17, 2009, television stations must broadcast with both analog and DTV signals.

Except for stations which have requested waiver of the FCCs deadline for construction, broadcast television stations are required to be
broadcasting a full-power DTV signal. As of March 31, 2007, Missions stations KOLR, WUTR, WTVO and WYOU are broadcasting with full-power DTV signals. The Companys remaining stations are broadcasting low-power DTV signals. Mission
has requested extension of time to begin broadcasting full-power digital television signals for its remaining stations. The FCC has not yet acted on these requests for extension of time. If the FCC denies the request for extension of time, the
stations may lose interference protection for their signals outside their low-power coverage area.

DTV conversion expenditures were $0.7
million and $0.1 million, respectively, for the three months ended March 31, 2007 and 2006. The Company will incur various capital expenditures to modify its remaining stations DTV transmitting equipment for full-power DTV operations,
including costs for the transmitter, transmission line, antenna and installation, and estimated costs for tower upgrades and/or modifications. The Company anticipates these expenditures will be funded through available cash on hand and cash
generated from operations as incurred in future years.

Media Ownership

In 2006, the FCC initiated a rulemaking proceeding which provides for a comprehensive review of all of its media ownership rules, as required by the
Communications Act. The Commission is considering rules relating to ownership of two or more TV stations in a market, ownership of local TV and radio stations by daily newspapers in the same market, cross-ownership of local TV and radio stations,
and changes to how the national TV ownership limits are calculated. The proceeding, which will include several public hearings to be held throughout the country, has extended into 2007. At this time, it is not possible to predict the outcome of any
changes, if any, to the FCCs media ownership rules.



10



---

##### Table of Contents

MISSION BROADCASTING, INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS(Continued)

9. Commitments and
Contingencies

Guarantees of Nexstar Debt

Mission is a guarantor of and has pledged substantially all its assets, excluding FCC licenses, to guarantee Nexstars bank credit facility. Nexstars bank credit facility, which matures in 2012, consists of
a Term Loan B and a $82.5 million revolving loan.

Mission is also a guarantor of $200.0 million of 7% senior subordinated notes (7%
Notes) due 2014 issued by Nexstar. The 7% Notes are general unsecured senior subordinated obligations subordinated to all of Missions senior debt.

Mission guarantees full payment of all obligations incurred under Nexstars bank credit facility agreement and senior subordinated notes. In the event that Nexstar is unable to repay amounts due under these debt
obligations, Mission will be obligated to repay such amounts. The maximum potential amount of future payments that Mission would be required to make under these guarantees would be generally limited to the amount of borrowings outstanding under
Nexstars bank credit facility and the 7% Notes. At March 31, 2007, Nexstar had issued an aggregate principal amount of $200.0 million of senior subordinated notes and had $199.2 million outstanding under its bank credit facility.

Purchase Options Granted to Nexstar

In consideration of Nexstar Broadcasting Groups guarantee of Missions bank credit facility, Missions sole shareholder has granted Nexstar purchase options to acquire the assets and assume the
liabilities of each Mission station, subject to FCC consent, for consideration equal to the greater of (1) seven times the stations cash flow, as defined in the option agreement, less the amount of its indebtedness as defined in the
option agreement, or (2) the amount of its indebtedness. Cash flow is defined as income or loss from operations, plus depreciation and amortization (including amortization of broadcast rights), interest income, non-cash trade and barter
expenses, nonrecurring expenses (including time brokerage agreement fees), network compensation payments received or receivable and corporate management fees, less payments for broadcast rights, non-cash trade and barter revenue and network
compensation revenue. These option agreements (which expire on various dates between 2008 and 2014) are freely exercisable or assignable by Nexstar without consent or approval by Missions sole shareholder.

Indemnification Obligations

In connection with certain agreements that the Company enters into in the normal course of its business, including local service agreements, business acquisitions and borrowing arrangements, the Company enters into contractual arrangements
under which the Company agrees to indemnify the third party to such arrangement from losses, claims and damages incurred by the indemnified party for certain events as defined within the particular contract. Such indemnification obligations may not
be subject to maximum loss clauses and the maximum potential amount of future payments the Company could be required to make under these indemnification arrangements may be unlimited. Historically, payments made related to these indemnifications
have been immaterial and the Company has not incurred significant costs to defend lawsuits or settle claims related to these indemnification agreements.

Litigation

From time to time, the Company is involved with claims that arise out of the
normal course of business. In the opinion of management, any resulting liability with respect to these claims would not have a material adverse effect on the Companys financial position or results of operations.



11



---

##### Table of Contents

ITEM 2. Managements Discussion and Analysis of Financial Condition and Results of Operations

The
following discussion and analysis should be read in conjunction with the unaudited condensed balance sheet as of March 31, 2007, unaudited condensed statements of operations and cash flows for the three months ended March 31, 2007 and 2006
and related notes included elsewhere in this Quarterly Report on Form 10-Q and the financial statements contained in our Annual Report on Form 10-K for the year ended December 31, 2006.

Executive Summary

Overview of Operations

As of March 31, 2007, we owned and operated 15 television stations. We have local service agreements with certain television
stations of Nexstar Broadcasting, Inc. (Nexstar), through which Nexstar provides various programming, sales or other services to our television stations. In order for both Nexstar and us to comply with Federal Communications Commission
(FCC) regulations, we maintain complete responsibility for and control over programming, finances, personnel and operations of our stations.

The following table summarizes the various local service agreements our stations had in effect as of March 31, 2007 with Nexstar:



|                   |  |                                                                                      
|------------------ |  | -------------------------------------------------------------------------------------
|Service Agreements |  | Stations                                                                             
|TBA Only(1)        |  | WFXP and KHMT                                                                        
|                   | 
|SSA & JSA(2)       |  | KJTL, KJBO-LP, KOLR, KCIT, KCPN-LP, KAMC, KRBC, KSAN, WUTR, WFXW, WYOU, KODE and WTVO

---

|(1) | We have a time brokerage agreement (TBA) for each of these stations which allows Nexstar to program most of
each stations broadcast time, sell each stations advertising time and retain the advertising revenue generated in exchange for monthly payments to us.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(2) | We have both a shared services agreement (SSA) and a joint sales agreement (JSA) for each of
these stations. The SSA allows the Nexstar station in the market to provide certain services including news production, technical maintenance and security, in exchange for Nexstars right to receive certain payments from us as described in the
SSAs. The JSA permits Nexstar to sell and retain a percentage of the net revenue from the stations advertising time in return for monthly payments to us of the remaining percentage of the net revenue, as described in the JSAs.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

The arrangements under the local service agreements each Mission station has entered into with Nexstar has had the
effect of Nexstar receiving substantially all of the available cash, after our payments of operating costs and debt service, generated by our stations. We anticipate that Nexstar will continue to receive substantially all of our available cash,
after our payments for operating costs and debt service, generated by our stations. For more information about our local service agreements with Nexstar, refer to Note 3 of our condensed financial statements in Part I, Item 1 of this Quarterly
Report on Form 10-Q.

Nexstar Broadcasting Group, Inc. and its subsidiaries (Nexstar Broadcasting Group) guarantee all
obligations incurred under our senior credit facility. We are a guarantor of the senior credit facility entered into by Nexstar and the senior subordinated notes issued by Nexstar. In consideration of Nexstars guarantee of our senior credit
facility, our sole shareholder has granted Nexstar purchase options to acquire the assets and assume the liabilities of each of our television stations, subject to FCC consent. These option agreements are freely exercisable or assignable by Nexstar
without consent or approval by our sole shareholder.

Recent Developments

On April 11, 2006, we and Nexstar filed an application with the FCC for consent to assignment of the license for KFTA Channel 24 (Ft. Smith,
Arkansas) from Nexstar to us. Consideration for this transaction is set at $5.6 million. Also in 2006, we entered into an affiliation agreement with the Fox network which provides Fox programming to KFTA. On August 28, 2006, we and Nexstar
entered into a local service agreement whereby we pay Nexstar for the right to broadcast programming on KFTA and Nexstar pays us for the right to sell all advertising time within certain time periods. The time brokerage agreement will terminate upon
the assignment of KFTAs FCC license from Nexstar to us. Upon completing the assignment of KFTAs license, we plan to enter into joint sales and shared services agreements with Nexstar-owned KNWA in Fort
Smith-Fayetteville-Springdale-Rogers, Arkansas, whereby KNWA will provide local news, sales and other non-programming services to KFTA.

In
May 2006, two affiliates of Equity Broadcasting Corporation (Equity) filed a petition to deny against the KFTA assignment application alleging that Nexstar improperly controls us and our stations. We and Nexstar have submitted a joint
opposition to Equitys petition to deny. The FCC is currently considering the KFTA assignment application. In September 2006, Equity also submitted a petition to deny Nexstars application for the renewal of KFTAs FCC license.
Nexstar has filed its response to Equitys petition to deny the license renewal. Although management believes that the petitions have no merit, it is not possible to predict what action the FCC will take on the petitions to deny, or when it
will take such action.



12



---

##### Table of Contents

Historical Performance

Revenue

The following table sets forth the principal types of revenue earned by our stations
for the periods indicated and each type of revenue (other than barter revenue and revenue from Nexstar Broadcasting, Inc.) as a percentage of total gross revenue:



|                                        |  |                                    |       |      |       |        |   |       |  |      
|--------------------------------------- |  | ---------------------------------- | ----- | ---- | ----- | ------ | - | ----- |  | -----
|                                        |  | Three Months Ended March 31,      
|                                        |  | 2007                               |       | 2006
|                                        |  | Amount                             |       | %    |       | Amount |   | %    
|                                        |  | (in thousands, except percentages)
|Retransmission compensation             |  | $                                  | 538   |      | 49.3  |        | $ | 475   |  | 55.7 
|Network compensation                    |  |                                    | 501   |      | 45.9  |        |   | 344   |  | 40.4 
|Other                                   |  |                                    | 52    |      | 4.8   |        |   | 33    |  | 3.9  
|                                        |  |                                    |       |      |       |        |   |       |  |      
|Net broadcast revenue before barter     |  |                                    | 1,091 |      | 100.0 |        |   | 852   |  | 100.0
|Barter revenue                          |  |                                    | 576   |      |       |        |   | 517   |  |      
|Revenue from Nexstar Broadcasting, Inc. |  |                                    | 7,172 |      |       |        |   | 6,976 |  |      
|                                        |  |                                    |       |      |       |        |   |       |  |      
|Net revenue                             |  | $                                  | 8,839 |      |       |        | $ | 8,345 |  |      
|                                        |  |                                    |       |      |       |        |   |       |  |      

Results of Operations

The following table sets forth a summary of our operations for the periods indicated and their percentages of net revenue:



|                                                                                   |  |                                    |       |      |       |        |   |       |  |      
|---------------------------------------------------------------------------------- |  | ---------------------------------- | ----- | ---- | ----- | ------ | - | ----- |  | -----
|                                                                                   |  | Three Months Ended March 31,      
|                                                                                   |  | 2007                               |       | 2006
|                                                                                   |  | Amount                             |       | %    |       | Amount |   | %    
|                                                                                   |  | (in thousands, except percentages)
|Net revenue                                                                        |  | $                                  | 8,839 |      | 100.0 |        | $ | 8,345 |  | 100.0
|Operating expenses:                                                                |  |                                    |       |      |       |        |   |       |  |      
|Corporate expenses                                                                 |  |                                    | 217   |      | 2.5   |        |   | 154   |  | 1.8  
|Station direct operating expenses, net of trade                                    |  |                                    | 1,224 |      | 13.8  |        |   | 1,139 |  | 13.6 
|Selling, general and administrative expenses                                       |  |                                    | 311   |      | 3.5   |        |   | 347   |  | 4.2  
|Fees incurred pursuant to local service agreements with Nexstar Broadcasting, Inc. |  |                                    | 1,965 |      | 22.2  |        |   | 1,950 |  | 23.4 
|Loss on asset disposal, net                                                        |  |                                    | 1     |      |      |        |   | 7     |  |     
|Barter expense                                                                     |  |                                    | 576   |      | 6.5   |        |   | 517   |  | 6.2  
|Depreciation and amortization                                                      |  |                                    | 2,185 |      | 24.7  |        |   | 2,130 |  | 25.5 
|Amortization of broadcast rights, excluding barter                                 |  |                                    | 374   |      | 4.2   |        |   | 428   |  | 5.1  
|                                                                                   |  |                                    |       |      |       |        |   |       |  |      
|Income from operations                                                             |  | $                                  | 1,986 |      |       |        | $ | 1,673 |  |      
|                                                                                   |  |                                    |       |      |       |        |   |       |  |      

Three Months Ended March 31, 2007 Compared to Three Months Ended March 31, 2006.

Revenue

Net revenue for the three months ended March 31, 2007, increased by $0.5 million, or 5.9% from the same period of 2006. This increase was primarily attributed to the increase in revenue from Nexstar.

Revenue from Nexstar was $7.2 million for the three months ended March 31, 2007, compared to $7.0 million for the same period in 2006, an increase
of $0.2 million, or 2.8%. The increase was primarily attributed to increases in the local and national revenue that Nexstar generated from selling all of the advertising of our stations, which in turn increased the revenue we earned from Nexstar
through JSAs. The increase also included revenue generated from the TBA entered into with Nexstar-owned KFTA that did not commence until the third quarter of 2006.

Compensation from retransmission consent and network affiliation agreements was $1.0 million for the three months ended March 31, 2007, compared to $0.8 million for the same period in 2006, an increase of $0.2
million, or 26.9%.



13



---

##### Table of Contents

Operating Expenses

Corporate expenses, related to costs associated with the centralized management of our stations, were $0.2 million for both the three months ended
March 31, 2007 and 2006.

Station direct operating expenses, consisting primarily of news, engineering and programming, net of trade,
increased by $0.1 million, or 7.4% for the three months ended March 31, 2007, compared to the same period in 2006. The increase was primarily due to an increase in network affiliate related fees.

Local service agreement fees associated with Nexstar relate to services provided in the production of newscasts, technical maintenance, promotional and
administrative support under the SSAs. SSA fees were $2.0 million for both the three months ended March 31, 2007 and 2006. Although relatively unchanged, these fees increased in 2007 due to the TBA entered into with Nexstar-owned KFTA that did
not commence until the third quarter of 2006, these fees did increase in 2007.

Amortization of broadcast rights, excluding barter, for the
three months ended March 31, 2007, decreased by $0.1 million, or 12.8% from the same period in 2006. The decrease was primarily attributed to our negotiating program licenses at lower costs in the later half of fiscal 2006.

Amortization of intangible assets was $1.3 million for both the three months ended March 31, 2007 and 2006.

Depreciation of property and equipment for the three months ended March 31, 2007, increased by $0.1 million, or 7.0%, compared to the same period in
2006. The increase was primarily attributed to depreciation incurred from recent capital additions.

Income from Operations

Income from operations was $2.0 million for the three months ended March 31, 2007, compared to $1.7 million for the same
period of 2006, an increase of $0.3 million, or 18.7%. The increase in income from operations for the three months ended March 31, 2007 was primarily attributed to the increase in total net revenue, partially offset by increases in certain
operating costs, as discussed above.

Interest Expense

Interest expense, including amortization of debt financing costs, increased by $0.3 million, or 12.1%, for the three months ended March 31, 2007,
compared to the same period in 2006. The increase in interest expense was primarily attributed to higher interest rates incurred in 2007 under our senior credit facility.

Income Taxes

Income tax expense was $0.3 million for both the three months ended
March 31, 2007 and 2006. Our provision for income taxes is primarily created by an increase in the deferred tax liabilities position during the year arising from the amortizing of goodwill and other indefinite-lived intangible assets for income
tax purposes which are not amortized for financial reporting purposes. This expense has no impact on our cash flows. Based primarily on our recent history of net operating losses, we do not consider the realization of our net deferred tax assets to
be more likely than not. Accordingly, we have provided a full valuation allowance for net deferred tax assets excluding deferred tax liabilities attributable to goodwill and indefinite-lived intangible assets. No tax benefit was recorded with
respect to the losses for 2007 and 2006, as the utilization of such losses is not likely to be realized in the foreseeable future.

Liquidity and
Capital Resources

We are highly leveraged, which makes us vulnerable to changes in general economic conditions. Our ability to meet the
future cash requirements described below depends on our ability to generate cash in the future, which is subject to general economic, financial, competitive, legislative, regulatory and other conditions, many of which are beyond our control. Our
ability to meet future cash requirements is also dependent upon the local service agreements we have entered into with Nexstar. Under our local service agreements, Nexstar sells our advertising time and pays us a percentage of the amount collected.
The payments we receive from Nexstar are a significant component of our cash flows. On March 9, 2007, Nexstar represented to us that it will continue the various local service agreements under which it provides sales and other services to our
television stations thereby providing financial support to enable us to continue to operate as a going concern. We believe that with Nexstars pledge to continue the local service agreements, our available cash, anticipated cash flow from
operations and available borrowings under our senior credit facility should be sufficient to fund working capital, capital expenditure requirements, interest payments and scheduled debt principal payments for at least the next twelve months from
December 31 2006. In order to meet future cash needs we may, from time to time, borrow under our available credit facility. We will continue to evaluate the best use of our operating cash flow among capital expenditures, acquisitions and debt
reduction.



14



---

##### Table of Contents

Overview

The following tables present summarized financial information management believes is helpful in evaluating the Companys liquidity and capital resources:



|                                                   |  |                              |         |   |                  |   |         |  
|-------------------------------------------------- |  | ---------------------------- | ------- | - | ---------------- | - | ------- | -
|                                                   |  | Three Months Ended March 31, |        
|                                                   |  | 2007                         |         |   | 2006             |  
|                                                   |  | (in thousands)               |        
|Net cash used for operating activities             |  | $                            | (929    | ) |                  | $ | (85     | )
|Net cash used for investing activities             |  |                              | (760    | ) |                  |   | (172    | )
|Net cash used for financing activities             |  |                              | (432    | ) |                  |   | (431    | )
|                                                   |  |                              |         |   |                  |   |         |  
|Net decrease in cash and cash equivalents          |  | $                            | (2,121  | ) |                  | $ | (688    | )
|                                                   |  |                              |         |   |                  |   |         |  
|Cash paid for interest                             |  | $                            | 3,150   |   |                  | $ | 2,794   |  
|Cash paid for income taxes, net                    |  | $                            |        |   |                  | $ |        |  
|                                                   |  |                             
|                                                   |  | March 31,2007                |         |   | December 31,2006 |  
|                                                   |  | (in thousands)               |        
|Cash and cash equivalents                          |  | $                            | 1,456   |   |                  | $ | 3,577   |  
|Long-term debt including current portion           |  | $                            | 170,109 |   |                  | $ | 170,541 |  
|Unused commitments under senior credit facility(1) |  | $                            | 15,000  |   |                  | $ | 15,000  |  

---

|(1) | As of March 31, 2007, all $15.0 million of total unused commitments under Missions credit facility were
available for borrowing.
|--- | ---------------------------------------------------------------------------------------------------------------------------------

Cash FlowsOperating Activities

The comparative net cash flows used for operating activities increased by $0.8 million during the three months ended March 31, 2007 compared to the
same period in 2006. The increase was primarily due to the timing of payments made for accounts payable and accrued expenses and the timing of payments for and decrease in our payable to Nexstar, partially offset by lower payments for broadcast
rights and an increase in the revenue we earn from Nexstar through JSAs.

Cash paid for interest increased by $0.4 million during the three
months ended March 31, 2007 compared to the same period in 2006 due to higher interest rates incurred in 2007 under our senior credit facility.

Due to our recent history of net operating losses, we currently do not pay any federal income taxes. These net operating losses may be carried forward, subject to expiration and certain limitations, and used to
reduce taxable earnings in future years. Through the use of available loss carryforwards, it is possible that we may not pay significant amounts of federal income taxes in the foreseeable future.

Cash FlowsInvesting Activities

The comparative net cash used for investing activities increased by $0.6 million during the three months ended March 31, 2007 compared to the same period in 2006. Cash flows from investing activities consisted of cash used for capital
additions.

Capital expenditures were $0.8 million for the three months ended March 31, 2007, compared to $0.2 for the same
period in 2006. The increase was primarily attributed to digital conversion expenditures, which increased from $0.1 million for the three months ended March 31, 2006 to $0.7 million for the same period in 2007.

Cash FlowsFinancing Activities

The comparative net cash flows used for financing activities, consisting of scheduled term loan maturities under our senior secured credit facility, were $0.4 million for both the three months ended March 31, 2007 and 2006.

Although our senior credit facility allows for the payment of cash dividends, we do not currently intend to declare or pay a cash dividend.



15



---

##### Table of Contents

Future Sources of Financing and Debt Service Requirements

As of March 31, 2007, we had debt of $170.1 million, which represented 218% of our total capitalization. Our high level of debt requires that a
substantial portion of cash flow be dedicated to pay principal and interest on debt which will reduce the funds available for working capital, capital expenditures, acquisitions and other general corporate purposes.

The total amount of borrowings available to us under the revolving loan commitment of our senior secured credit facility is based on covenant
calculations contained in Nexstars credit agreement. As of March 31, 2007, all $15.0 million of total unused commitments under our credit facility were available for borrowing.

The following table summarizes the approximate aggregate amount of principal indebtedness scheduled to mature for the periods referenced as of
March 31, 2007:



|                       |  |                |         |                  |   |           |  |           |       |            |   |       |  |   |        
|---------------------- |  | -------------- | ------- | ---------------- | - | --------- |  | --------- | ----- | ---------- | - | ----- |  | - | -------
|                       |  | Total          |         | Remainderof 2007 |   | 2008-2009 |  | 2010-2011 |       | Thereafter
|                       |  | (in thousands)
|Senior credit facility |  | $              | 170,109 |                  | $ | 1,295     |  | $         | 3,454 |            | $ | 3,454 |  | $ | 161,906

Interest payments on our senior credit facility are generally paid every one to three months and
are payable based on the type of interest rate selected.

The terms of our senior credit facility limit, but do not prohibit us from
incurring substantial amounts of additional debt in the future.

We do not have any rating downgrade triggers that would accelerate the
maturity dates of our debt. However, a downgrade in our credit rating could adversely affect our ability to renew existing, or obtain access to, new credit facilities in the future and could increase the cost of such facilities.

Collateralization and Guarantees of Debt

Nexstar Broadcasting Group, Inc. (Nexstars ultimate parent) and its subsidiaries guarantee full payment of all obligations under our bank credit facility in the event of our default. Similarly, we are a
guarantor of Nexstars bank credit facility and the senior subordinated notes issued by Nexstar. The bank credit facilities are collateralized by a security interest in substantially all the combined assets, excluding FCC licenses, of Nexstar
and us. As of March 31, 2007, Nexstar had a maximum commitment of $243.7 million under its bank credit facility, of which $199.2 million of debt was outstanding, and had issued an aggregate principal amount of $200.0 million of senior
subordinated notes.

Debt Covenants

Our bank credit facility agreement does not contain financial covenant ratio requirements, but does provide for default in the event Nexstar does not comply with all covenants contained in its credit agreement.

Cash Requirements for DTV Conversion

Television broadcasting in the United States is moving from an analog transmission system to a digital transmission system. The conversion from broadcasting in the analog format to the digital format is expensive. Our
conversion to a low-power DTV signal required an average initial capital expenditure of approximately $0.2 million per station. All of the television stations that we own and operate are broadcasting at least a low-power digital television signal.

Except for stations which have requested waiver of the FCCs deadline for construction, broadcast television stations are required to
be broadcasting a full-power DTV signal. As of March 31, 2007, Missions stations KOLR, WUTR, WTVO and WYOU are broadcasting with full-power DTV signals. The Companys remaining stations are broadcasting low-power DTV signals. We have
requested extension of time to begin broadcasting full-power digital television signals for our remaining stations. The FCC has not yet acted on these requests for extension of time. If the FCC denies the request for extension of time, the stations
may lose interference protection for their signals outside their low-power coverage area.

DTV conversion expenditures were $0.7 million
and $0.1 million, respectively, for the three months ended March 31, 2007 and 2006. We estimate that it will require an average capital expenditure of approximately $1.5 million per station (for 9 stations as of March 31, 2007) to modify
our remaining stations DTV transmitting equipment for full-power DTV operations, including costs for the transmitter, transmission line, antenna and installation, and estimated costs for tower upgrades and/or modifications. We anticipate these
expenditures will be funded through available cash on hand and cash generated from operations as incurred in future years.



16



---

##### Table of Contents

Cash Requirements for Pending Transaction

On April 18, 2006, we and Nexstar announced that we had filed an application with the FCC for consent to assignment of the license for KFTA Channel
24 (Ft. Smith, Arkansas) from Nexstar to us. Consideration for this transaction is set at $5.6 million. We intend to finance this transaction through cash on hand and borrowings under our senior secured credit facility.

No Off-Balance Sheet Arrangements

At March 31, 2007, we did not have any relationships with unconsolidated entities or financial partnerships, such as entities often referred to as structured finance or variable interest entities, which would have been established for
the purpose of facilitating off-balance sheet arrangements or other contractually narrow or limited purposes. We are, therefore, not materially exposed to any financing, liquidity, market or credit risk that could arise if we had engaged in such
relationships.

Critical Accounting Policies and Estimates

Our condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) which require us to make estimates and
assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the condensed financial statements and reported amounts of revenue and expenses during the period. On an
ongoing basis, we evaluate our estimates, including those related to intangible assets, bad debts, broadcast rights, trade and barter, income taxes, commitments and contingencies. We base our estimates on historical experience and on various other
assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may
differ from those estimates. Results of operations for interim periods are not necessarily indicative of results for the full year.

Information with respect to our critical accounting policies which we believe could have the most significant effect on our reported results and require subjective or complex judgments by management is contained on pages 27 through 29 in
Part II, Item 7, Managements Discussion and Analysis of Financial Condition and Results of Operations, of our Annual Report on Form 10-K for the fiscal year ended December 31, 2006. Management believes that as of
March 31, 2007 there has been no material change to this information.

Recent Accounting Pronouncements

Refer to Note 2 of our condensed financial statements in Part I, Item 1 of this Quarterly Report on Form 10-Q for a discussion of our adoption of
Financial Accounting Standards Board (FASB) Interpretation No. 48, Accounting for Uncertainty in Income Taxes, an interpretation of FASB Statement No. 109 (FIN No. 48) and other recently issued
accounting pronouncements, including our expected date of adoption and effects on results of operations and financial position.

Cautionary Note
Regarding Forward-Looking Statements

This Quarterly Report on Form 10-Q contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements other than statements of historical fact are forward-looking statements for purposes of federal and
state securities laws, including: any projections or expectations of earnings, revenue, financial performance, liquidity and capital resources or other financial items; any assumptions or projections about the television broadcasting industry; any
statements of our plans, strategies and objectives for our future operations, performance, liquidity and capital resources or other financial items; any statements concerning proposed new products, services or developments; any statements regarding
future economic conditions or performance; any statements of belief; and any statements of assumptions underlying any of the foregoing. Forward-looking statements may include the words may, will, should,
could, would, predicts, potential, continue, expects, anticipates, future, intends, plans, believes,
estimates and other similar words.

Although we believe that the expectations reflected in any of our forward-looking
statements are reasonable, actual results could differ from this projection or assumption in any of our forward-looking statements. Our future financial position and results of operations, as well as any forward-looking statements, are subject to
change and inherent risks and uncertainties, including those described in our Annual Report on Form 10-K for the year ended December 31, 2006 and in our other filings with the Securities and Exchange Commission. The forward-looking statements
made in this Quarterly Report on Form 10-Q are made only as of the date hereof, and we do not have or undertake any obligation to update any forward-looking statements to reflect subsequent events or circumstances unless otherwise required by law.



17



---

##### Table of Contents

ITEM 3. Quantitative and Qualitative Disclosures About Market Risk

Interest Rate Risk

Our exposure to market risk for changes in interest rates relates primarily to our long-term debt obligations.

All borrowings at March 31, 2007 under our senior credit facility bear interest at 7.10%, which represented the base rate, or LIBOR, plus the
applicable margin, as defined. Interest is payable in accordance with the credit agreement.

The following table estimates the changes to
cash flow from operations as of March 31, 2007 if interest rates were to fluctuate by 100 or 50 basis points, or BPS (where 100 basis points represents one percentage point), for a twelve-month period:



|                       |  |                        |        |                            |   |                        |        |   |         |  |   |        |  |   |       
|---------------------- |  | ---------------------- | ------ | -------------------------- | - | ---------------------- | ------ | - | ------- |  | - | ------ |  | - | ------
|                       |  | Interest rate decrease |        | No change to interest rate |   | Interest rate increase
|                       |  | 100 BPS                |        | 50 BPS                     |   |                        | 50 BPS |   | 100 BPS
|                       |  | (in thousands)        
|Senior credit facility |  | $                      | 10,377 |                            | $ | 11,227                 |        | $ | 12,078  |  | $ | 12,928 |  | $ | 13,779

Impact of Inflation

We believe that our results of operations are not affected by moderate changes in the inflation rate.

ITEM 4. Controls and Procedures

(a) Evaluation of Disclosure Controls and Procedures. Mission
carried out an evaluation as of the end of the period covered in this report, under the supervision and with the participation of Missions management, including Missions president and treasurer (who is Missions principal executive
officer and principal financial and accounting officer), of the effectiveness of the design and operation of Missions disclosure controls and procedures pursuant to Exchange Act Rule 13a-15(d) and 15d-15(e) under the Securities Exchange Act of
1934. Based upon that evaluation, Missions president and treasurer (its principal executive officer and principal financial and accounting officer) concluded that Missions disclosure controls and procedures (1) were effective in
timely alerting him to material information relating to Mission required to be included in Missions periodic SEC filings and (2) were adequate to ensure that information required to be disclosed by Mission in the reports filed or
submitted by Mission under the Securities Exchange Act of 1934 is recorded, processed and summarized and reported within the time periods specified in the SECs rules and forms.

(b) Changes in Internal Control over Financial Reporting.During the quarterly period as of the end of the period covered by this report, there
have been no changes in Missions internal control over financial reporting identified in connection with the evaluation described in paragraph (a) above that have materially affected or are reasonably likely to materially affect
Missions internal control over financial reporting.



18



---

##### Table of Contents

PART II. OTHER INFORMATION

ITEM 1. Legal Proceedings

From time to time, we are involved in litigation that arises from the ordinary
operations of business, such as contractual or employment disputes or other general actions. In the event of an adverse outcome of these proceedings, we believe the resulting liabilities would not have a material adverse effect on our financial
condition or results of operations.

ITEM 1A. Risk Factors

There are no material changes from the risk factors previously disclosed in Part
I, Item 1A. Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2006.

ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds

None.

ITEM 3. Defaults Upon Senior Securities

None.

ITEM 4. Submission of Matters to a Vote of Security Holders

None.

ITEM 5. Other Information

None.

ITEM 6. Exhibits



|           |  |                                                                                            
|---------- |  | -------------------------------------------------------------------------------------------
|ExhibitNo. |  | Exhibit Index                                                                              
|           | 
|31.1       |  | Certification of David S. Smith pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*
|           | 
|32.1       |  | Certification of David S. Smith pursuant to 18 U.S.C. ss. 1350.*                           

---

|* | Filed herewith
|- | --------------



19



---

##### Table of Contents

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.



MISSION BROADCASTING, INC./S/    DAVID S. SMITHBy:

David S. SmithIts:

President and Treasurer (Principal Executive Officer
and Principal Financial and Accounting Officer)


Dated: May 14, 2007



20