Document:

<PAGE>

                                                                   Exhibit 10.54
                                                                  EXECUTION COPY

                         Amendment to Option Agreements

         This Amendment (the "Amendment") to (i) the Option Agreement dated as
of May 19, 1998 (the "WYOU Option Agreement"), among Mission Broadcasting of
Wichita Falls, Inc. ("Mission"), as successor in interest to Bastet
Broadcasting, Inc. ("Bastet"), David Smith ("Smith") and Nexstar Broadcasting of
Northeastern Pennsylvania, L.L.C. ("Nexstar NP"), as successor in interest to
Nexstar Broadcasting of Northeastern Pennsylvania, L.P., (ii) the Option
Agreement dated as of November 30, 1998 (the "WFXP Option Agreement"), among
Mission, as successor in interest to Bastet, Smith and Nexstar Broadcasting
Group, L.L.C. ("Nexstar Group"), (iii) the Option Agreement dated as of June 1,
1999 (the "KJTL/KJBO Option Agreement"), among Mission, Smith and Nexstar
Broadcasting of Wichita Falls, L.L.C. ("Nexstar WF"), as successor in interest
to Nexstar Broadcasting of Wichita Falls, L.P. and (iv) the Option Agreement
dated as of April 24, 2002 (the "KODE Option Agreement" and, together with the
WYOU Option Agreement, the WFXP Option Agreement and the KJTL/KJBO Option
Agreement, the "Option Agreements"), among Mission, as successor in interest to
Mission Broadcasting of Joplin, Inc., Smith and Nexstar Broadcasting of Joplin,
L.L.C. ("Nexstar Joplin" and, together with Nexstar NP, Nexstar Group and
Nexstar WF, "Nexstar"), is made as of October 18, 2002, among Mission, Smith and
Nexstar. Capitalized terms used and not otherwise defined herein shall have the
meanings assigned to them in the Option Agreements.

         WHEREAS, pursuant to the Option Agreements, Mission and Smith granted
to Nexstar options to acquire the Station Assets described therein or (at
Nexstar's election) any or all of the issued and outstanding capital stock of
Mission; and

         WHEREAS, Mission, Smith and Nexstar have agreed to amend the exercise
price relating to such options and to remove certain of the restrictions set
forth in the Option Agreements;

         NOW, THEREFORE, in consideration of the foregoing and of other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties agree that the Option Agreements are amended as
follows:

1.       Amendment of Exercise Price.

         (a)      Section 2.1(b) of each of the Option Agreements is hereby
                  amended and restated in its entirety to read as follows:

                  "(b) Definition of Cash Purchase Price. The `Cash Purchase
                  Price' shall be an amount equal to the greater of:

                  (1) (x) the product of seven (7) and the amount of the cash
                  flow generated by the Station during the twelve (12) months
                  completed prior to the date upon which the Exercise Notice is
                  given, reduced by (y) without duplication, the amount of the
                  Existing Station Indebtedness as of the date of the Closing
                  and any amount owing as of the date of the Closing by
                  [Bastet/Seller] to Buyer or any of its affiliates; and

<PAGE>

                  (2) the sum, without duplication, of the amount of the
                  Existing Station Indebtedness as of the date of the Closing
                  and any amount owing as of the date of the Closing by
                  [Bastet/Seller] to Buyer or any of its affiliates."

         (b)      Section 2.1(c) of each of the Option Agreements is hereby
                  amended and restated in its entirety to read as follows:

                  "(c) Determination of Cash Purchase Price; Non-Termination.
                  For purposes of determining the Cash Purchase Price, the
                  amount of the cash flow referred to in clause (b)(1)(x) above
                  will be determined in accordance with generally accepted
                  accounting principles, applied on a basis that is consistent
                  with the application of those principles by the parties as of
                  the date of this Agreement. Each of Buyer, [Bastet/Seller] and
                  [Stockholder/Parent] will use reasonable efforts to assist in
                  the determination of the Cash Purchase Price. Notwithstanding
                  Section 10.1(a) of this Agreement, neither [Bastet/Seller] nor
                  [Stockholder/Parent] may terminate this Agreement at any time
                  at which an Exercise Notice has been given (and not withdrawn)
                  and the amount of the Cash Purchase Price has not been
                  determined, or during the twenty business days after any such
                  determination."

2.       Removal of Certain Restrictions.

         (a)      Section 6.1(b)(4) of each of the Option Agreements, which
                  reads as follows, is hereby deleted in its entirety:

                  "(4) (i) authorize, declare or pay any dividend or return any
                  equity capital to its stockholders, (ii) redeem, retire,
                  purchase or otherwise acquire, directly or indirectly, for
                  consideration any of its shares of any class of its capital
                  stock or other Equity Securities outstanding, or (iii) make
                  any other form of cash distributions; or"

         (b)      Section 6.1(b)(5) of each of the Option Agreements, which
                  reads as follows, is hereby deleted in its entirety:

                  "(5) enter into any arrangement or contract with
                  [Stockholder/Parent], any affiliate of [Stockholder/Parent] or
                  any of [Stockholder's/Parent's] parents, spouse, descendants
                  (whether nature, step or adopted) or other family member of
                  [Stockholder/Parent]."

3.       Effect of Amendment. Except as expressly set forth herein, this
         Amendment shall not alter, modify, amend or in any way affect any of
         the terms, conditions, obligations, covenants or agreements contained
         in the Option Agreements. The Option Agreements, as amended hereby,
         shall remain in full force and effect.

                                       2

<PAGE>

4.       Law Governing. THIS AGREEMENT SHALL BE GOVERNED BY, CONSTRUED, AND
         ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF TEXAS WITHOUT
         REFERENCE TO ITS PRINCIPLES OF CONFLICT OF LAWS, EXCEPT TO THE EXTENT
         THAT THE FEDERAL LAW OF THE UNITED STATES GOVERNS THE TRANSACTIONS
         CONTEMPLATED HEREBY.

5.       Counterparts. This Amendment may be executed in two (2) or more
         counterparts, and all counterparts so executed shall constitute one (1)
         agreement binding on all of the parties hereto, notwithstanding that
         all of the parties hereto are not signatory to the same counterpart.

                                    * * * * *

                                       3

<PAGE>

         IN WITNESS WHEREOF, the parties have caused this Amendment to be duly
executed by their duly authorized officers, all as of the day and year first
above written.

                                        MISSION BROADCASTING OF
                                        WICHITA FALLS, INC.

                                        By:   /s/ David S. Smith
                                              ---------------------
                                        Its:  President
                                              ---------------------

                                        /s/ David Smith
                                        ---------------------------
                                        DAVID SMITH

                                        NEXSTAR BROADCASTING OF
                                        NORTHEASTERN PENNSYLVANIA, L.L.C.

                                        By:   /s/ Shirley Green
                                              ----------------------
                                        Its:  Vice President-Finance
                                              ----------------------

                                        NEXSTAR BROADCASTING GROUP,
                                        L.L.C.

                                        By:   /s/ Shirley Green
                                              -----------------------
                                        Its:  Vice President-Finance
                                              -----------------------

                                        NEXSTAR BROADCASTING OF
                                        WICHITA FALLS, L.L.C.

                                        By:   /s/ Shirley Green
                                              -----------------------
                                        Its:  Vice President-Finance
                                              -----------------------

                                        NEXSTAR BROADCASTING OF
                                        JOPLIN, L.L.C.

                                        By:   /s/ Shirley Green
                                              -----------------------
                                        Its:  Vice President-Finance
                                              -----------------------<PAGE>

                                                                   Exhibit 10.55

TO:      Jay Grossman

FR:      Perry A. Sook

RE:      Modifications to My Compensation Agreement

DA:      9/26/02

To remain in compliance with the new Sarbanes-Oxley regulations, set forth in
this memorandum are the modifications to my compensation agreement as we have
discussed.

Salary and Bonus:  (in $  000's)
Current Agreement                  Modification as Agreed
            Salary      Bonus      Salary               Bonus
2002        400         200        600 (eff. 10/1/02)   300
2003        415         207.5      615                  307.5
2004        430         215        630                  315
2005        450         225        650                  325
2006        475         237.5      675                  337.5
2007        500         250        700                  350

Completion/Change of Control Incentive:
The current agreement calls for a payment of $4,000,000 at the end of contract
completion, at 12/31/07 or upon change of control. The modification as agreed
reduces that payment to $2,300,000 in exchange for the current compensation
changes made above.

Early Sale Incentive:
Furthermore, an incentive for an early sale of the company has been instituted.
Payments will be made on the following schedule:

                  Prior to 12/31/05         $900,000
                  During 2006               $500,000
                  During 2007               $150,000

All other aspects of my employment relationship with Nexstar Broadcasting remain
the same. Please evidence your agreement and approval of the terms and
conditions contained herein by signing below.

Sincerely,                                           Agreed and Accepted:

/s/ Perry A. Sook
---------------------------
Perry A. Sook                                        /s/ Jay Grossman
                                                     ---------------------------
President/CEO                                        Date:

                        NEXSTAR BROADCASTING GROUP, INC.
         200 Abington Executive Park, Suite 201 Clarks Summit, PA 19411
                       (570) 586-5400 fax (570) 586-8745

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00046-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00046-of-00352.parquet"}]]