Document:

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                                                                  EXHIBIT 4.2
                                                                  EXECUTION COPY

                         REGISTRATION RIGHTS AGREEMENT

                                 by and among

                            Nexstar Finance, L.L.C.

                             Nexstar Finance, Inc.

                                      and

                    The parties listed as guarantors hereto

                                      and

                        Banc of America Securities LLC
                             Barclays Capital Inc.
                           CIBC World Markets Corp.
                                      and
                         First Union Securities, Inc.,
             as representatives of the several initial purchasers

                          Dated as of March 16, 2001
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                         Registration Rights Agreement

                  This Registration Rights Agreement (this "Agreement") is made
                                                            ---------
and entered into as of March 16, 2001 by and among Nexstar Finance, L.L.C., a
Delaware limited liability company, and Nexstar Finance, Inc., a Delaware
corporation (together, the "Company"), the Guarantors listed on Schedule I
                            -------                             ----------
attached hereto (the "Guarantors"), and Banc of America Securities LLC, Barclays
                      ----------
Capital Inc., CIBC World Markets Corp., and First Union Securities, Inc., as
representatives of the several initial purchasers (each an "Initial Purchaser"
                                                            -----------------
and, collectively, the "Initial Purchasers"), each of whom has agreed to
                        ------------------
purchase the Company's 12% Senior Subordinated Notes due 2008 (the "Initial
                                                                    -------
Notes") pursuant to the Purchase Agreement (as defined below).
-----

                  This Agreement is made pursuant to the Purchase Agreement,
dated as of March 13, 2001 (the "Purchase Agreement"), by and among the Company,
                                 ------------------
the Guarantors and the Initial Purchasers (i) for your benefit and for the
benefit of each other Initial Purchaser and (ii) for the benefit of the holders
from time to time of the Notes (including you and each other Initial Purchaser).
In order to induce the Initial Purchasers to purchase the Initial Notes, the
Company has agreed to provide the registration rights set forth in this
Agreement. The execution and delivery of this Agreement is a condition to the
obligations of the Initial Purchasers set forth in Section 5(h) of the Purchase
Agreement.

                  The parties hereby agree as follows:

Section 1.  Definitions

                  As used in this Agreement, the following capitalized terms
shall have the following meanings:

                  Additional Interest Payment Date: With respect to the Initial
                  --------------------------------
Notes, each Interest Payment Date.

                  Broker-Dealer: Any broker or dealer registered under the
                  -------------
         Exchange Act.

                  Closing Date:  The date of this Agreement.
                  ------------

                  Commission:  The Securities and Exchange Commission.
                  ----------

                  Consummate: A Registered Exchange Offer shall be deemed
                  ----------
         "Consummated" for purposes of this Agreement upon the occurrence of (i)
         the filing and effectiveness under the Securities Act of the Exchange
         Offer Registration Statement relating to the Exchange Notes to be
         issued in the Exchange Offer, (ii) the maintenance of such Registration
         Statement continuously effective and the keeping of the Exchange Offer
         open for a period not less than the minimum period required pursuant to
         Section 3(b) hereof, and (iii) the delivery by the Company to the
         Registrar under the Indenture of Exchange Notes in the same aggregate
         principal amount as the aggregate principal amount of Initial Notes
         that were tendered by Holders thereof pursuant to the Exchange Offer.

                  Effectiveness Target Date:  As defined in Section 5.
                  -------------------------

                  Exchange Act: The Securities Exchange Act of 1934, as amended.
                  ------------
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                  Exchange Notes: The 12% Senior Subordinated Notes due 2008 of
                  --------------
         the same series under the Indenture as the Initial Notes, to be issued
         to Holders in exchange for Transfer Restricted Securities pursuant to
         this Agreement.

                  Exchange Offer: The registration by the Company under the
                  --------------
         Securities Act of the Exchange Notes pursuant to a Registration
         Statement pursuant to which the Company offers the Holders of all
         outstanding Transfer Restricted Securities the opportunity to exchange
         all such outstanding Transfer Restricted Securities held by such
         Holders for Exchange Notes in an aggregate principal amount equal to
         the aggregate principal amount of the Transfer Restricted Securities
         tendered in such exchange offer by such Holders.

                  Exchange Offer Registration Statement: The Registration
                  -------------------------------------
         Statement relating to the Exchange Offer, including the related
         Prospectus.

                  Exempt Resales: The transactions in which the Initial
                  --------------
         Purchasers propose to sell the Initial Notes to certain "qualified
         institutional buyers," as such term is defined in Rule 144A under the
         Securities Act, and to certain institutional "accredited investors," as
         such term is defined in Rule 501(a)(1), (2), (3) and (7) of Regulation
         D under the Securities Act ("Accredited Institutions").
                                      -----------------------

                  Holders:  As defined in Section 2(b) hereof.
                  -------

                  Indemnified Holder:  As defined in Section 8(a) hereof.
                  ------------------

                  Indenture: The Indenture, dated as of March 16, 2001, among
                  ---------
         the Company, the Guarantors and United States Trust Company of New
         York, as trustee (the "Trustee"), pursuant to which the Notes are to be
                                -------
         issued, as such Indenture is amended or supplemented from time to time
         in accordance with the terms thereof.

                  Initial Purchaser:  As defined in the preamble hereto.
                  -----------------

                  Initial Notes: The 12% Senior Subordinated Notes due 2008, of
                  -------------
         the same series under the Indenture as the Exchange Notes, for so long
         as such securities constitute Transfer Restricted Securities.

                  Initial Placement: The issuance and sale by the Company of the
                  -----------------
         Initial Notes to the Initial Purchasers pursuant to the Purchase
         Agreement.

                  Interest Payment Date: As defined in the Indenture and the
                  ---------------------
         Notes.

                  NASD:  National Association of Securities Dealers, Inc.
                  ----

                  Notes:  The Initial Notes and the Exchange Notes.
                  -----

                  Person: An individual, partnership, corporation, trust or
                  ------
         unincorporated organization, or a government or agency or political
         subdivision thereof.

                  Prospectus: The prospectus included in a Registration
                  ----------
         Statement, as amended or supplemented by any prospectus supplement and
         by all other amendments thereto, including post-effective amendments,
         and all material incorporated by reference into such Prospectus.

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                  Record Holder: With respect to any Damages Payment Date
                  -------------
         relating to the Notes, each Person who is a Holder of Notes on the
         record date with respect to the Interest Payment Date on which such
         Damages Payment Date shall occur.

                  Registration Default:  As defined in Section 5 hereof.
                  --------------------

                  Registration Statement: Any registration statement of the
                  ----------------------
         Company relating to (a) an offering of Exchange Notes pursuant to an
         Exchange Offer or (b) the registration for resale of Transfer
         Restricted Securities pursuant to the Shelf Registration Statement,
         which is filed pursuant to the provisions of this Agreement, in each
         case, including the Prospectus included therein, all amendments and
         supplements thereto (including post-effective amendments) and all
         exhibits and material incorporated by reference therein.

                  Securities Act:  The Securities Act of 1933, as amended.
                  --------------

                  Shelf Filing Deadline:  As defined in Section 4 hereof.
                  ---------------------

                  Shelf Registration Statement:  As defined in Section 4 hereof.
                  ----------------------------

                  Trust Indenture Act: The Trust Indenture Act of 1939 (15
                  ---------------------
         U.S.C. Section 77aaa 77bbbb) as in effect on the date of the Indenture.

                  Transfer Restricted Securities: Each Note, until the earliest
                  ------------------------------
         to occur of (a) the date on which such Note is exchanged in the
         Exchange Offer and entitled to be resold to the public by the Holder
         thereof without complying with the prospectus delivery requirements of
         the Securities Act, (b) the date on which such Note has been
         effectively registered under the Securities Act and disposed of in
         accordance with a Shelf Registration Statement and (c) the date on
         which such Note is distributed to the public pursuant to Rule 144 under
         the Securities Act or by a Broker-Dealer pursuant to the "Plan of
         Distribution" contemplated by the Exchange Offer Registration Statement
         (including delivery of the Prospectus contained therein).

Section 2.  Securities Subject to This Agreement

         (a)   Transfer Restricted Securities. The securities entitled to the
               ------------------------------
benefits of this Agreement are the Transfer Restricted Securities.

         (b)   Holders of Transfer Restricted Securities. A Person is deemed to
               -----------------------------------------
be a holder of Transfer Restricted Securities (each, a "Holder") whenever such
                                                        ------
Person owns Transfer Restricted Securities.

Section 3.     Registered Exchange Offer

         (a) Unless the Exchange Offer shall not be permissible under applicable
law or Commission policy (after the procedures set forth in Section 6(a) below
have been complied with), the Company and the Guarantors shall (i) cause to be
filed with the Commission as soon as practicable after the Closing Date, but in
no event later than 90 days after the Closing Date, a Registration Statement
under the Securities Act relating to the Exchange Notes and the Exchange Offer,
(ii) use their best efforts to cause such Registration Statement to become
effective at the earliest possible time, but in no event later than 225 days
after the Closing Date, (iii) in connection with the foregoing, file (A) all
pre-effective amendments to such Registration Statement as may be necessary in
order to cause such Registration Statement to become effective, (B) if
applicable, a post-effective amendment to such Registration Statement pursuant
to Rule 430A under the Securities Act and (C) cause all necessary filings in

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connection with the registration and qualification of the Exchange Notes to be
made under the Blue Sky laws of such jurisdictions as are necessary to permit
Consummation of the Exchange Offer, and (iv) upon the effectiveness of such
Registration Statement, commence the Exchange Offer. The Exchange Offer shall be
on the appropriate form permitting registration of the Exchange Notes to be
offered in exchange for the Transfer Restricted Securities and to permit resales
of Notes held by Broker-Dealers as contemplated by Section 3(c) below.

     (b)          The Company and the Guarantors shall cause the Exchange Offer
Registration Statement to be effective continuously and shall keep the Exchange
Offer open for a period of not less than the minimum period required under
applicable federal and state securities laws to Consummate the Exchange Offer;
provided, however, that in no event shall such period be less than 30 days after
the date notice of the Exchange Offer is mailed to the Holders. The Company
shall cause the Exchange Offer to comply with all applicable federal and state
securities laws. No securities other than the Notes shall be included in the
Exchange Offer Registration Statement. The Company shall use its best efforts to
cause the Exchange Offer to be Consummated on the earliest practicable date
after the Exchange Offer Registration Statement has become effective, but in no
event later than 45 days after the date on which the Exchange Offer Registration
Statement has been declared effective, unless required by any applicable federal
securities laws.

     (c)          The Company and the Guarantors shall indicate in a "Plan of
Distribution" section contained in the Prospectus forming a part of the Exchange
Offer Registration Statement that any Broker-Dealer who holds Initial Notes that
are Transfer Restricted Securities and that were acquired for its own account as
a result of market-making activities or other trading activities (other than
Transfer Restricted Securities acquired directly from the Company), may exchange
such Initial Notes pursuant to the Exchange Offer; however, such Broker-Dealer
may be deemed to be an "underwriter" within the meaning of the Securities Act
and must, therefore, deliver a prospectus meeting the requirements of the
Securities Act in connection with any resales of the Exchange Notes received by
such Broker-Dealer in the Exchange Offer, which prospectus delivery requirement
may be satisfied by the delivery by such Broker-Dealer of the Prospectus
contained in the Exchange Offer Registration Statement. Such "Plan of
Distribution" section shall also contain all other information with respect to
such resales by Broker-Dealers that the Commission may require in order to
permit such resales pursuant thereto, but such "Plan of Distribution" shall not
name any such Broker-Dealer or disclose the amount of Notes held by any such
Broker-Dealer except to the extent required by the Commission as a result of a
change in policy after the date of this Agreement.

                  The Company and the Guarantors shall use their best efforts to
keep the Exchange Offer Registration Statement continuously effective,
supplemented and amended as required by the provisions of Section 6(c) below to
the extent necessary to ensure that it is available for resales of Notes
acquired by Broker-Dealers for their own accounts as a result of market-making
activities or other trading activities, and to ensure that it conforms with the
requirements of this Agreement, the Securities Act and the policies, rules and
regulations of the Commission as announced from time to time, for a period
ending on the earlier of (i) 180 days from the date on which the Exchange Offer
Registration Statement is declared effective and (ii) the date on which a
Broker-Dealer is no longer required to deliver a prospectus in connection with
market-making or other trading activities.

                  The Company and the Guarantors shall provide sufficient copies
of the latest version of such Prospectus to Broker-Dealers promptly upon request
at any time during such 180-day (or shorter as provided in the foregoing
sentence) period in order to facilitate such resales.

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Section 4.   Shelf Registration

     (a) Shelf Registration. If (i) the Company is not required to file an
         ------------------
Exchange Offer Registration Statement or to consummate the Exchange Offer
because the Exchange Offer is not permitted by applicable law or Commission
policy (after the procedures set forth in Section 6(a) below have been complied
with) or (ii) with respect to any Holder of Transfer Restricted Securities (A)
such Holder is prohibited by applicable law or Commission policy from
participating in the Exchange Offer, or (B) such Holder may not resell the
Exchange Notes acquired by it in the Exchange Offer to the public without
delivering a prospectus and that the Prospectus contained in the Exchange Offer
Registration Statement is not appropriate or available for such resales by such
Holder, or (C) such Holder is a Broker-Dealer and holds Initial Notes acquired
directly from the Company or one of its affiliates, then, upon such Holder's
request, the Company and the Guarantors shall

         (x) cause to be filed a shelf registration statement pursuant to Rule
     415 under the Securities Act, which may be an amendment to the Exchange
     Offer Registration Statement (in either event, the "Shelf Registration
     Statement") on or prior to 90 days after the earlier to occur of (1) the
     date on which the Company determines that it is not required to file the
     Exchange Offer Registration Statement and (2) the date on which the Company
     receives notice from a Holder of Transfer Restricted Securities as
     contemplated by clause (ii) above (90 days after such earlier date being
     the "Shelf Filing Deadline"), which Shelf Registration Statement shall
     provide for resales of all Transfer Restricted Securities the Holders of
     which shall have provided the information required pursuant to Section 4(b)
     hereof; and

         (y) use their best efforts to cause such Shelf Registration Statement
     to be declared effective by the Commission on or before the 135th day after
     the Shelf Filing Deadline.

The Company and the Guarantors shall use their best efforts to keep such Shelf
Registration Statement continuously effective, supplemented and amended as
required by the provisions of Sections 6(b) and (c) hereof to the extent
necessary to ensure that it is available for resales of Notes by the Holders of
Transfer Restricted Securities entitled to the benefit of this Section 4(a), and
to ensure that it conforms with the requirements of this Agreement, the
Securities Act and the policies, rules and regulations of the Commission as
announced from time to time, for a period of at least two years following the
effective date of such Shelf Registration Statement (or shorter period that will
terminate when all the Notes covered by such Shelf Registration Statement have
been sold pursuant to such Shelf Registration Statement).

     (b) Provision by Holders of Certain Information in Connection with the
         ------------------------------------------------------------------
Shelf Registration Statement. No Holder of Transfer Restricted Securities may
----------------------------
include any of its Transfer Restricted Securities in any Shelf Registration
Statement pursuant to this Agreement unless and until such Holder furnishes to
the Company in writing, within 20 business days after receipt of a request
therefor, such information as the Company may reasonably request for use in
connection with any Shelf Registration Statement or Prospectus or preliminary
Prospectus included therein. Each Holder as to which any Shelf Registration
Statement is being effected agrees to furnish promptly to the Company all
information required to be disclosed in order to make the information previously
furnished to the Company by such Holder not materially misleading.

Section 5.   Liquidated Damages

         If (i) any of the Registration Statements required by this Agreement is
not filed with the Commission on or prior to the date specified for such filing
in this Agreement, (ii) any of such Registration Statements has not been
declared effective by the Commission on or prior to the date

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specified for such effectiveness in this Agreement (the "Effectiveness Target
                                                         --------------------
Date"), (iii) the Exchange Offer has not been Consummated within 45 business
----
days after the Effectiveness Target Date with respect to the Exchange Offer
Registration Statement or (iv) any Registration Statement required by this
Agreement is filed and declared effective but shall thereafter cease to be
effective or fail to be usable for its intended purpose without being succeeded
immediately by a post-effective amendment to such Registration Statement that
cures such failure and that is itself immediately declared effective (each such
event referred to in clauses (i) through (iv), a "Registration Default"), the
                                                  --------------------
Company and the Guarantors hereby jointly and severally agree to pay to each
Holder of Transfer Restricted Securities affected thereby liquidated damages in
an amount equal to $.05 per week per $1,000 in principal amount of Transfer
Restricted Securities held by such Holder for each week or portion thereof that
the Registration Default continues for the first 90-day period immediately
following the occurrence of such Registration Default. The amount of the
liquidated damages shall increase by an additional $.05 per week per $1,000 in
principal amount of Transfer Restricted Securities with respect to each
subsequent 90-day period until all Registration Defaults have been cured, up to
a maximum amount of liquidated damages of $.50 per week per $1,000 in principal
amount of Transfer Restricted Securities. Following the cure of all Registration
Defaults relating to any particular Transfer Restricted Securities, liquidated
damages payable with respect to the Transfer Restricted Securities as a result
of such clause (i), (ii), (iii) or (iv), as applicable, shall cease.

         All obligations of the Company and the Guarantors set forth in the
preceding paragraph that are outstanding with respect to any Transfer Restricted
Security at the time such security ceases to be a Transfer Restricted Security
shall survive until such time as all such obligations with respect to such Note
shall have been satisfied in full.

Section 6.   Registration Procedures

     (a) Exchange Offer Registration Statement. In connection with the Exchange
         -------------------------------------
Offer, the Company and the Guarantors shall comply with all of the provisions of
Section 6(c) below, shall use their best efforts to effect such exchange to
permit the sale of Transfer Restricted Securities being sold in accordance with
the intended method or methods of distribution thereof, and shall comply with
all of the following provisions:

               (i) If in the reasonable opinion of counsel to the Company there
is a question as to whether the Exchange Offer is permitted by applicable law,
the Company and the Guarantors hereby agree to seek a no-action letter or other
favorable decision from the Commission allowing the Company and the Guarantors
to Consummate an Exchange Offer for such Initial Notes. The Company and the
Guarantors each hereby agree to pursue the issuance of such a decision to the
Commission staff level but shall not be required to take commercially
unreasonable action to effect a change of Commission policy. The Company and the
Guarantors each hereby agrees, however, to (A) participate in telephonic
conferences with the Commission, (B) deliver to the Commission staff an analysis
prepared by counsel to the Company setting forth the legal bases, if any, upon
which such counsel has concluded that such an Exchange Offer should be permitted
and (C) diligently pursue a favorable resolution by the Commission staff of such
submission.

               (ii) As a condition to its participation in the Exchange Offer
pursuant to the terms of this Agreement, each Holder of Transfer Restricted
Securities shall furnish, upon the request of the Company, prior to the
Consummation thereof, a written representation to the Company (which may be
contained in the letter of transmittal contemplated by the Exchange Offer
Registration Statement) to the effect that (A) it is not an affiliate of the
Company, (B) it is not engaged in, and does not intend to engage in, and has no
arrangement or understanding with any person to participate in, a distribution
of the Exchange Notes to be issued in the Exchange Offer and (C) it is acquiring
the Exchange Notes in its

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ordinary course of business. In addition, all such Holders of Transfer
Restricted Securities shall otherwise cooperate in the Company's preparations
for the Exchange Offer. Each Holder hereby acknowledges and agrees that any
Broker-Dealer and any such Holder using the Exchange Offer to participate in a
distribution of the securities to be acquired in the Exchange Offer (1) could
not under Commission policy as in effect on the date of this Agreement rely on
the position of the Commission enunciated in Morgan Stanley and Co., Inc.
                                             ---------------------------
(available June 5, 1991) and Exxon Capital Holdings Corporation (available May
                             ----------------------------------
13, 1988), as interpreted in the Commission's letter to Shearman & Sterling
dated July 2, 1993, and similar no-action letters (which may include any no-
action letter obtained pursuant to clause (i) above), and (2) must comply with
the registration and prospectus delivery requirements of the Securities Act in
connection with a secondary resale transaction and that such a secondary resale
transaction should be covered by an effective registration statement containing
the selling security holder information required by Item 507 or 508, as
applicable, of Regulation S-K if the resales are of Exchange Notes obtained by
such Holder in exchange for Initial Notes acquired by such Holder directly from
the Company.

     (b) Shelf Registration Statement. In connection with the Shelf Registration
         ----------------------------
Statement, the Company and the Guarantors shall comply with all the provisions
of Section 6(c) below and shall use their best efforts to effect such
registration to permit the sale of the Transfer Restricted Securities being sold
in accordance with the intended method or methods of distribution thereof, and
pursuant thereto the Company will as expeditiously as possible prepare and file
with the Commission a Registration Statement relating to the registration on any
appropriate form under the Securities Act, which form shall be available for the
sale of the Transfer Restricted Securities in accordance with the intended
method or methods of distribution thereof.

     (c) General Provisions. In connection with any Registration Statement and
         ------------------
any Prospectus required by this Agreement to permit the sale or resale of
Transfer Restricted Securities (including, without limitation, any Registration
Statement and the related Prospectus required to permit resales of Notes by
Broker-Dealers), the Company shall:

          (i) use its best efforts to keep such Registration Statement
continuously effective and provide all requisite financial statements
(including, if required by the Securities Act or any regulation thereunder,
financial statements of the Guarantors for the period specified in Section 3 or
4 of this Agreement, as applicable; upon the occurrence of any event that would
cause any such Registration Statement or the Prospectus contained therein (A) to
contain a material misstatement or omission or (B) not to be effective and
usable for resale of Transfer Restricted Securities during the period required
by this Agreement, the Company shall file promptly an appropriate amendment to
such Registration Statement, in the case of clause (A), correcting any such
misstatement or omission, and, in the case of either clause (A) or (B), use its
best efforts to cause such amendment to be declared effective and such
Registration Statement and the related Prospectus to become usable for their
intended purpose(s) as soon as practicable thereafter;

          (ii) prepare and file with the Commission such amendments and post-
effective amendments to the Registration Statement as may be necessary to keep
the Registration Statement effective for the applicable period set forth in
Section 3 or 4 hereof, as applicable, or such shorter period as will terminate
when all Transfer Restricted Securities covered by such Registration Statement
have been sold; cause the Prospectus to be supplemented by any required
Prospectus supplement, and as so supplemented to be filed pursuant to Rule 424
under the Securities Act, and to comply fully with the applicable provisions of
Rules 424 and 430A under the Securities Act in a timely manner; and comply with
the provisions of the Securities Act with respect to the disposition of all
securities covered by such Registration Statement during the applicable period
in accordance with the intended method or methods

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of distribution by the sellers thereof set forth in such Registration Statement
or supplement to the Prospectus;

          (iii) advise the selling Holders promptly and, if requested by such
Persons, to confirm such advice in writing, (A) when the Prospectus or any
Prospectus supplement or post-effective amendment has been filed, and, with
respect to any Registration Statement or any post-effective amendment thereto,
when the same has become effective, (B) of any request by the Commission for
amendments to the Registration Statement or amendments or supplements to the
Prospectus or for additional information relating thereto, (C) of the issuance
by the Commission of any stop order suspending the effectiveness of the
Registration Statement under the Securities Act or of the suspension by any
state securities commission of the qualification of the Transfer Restricted
Securities for offering or sale in any jurisdiction, or the initiation of any
proceeding for any of the preceding purposes, (D) of the existence of any fact
or the happening of any event that makes any statement of a material fact made
in the Registration Statement, the Prospectus, any amendment or supplement
thereto, or any document incorporated by reference therein untrue, or that
requires the making of any additions to or changes in the Registration Statement
or the Prospectus in order to make the statements therein not misleading. If at
any time the Commission shall issue any stop order suspending the effectiveness
of the Registration Statement, or any state securities commission or other
regulatory authority shall issue an order suspending the qualification or
exemption from qualification of the Transfer Restricted Securities under state
securities or Blue Sky laws, the Company and the Guarantors shall use their best
efforts to obtain the withdrawal or lifting of such order at the earliest
possible time;

          (iv)  furnish without charge to each of the Initial Purchasers and
each selling Holder named in any Registration Statement, before filing with the
Commission, copies of any Registration Statement or any Prospectus included
therein or any amendments or supplements to any such Registration Statement or
Prospectus (including all documents incorporated by reference after the initial
filing of such Registration Statement), which documents will be subject to the
review of such Persons in connection with such sale, if any, for a period of at
least five business days, and the Company will not file any such Registration
Statement or Prospectus or any amendment or supplement to any such Registration
Statement or Prospectus (including all such documents incorporated by reference)
to which an Initial Purchaser or Holder of Transfer Restricted Securities
covered by such Registration Statement shall reasonably object in writing within
five business days after the receipt thereof (such objection to be deemed timely
made upon confirmation of telecopy transmission within such period). The
objection of any such Person shall be deemed to be reasonable if such
Registration Statement, amendment, Prospectus or supplement, as applicable, as
proposed to be filed, contains a material misstatement or omission;

          (v)   promptly prior to the filing of any document that is to be
incorporated by reference into a Registration Statement or Prospectus, provide
copies of such document to the Initial Purchasers and to each selling Holder
named in any Registration Statement make the Company's representatives available
and representatives of the Guarantors for discussion of such document and other
customary due diligence matters, and include such information in such document
prior to the filing thereof as such selling Holders reasonably may request;

          (vi)  make available at reasonable times for inspection by the Initial
Purchasers and each Holder, and any attorney or accountant retained by such
Persons, all financial and other records, pertinent corporate documents and
properties of the Company and the Guarantors and cause the Company's and the
Guarantors' officers, directors and employees to supply all information
reasonably requested by any such Holder, Initial Purchaser, attorney or
accountant in connection with such Registration Statement subsequent to the
filing thereof and prior to its effectiveness;

                                       8
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          (vii)  if requested by any selling Holders promptly incorporate in any
Registration Statement or Prospectus, pursuant to a supplement or post-effective
amendment if necessary, such information as such selling Holders may reasonably
request to have included therein, including, without limitation, information
relating to the "Plan of Distribution" of the Transfer Restricted Securities,
information with respect to the principal amount of Transfer Restricted
Securities being sold, the purchase price being paid therefor and any other
terms of the offering of the Transfer Restricted Securities to be sold in such
offering; and make all required filings of such Prospectus supplement or
post-effective amendment as soon as practicable after the Company is notified of
the matters to be incorporated in such Prospectus supplement or post-effective
amendment;

          (viii) cause the Transfer Restricted Securities covered by the
Registration Statement to be rated with the appropriate rating agencies, if so
requested by the Holders of a majority in aggregate principal amount of Notes
covered thereby;

          (ix)   furnish to each selling Holder, without charge, at least one
copy of the Registration Statement, as first filed with the Commission, and of
each amendment thereto, including financial statements and schedules, all
documents incorporated by reference therein and all exhibits (including exhibits
incorporated therein by reference);

          (x)    deliver to each selling Holder, without charge, as many copies
of the Prospectus (including each preliminary prospectus) and any amendment or
supplement thereto as such Persons reasonably may request; the Company and the
Guarantors hereby consent to the use of the Prospectus and any amendment or
supplement thereto by each of the selling Holders in connection with the
offering and the sale of the Transfer Restricted Securities covered by the
Prospectus or any amendment or supplement thereto;

          (xi)   enter into, and cause the Guarantors to enter into, such
agreements, and make, and cause the Guarantors to make, such representations and
warranties, and take all such other actions in connection therewith in order to
expedite or facilitate the disposition of the Transfer Restricted Securities
pursuant to any Registration Statement contemplated by this Agreement, all to
such extent as may be reasonably requested by any Initial Purchaser or by any
Holder of Transfer Restricted Securities or underwriter in connection with any
sale or resale pursuant to any Registration Statement contemplated by this
Agreement; and the Company and the Guarantors shall:

        (A)   furnish to each Initial Purchaser and each selling Holder, in such
     substance and scope as they may request upon the date of the Consummation
     of the Exchange Offer and, if applicable, the effectiveness of the Shelf
     Registration Statement a certificate, dated the date of Consummation of the
     Exchange Offer or the date of effectiveness of the Shelf Registration
     Statement, as the case may be, signed by (y) the President or any Vice
     President and (z) a principal financial or accounting officer of each of
     the Company and the Guarantors, confirming, as of the date thereof, the
     matters set forth in paragraphs (i), (ii) and (iii) of Section 5(e) of the
     Purchase Agreement and such other matters as such parties may reasonably
     request;

        (B)   set forth in full the indemnification provisions and procedures of
     Section 8 hereof with respect to all parties to be indemnified pursuant
     to said Section; and

        (C)   deliver such other documents and certificates as may be reasonably
     requested by such parties to evidence compliance with clause (A) above and
     with any customary conditions contained in any agreement entered into by
     the Company or the Guarantors pursuant to this clause (xi), if any.

                                       9
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               If at any time the representations and warranties of the
Company and the Guarantors contemplated in clause (A)(1) above cease to be true
and correct, the Company or the Guarantors shall so advise the Initial
Purchasers and each selling Holder promptly and, if requested by such Persons,
shall confirm such advice in writing;

                    (xii)   prior to any public offering of Transfer Restricted
Securities, cooperate with, and cause the Guarantors to cooperate with, the
selling Holders, the underwriter(s), if any, and their respective counsel in
connection with the registration and qualification of the Transfer Restricted
Securities under the securities or Blue Sky laws of such jurisdictions as the
selling Holders or underwriter(s) may request and do any and all other acts or
things necessary or advisable to enable the disposition in such jurisdictions of
the Transfer Restricted Securities covered by the Shelf Registration Statement;
provided, however, that neither the Company nor the Guarantors shall be required
to register or qualify as a foreign corporation where it is not then so
qualified or to take any action that would subject it to the service of process
in suits or to taxation, other than as to matters and transactions relating to
the Registration Statement, in any jurisdiction where it is not then so subject;

                    (xiii)  shall issue, upon the request of any Holder of
Initial Notes covered by the Shelf Registration Statement, Exchange Notes,
having an aggregate principal amount equal to the aggregate principal amount of
Initial Notes surrendered to the Company by such Holder in exchange therefor or
being sold by such Holder; such Exchange Notes to be registered in the name of
such Holder or in the name of the purchaser(s) of such Notes, as the case may
be; in return, the Initial Notes held by such Holder shall be surrendered to the
Company for cancellation;

                    (xiv)   cooperate with, and cause the Guarantors to
cooperate with, the selling Holders to facilitate the timely preparation and
delivery of certificates representing Transfer Restricted Securities to be sold
and not bearing any restrictive legends; and enable such Transfer Restricted
Securities to be in such denominations and registered in such names as the
Holders may request at least two business days prior to any sale of Transfer
Restricted Securities;

                    (xv)    use its reasonable best efforts to cause the
Transfer Restricted Securities covered by the Registration Statement to be
registered with or approved by such other governmental agencies or authorities
as may be necessary to enable the seller or sellers thereof or the
underwriter(s), if any, to consummate the disposition of such Transfer
Restricted Securities, subject to the proviso contained in clause (xii) above;

                    (xvi)   if any fact or event contemplated by clause
(c)(iii)(D) above shall exist or have occurred, prepare a supplement or post-
effective amendment to the Registration Statement or related Prospectus or any
document incorporated therein by reference or file any other required document
so that, as thereafter delivered to the purchasers of Transfer Restricted
Securities, the Prospectus will not contain an untrue statement of a material
fact or omit to state any material fact necessary to make the statements therein
not misleading;

                    (xvii)  provide a CUSIP number for all Transfer Restricted
Securities not later than the effective date of the Registration Statement and
provide the Trustee under the Indenture with printed certificates for the
Transfer Restricted Securities which are in a form eligible for deposit with the
Depositary Trust Company;

                    (xviii) otherwise use its reasonable best efforts to comply
with all applicable rules and regulations of the Commission, and make generally
available to its security holders, as soon as practicable, a consolidated
earnings statement meeting the requirements of Rule 158 (which need not be

                                       10
<PAGE>

audited) for the twelve-month period beginning with the first month of the
Company's first fiscal quarter commencing after the effective date of the
Registration Statement;

               (xix) cause the Indenture to be qualified under the Trust
Indenture Act not later than the effective date of the first Registration
Statement required by this Agreement, and, in connection therewith, cooperate,
and cause the Guarantors to cooperate with, with the Trustee and the Holders of
Notes to effect such changes to the Indenture as may be required for such
Indenture to be so qualified in accordance with the terms of the Trust Indenture
Act; and to execute, and cause the Guarantors to execute, and use its best
efforts to cause the Trustee to execute, all documents that may be required to
effect such changes and all other forms and documents required to be filed with
the Commission to enable such Indenture to be so qualified in a timely manner;

               (xx)  cause all Transfer Restricted Securities covered by the
Registration Statement to be listed on each securities exchange on which similar
securities issued by the Company are then listed if requested by the Holders of
a majority in aggregate principal amount of Initial Notes or the managing
underwriter(s), if any; and

               (xxi) provide promptly to each Holder upon request each document
filed with the Commission pursuant to the requirements of Section 13 and Section
15 of the Exchange Act.

          Each Holder agrees by acquisition of a Transfer Restricted Security
that, upon receipt of any notice from the Company of the existence of any fact
of the kind described in Section 6(c)(iii)(D) hereof, such Holder will forthwith
discontinue disposition of Transfer Restricted Securities pursuant to the
applicable Registration Statement until such Holder's receipt of the copies of
the supplemented or amended Prospectus contemplated by Section 6(c)(xvi) hereof,
or until it is advised in writing (the "Advice") by the Company that the use of
                                        ------
the Prospectus may be resumed, and has received copies of any additional or
supplemental filings that are incorporated by reference in the Prospectus. If so
directed by the Company, each Holder will deliver to the Company (at the
Company's expense) all copies, other than permanent file copies then in such
Holder's possession, of the Prospectus covering such Transfer Restricted
Securities that was current at the time of receipt of such notice. In the event
the Company shall give any such notice, the time period regarding the
effectiveness of such Registration Statement set forth in Section 3 or 4 hereof,
as applicable, shall be extended by the number of days during the period from
and including the date of the giving of such notice pursuant to Section
6(c)(iii)(D) hereof to and including the date when each selling Holder covered
by such Registration Statement shall have received the copies of the
supplemented or amended Prospectus contemplated by Section 6(c)(xvi) hereof or
shall have received the Advice; however, no such extension shall be taken into
account in determining whether Additional Interest is due pursuant to Section 5
hereof or the amount of such Additional Interest, it being agreed that the
Company's option to suspend use of a Registration Statement pursuant to this
paragraph shall be treated as a Registration Default for purposes of Section 5.

Section 7.  Registration Expenses

     (a)  All expenses incident to the Company's or the Guarantors' performance
of or compliance with this Agreement will be borne by the Company or the
Guarantors, regardless of whether a Registration Statement becomes effective,
including without limitation: (i) all registration and filing fees and expenses
(including filings made by any Initial Purchaser or Holder with the NASD (ii)
all fees and expenses of compliance with federal securities and state Blue Sky
or securities laws; (iii) all expenses of printing (including printing
certificates for the Exchange Notes to be issued in the Exchange Offer and
printing of Prospectuses), messenger and delivery services and telephone; (iv)
all fees and disbursements of counsel for the Company, the Guarantors and,
subject to Section 7(b) below, the Holders of Transfer Restricted Securities;
(v) all application and filing fees in connection with listing the Exchange
Notes on a

                                       11
<PAGE>

national securities exchange or automated quotation system pursuant to the
requirements thereof; and (vi) all fees and disbursements of independent
certified public accountants of the Company and the Guarantors (including the
expenses of any special audit and comfort letters required by or incident to
such performance).

          The Company will, in any event, bear its and the Guarantors' internal
expenses (including, without limitation, all salaries and expenses of its
officers and employees performing legal or accounting duties), the expenses of
any annual audit and the fees and expenses of any Person, including special
experts, retained by the Company or the Guarantors.

     (b)  In connection with the Shelf Registration Statement, the Company and
the Guarantors will reimburse the Initial Purchasers and the Holders of Transfer
Restricted Securities being registered pursuant to the Shelf Registration
Statement for the reasonable fees and disbursements of not more than one
counsel, who shall be Latham & Watkins or such other counsel as may be chosen by
the Holders of a majority in principal amount of the Transfer Restricted
Securities for whose benefit the Shelf Registration Statement is being prepared.

Section 8.  Indemnification

     (a)  The Company and the Guarantors, jointly and severally, agree to
indemnify and hold harmless (i) each Holder and (ii) each person, if any, who
controls (within the meaning of Section 15 of the Securities Act or Section 20
of the Exchange Act) any Holder (any of the persons referred to in this clause
(ii) being hereinafter referred to as a "controlling person") and (iii) the
respective officers, directors, partners, employees, representatives and agents
of any Holder or any controlling person (any person referred to in clause (i),
(ii) or (iii) may hereinafter be referred to as an "Indemnified Holder"), to the
                                                    ------------------
fullest extent lawful, from and against any and all losses, claims, damages,
liabilities, judgments, actions and expenses (including without limitation and
as incurred, reimbursement of all reasonable costs of investigating, preparing,
pursuing, settling, compromising, paying or defending any claim or action, or
any investigation or proceeding by any governmental agency or body, commenced or
threatened, including the reasonable fees and expenses of counsel to any
Indemnified Holder), joint or several, directly or indirectly caused by, related
to, based upon, arising out of or in connection with any untrue statement or
alleged untrue statement of a material fact contained in any Registration
Statement or Prospectus (or any amendment or supplement thereto), or any
omission or alleged omission to state therein a material fact required to be
stated therein or necessary to make the statements therein not misleading,
except insofar as such losses, claims, damages, liabilities or expenses are
caused by an untrue statement or omission or alleged untrue statement or
omission that is made in reliance upon and in conformity with information
relating to any of the Holders furnished in writing to the Company by any of the
Holders expressly for use therein. This indemnity agreement shall be in addition
to any liability which the Company may otherwise have.

          In case any action or proceeding (including any governmental or
regulatory investigation or proceeding) shall be brought or asserted against any
of the Indemnified Holders with respect to which indemnity may be sought against
the Company or the Guarantors, such Indemnified Holder (or the Indemnified
Holder controlled by such controlling person) shall promptly notify the Company
and the Guarantors in writing (provided, that the failure to give such notice
shall not relieve the Company or the Guarantors of their respective obligations
pursuant to this Agreement). Such Indemnified Holder shall have the right to
employ its own counsel in any such action and the fees and expenses of such
counsel shall be paid, as incurred, by the Company and the Guarantors
(regardless of whether it is ultimately determined that an Indemnified Holder is
not entitled to indemnification hereunder). The Company and the Guarantors shall
not, in connection with any one such action or proceeding or separate but
substantially similar or related actions or proceedings in the same jurisdiction
arising out of the same

                                       12
<PAGE>

general allegations or circumstances, be liable for the reasonable fees and
expenses of more than one separate firm of attorneys (in addition to any local
counsel) at any time for such Indemnified Holders, which firm shall be
designated by the Holders. The Company shall be liable for any settlement of any
such action or proceeding effected with the Company's prior written consent,
which consent shall not be withheld unreasonably, and the Company agrees to
indemnify and hold harmless any Indemnified Holder from and against any loss,
claim, damage, liability or expense by reason of any settlement of any action
effected with the written consent of the Company. The Company shall not, without
the prior written consent of each Indemnified Holder, settle or compromise or
consent to the entry of judgment in or otherwise seek to terminate any pending
or threatened action, claim, litigation or proceeding in respect of which
indemnification or contribution may be sought hereunder (whether or not any
Indemnified Holder is a party thereto), unless such settlement, compromise,
consent or termination includes an unconditional release of each Indemnified
Holder from all liability arising out of such action, claim, litigation or
proceeding.

     (b)  Each Holder of Transfer Restricted Securities agrees, severally and
not jointly, to indemnify and hold harmless the Company and the Guarantors and
their respective directors, officers of the Company who sign a Registration
Statement, and any person controlling (within the meaning of Section 15 of the
Securities Act or Section 20 of the Exchange Act) the Company, and the
respective officers, directors, partners, employees, representatives and agents
of each such person, to the same extent as the foregoing indemnity from the
Company and the Guarantors to each of the Indemnified Holders, but only with
respect to claims and actions based on information relating to such Holder
furnished in writing by such Holder expressly for use in any Registration
Statement. In case any action or proceeding shall be brought against the Company
or its directors or officers or any such controlling person in respect of which
indemnity may be sought against a Holder of Transfer Restricted Securities, such
Holder shall have the rights and duties given the Company and the Company or its
directors or officers or such controlling person shall have the rights and
duties given to each Holder by the preceding paragraph. In no event shall the
liability of any selling Holder hereunder be greater in amount than the dollar
amount of the proceeds received by such Holder upon the sale of the Securities
giving rise to such indemnification obligation.

     (c)  If the indemnification provided for in this Section 8 is unavailable
to an indemnified party under Section 8(a) or Section 8(b) hereof (other than by
reason of exceptions provided in those Sections) in respect of any losses,
claims, damages, liabilities, judgments, actions or expenses referred to
therein, then each applicable indemnifying party, in lieu of indemnifying such
indemnified party, shall contribute to the amount paid or payable by such
indemnified party as a result of such losses, claims, damages, liabilities or
expenses in such proportion as is appropriate to reflect the relative benefits
received by the Company and the Guarantors, on the one hand, and the Holders, on
the other hand, from the Initial Placement (which in the case of the Company
shall be deemed to be equal to the total net proceeds from the Initial Placement
, the amount of Additional Interest which did not become payable as a result of
the filing of the Registration Statement resulting in such losses, claims,
damages, liabilities, judgments actions or expenses, and such Registration
Statement, or if such allocation is not permitted by applicable law, the
relative fault of the Company and the Guarantors on the one hand, and of the
Indemnified Holder, on the other hand, in connection with the statements or
omissions which resulted in such losses, claims, damages, liabilities or
expenses, as well as any other relevant equitable considerations. The relative
fault of the Company on the one hand and of the Indemnified Holder on the other
shall be determined by reference to, among other things, whether the untrue or
alleged untrue statement of a material fact or the omission or alleged omission
to state a material fact relates to information supplied by the Company or by
the Indemnified Holder and the parties' relative intent, knowledge, access to
information and opportunity to correct or prevent such statement or omission.
The amount paid or payable by a party as a result of the losses, claims,
damages, liabilities and expenses referred to above shall be deemed to include,
subject to the limitations set forth in the second paragraph of

                                       13
<PAGE>

Section 8(a), any legal or other fees or expenses reasonably incurred by such
party in connection with investigating or defending any action or claim.

          The Company, the Guarantors and each Holder of Transfer Restricted
Securities agree that it would not be just and equitable if contribution
pursuant to this Section 8(c) were determined by pro rata allocation (even if
the Holders were treated as one entity for such purpose) or by any other method
of allocation which does not take account of the equitable considerations
referred to in the immediately preceding paragraph. The amount paid or payable
by an indemnified party as a result of the losses, claims, damages, liabilities
or expenses referred to in the immediately preceding paragraph shall be deemed
to include, subject to the limitations set forth above, any legal or other
expenses reasonably incurred by such indemnified party in connection with
investigating or defending any such action or claim. Notwithstanding the
provisions of this Section 8, none of the Holders (and its related Indemnified
Holders) shall be required to contribute, in the aggregate, any amount in excess
of the amount by which the total received by such Holder with respect to the
sale of Transfer Restricted Securities pursuant to a Registration Statement
exceeds (i) the amount paid by such Holder for such Transfer Restricted
Securities and (ii) the amount of any damages which such Holder has otherwise
been required to pay by reason of such untrue or alleged untrue statement or
omission or alleged omission. No person guilty of fraudulent misrepresentation
(within the meaning of Section 11(f) of the Securities Act) shall be entitled to
contribution from any person who was not guilty of such fraudulent
misrepresentation. The Holders' obligations to contribute pursuant to this
Section 8(c) are several in proportion to the respective principal amount of
Initial Notes held by each of the Holders hereunder and not joint.

Section 9.  Rule 144A

          The Company and the Guarantors each hereby agrees with each Holder,
for so long as any Transfer Restricted Securities remain outstanding, to make
available to any Holder or beneficial owner of Transfer Restricted Securities in
connection with any sale thereof and any prospective purchaser of such Transfer
Restricted Securities from such Holder or beneficial owner, the information
required by Rule 144A(d)(4) under the Securities Act in order to permit resales
of such Transfer Restricted Securities pursuant to Rule 144A.

Section 10. Participation in Underwritten Registrations

          No Holder may participate in any Underwritten Registration hereunder
unless such Holder (a) agrees to sell such Holder's Transfer Restricted
Securities on the basis provided in any underwriting arrangements approved by
the Persons entitled hereunder to approve such arrangements and (b) completes
and executes all reasonable questionnaires, powers of attorney, indemnities,
underwriting agreements, lock-up letters and other documents required under the
terms of such underwriting arrangements.

Section 11. Miscellaneous

     (a)  Remedies. The Company and the Guarantors each hereby agrees that
          --------
monetary damages would not be adequate compensation for any loss incurred by
reason of a breach by it of the provisions of this Agreement and hereby agree to
waive the defense in any action for specific performance that a remedy at law
would be adequate.

     (b)  No Inconsistent Agreements. The Company will not, and will cause the
          --------------------------
Guarantors not to, on or after the date of this Agreement enter into any
agreement with respect to its securities that is inconsistent with the rights
granted to the Holders in this Agreement or otherwise conflicts with the
provisions hereof. Neither the Company nor the Guarantors has previously entered
into any agreement

                                       14
<PAGE>

granting any registration rights with respect to its securities to any Person.
The rights granted to the Holders hereunder do not in any way conflict with and
are not inconsistent with the rights granted to the holders of the Company's
securities under any agreement in effect on the date hereof.

     (c)  Adjustments Affecting the Notes. The Company will not take any action,
          -------------------------------
or permit any change to occur, with respect to the Notes that would materially
and adversely affect the ability of the Holders to Consummate any Exchange
Offer.

     (d)  Amendments and Waivers. The provisions of this Agreement may not be
          ----------------------
amended, modified or supplemented, and waivers or consents to or departures from
the provisions hereof may not be given unless the Company has obtained the
written consent of Holders of a majority of the outstanding principal amount of
Transfer Restricted Securities. Notwithstanding the foregoing, a waiver or
consent to departure from the provisions hereof that relates exclusively to the
rights of Holders whose securities are being tendered pursuant to the Exchange
Offer and that does not affect directly or indirectly the rights of other
Holders whose securities are not being tendered pursuant to such Exchange Offer
may be given by the Holders of a majority of the outstanding principal amount of
Transfer Restricted Securities being tendered or registered; provided that, with
respect to any matter that directly or indirectly affects the rights of any
Initial Purchaser hereunder, the Company shall obtain the written consent of
each such Initial Purchaser with respect to which such amendment, qualification,
supplement, waiver, consent or departure is to be effective.

     (e)  Notices. All notices and other communications provided for or
          -------
permitted hereunder shall be made in writing by hand-delivery, first-class mail
(registered or certified, return receipt requested), telex, telecopier, or air
courier guaranteeing overnight delivery:

               (i)   if to a Holder, at the address set forth on the records of
the Registrar under the Indenture, with a copy to the Registrar under the
Indenture; and

               (ii)  if to the Company:

                         Nexstar Finance, L.L.C.
                         c/o Nexstar Broadcasting Group, L.L.C.
                         200 Abington Executive Park, Suite 201
                         Clarks Summit, Pennsylvania 18411
                         Telecopier No.: (570) 586-8745
                         Attention:  Shirley Green

          With a copy to:

                         Kirkland & Ellis
                         153 East 53/rd/ Street
                         New York, New York 10022-4674
                         Telecopier No.: (212) 446-4900
                         Attention:  Joshua N. Korff, Esq.

          All such notices and communications shall be deemed to have been duly
given: at the time delivered by hand, if personally delivered; five business
days after being deposited in the mail, postage prepaid, if mailed; when
answered back, if telexed; when receipt acknowledged, if telecopied; and on the
next business day, if timely delivered to an air courier guaranteeing overnight
delivery.

          Copies of all such notices, demands or other communications shall be
concurrently delivered by the Person giving the same to the Trustee at the
address specified in the Indenture.

                                       15
<PAGE>

     (f)  Successors and Assigns. This Agreement shall inure to the benefit of
          ----------------------
and be binding upon the successors and assigns of each of the parties, including
without limitation and without the need for an express assignment, subsequent
Holders of Transfer Restricted Securities; provided, however, that this
Agreement shall not inure to the benefit of or be binding upon a successor or
assign of a Holder unless and to the extent such successor or assign acquired
Transfer Restricted Securities from such Holder.

     (g)  Counterparts. This Agreement may be executed in any number of
          ------------
counterparts and by the parties hereto in separate counterparts, each of which
when so executed shall be deemed to be an original and all of which taken
together shall constitute one and the same agreement.

     (h)  Headings. The headings in this Agreement are for convenience of
          --------
reference only and shall not limit or otherwise affect the meaning hereof.

     (i)  GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN
          -------------
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE
CONFLICT OF LAW RULES THEREOF.

     (j)  Severability. In the event that any one or more of the provisions
          ------------
contained herein, or the application thereof in any circumstance, is held
invalid, illegal or unenforceable, the validity, legality and enforceability of
any such provision in every other respect and of the remaining provisions
contained herein shall not be affected or impaired thereby.

     (k)  Entire Agreement. This Agreement together with the other Operative
          ----------------
Documents (as defined in the Purchase Agreement) is intended by the parties as a
final expression of their agreement and intended to be a complete and exclusive
statement of the agreement and understanding of the parties hereto in respect of
the subject matter contained herein. There are no restrictions, promises,
warranties or undertakings, other than those set forth or referred to herein
with respect to the registration rights granted by the Company with respect to
the Transfer Restricted Securities. This Agreement supersedes all prior
agreements and understandings between the parties with respect to such subject
matter.

                                       16
<PAGE>

          IN WITNESS WHEREOF, the parties have executed this Agreement as of the
date first written above.

                                       Nexstar Finance L.L.C.
                                       Nexstar Finance, Inc.

                                       By: /s/ Shirley Green
                                           ---------------------------
                                           Name: Shirley Green
                                           Title: Vice President and Secretary

                                       Entertainment Realty Corporation
                                       Nexstar Broadcasting Group, Inc.
                                       Nexstar Broadcasting of Abilene, L.L.C.
                                       Nexstar Broadcasting of Beaumont/ Port
                                          Arthur, L.L.C.
                                       Nexstar Broadcasting of Champaign, L.L.C.
                                       Nexstar Broadcasting of Erie, L.L.C.
                                       Nexstar Broadcasting of Joplin, L.L.C.
                                       Nexstar Broadcasting of Louisiana, L.L.C.
                                       Nexstar Broadcasting of Midland-Odessa,
                                          L.L.C.
                                       Nexstar Broadcasting of The Midwest, Inc.
                                       Nexstar Broadcasting of Northeastern
                                          Pennsylvania, L.L.C.
                                       Nexstar Broadcasting of Peoria, L.L.C.
                                       Nexstar Broadcasting of Rochester, L.L.C.
                                       Nexstar Broadcasting of Wichita Falls,
                                          L.L.C.

                                       By: /s/ Shirley Green
                                           -----------------------------
                                           Name: Shirley Green
                                           Title: Vice Presient and Secretary

                                       Bastet Broadcasting, Inc.
                                       Mission Broadcasting of Wichita Falls,
                                          Inc.

                                       By: /s/ David S. Smith
                                           -----------------------------
                                           Name: David S. Smith
                                           Title: President
<PAGE>

The foregoing Registration Rights Agreement
is hereby confirmed and accepted as of the
date first above written.

Banc of America Securities LLC
Barclays Capital Inc.
CIBC World Markets Corp.
First Union Securities, Inc.

By:  Banc of America Securities LLC

By: /s/ D J Kelly
    ----------------------------
    Name: D J Kelly
    Title: Managing Director

                                       2
<PAGE>

                                  SCHEDULE I

                                  Guarantors

Entertainment Realty Corporation
Nexstar Broadcasting Group, Inc.
Nexstar Broadcasting of Abilene, L.L.C.
Nexstar Broadcasting of Beaumont/ Port Arthur, L.L.C.
Nexstar Broadcasting of Champaign, L.L.C.
Nexstar Broadcasting of Erie, L.L.C.
Nexstar Broadcasting of Joplin, L.L.C.
Nexstar Broadcasting of Louisiana, L.L.C.
Nexstar Broadcasting of Midland-Odessa, L.L.C.
Nexstar Broadcasting of The Midwest, Inc.
Nexstar Broadcasting of Northeastern Pennsylvania, L.L.C.
Nexstar Broadcasting of Peoria, L.L.C.
Nexstar Broadcasting of Rochester, L.L.C.
Nexstar Broadcasting of Wichita Falls, L.L.C.
Bastet Broadcasting, Inc.
Mission Broadcasting of Wichita Falls, Inc.<PAGE>

                                                                   EXHIBIT 10.1

                                                                  EXECUTION COPY

                            Nexstar Finance, L.L.C.

                             Nexstar Finance, Inc.

                          The guarantors party hereto

                                 $ 160,000,000

                     12% Senior Subordinated Notes due 2008

                               Purchase Agreement

                              dated March 13, 2001

                       Banc of America Securities L.L.C.
                             Barclays Capital Inc.
                            CIBC World Markets Corp.
                         First Union Securities, Inc.,
              as representatives of the several initial purchasers
<PAGE>

                               Table of Contents

<TABLE>
<S>                                                                                                           <C>
SECTION 1.     Representations and Warranties..............................................................   2
 (a)  No Registration Required.............................................................................   2
 (b)  No Integration of Offerings or General Solicitation..................................................   2
 (c)  Eligibility for Resale under Rule 144A...............................................................   3
 (d)  The Offering Memorandum..............................................................................   3
 (e)  The Purchase Agreement...............................................................................   3
 (f)  The Registration Rights Agreement....................................................................   3
 (g)  Authorization of the Securities and the Exchange Securities..........................................   4
 (h)  Authorization of the Indenture.......................................................................   4
 (i)  Description of the Securities and the Indenture......................................................   5
 (j)  No Material Adverse Change...........................................................................   5
 (k)  Independent Accountants..............................................................................   5
 (l)  Preparation of the Financial Statements..............................................................   5
 (m)  Incorporation and Good Standing of the Company, the Guarantors and their Respective Subsidiaries.....   6
 (n)  Capitalization.......................................................................................   6
 (o)  Non-Contravention of Existing Instruments; No Further Authorizations or Approvals Required...........   6
 (p)  No Material Actions or Proceedings...................................................................   7
 (q)  Intellectual Property Rights.........................................................................   7
 (r)  All Necessary Permits, etc...........................................................................   7
 (s)  FCC Licenses.........................................................................................   7
 (t)  Condition of Stations................................................................................   8
 (u)  Title to Properties..................................................................................   9
 (v)  Tax Law Compliance...................................................................................   9
 (w)  Company Not an "Investment Company"..................................................................   9
 (x)  Insurance............................................................................................   9
 (y)  No Price Stabilization or Manipulation...............................................................   9
 (z)  Company's Accounting System..........................................................................   9
 (aa) ERISA Compliance.....................................................................................  10
 (bb) No Default in Senior Indebtedness....................................................................  10
 (cc) Compliance with Regulations S........................................................................  10
 (dd) Temporary Regulations S Global Note..................................................................  10
SECTION 2.     Purchase, Sale and Delivery of the Securities...............................................  11
 (a)  The Securities.......................................................................................  11
 (b)  The Closing Date.....................................................................................  11
 (c)  Delivery of the Securities...........................................................................  11
 (d)  Delivery of Offering Memorandum to the Initial Purchasers............................................  11
 (e)  Initial Purchasers as Qualified Institutional Buyers.................................................  11
 (f)  Resale of Securities.................................................................................  11
SECTION 3.     Additional Covenants........................................................................  12
 (a)  Initial Purchasers' Review of Proposed Amendments and Supplements....................................  12
 (b)  Amendments and Supplements to the Offering Memorandum and Other Securities Act Matters...............  12
 (c)  Copies of the Offering Memorandum....................................................................  13
 (d)  Blue Sky Compliance..................................................................................  13
 (e)  Use of Proceeds......................................................................................  13
 (f)  The Depositary.......................................................................................  13
 (g)  Additional Issuer Information........................................................................  13
 (h)  Future Reports to the Initial Purchasers.............................................................  13
 (i)  No Integration.......................................................................................  13
 (j)  Legended Securities..................................................................................  14
</TABLE>

                                       i
<PAGE>

<TABLE>
<S>                                                                                                          <C>
 (k)  PORTAL...............................................................................................  14
SECTION 4.     Payment of Expenses.........................................................................  14
SECTION 5.     Conditions of the Obligations of the Initial Purchasers.....................................  14
 (a)  Accountants' Comfort Letter..........................................................................  15
 (b)  No Material Adverse Change or Ratings Agency Change..................................................  15
 (c)  Opinion of Counsel for the Company...................................................................  15
 (d)  Opinion of Counsel for the Guarantors................................................................  15
 (e)  Opinion of Regulatory Counsel for the Company........................................................  15
 (f)  Opinion of Counsel for the Initial Purchasers........................................................  15
 (g)  Officers' Certificate................................................................................  15
 (h)  Bring-down Comfort Letter............................................................................  16
 (i)  PORTAL Listing.......................................................................................  16
 (j)  Registration Rights Agreement........................................................................  16
 (k)  Indenture............................................................................................  16
 (l)  Additional Documents.................................................................................  16
SECTION 6.     Reimbursement of Initial Purchasers' Expenses...............................................  17
SECTION 7.     Offer, Sale and Resale Procedures...........................................................  17
SECTION 8.     Indemnification.............................................................................  18
 (a)  Indemnification of the Initial Purchasers............................................................  18
 (b)  Indemnification of the Company, the Guarantors, their Directors and Officers.........................  19
 (c)  Notifications and Other Indemnification Procedures...................................................  19
 (d)  Settlements..........................................................................................  20
SECTION 9.     Contribution................................................................................  20
SECTION 10.    Termination of this Agreement...............................................................  22
SECTION 11.    Representations and Indemnities to Survive Delivery.........................................  22
SECTION 12.    Notices.....................................................................................  22
SECTION 13.    Successors..................................................................................  23
SECTION 14.    Partial Unenforceability....................................................................  24
SECTION 15.    Governing Law Provisions....................................................................  24
SECTION 16.    Consent to Jurisdiction.....................................................................  24
SECTION 17.    Default of One or More of the Several Initial Purchasers....................................  24
SECTION 18.    General Provisions..........................................................................  25
</TABLE>

                                      ii
<PAGE>

                               Purchase Agreement
                                                                  March 13, 2001

BANC OF AMERICA SECURITIES LLC
BARCLAYS CAPITAL INC.
CIBC WORLD MARKETS CORP.
FIRST UNION SECURITIES, INC.
[_] BANC OF AMERICA SECURITIES LLC
9 West 57/th/ Street, 31/st/ Floor
New York, New York  10019
 as representatives of the several initial purchasers

Ladies and Gentlemen:

          Nexstar Finance, L.L.C., a Delaware limited liability company, and
Nexstar Finance, Inc., a Delaware corporation (together, the "Company"), propose
                                                              -------
to issue and sell to the several Initial Purchasers named in Schedule I (the
                                                             ----------
"Initial Purchasers"), acting severally and not jointly, the respective amounts
 ------------------
set forth in such Schedule I of the Company's 12% Senior Subordinated Notes due
                  ----------
2008 (the "Notes"), Banc of America Securities LLC has agreed to act as the lead
           -----
Initial Purchaser in connection with the offering and sale of the Notes.

          The Notes will be issued pursuant to an indenture, dated as of March
16, 2001 (the "Indenture"), among the Company, the Guarantors (as defined below)
               ---------
and United States Trust Company of New York, as trustee (the "Trustee").  Notes
                                                              -------
issued in book-entry form will be issued in the name of Cede & Co., as nominee
of The Depository Trust Company (the "Depositary").
                                      ----------

          The holders of the Notes will be entitled to the benefits of a
registration rights agreement, dated as of March 16, 2001 (the "Registration
                                                                ------------
Rights Agreement"), among the Company, the Guarantors (as defined below) and the
----------------
Initial Purchasers, pursuant to which the Company will agree to file, within 90
days of the Closing Date, a registration statement with the Commission
registering the Exchange Securities (as defined below) under the Securities Act.

          The payment of principal, premium and Liquidated Damages (as defined
in the Indenture), if any, and interest on the Notes and the Exchange Notes (as
defined below) will be fully and unconditionally guaranteed on a senior
unsecured basis, jointly and severally by (i) the parties named in Schedule II
                                                                   -----------
and (ii) any subsidiary of the Company or any party named in Schedule II formed
                                                             -----------
or acquired after the Closing Date that executes an additional guarantee in
accordance with the terms of the Indenture, and their respective successors and
assigns (collectively, the "Guarantors"), pursuant to their guarantees (the
                            ----------
"Guarantees").  The Notes and the Guarantees attached thereto are herein
 ----------
collectively referred to as the "Securities"; and the Exchange Notes and the
                                 ----------
Guarantees attached thereto are herein collectively referred to as the "Exchange
                                                                        --------
Securities".
----------
<PAGE>

            The Company understands that the Initial Purchasers propose to make
an offering of the Securities on the terms and in the manner set forth herein
and in the Offering Memorandum (as defined below) and agrees that the Initial
Purchasers may resell, subject to the conditions set forth herein, all or a
portion of the Securities to purchasers (the "Subsequent Purchasers") at any
                                              ---------------------
time after the date of this Agreement.  The Securities are to be offered and
sold to or through the Initial Purchasers without being registered with the
Securities and Exchange Commission (the "Commission") under the Securities Act
                                         ----------
of 1933 (as amended, the "Securities Act," which term, as used herein, includes
                          --------------
the rules and regulations of the Commission promulgated thereunder), in reliance
upon exemptions therefrom.  The terms of the Securities and the Indenture will
require that investors that acquire Securities expressly agree that Securities
may only be resold or otherwise transferred, after the date hereof, if such
Securities are registered for sale under the Securities Act or if an exemption
from the registration requirements of the Securities Act is available (including
the exemptions afforded by Rule 144A ("Rule 144A") or Regulation S ("Regulation
                                       ---------                     ----------
S")  thereunder).
-

            The Company has prepared and delivered to each Initial Purchaser
copies of a Preliminary Offering Memorandum, dated February 27, 2001 (the
"Preliminary Offering Memorandum"), and has prepared and will deliver to each
 -------------------------------
Initial Purchaser, copies of the Offering Memorandum, dated March 13, 2001,
describing the terms of the Securities, each for use by such Initial Purchaser
in connection with its solicitation of offers to purchase the Securities.  As
used herein, the "Offering Memorandum" shall mean, with respect to any date or
                  -------------------
time referred to in this Agreement, the Company's Offering Memorandum, dated
March 13, 2001, including amendments or supplements thereto, any exhibits
thereto, in the most recent form that has been prepared and delivered by the
Company to the Initial Purchasers in connection with their solicitation of
offers to purchase Securities.  Further, any reference to the Preliminary
Offering Memorandum or the Offering Memorandum shall be deemed to refer to and
include any Additional Issuer Information (as defined in Section 3) furnished by
the Company prior to the completion of the distribution of the Securities.

            The Company and each of the Guarantors hereby confirm their
agreements with the Initial Purchasers as follows:

SECTION 1.  Representations and Warranties.  Each of the Company  and the
            ------------------------------
Guarantors, jointly and severally, hereby represent, warrant and covenant to
each Initial Purchaser as follows:

     (a)  No Registration Required.  Subject to compliance by the Initial
          ------------------------
Purchasers with the representations and warranties set forth in Section 2 hereof
and with the procedures set forth in Section 7 hereof, it is not necessary in
connection with the offer, sale and delivery of the Securities to the Initial
Purchasers and to each Subsequent Purchaser in the manner contemplated by this
Agreement and the Offering Memorandum to register the Securities under the
Securities Act or, until such time as the Exchange Securities are issued
pursuant to an effective registration statement, to qualify the Indenture under
the Trust Indenture Act of 1939 (the "Trust Indenture Act," which term, as used
                                      -------------------
herein, includes the rules and regulations of the Commission promulgated
thereunder).

     (b)  No Integration of Offerings or General Solicitation.  Neither the
          ---------------------------------------------------
Company nor any Guarantor has, directly or indirectly, solicited any offer to
buy or offered to sell, nor will, directly or indirectly, solicit any offer to
buy or offer to sell, in

                                       2
<PAGE>

the United States or to any United States citizen or resident, any security
which is or would be integrated with the sale of the Securities in a manner that
would require the Securities to be registered under the Securities Act. None of
the Company or Guarantors, their respective affiliates (as such term is defined
in Rule 501 under the Securities Act (each, an "Affiliate"), or any person
                                                ---------
acting on its or their respective behalf (other than the Initial Purchasers, as
to whom the Company and Guarantors make no representation or warranty) has
engaged or will engage, in connection with the offering of the Securities, in
any form of general solicitation or general advertising within the meaning of
Rule 502 under the Securities Act. With respect to those Securities sold in
reliance upon Regulation S, none of the Company or the Guarantors, their
Affiliates or any person acting on its or their behalf (other than the Initial
Purchasers, as to whom the Company and Guarantors make no representation or
warranty) has engaged or will engage in any directed selling efforts within the
meaning of Regulation S.

     (c)  Eligibility for Resale under Rule 144A.  The Securities are eligible
          --------------------------------------
for resale pursuant to Rule 144A and will not be, at the Closing Date, of the
same class as securities listed on a national securities exchange registered
under Section 6 of the Exchange Act or quoted in a U.S. automated interdealer
quotation system.

     (d)  The Offering Memorandum.  The Offering Memorandum does not, and at
          -----------------------
the Closing Date will not, include an untrue statement of a material fact or
omit to state a material fact necessary in order to make the statements therein,
in the light of the circumstances under which they were made, not misleading;
provided that this representation, warranty and agreement shall not apply to
statements in or omissions from the Offering Memorandum made in reliance upon
and in conformity with information furnished to the Company in writing by any
Initial Purchaser expressly for use in the Offering Memorandum. Each of the
Preliminary Offering Memorandum and the Offering Memorandum, as of its date,
contains all the information specified in, and meeting the requirements of, Rule
144A. Neither the Company nor any Guarantor has distributed or will distribute,
prior to the later of the Closing Date and the completion of the Initial
Purchasers' distribution of the Securities, any offering material in connection
with the offering and sale of the Securities other than a Preliminary Offering
Memorandum or the Offering Memorandum.

     (e)  The Purchase Agreement.  This Agreement has been duly authorized,
          ----------------------
executed by, and is a valid and binding agreement of the Company and the
Guarantors, enforceable against the Company and the Guarantors in accordance
with its terms, except as rights to indemnification hereunder may be limited by
applicable law and except as the enforcement hereof may be limited by
bankruptcy, insolvency, reorganization, moratorium or other similar laws
relating to or affecting the rights and remedies of creditors or by general
equitable principles and except as rights to indemnification under the
Registration Rights Agreement may be limited by applicable law.

     (f)  The Registration Rights Agreement.  At the Closing Date, the
          ---------------------------------
Registration Rights Agreement will be duly authorized, executed and delivered
by, and will be a valid and binding agreement of the Company and the Guarantors,
enforceable against the Company and the Guarantors in accordance with its terms,
except as the enforcement thereof may be limited by bankruptcy, insolvency,
reorganization, moratorium or other similar laws relating to or affecting the
rights and remedies of creditors or by general equitable principles and except
as rights to indemnification under the Registration Rights Agreement may be
limited by applicable law. Pursuant to the Registration Rights Agreement, the
Company will agree to file with the Commission, under the circumstances set
forth therein, a registration statement

                                       3
<PAGE>

under the Securities Act relating to another series of debt securities of the
Company with terms substantially identical to the Notes (the "Exchange Notes")
                                                              --------------
to be offered in exchange for the Notes (the "Exchange Offer") and (ii) to the
                                              --------------
extent required by the Registration Rights Agreement, a shelf registration
statement pursuant to Rule 415 of the Securities Act relating to the resale by
certain holders of the Notes, and in each case, to use its best efforts to cause
such registration statements to be declared effective.

     (g)  Authorization of the Securities and the Exchange Securities.
          -----------------------------------------------------------

          (i)   The Notes to be purchased by the Initial Purchasers from the
Company are in the form contemplated by the Indenture, have been duly authorized
for issuance and sale pursuant to this Agreement and at the Closing Date the
Indenture will have been duly executed by the Company and the Guarantors and,
when authenticated in the manner provided for in the Indenture and delivered
against payment of the purchase price therefor, will constitute valid and
binding agreements of the Company, enforceable against the Company in accordance
with their terms, except as the enforcement thereof may be limited by
bankruptcy, insolvency, reorganization, moratorium or other similar laws
relating to or affecting the rights and remedies of creditors or by general
equitable principles and will be entitled to the benefits of the Indenture.

          (ii)  The Exchange Notes have been duly and validly authorized for
issuance by the Company, and when issued and authenticated in accordance with
the terms of the Indenture, the Registration Rights Agreement and the Exchange
Offer, will constitute valid and binding obligations of the Company, enforceable
against the Company in accordance with their terms, except as the enforcement
thereof may be limited by bankruptcy, insolvency, reorganization, moratorium, or
similar laws relating to or affecting enforcement of the rights and remedies of
creditors or by general principles of equity and will be entitled to the
benefits of the Indenture.

          (iii) The Guarantees of the Notes and the Exchange Notes are in the
respective forms contemplated by the Indenture, have been duly authorized for
issuance and sale pursuant to this Agreement and the Indenture and, at the
Closing Date, will have been duly executed by each of the Guarantors and, when
the Notes have been authenticated in the manner provided for in the Indenture
and delivered against payment of the purchase price therefor, will constitute
valid and binding agreements of the Guarantors, enforceable in accordance with
their terms, except as the enforcement thereof may be limited by bankruptcy,
insolvency, reorganization, moratorium or other similar laws relating to or
affecting the rights and remedies of creditors or by general equitable
principles and will be entitled to the benefits of the Indenture.

     (h)  Authorization of the Indenture.  The Indenture has been duly
          ------------------------------
authorized by the Company and the Guarantors, and, at the Closing Date, will
have been duly executed and delivered by the Company and the Guarantors, and
will constitute a valid and binding agreement of the Company and the Guarantors,
enforceable against the Company and the Guarantors in accordance with its terms,
except as the enforcement thereof may be limited by bankruptcy, insolvency,
reorganization, moratorium or other similar laws relating to or affecting the
rights and remedies of creditors or by general equitable principles.

                                       4
<PAGE>

     (i)  Description of the Securities and the Indenture.  The Notes, the
          -----------------------------------------------
Exchange Notes, the Guarantees of the Notes and the Exchange Notes and the
Indenture will conform in all material respects to the respective statements
relating thereto contained in the Offering Memorandum.

     (j)  No Material Adverse Change.  Except as otherwise disclosed in the
          --------------------------
Offering Memorandum, subsequent to the respective dates as of which information
is given in the Offering Memorandum: (i) there has been no material adverse
change, or any development that could reasonably be expected to result in a
material adverse change, in the condition, financial or otherwise, or in the
earnings, business, operations or prospects, whether or not arising from
transactions in the ordinary course of business, of the Company, the Guarantors
and their respective subsidiaries (any such change is called a "Material Adverse
                                                                ----------------
Change"); (ii) none of the Company, the Guarantors or their respective
------
subsidiaries have incurred any material liability or obligation, indirect,
direct or contingent, not in the ordinary course of business nor entered into
any material transaction or agreement not in the ordinary course of business;
and (iii) there has been no dividend or distribution of any kind declared, paid
or made by the Company or, except for dividends paid to the Company, the
Guarantors or their respective subsidiaries on any class of capital stock or
repurchase or redemption by the Company, the Guarantors or their respective
subsidiaries of any class of capital stock.

     (k)  Independent Accountants.  PricewaterhouseCoopers LLP and Ernst & Young
          -----------------------
LLP, who have expressed their opinion with respect to the financial statements
(which term as used in this Agreement includes the related notes thereto)
included in the Offering Memorandum are independent public or certified public
accountants within the meaning of Regulation S-X under the Securities Act and
the Exchange Act.

     (l)  Preparation of the Financial Statements.  The financial statements,
          ---------------------------------------
together with the related schedules and notes, included in the Offering
Memorandum present fairly the consolidated financial position of the Company ,
the Guarantors and their respective subsidiaries as of and at the dates
indicated and the results of their operations and cash flows for the periods
specified. Such financial statements have been prepared in conformity with
generally accepted accounting principles applied on a consistent basis
throughout the periods involved, except as may be expressly stated in the
related notes thereto. The financial data set forth in the Offering Memorandum
under the captions "Offering Memorandum Summary--Summary Historical and Pro
Forma Condensed Consolidated Financial Data" and "Selected Historical
Consolidated Financial Data" fairly present the information set forth therein on
a basis consistent with that of the audited financial statements contained in
the Offering Memorandum. The pro forma consolidated, condensed financial
statements of the Company, the Guarantors and their respective subsidiaries and
the related notes thereto included under the caption "Offering Memorandum
Summary--Summary Historical and Pro Forma Condensed Consolidated Financial
Data", "Unaudited Pro Forma Consolidated Financial Statements" and elsewhere in
the Offering Memorandum present fairly the information contained therein, have
been prepared in accordance with the Commission's rules and guidelines with
respect to pro forma financial statements, except that Adjusted EBITDA and
broadcast cash flow are not within the scope of the Commission's guidelines, and
have been properly presented on the bases described therein, and the assumptions
used in the preparation thereof are reasonable and the adjustments used therein
are appropriate to give effect to the transactions and circumstances referred to
therein.

                                       5
<PAGE>

       (m)  Incorporation and Good Standing of the Company, the Guarantors and
            ------------------------------------------------------------------
their Respective Subsidiaries.  Each of the Company , the Guarantors and their
-----------------------------
respective subsidiaries has been duly incorporated or formed, as applicable, and
is validly existing as a corporation or limited liability company, as the case
may be, in good standing under the laws of the jurisdiction of its incorporation
or formation and has corporate power and authority to own, lease and operate its
properties and to conduct its business as described in the Offering Memorandum
and, in the case of the Company and each of the Guarantors, to enter into and
perform their respective obligations under each of this Agreement, the
Registration Rights Agreement, the Securities, the Exchange Securities, the
Guarantees and the Indenture. Each of the Company, the Guarantors and their
respective subsidiaries is duly qualified as a foreign corporation to transact
business and is in good standing in each jurisdiction in which such
qualification is required, whether by reason of the ownership or leasing of
property or the conduct of business, except for such jurisdictions where the
failure to so qualify or to be in good standing would not, individually or in
the aggregate, result in a Material Adverse Change. All of the issued and
outstanding capital stock or LLC interests, as applicable, of each subsidiary
has been duly authorized and validly issued, is fully paid and nonassessable and
is owned by the Company, directly or through subsidiaries, free and clear of any
security interest, mortgage, pledge, lien, encumbrance or claim. The Company
does not own or control, directly or indirectly, any corporation, association or
other entity other than the subsidiaries listed in Schedule III hereto.
                                                   ------------

     (n)  Capitalization.  At December 31, 2000, on a consolidated basis, after
          --------------
giving pro forma effect to the issuance and sale of the Securities pursuant
hereto, the Company would have an authorized and outstanding capitalization as
set forth in the Offering Memorandum under the caption "Capitalization" (other
than for subsequent issuances of capital stock, if any, pursuant to employee
benefit plans described in the Offering Memorandum or upon exercise of
outstanding options or warrants described in the Offering Memorandum).

     (o)  Non-Contravention of Existing Instruments; No Further Authorizations
          --------------------------------------------------------------------
or Approvals Required.  Neither the Company, the Guarantors, nor any of their
---------------------
respective subsidiaries is in violation of its charter or by-laws or is in
default (or, with the giving of notice or lapse of time, would be in default)
("Default") under any indenture, mortgage, loan or credit agreement, note,
  -------
contract, franchise, lease or other instrument to which the Company, the
Guarantors or their respective subsidiaries is a party or by which it or any of
them may be bound (including, without limitation, the Company's $72.0 million,
six-year revolving credit facility, $110.0 million, six-year term loan facility,
and the Bastet Group's $43.0 million, six-year revolving credit facility), or to
which any of the property or assets of the Company, the Guarantors or any of
their respective subsidiaries is subject (each, an "Existing Instrument"),
                                                    -------------------
except for such Defaults as would not, individually or in the aggregate, result
in a Material Adverse Change.  The Company's and the Guarantors' execution,
delivery and performance of this Agreement, the Registration Rights Agreement
and the Indenture, and the issuance and delivery of the Securities (including
the Guarantees endorsed thereon) or the Exchange Securities (including the
Guarantees endorsed thereon), and consummation of the transactions contemplated
hereby and thereby and by the Offering Memorandum (i) have been duly authorized
by all necessary corporate action and will not result in any violation of the
provisions of the charter or by-laws of the Company, the Guarantors or  any of
their respective subsidiaries, (ii) will not conflict with or constitute a
breach of, or Default under, or result in the creation or imposition of any
lien, charge or encumbrance upon any property or assets of the Company, the
Guarantors or their respective subsidiaries pursuant to, or require the consent
of any

                                       6
<PAGE>

other party to, any Existing Instrument, except for such conflicts, breaches,
Defaults, liens, charges or encumbrances as would not, individually or in the
aggregate, result in a Material Adverse Change and (iii) will not result in any
violation of any law, administrative regulation or administrative or court
decree applicable to the Company, the Guarantors or any of their respective
subsidiaries. No consent, approval, authorization or other order of, or
registration or filing with, any court or other governmental or regulatory
authority or agency, is required for the Company's or the Guarantors' execution,
delivery and performance of this Agreement, the Registration Rights Agreement or
the Indenture, or the issuance and delivery of the Securities (including the
Guarantees endorsed thereon) or the Exchange Securities (including the
Guarantees endorsed thereon), or consummation of the transactions contemplated
hereby and thereby and by the Offering Memorandum, except such as have been
obtained or made by the Company or the Guarantors and are in full force and
effect under the Securities Act, applicable state securities or blue sky laws
and except such as may be required by federal and state securities laws with
respect to the Company's or the Guarantors' obligations under the Registration
Rights Agreement.

     (p)  No Material Actions or Proceedings.  There are no legal or
          ----------------------------------
governmental actions, suits or proceedings pending or, to the best of the
Company's or any Guarantor's knowledge, threatened against or affecting the
Company, the Guarantors or their respective subsidiaries, (ii) which has as the
subject thereof any property owned or leased by the Company, the Guarantors or
their respective subsidiaries, where in any such case there is a reasonable
possibility that such action, suit or proceeding might be determined adversely
to the Company, any Guarantor or any such subsidiary and any such action, suit
or proceeding, if so determined adversely, would reasonably be expected to
result in a Material Adverse Change or adversely affect the consummation of the
transactions contemplated by this Agreement. No material labor dispute with the
employees of the Company, the Guarantors or their respective subsidiaries,
exists or, to the best of the Company's or any Guarantor's knowledge, is
threatened or imminent.

     (q)  Intellectual Property Rights.  Except as otherwise disclosed in the
          ----------------------------
Offering Memorandum, the Company, the Guarantors and their respective
subsidiaries own or possess sufficient trademarks, trade names, patent rights,
copyrights, licenses, approvals, trade secrets and other similar rights
(collectively, "Intellectual Property Rights") reasonably necessary to conduct
                ----------------------------
their businesses as now conducted; and the expected expiration of any of such
Intellectual Property Rights would not result in a Material Adverse Change. None
of the Company, the Guarantors, or any of their respective subsidiaries has
received any notice of infringement or conflict with asserted Intellectual
Property Rights of others, which infringement or conflict, if the subject of an
unfavorable decision, would result in a Material Adverse Change.

     (r)  All Necessary Permits, etc.  Each of the Company, the Guarantors and
          --------------------------
their respective subsidiaries possesses such valid and current certificates,
authorizations or permits issued by the appropriate state, federal or foreign
regulatory agencies or bodies necessary to conduct their respective businesses,
and none of the Company, the Guarantors, or any of their respective subsidiaries
has received any notice of proceedings relating to the revocation or
modification of, or non-compliance with, any such certificate, authorization or
permit which, singly or in the aggregate, if the subject of an unfavorable
decision, ruling or finding, could result in a Material Adverse Change.

     (s)  FCC Licenses.
          ------------

                                       7
<PAGE>

          (i)   The Company and each of the Guarantors holds such validly issued
Federal Communications Commission ("FCC") licenses and authorizations as are
                                    ---
necessary to operate their respective television stations, which are listed on
Schedule IV (the "Stations"), as they are currently operated (collectively, the
-----------       --------
"FCC Licenses"), and each such FCC License is in full force and effect.  The FCC
 ------------
Licenses of the Company and each such Guarantor are listed on Schedule IV, and
                                                              -----------
each of such FCC Licenses has the expiration date indicated on Schedule IV.
                                                               -----------

          (ii)  Neither the Company nor any Guarantor has knowledge of any
condition imposed by the FCC as part of any FCC License, which condition is
neither set forth on the face thereof as issued by the FCC nor contained in the
rules and regulations of the FCC applicable generally to stations of the type,
nature, class or location of the Station in question. Each Station has been and
is being operated in all material respects in accordance with the terms and
conditions of the FCC Licenses applicable to it and the rules and regulations of
the FCC and the Communications Act of 1934, as amended (the "Communications
                                                             --------------
Act").
---

          (iii) No proceedings are pending or are threatened which may result in
the revocation, modification, non-renewal or suspension of any of the FCC
Licenses, the denial of any pending applications, the issuance of any cease and
desist order or the imposition of any fines, forfeitures or other administrative
actions by the FCC with respect to any Station or its operation, other than any
matters which, individually or in the aggregate, could not reasonably be
expected to result in a Material Adverse Change and proceedings affecting the
television broadcasting industry in general.

          (iv)  All reports, applications and other documents required to be
filed by the Company or any such Guarantor with the FCC with respect to the
Stations have been timely filed, and all such reports, applications and
documents are true, correct and complete in all respects, except where the
failure to make such timely filing or any inaccuracy therein could not
reasonably be expected to result in a Material Adverse Change, and neither the
Company nor any of the Guarantors has knowledge of any matters that could
reasonably be expected to result in the suspension or revocation of or the
refusal to renew any of the FCC Licenses or the imposition on the Company or any
Guarantor of any material fines or forfeitures by the FCC, or which could
reasonably be expected to result in the revocation, rescission, reversal or
modification of any Station's authorization to operate as currently authorized
under the Communications Act and the policies, rules and regulations of the FCC.

          (v)   There are no unsatisfied or otherwise outstanding citations
issued by the FCC with respect to any Station or its operations.

     (t)  Condition of Stations.  All of the material properties, equipment and
          ---------------------
systems of the Company and the Guarantors and the Stations owned and/or operated
by them are, and all material properties, equipment and systems to be added in
connection with any contemplated Station expansion or construction will be, in
condition which is sufficient for the operation thereof in accordance with past
practice of the Station in question and are and will be in compliance with all
applicable standards, rules or requirements imposed by (a) any governmental
agency or authority including without limitation the FCC and (b) any FCC
License, in each case except where such noncompliance could not reasonably be
expected to result in a Material Adverse Change.

                                       8
<PAGE>

     (u)  Title to Properties.  The Company, the Guarantors and each of their
          -------------------
respective subsidiaries have good and marketable title to all the properties and
assets reflected as owned in the financial statements referred to in Section 1
above, in each case free and clear of any security interests, mortgages, liens,
encumbrances, equities, claims and other defects, except such as do not
materially and adversely affect the value of such property and do not materially
interfere with the use made or proposed to be made of such property by the
Company, such Guarantor or such subsidiary. The real property, improvements,
equipment and personal property held under lease by the Company, Guarantors or
any of their respective subsidiaries are held under valid and enforceable
leases, with such exceptions as are not material and do not materially interfere
with the use made or proposed to be made of such real property, improvements,
equipment or personal property by the Company, such Guarantor or such
subsidiary.

     (v)  Tax Law Compliance.  The Company and their consolidated subsidiaries
          ------------------
(including the Guarantors) have filed all necessary federal, state and foreign
income and franchise tax returns and have paid all taxes required to be paid by
any of them and, if due and payable, any related or similar assessment, fine or
penalty levied against any of them. The Company has made adequate charges,
accruals and reserves in the applicable financial statements referred to in
Section 1 above in respect of all federal, state and foreign income and
franchise taxes for all periods as to which the tax liability of the Company and
any of its consolidated subsidiaries (including the Guarantors) has not been
finally determined.

     (w)  Company Not an "Investment Company".  The Company has been advised of
          -----------------------------------
the rules and requirements under the Investment Company Act of 1940, as amended
(the "Investment Company Act"). The Company is not, and after receipt of payment
      ----------------------
for the Securities will not be, an "investment company" within the meaning of
Investment Company Act and will conduct its business in a manner so that it will
not become subject to the Investment Company Act.

     (x)  Insurance.  Each of the Company, the Guarantors and their respective
          ---------
subsidiaries are insured by recognized, financially sound institutions with
policies in such amounts and with such deductibles and covering such risks as
are generally deemed adequate and customary for their businesses including, but
not limited to, policies covering real and personal property owned or leased by
the Company, the Guarantors and their respective subsidiaries against theft,
damage, destruction, acts of vandalism and earthquakes.  The Company and
Guarantors have no reason to believe that it or any of their respective
subsidiaries will not be able  (i) to renew its existing insurance coverage as
and when such policies expire or (ii) to obtain comparable coverage from similar
institutions as may be necessary or appropriate to conduct its business as now
conducted and at a cost that would not result in a Material Adverse Change.
None of the Company, the Guarantors or any of their respective subsidiaries has
been denied any insurance coverage that it has sought or for which it has
applied.

     (y)  No Price Stabilization or Manipulation.  The Company has not taken and
          --------------------------------------
will not take, directly or indirectly, any action designed to or that might be
reasonably expected to cause or result in stabilization or manipulation of the
price of any security of the Company to facilitate the sale or resale of the
Securities.

     (z)  Company's Accounting System.  The Company and each Guarantor maintain
          ---------------------------
a system of accounting controls sufficient to provide reasonable assurances that
(i) transactions are executed in accordance with management's general or
specific

                                       9
<PAGE>

authorization; (ii) transactions are recorded as necessary to permit preparation
of financial statements in conformity with generally accepted accounting and to
maintain accountability for assets; (iii) access to assets is permitted only in
accordance with management's general or specific authorization; and (iv) the
recorded accountability for assets is compared with existing assets at
reasonable intervals and appropriate action is taken with respect to any
differences.

     (aa) ERISA Compliance.  Except as otherwise disclosed in the Offering
          ----------------
Memorandum, the Company , the Guarantors, their respective subsidiaries and any
"employee benefit plan" (as defined under the Employee Retirement Income
Security Act of 1974, as amended, and the regulations and published
interpretations thereunder (collectively, "ERISA")) established or maintained by
                                           -----
the Company, the Guarantors or their respective subsidiaries or their "ERISA
                                                                       -----
Affiliates" (as defined below) are in compliance in all material respects with
----------
ERISA. "ERISA Affiliate" means, with respect to the Company, any Guarantor or
any of their respective subsidiaries, any member of any group of organizations
described in Sections 414, , or of the Internal Revenue Code of 1986, as
amended, and the regulations and published interpretations thereunder (the
"Code") of which the Company, such Guarantor or such subsidiary is a member. No
 ----
"reportable event" (as defined under ERISA) has occurred or is reasonably
expected to occur with respect to any "employee benefit plan" established or
maintained by the Company, the Guarantors or their respective subsidiaries or
any of their ERISA Affiliates. No "employee benefit plan" established or
maintained by the Company, the Guarantors, their respective subsidiaries or any
of their ERISA Affiliates, if such "employee benefit plan" were terminated,
would have any "amount of unfunded benefit liabilities" (as defined under
ERISA). None of the Company, the Guarantors, their respective subsidiaries or
any of their ERISA Affiliates have incurred or reasonably expect to incur any
liability under Title IV of ERISA with respect to termination of, or withdrawal
from, any "employee benefit plan" or (ii) Sections 412, 4971, 4975 or 4980B of
the Code. Each "employee benefit plan" established or maintained by the Company,
the Guarantors, their respective subsidiaries or any of their ERISA Affiliates
that is intended to be qualified under Section 401 of the Code is so qualified
and nothing has occurred, whether by action or failure to act, which would cause
the loss of such qualification.

     (bb) No Default in Senior Indebtedness.  No event of default exists under
          ---------------------------------
any contract, indenture, mortgage, loan agreement, note, lease or other
agreement or instrument constituting Senior Debt (as defined in the Indenture).

     (cc) Compliance with Regulations S.  The Company, the Guarantors, their
          -----------------------------
respective affiliates and all persons acting on their behalf (other than the
Initial Purchasers, as to whom the Company and the Guarantors make no
representation) have complied with and will comply with the offering
restrictions requirements of Regulation S in connection with the offering of the
Securities outside the United States and, in connection therewith, the Offering
Memorandum will contain the disclosure required by Rule 902.

     (dd) Temporary Regulations S Global Note.  The Securities sold in
          -----------------------------------
reliance on Regulation S will be represented upon issuance by a temporary global
security that may not be exchanged for definitive securities until the
expiration of the 40-day restricted period referred to in Rule 903 of the
Securities Act and only upon certification of beneficial ownership of such
Securities by non-U.S. persons or U.S. persons who purchased such Securities in
transactions that were exempt from the registration requirements of the
Securities Act.

                                       10
<PAGE>

          Any certificate signed by an officer of the Company or any of the
Guarantors and delivered to the Initial Purchasers or to counsel for the Initial
Purchasers shall be deemed to be a representation and warranty by the Company or
such Guarantor to each Initial Purchaser as to the matters set forth therein.

SECTION 2. Purchase, Sale and Delivery of the Securities.
           ----------------------------------------------

      (a)  The Securities. The Company agrees to issue and sell to the several
           ---------------
Initial Purchasers, severally and not jointly, all of the Securities upon the
terms herein set forth. On the basis of the representations, warranties and
agreements herein contained, and upon the terms but subject to the conditions
herein set forth, the Initial Purchasers agree, severally and not jointly, to
purchase from the Company the aggregate principal amount of Securities set forth
opposite their names on Schedule I, at a purchase price of 93.42% of the
                        ----------
principal amount thereof payable on the Closing Date.

      (b)  The Closing Date. Delivery of certificates for the Securities in
           ----------------
definitive form to be purchased by the Initial Purchasers and payment therefor
shall be made at the offices of Latham & Watkins, 885 Third Avenue, New York,
New York (or such other place as may be agreed to by the Company and the Initial
Purchasers) at 9:00 a.m. New York City time, on March 16, 2001 or such other
time and date as the Initial Purchasers shall designate by notice to the Company
(the time and date of such closing are called the "Closing Date"). The Company
                                                   ------------
hereby acknowledges that circumstances under which the Initial Purchasers may
provide notice to postpone the Closing Date as originally scheduled include, but
are in no way limited to, any determination by the Company or the Initial
Purchasers to recirculate to investors copies of an amended or supplemented
Offering Memorandum or a delay as contemplated by the provisions of Section 16.

      (c)  Delivery of the Securities. The Company shall deliver, or cause to be
           --------------------------
delivered, to Banc of America Securities LLC for the accounts of the several
Initial Purchasers certificates for the Securities at the Closing Date against
the irrevocable release of a wire transfer of immediately available funds for
the amount of the purchase price therefor. The certificates for the Securities
shall be in such denominations and registered in the name of Cede & Co., as
nominee of the Depository, and shall be made available for inspection on the
business day preceding the Closing Date at a location in New York City, as the
Initial Purchasers may designate. Time shall be of the essence, and delivery at
the time and place specified in this Agreement is a further condition to the
obligations of the Initial Purchasers.

      (d)  Delivery of Offering Memorandum to the Initial Purchasers. Not later
           ---------------------------------------------------------
than 12:00 noon on the second business day following the date of this Agreement,
the Company shall deliver or cause to be delivered copies of the Offering
Memorandum in such quantities and at such places as the Initial Purchasers shall
reasonably request.

      (e)  Initial Purchasers as Qualified Institutional Buyers. Each Initial
           ----------------------------------------------------
Purchaser severally and not jointly represents and warrants to, and agrees with,
the Company that it is a "qualified institutional buyer" within the meaning of
Rule 144A (a "Qualified Institutional Buyer") and an "accredited investor"
              -----------------------------
within the meaning of Rule 501 under the Securities Act (an "Accredited
                                                             ----------
Investor").
---------

      (f)  Resale of Securities. Each Initial Purchaser severally and not
           --------------------
jointly represents and warrants to, and agrees with the Company that such
Initial Purchaser will make offers of the Securities purchased hereunder on the
terms set forth in the

                                       11
<PAGE>

Offering Memorandum solely to (i) persons whom such Initial Purchaser reasonably
believes to be Qualified Institutional Buyers, and (ii) persons permitted to
purchase the Securities in offshore transactions in reliance upon Regulation S
under the Securities Act (such persons specified in clauses (i) and (ii) are the
Subsequent Purchasers referred to herein.

SECTION 3. Additional Covenants. The Company and the Guarantors, jointly and
           --------------------
severally, further covenant and agree with each Initial Purchaser as follows:

      (a)  Initial Purchasers' Review of Proposed Amendments and Supplements.
           -----------------------------------------------------------------
Prior to amending or supplementing the Offering Memorandum, the Company shall
furnish to the Initial Purchasers for review a copy of each such proposed
amendment or supplement, and the Company shall not use any such proposed
amendment or supplement to which the Initial Purchasers reasonably object.

      (b)  Amendments and Supplements to the Offering Memorandum and Other
           ---------------------------------------------------------------
Securities Act Matters. If, prior to the completion of the placement of the
----------------------
Securities by the Initial Purchasers with the Subsequent Purchasers, any event
shall occur or condition exist as a result of which it is necessary to amend or
supplement the Offering Memorandum in order to make the statements therein, in
the light of the circumstances when the Offering Memorandum is delivered to a
purchaser, not misleading, or if in the opinion of the Initial Purchasers or
counsel for the Initial Purchasers it is otherwise necessary to amend or
supplement the Offering Memorandum to comply with law, the Company agrees to
promptly prepare (subject to Section 3 hereof), and furnish at their own expense
to the Initial Purchasers, amendments or supplements to the Offering Memorandum
so that the statements in the Offering Memorandum as so amended or supplemented
will not, in the light of the circumstances when the Offering Memorandum is
delivered to a purchaser, be misleading or so that the Offering Memorandum, as
amended or supplemented, will comply with law.

           Following the consummation of the Exchange Offer or the effectiveness
of an applicable shelf registration statement and for so long as the Securities
are outstanding if, in the reasonable judgment of the Initial Purchasers, the
Initial Purchasers or any of their affiliates (as such term is defined in the
rules and regulations under the Securities Act) are required to deliver a
prospectus in connection with sales of, or market-making activities with respect
to, such securities, to periodically amend the applicable registration statement
so that the information contained therein complies with the requirements of
Section 10 of the Securities Act, to amend the applicable registration statement
or supplement the related prospectus or the documents incorporated therein when
necessary to reflect any material changes in the information provided therein so
that the registration statement and the prospectus will not contain any untrue
statement of a material fact or omit to state any material fact necessary in
order to make the statements therein, in the light of the circumstances existing
as of the date the prospectus is so delivered, not misleading and to provide the
Initial Purchasers with copies of each amendment or supplement filed and the
information required to be provided to the Trustee pursuant to the Indenture.

           The Company and Guarantors hereby expressly acknowledge that the
indemnification and contribution provisions of Sections 8 and 9 hereof are
specifically applicable and relate to each offering memorandum, registration
statement, prospectus, amendment or supplement referred to in this Section 3.

                                       12
<PAGE>

      (c)  Copies of the Offering Memorandum. The Company agrees to furnish the
           ---------------------------------
Initial Purchasers, without charge, as many copies of the Offering Memorandum
and any amendments and supplements thereto as they shall have reasonably
requested.

      (d)  Blue Sky Compliance. The Company shall cooperate with the Initial
           -------------------
Purchasers and counsel for the Initial Purchasers to qualify or register the
Securities for sale under (or obtain exemptions from the application of) the
Blue Sky or state securities laws of those jurisdictions designated by the
Initial Purchasers, shall comply with such laws and shall continue such
qualifications, registrations and exemptions in effect so long as required for
the distribution of the Securities. The Company shall not be required to qualify
as a foreign corporation or to take any action that would subject it to general
service of process in any such jurisdiction where it is not presently qualified
or where it would be subject to taxation as a foreign corporation. The Company
will advise the Initial Purchasers promptly of the suspension of the
qualification or registration of (or any such exemption relating to) the
Securities for offering, sale or trading in any jurisdiction or any initiation
or threat of any proceeding for any such purpose, and in the event of the
issuance of any order suspending such qualification, registration or exemption,
the Company shall use its best efforts to obtain the withdrawal thereof at the
earliest possible moment.

      (e)  Use of Proceeds. The Company shall apply the net proceeds from the
           ---------------
sale of the Securities sold by it in the manner described under the caption "Use
of Proceeds" in the Offering Memorandum.

      (f)  The Depositary. The Company will cooperate with the Initial
           --------------
Purchasers and use its best efforts to permit the Securities to be eligible for
clearance and settlement through the facilities of the Depositary.

      (g)  Additional Issuer Information. Additionally, at any time when the
           -----------------------------
Company is not subject to Section 13 or 15 of the Exchange Act, for the benefit
of holders and beneficial owners from time to time of Securities, the Company
shall furnish, at its expense, upon request, to holders and beneficial owners of
Securities and prospective purchasers of Securities information ("Additional
                                                                  ----------
Issuer Information") satisfying the requirements of subsection of Rule 144A.
-------------------

      (h)  Future Reports to the Initial Purchasers. For so long as any
           ----------------------------------------
Securities or Exchange Securities remain outstanding, the Company and Guarantors
will furnish to Banc of America Securities LLC (i) as soon as practicable after
the end of each fiscal year, copies of the Annual Report of the Company
containing the balance sheet of the Company and Guarantors as of the close of
such fiscal year and statements of income, stockholders' equity and cash flows
for the year then ended and the opinion thereon of the Company's and Guarantors'
independent public or certified public accountants; (ii) as soon as practicable
after the filing thereof, copies of each proxy statement, Annual Report on Form
10-K, Quarterly Report on Form 10-Q, Current Report on Form 8-K or other report
filed by the Company and Guarantors with the Commission, the NASD or any
securities exchange; and (iii) as soon as available, copies of any report or
communication of the Company or the Guarantors mailed generally to holders of
its capital stock or debt securities (including the holders of the Securities).

      (i)  No Integration. The Company agrees that it will not and will cause
           --------------
cause its Affiliates not to make any offer or sale of securities of the Company
of any class if, as a result of the doctrine of "integration" referred to in
Rule 502 under the Securities Act, such offer or sale would render invalid (for
the purpose of the sale of the Securities by

                                       13
<PAGE>

the Company to the Initial Purchasers, (i) the resale of the Securities by the
Initial Purchasers to Subsequent Purchasers or (ii) the resale of the Securities
by such Subsequent Purchasers to others) the exemption from the registration
requirements of the Securities Act provided by Section 4 thereof or by Rule 144A
or by Regulation S thereunder or otherwise.

      (j)  Legended Securities. Each certificate for a Note will bear the legend
           -------------------
contained in "Notice to Investors" in the Offering Memorandum for the time
period and upon the other terms stated in the Offering Memorandum.

      (k)  PORTAL. The Company will use its best efforts to cause such Notes to
           ------
be eligible for the National Association of Securities Dealers, Inc. PORTAL
market (the "PORTAL market").
             -------------

           Banc of America Securities LLC, on behalf of the several Initial
Purchasers, may, in its sole discretion, waive in writing the performance by the
Company or any Guarantor of any one or more of the foregoing covenants or extend
the time for their performance.

SECTION 4. Payment of Expenses. The Company agrees to pay all costs, fees and
           -------------------
expenses incurred in connection with the performance of its obligations
hereunder and in connection with the transactions contemplated hereby, including
without limitation all expenses incident to the issuance and delivery of the
Securities (including all printing and engraving costs), (ii) all necessary
issue, transfer and other stamp taxes in connection with the issuance and sale
of the Securities to the Initial Purchasers, (iii) all fees and expenses of the
Company's and the Guarantors' counsel, independent public or certified public
accountants and other advisors, (iv) all costs and expenses incurred in
connection with the preparation, printing, filing, shipping and distribution of
each preliminary Offering Memorandum and the Offering Memorandum (including
financial statements and exhibits), and all amendments and supplements thereto,
this Agreement, the Registration Rights Agreement, the Indenture and the Notes
and the Guarantees, all filing fees, attorneys' fees and expenses incurred by
the Company, the Guarantors or the Initial Purchasers in connection with
qualifying or registering (or obtaining exemptions from the qualification or
registration of) all or any part of the Securities for offer and sale under the
Blue Sky laws and, if requested by the Initial Purchasers, preparing and
printing a "Blue Sky Survey" or memorandum, and any supplements thereto,
advising the Initial Purchasers of such qualifications, registrations and
exemptions, (vi) the fees and expenses of the Trustee, including the fees and
disbursements of counsel for the Trustee in connection with the Indenture, the
Securities and the Exchange Securities, (vii) any fees payable in connection
with the rating of the Securities or the Exchange Securities with the ratings
agencies and the listing of the Securities with the PORTAL market, (viii) any
filing fees incident to the review by the National Association of Securities
Dealers, Inc., if any, of the terms of the sale of the Securities or the
Exchange Securities, (ix) all fees and expenses (including reasonable fees and
expenses of counsel) of the Company and the Guarantors in connection with
approval of the Securities by DTC for "book-entry" transfer, and the performance
by the Company and the Guarantors of their respective obligations under this
Agreement. Except as provided in this Section 4, Section 6, Section 8 and
Section 9 hereof, the Initial Purchasers shall pay their own expenses, including
the fees and disbursements of their counsel.

SECTION 5. Conditions of the Obligations of the Initial Purchasers. The
           -------------------------------------------------------
obligations of the several Initial Purchasers to purchase and pay for the
Securities as

                                       14
<PAGE>

provided herein on the Closing Date shall be subject to the accuracy of the
representations and warranties on the part of the Company and Guarantors set
forth in Section 1 hereof as of the date hereof and as of the Closing Date as
though then made and to the timely performance by the Company and Guarantors of
its covenants and other obligations hereunder, and to each of the following
additional conditions:

      (a)  Accountants' Comfort Letter. On the date hereof, the Initial
           ---------------------------
Purchasers shall have received from each of PricewaterhouseCoopers LLP,
independent public or certified public accountants for the Company, and Ernst &
Young LLP, independent auditors with respect to KTAL-TV, Inc., a letter dated
the date hereof addressed to the Initial Purchasers, in form and substance
satisfactory to the Initial Purchasers, containing statements and information of
the type ordinarily included in accountant's "comfort letters" to Initial
Purchasers, delivered according to Statement of Auditing Standards Nos. 72 and
76 (or any successor bulletins), with respect to the audited and unaudited
financial statements and certain financial information contained in the
Registration Statement and the Offering Memorandum.

      (b)  No Material Adverse Change or Ratings Agency Change. For the period
           ---------------------------------------------------
from and after the date of this Agreement and prior to the Closing Date:

               (i)   in the reasonable judgment of the Initial Purchasers there
               shall not have occurred any Material Adverse Change; and

               (ii)  there shall not have occurred any downgrading, nor shall
               any notice have been given of any intended or potential
               downgrading or of any review for a possible change that does not
               indicate the direction of the possible change, in the rating
               accorded any securities of the Company, the Guarantors or their
               respective subsidiaries by any "nationally recognized statistical
               rating organization" as such term is defined for purposes of Rule
               436 under the Securities Act.

      (c)  Opinion of Counsel for the Company. On the Closing Date, the Initial
           ----------------------------------
Purchasers shall have received the favorable opinion of Kirkland & Ellis,
counsel for the Company and certain of the Guarantors, dated as of such Closing
Date, the form of which is attached as Exhibit A.
                                       ---------

      (d)  Opinion of Counsel for the Guarantors. On the Closing Date, the
           -------------------------------------
Initial Purchasers shall have received the favorable opinion of Arter & Hadden
LLP counsel for certain of the Guarantors, dated as of such Closing Date, the
form of which is attached as Exhibit B.
                             ---------

      (e)  Opinion of Regulatory Counsel for the Company. On the Closing Date,
           ----------------------------------------------
the Initial Purchasers shall have received the favorable opinion of Arter &
Hadden LLP, special regulatory counsel for the Company, dated as of such Closing
Date, the form of which is attached as Exhibit C.
                                       ---------

      (f)  Opinion of Counsel for the Initial Purchasers. On the Closing Date
           ---------------------------------------------
the Initial Purchasers shall have received the favorable opinion of Latham &
Watkins, counsel for the Initial Purchasers, dated as of such Closing Date, with
respect to such matters as may be reasonably requested by the Initial
Purchasers.

      (g)  Officers' Certificate. On the Closing Date the Initial Purchasers
           ---------------------
shall have received a written certificate executed by the Chairman of the Board,
Chief

                                       15
<PAGE>

Executive Officer or President of the Company and the Chief Financial Officer or
Chief Accounting Officer of the Company and each Guarantor, dated as of the
Closing Date, to the effect set forth in subsection (b) (ii) of this Section 5,
and further to the effect that:

               (i)   for the period from and after the date of this Agreement
               and prior to the Closing Date there has not occurred any Material
               Adverse Change;

               (ii)  the representations and warranties of the Company, and of
               such Guarantor, set forth in Section 1 of this Agreement are true
               and correct with the same force and effect as though expressly
               made on and as of the Closing Date; and

               (iii) the Company, and such Guarantor, has complied with all the
               agreements and satisfied all the conditions on its part to be
               performed or satisfied at or prior to the Closing Date.

      (h)  Bring-down Comfort Letter. On the Closing Date, the Initial
           -------------------------
Purchasers shall have received from each of PricewaterhouseCoopers LLP,
independent public or certified public accountants for the Company, and from
Ernst & Young LLP, independent auditors with respect to KTAL-TV, Inc. a letter
dated such date, in form and substance satisfactory to the Initial Purchasers,
to the effect that they reaffirm the statements made in the letter furnished by
them pursuant to subsection of this Section 5, except that the specified date
referred to therein for the carrying out of procedures shall be no more than
three business days prior to the Closing Date.

      (i)  PORTAL Listing. At the Closing Date the Notes shall have been
           --------------
designated for trading on the PORTAL market.

      (j)  Registration Rights Agreement. The Company and each Guarantor shall
           -----------------------------
have entered into the Registration Rights Agreement and the Initial Purchasers
shall have received executed counterparts thereof.

      (k)  Indenture. The Company, each Guarantor and the Trustee shall have
           ---------
entered into the Indenture and the Initial Purchasers shall have received an
executed copy thereof.

      (l)  Additional Documents. On or before the Closing Date, the Initial
           --------------------
Purchasers and counsel for the Initial Purchasers shall have received such
information, documents and opinions as they may reasonably require for the
purposes of enabling them to pass upon the issuance and sale of the Securities
as contemplated herein, or in order to evidence the accuracy of any of the
representations and warranties, or the satisfaction of any of the conditions or
agreements, herein contained.

           If any condition specified in this Section 5 is not satisfied when
and as required to be satisfied, this Agreement may be terminated by the Initial
Purchasers by notice to the Company at any time on or prior to the Closing Date,
which termination shall be without liability on the part of any party to any
other party, except that Section 4, Section 6, Section 8 and Section 9 shall at
all times be effective and shall survive such termination.

                                       16
<PAGE>

SECTION 6. Reimbursement of Initial Purchasers' Expenses. If this Agreement is
           ---------------------------------------------
terminated by the Initial Purchasers pursuant to Section 5, or if the sale to
the Initial Purchasers of the Securities on the Closing Date is not consummated
because of any refusal, inability or failure on the part of the Company or the
Guarantors to perform any agreement herein or to comply with any provision
hereof, each of the Company and Guarantors agrees, jointly and severally, to
reimburse the Initial Purchasers (or such Initial Purchasers as have terminated
this Agreement with respect to themselves), severally, upon demand for all out-
of-pocket expenses that shall have been reasonably incurred by the Initial
Purchasers in connection with the proposed purchase and the offering and sale of
the Securities, including but not limited to fees and disbursements of counsel,
printing expenses, travel expenses, postage, facsimile and telephone charges.

SECTION 7. Offer, Sale and Resale Procedures. Each of the Initial Purchasers,
           ---------------------------------
on the one hand, and the Company and each of the Guarantors, on the other hand,
hereby establish and agree to observe the following procedures in connection
with the offer and sale of the Securities:

           (A) Offers and sales of the Securities will be made only by the
Initial Purchasers or Affiliates thereof qualified to do so in the jurisdictions
in which such offers or sales are made. Each such offer or sale shall only be
made to persons whom the offeror or seller reasonably believes to be qualified
institutional buyers (as defined in Rule 144A under the Securities Act) or non-
U.S. persons outside the United States to whom the offeror or seller reasonably
believes offers and sales of the Securities may be made in reliance upon
Regulation S under the Securities Act, upon the terms and conditions set forth
in Annex I hereto, which Annex I is hereby expressly made a part hereof.
   -------               -------

           (B) The Securities will be offered by approaching prospective
Subsequent Purchasers on an individual basis. No general solicitation or general
advertising (within the meaning of Rule 502 under the Securities Act) will be
used in the United States in connection with the offering of the Securities.

           (C) Upon original issuance by the Company, and until such time as the
same is no longer required under the applicable requirements of the Securities
Act, the Securities (and all securities issued in exchange therefor or in
substitution thereof, other than the Exchange Securities) shall bear the
following legend:

"THE SECURITY (OR ITS PREDECESSOR) EVIDENCED HEREBY WAS ORIGINALLY ISSUED IN A
TRANSACTION EXEMPT FROM REGISTRATION UNDER SECTION 5 OF THE UNITED STATES
SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), AND THE SECURITY
EVIDENCED HEREBY MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE
ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH
PURCHASER OF THE SECURITY EVIDENCED HEREBY IS HEREBY NOTIFIED THAT THE SELLER
MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE
SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER. THE HOLDER OF THE SECURITY
EVIDENCED HEREBY AGREES FOR THE BENEFIT OF THE ISSUER THAT (A) SUCH SECURITY MAY
BE RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (i) (a) TO A PERSON WHO IS A
QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT)
IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (b) IN A TRANSACTION
MEETING THE REQUIREMENTS OF RULE 144 UNDER THE SECURITIES ACT, (c) OUTSIDE THE
UNITED STATES TO A FOREIGN PERSON IN A TRANSACTION MEETING THE

                                       17
<PAGE>

REQUIREMENTS OF RULE 904 UNDER THE SECURITIES ACT, (d) TO AN INSTITUTIONAL
"ACCREDITED INVESTOR" (AS DEFINE DIN RULE 501(a)(1), (2), (3) OR (7) OF THE
SECURITIES ACT (AN "INSTITUTIONAL ACCREDITED INVESTOR")) THAT, PRIOR TO SUCH
TRANSFER, FURNISHES THE TRUSTEE A SIGNED LETTER CONTAINING CERTAIN
REPRESENTATIONS AND AGREEMENTS (THE FORM OF WHICH CAN BE OBTAINED FROM THE
TRUSTEE) AND, IF SUCH TRANSFER IS IN RESPECT OF AN AGGREGATE PRINCIPAL AMOUNT OF
NOTES LESS THAN $250,000, AN OPINION OF COUNSEL ACCEPTABLE TO THE ISSUE THAT
SUCH TRANSFER IS IN COMPLIANCE WITH THE SECURITIES ACT, OR (e) IN ACCORDANCE
WITH ANOTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT
(AND BASED UPON AN OPINION OF COUNSEL IF THE ISSUER SO REQUESTS), (ii) TO THE
ISSUER, OR (iii) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT AND, IN EACH
CASE, IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE
UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION AND (B) THE HOLDER WILL, AND
EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER FROM IT OF THE
SECURITY EVIDENCED HEREBY OF THE RESALE RESTRICTIONS SET FORTH IN (A) ABOVE."

           Following the sale of the Securities by the Initial Purchasers to
Subsequent Purchasers pursuant to the terms hereof, the Initial Purchasers shall
not be liable or responsible to the Company for any losses, damages or
liabilities suffered or incurred by the Company, including any losses, damages
or liabilities under the Securities Act, arising from or relating to any resale
or transfer of any Security by non-Affiliates of the Initial Purchasers.

SECTION 8. Indemnification.
           ---------------

      (a)  Indemnification of the Initial Purchasers. The Company and the
           -----------------------------------------
Guarantors, jointly and severally, agree to indemnify and hold harmless each
Initial Purchaser, its directors, officers and employees, and each person, if
any, who controls any Initial Purchaser within the meaning of the Securities Act
and the Exchange Act against any loss, claim, damage, liability or expense, as
incurred, to which such Initial Purchaser or such controlling person may become
subject, under the Securities Act, the Exchange Act or other federal or state
statutory law or regulation, or at common law or otherwise (including in
settlement of any litigation, if such settlement is effected with the written
consent of the Company), insofar as such loss, claim, damage, liability or
expense (or actions in respect thereof as contemplated below) arises out of or
is based (i) upon any untrue statement or alleged untrue statement of a material
fact contained in the Preliminary Offering Memorandum or the Offering Memorandum
(or any amendment or supplement thereto), or the omission or alleged omission
therefrom of a material fact necessary in order to make the statements therein,
in the light of the circumstances under which they were made, not misleading; or
(ii) in whole or in part upon any failure of the Company or the Guarantors to
perform its obligations hereunder or under law; or (iii) any act or failure to
act or any alleged act or failure to act by any Initial Purchaser in connection
with, or relating in any manner to, the offering contemplated hereby, and which
is included as part of or referred to in any loss, claim, damage, liability or
action arising out of or based upon any matter covered by clause above, provided
that the Company and the Guarantors shall not be liable under this clause (iii)
to the extent that a court of competent jurisdiction shall have determined by a
final judgment that such loss, claim, damage, liability or action resulted
directly from any such acts or failures to act undertaken or omitted to be taken
by such Initial Purchaser through its gross negligence or willful misconduct;
and to reimburse each Initial Purchaser and each such controlling person for
reasonable expenses (including the reasonable fees and disbursements of counsel

                                       18
<PAGE>

chosen by Banc of America Securities LLC) as such expenses are reasonably
incurred by such Initial Purchaser or such controlling person in connection with
investigating, defending, settling, compromising or paying any such loss, claim,
damage, liability, expense or action; provided, however, that the foregoing
indemnity agreement shall not apply to any loss, claim, damage, liability or
expense to the extent, but only to the extent, arising out of or based upon any
untrue statement or alleged untrue statement or omission or alleged omission
made in reliance upon and in conformity with written information furnished to
the Company by the Initial Purchasers for use in any Preliminary Offering
Memorandum or the Offering Memorandum (or any amendment or supplement thereto).
The indemnity agreement set forth in this Section 8 shall be in addition to any
liabilities that the Company or the Guarantors may otherwise have.

      (b)  Indemnification of the Company, the Guarantors, their Directors and
           -------------------------------------------------------------------
Officers. Each Initial Purchaser agrees, severally and not jointly, to indemnify
--------
and hold harmless the Company, the Guarantors and each of their respective
directors and each person, if any, who controls the Company and the Guarantors
within the meaning of the Securities Act or the Exchange Act, against any loss,
claim, damage, liability or expense, as incurred, to which the Company or any
such director, or controlling person may become subject, under the Securities
Act, the Exchange Act, or other federal or state statutory law or regulation, or
at common law or otherwise (including in settlement of any litigation, if such
settlement is effected with the written consent of such Initial Purchaser),
insofar as such loss, claim, damage, liability or expense (or actions in respect
thereof as contemplated below) arises out of or is based upon any untrue or
alleged untrue statement of a material fact contained in any Preliminary
Offering Memorandum or the Offering Memorandum (or any amendment or supplement
thereto), or arises out of or is based upon the omission or alleged omission to
state therein a material fact required to be stated therein or necessary to make
the statements therein not misleading, in each case to the extent, but only to
the extent, that such untrue statement or alleged untrue statement or omission
or alleged omission was made in any Preliminary Offering Memorandum or the
Offering Memorandum (or any amendment or supplement thereto), in reliance upon
and in conformity with written information furnished to the Company by the
Initial Purchasers expressly for use therein; and to reimburse the Company, any
such Guarantor, or any such director or controlling person for any legal and
other expenses reasonably incurred by the Company, any such Guarantor or any
such director or controlling person in connection with investigating, defending,
settling, compromising or paying any such loss, claim, damage, liability,
expense or action. The Company hereby acknowledges that the only information
that the Initial Purchasers have furnished to the Company expressly for use in
any Preliminary Offering Memorandum or the Offering Memorandum (or any amendment
or supplement thereto) are the statements set forth as the sixth paragraph on
page ii of the Offering Memorandum concerning stabilization by the Initial
Purchasers and in the last sentence of the third paragraph, the second sentence
of the fourth paragraph and in the fifth paragraph under the caption "Plan of
Distribution" in the Offering Memorandum; and the Initial Purchasers confirm
that such statements are correct. The indemnity agreement set forth in this
Section 8 shall be in addition to any liabilities that each Initial Purchaser
may otherwise have.

      (c)  Notifications and Other Indemnification Procedures. Promptly after
           --------------------------------------------------
receipt by an indemnified party under this Section 8 of notice of the
commencement of any action, such indemnified party will, if a claim in respect
thereof is to be made against an indemnifying party under this Section 8, notify
the indemnifying party in writing of the commencement thereof, but the omission
so to notify the indemnifying party will not relieve it from any liability which
it may have to any indemnified party for

                                       19
<PAGE>

contribution or otherwise than under the indemnity agreement contained in this
Section 8 or to the extent it is not prejudiced as a proximate result of such
failure. In case any such action is brought against any indemnified party and
such indemnified party seeks or intends to seek indemnity from an indemnifying
party, the indemnifying party will be entitled to participate in and, to the
extent that it shall elect, jointly with all other indemnifying parties
similarly notified, by written notice delivered to the indemnified party
promptly after receiving the aforesaid notice from such indemnified party, to
assume the defense thereof with counsel reasonably satisfactory to such
indemnified party; provided, however, if the defendants in any such action
include both the indemnified party and the indemnifying party and the
indemnified party shall have reasonably concluded that a conflict may arise
between the positions of the indemnifying party and the indemnified party in
conducting the defense of any such action or that there may be legal defenses
available to it and/or other indemnified parties which are different from or
additional to those available to the indemnifying party, the indemnified party
or parties shall have the right to select separate counsel to assume such legal
defenses and to otherwise participate in the defense of such action on behalf of
such indemnified party or parties. Upon receipt of notice from the indemnifying
party to such indemnified party of such indemnifying party's election so to
assume the defense of such action and approval by the indemnified party of
counsel, the indemnifying party will not be liable to such indemnified party
under this Section 8 for any legal or other expenses subsequently incurred by
such indemnified party in connection with the defense thereof unless the
indemnified party shall have employed separate counsel in accordance with the
proviso to the next preceding sentence (it being understood, however, that the
indemnifying party shall not be liable for the expenses of more than one
separate counsel (together with local counsel), approved by the indemnifying
party (Banc of America Securities LLC in the case of Section 8 and Section 9),
representing the indemnified parties who are parties to such action) or (ii) the
indemnifying party shall not have employed counsel satisfactory to the
indemnified party to represent the indemnified party within a reasonable time
after notice of commencement of the action, in each of which cases the fees and
expenses of counsel shall be at the expense of the indemnifying party.

      (d)  Settlements. The indemnifying party under this Section 8 shall not be
           -----------
liable for any settlement of any proceeding effected without its written
consent, but if settled with such consent or if there be a final judgment for
the plaintiff, the indemnifying party agrees to indemnify the indemnified party
against any loss, claim, damage, liability or expense by reason of such
settlement or judgment. Notwithstanding the foregoing sentence, if at any time
an indemnified party shall have requested an indemnifying party to reimburse the
indemnified party for fees and expenses of counsel as contemplated by Section 8
hereof, the indemnifying party agrees that it shall be liable for any settlement
of any proceeding effected without its written consent if such settlement is
entered into more than 30 days after receipt by such indemnifying party of the
aforesaid request and (ii) such indemnifying party shall not have reimbursed the
indemnified party in accordance with such request prior to the date of such
settlement. No indemnifying party shall, without the prior written consent of
the indemnified party, effect any settlement, compromise or consent to the entry
of judgment in any pending or threatened action, suit or proceeding in respect
of which any indemnified party is or could have been a party and indemnity was
or could have been sought hereunder by such indemnified party, unless such
settlement, compromise or consent includes an unconditional release of such
indemnified party from all liability on claims that are the subject matter of
such action, suit or proceeding.

SECTION 9. Contribution.
           ------------

                                       20
<PAGE>

          If the indemnification provided for in Section 8 is for any reason
held to be unavailable to or otherwise insufficient to hold harmless an
indemnified party in respect of any losses, claims, damages, liabilities or
expenses referred to therein, then each indemnifying party shall contribute to
the aggregate amount paid or payable by such indemnified party, as incurred, as
a result of any losses, claims, damages, liabilities or expenses referred to
therein in such proportion as is appropriate to reflect the relative benefits
received by the Company or the Guarantors, on the one hand, and the Initial
Purchasers, on the other hand, from the offering of the Securities pursuant to
this Agreement or (ii) if the allocation provided by clause above is not
permitted by applicable law, in such proportion as is appropriate to reflect not
only the relative benefits referred to in clause above but also the relative
fault of the Company or the Guarantors, on the one hand, and the Initial
Purchasers, on the other hand, in connection with the statements or omissions or
inaccuracies in the representations and warranties herein which resulted in such
losses, claims, damages, liabilities or expenses, as well as any other relevant
equitable considerations. The relative benefits received by the Company or
Guarantors, on the one hand, and the Initial Purchasers, on the other hand, in
connection with the offering of the Securities pursuant to this Agreement shall
be deemed to be in the same respective proportions as the total net proceeds
from the offering of the Securities pursuant to this Agreement (before deducting
expenses) received by the Company, and the total discount received by the
Initial Purchasers bear to the aggregate initial offering price of the
Securities. The relative fault of the Company or the Guarantors, on the one
hand, and the Initial Purchasers, on the other hand, shall be determined by
reference to, among other things, whether any such untrue or alleged untrue
statement of a material fact or omission or alleged omission to state a material
fact or any such inaccurate or alleged inaccurate representation or warranty
relates to information supplied by the Company or the Guarantors, on the one
hand, or the Initial Purchasers, on the other hand, and the parties' relative
intent, knowledge, access to information and opportunity to correct or prevent
such statement or omission.

          The amount paid or payable by a party as a result of the losses,
claims, damages, liabilities and expenses referred to above shall be deemed to
include, subject to the limitations set forth in Section 8, any legal or other
fees or expenses reasonably incurred by such party in connection with
investigating or defending any action or claim. The provisions set forth in
Section 8 with respect to notice of commencement of any action shall apply if a
claim for contribution is to be made under this Section 9; provided, however,
that no additional notice shall be required with respect to any action for which
notice has been given under Section 8 for purposes of indemnification.

          The Company and the Initial Purchasers agree that it would not be just
and equitable if contribution pursuant to this Section 9 were determined by pro
rata allocation (even if the Initial Purchasers were treated as one entity for
such purpose) or by any other method of allocation which does not take account
of the equitable considerations referred to in this Section 9.

          Notwithstanding the provisions of this Section 9, no Initial Purchaser
shall be required to contribute any amount in excess of the discount received by
such Initial Purchaser in connection with the Securities distributed by it.  No
person guilty of fraudulent misrepresentation (within the meaning of Section 11
of the Securities Act) shall be entitled to contribution from any person who was
not guilty of such fraudulent misrepresentation.  The Initial Purchasers'
obligations to contribute pursuant to this Section 9 are several, and not joint,
in proportion to their respective commitments as set forth opposite their names
in Schedule I.  For purposes of this
   ----------

                                       21
<PAGE>

Section 9, each director, officer and employee of an Initial Purchaser and each
person, if any, who controls an Initial Purchaser within the meaning of the
Securities Act and the Exchange Act shall have the same rights to contribution
as such Initial Purchaser, and each director of the Company, and each person, if
any, who controls the Company and each Guarantor with the meaning of the
Securities Act and the Exchange Act shall have the same rights to contribution
as the Company and each Guarantor.

SECTION 10.  Termination of this Agreement. Prior to the Closing Date, this
             -----------------------------
Agreement may be terminated by the Initial Purchasers by notice given to the
Company if at any time (i) trading in securities generally on either the Nasdaq
Stock Market or the New York Stock Exchange shall have been suspended or limited
or minimum or maximum prices shall have been generally established on any such
stock exchanges by the Commission or the NASD; (ii) a general banking moratorium
shall have been declared by any of federal, New York, Delaware or California
authorities; (iii) there shall have occurred any outbreak or escalation of
national or international hostilities or any crisis or calamity, or any change
in the United States or international financial markets, or any substantial
change or development involving a prospective substantial change in United
States' or international political, financial or economic conditions, as in the
reasonable judgment of the Initial Purchasers is material and adverse and makes
it impracticable to market the Securities in the manner and on the terms
described in the Offering Memorandum or to enforce contracts for the sale of
securities; (iv) in the reasonable judgment of the Initial Purchasers there
shall have occurred any Material Adverse Change; or the Company, the Guarantors
or their respective subsidiaries shall have sustained a loss by strike, fire,
flood, earthquake, accident or other calamity of such character as in the
reasonable judgment of the Initial Purchasers may interfere materially with the
conduct of the business and operations of the Company, the Guarantors or their
respective subsidiaries regardless of whether or not such loss shall have been
insured. Any termination pursuant to this Section 10 shall be without liability
on the part of the Company and the Guarantors to any Initial Purchaser, except
that the Company and the Guarantors shall be obligated to reimburse the expenses
of the Initial Purchasers pursuant to Section 4 and, in the case of clause (iv)
above, Section 6 hereof, any Initial Purchaser to the Company, or of any party
hereto to any other party except that the provisions of Section 8 and Section 9
shall at all times be effective and shall survive such termination.

SECTION 11.  Representations and Indemnities to Survive Delivery. The respective
             ---------------------------------------------------
indemnities, agreements, representations, warranties and other statements of the
Company and the Guarantors, of their respective officers and of the several
Initial Purchasers set forth in or made pursuant to this Agreement will remain
in full force and effect, regardless of any investigation made by or on behalf
of any Initial Purchaser, the Company, the Guarantors or any of their respective
partners, officers or directors or any controlling person, as the case may be,
and will survive delivery of and payment for the Securities sold hereunder and
any termination of this Agreement.

SECTION 12.  Notices. All communications hereunder shall be in writing and shall
             -------
be mailed, hand delivered or telecopied and confirmed to the parties hereto as
follows:

                                       22
<PAGE>

If to the Initial Purchasers:

     Banc of America Securities LLC
     9 West 57/th/ Street, 31/st/ Floor
     New York, NY 10019
     Facsimile: [_______]
     Attention: High Yield Capital Markets

 with a copy to:

     Latham & Watkins
     885 Third Avenue, Suite 1000
     New York, NY 10022
     Facsimile: 212-751-4864
     Attention: Gregory Ezring, Esq.

If to the Company or any Nexstar Guarantor:

     Nexstar Finance, L.L.C.
     200 Abington Executive Park, Suite 201
     Clarks Summit, PA 18411
     Facsimile:
     Attention: Shirley Green

with a copy to:

     Kirkland & Ellis
     153 East 53/rd/ Street
     New York, NY 10022
     Facsimile: (212) 446-4900
     Attention: Joshua N. Korff, Esq.

If to any Bastet/Mission Guarantor:

     Bastet Broadcasting, Inc.
     Mission Broadcasting of Wichita Falls, Inc.
     806 South Cassingham
     Bexley, OH 43209
     Facsimile: (330) 335-8808
     Attention: David S. Smith

with a copy to:

     Arter & Hadden LLP
     1801 K Street, NW Suite 400K
     Washington, D.C. 20006
     Facsimile: (202) 857-0172
     Attention: Howard M. Liberman, Esq.

Any party hereto may change the address for receipt of communications by giving
written notice to the others.

SECTION 13.  Successors. This Agreement will inure to the benefit of and be
             ----------
binding upon the parties hereto, including any substitute Initial Purchasers
pursuant to

                                       23
<PAGE>

Section 16 hereof, and to the benefit of the employees, officers and
directors and controlling persons referred to in Section 8 and Section 9, and in
each case their respective successors, and no other person will have any right
or obligation hereunder. The term "successors" shall not include any purchaser
of the Securities as such from any of the Initial Purchasers merely by reason of
such purchase.

SECTION 14.  Partial Unenforceability. The invalidity or unenforceability of any
             ------------------------
Section, paragraph or provision of this Agreement shall not affect the validity
or enforceability of any other Section, paragraph or provision hereof. If any
Section, paragraph or provision of this Agreement is for any reason determined
to be invalid or unenforceable, there shall be deemed to be made such minor
changes (and only such minor changes) as are necessary to make it valid and
enforceable.

SECTION 15.  Governing Law Provisions. THIS AGREEMENT SHALL BE GOVERNED BY AND
             ------------------------
CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK
APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED IN SUCH STATE.

SECTION 16.  Consent to Jurisdiction. Any legal suit, action or proceeding
             -----------------------
arising out of or based upon this Agreement or the transactions contemplated
hereby ("Related Proceedings") may be instituted in the federal courts of the
         -------------------
United States of America located in the City and County of New York or the
courts of the State of New York in each case located in the City and County of
New York (collectively, the "Specified Courts"), and each party irrevocably
                             ----------------
submits to the non-exclusive jurisdiction (except for proceedings instituted in
regard to the enforcement of a judgment of any such court (a "Related
                                                              -------
Judgment"), as to which such jurisdiction is non-exclusive) of such courts in
--------
any such suit, action or proceeding. Service of any process, summons, notice or
document by mail to such party's address set forth above shall be effective
service of process for any suit, action or other proceeding brought in any such
court. The parties irrevocably and unconditionally waive any objection to the
laying of venue of any suit, action or other proceeding in the Specified Courts
and irrevocably and unconditionally waive and agree not to plead or claim in any
such court that any such suit, action or other proceeding brought in any such
court has been brought in an inconvenient forum.

SECTION 17.  Default of One or More of the Several Initial Purchasers. If any
             --------------------------------------------------------
one or more of the several Initial Purchasers shall fail or refuse to purchase
Securities that it or they have agreed to purchase hereunder on the Closing
Date, and the aggregate number of Securities which such defaulting Initial
Purchaser or Initial Purchasers agreed but failed or refused to purchase does
not exceed 10% of the aggregate number of the Securities to be purchased on such
date, the other Initial Purchasers shall be obligated, severally, in the
proportions that the number of Securities set forth opposite their respective
names on Schedule I bears to the aggregate number of Securities set forth
         ----------
opposite the names of all such non-defaulting Initial Purchasers, or in such
other proportions as may be specified by the Initial Purchasers with the consent
of the non-defaulting Initial Purchasers, to purchase the Securities which such
defaulting Initial Purchaser or Initial Purchasers agreed but failed or refused
to purchase on such date. If any one or more of the Initial Purchasers shall
fail or refuse to purchase Securities and the aggregate number of Securities
with respect to which such default occurs exceeds 10% of the aggregate number of
Securities to be purchased on the Closing Date, and arrangements satisfactory to
the Initial Purchasers and the Company for the purchase of such Securities are
not made within 48 hours after such default, this Agreement shall terminate
without liability of any party to any other party except that the provisions of
Section 4, Section 8 and Section 9 shall at all times be effective and

                                       24
<PAGE>

shall survive such termination. In any such case either the Initial Purchasers
or the Company shall have the right to postpone the Closing Date, as the case
may be, but in no event for longer than seven days in order that the required
changes, if any, to the Offering Memorandum or any other documents or
arrangements may be effected.

          As used in this Agreement, the term "Initial Purchaser" shall be
deemed to include any person substituted for a defaulting Initial Purchaser
under this Section 10. Any action taken under this Section 16 shall not relieve
any defaulting Initial Purchaser from liability in respect of any default of
such Initial Purchaser under this Agreement.

SECTION 18.  General Provisions. This Agreement constitutes the entire agreement
             ------------------
of the parties to this Agreement and supersedes all prior written or oral and
all contemporaneous oral agreements, understandings and negotiations with
respect to the subject matter hereof. This Agreement may be executed in two or
more counterparts, each one of which shall be an original, with the same effect
as if the signatures thereto and hereto were upon the same instrument. This
Agreement may not be amended or modified unless in writing by all of the parties
hereto, and no condition herein (express or implied) may be waived unless waived
in writing by each party whom the condition is meant to benefit. The Table of
Contents and the section headings herein are for the convenience of the parties
only and shall not affect the construction or interpretation of this Agreement.

                                       25
<PAGE>

          If the foregoing is in accordance with your understanding of our
agreement, kindly sign and return to the Company the enclosed copies hereof,
whereupon this instrument, along with all counterparts hereof, shall become a
binding agreement in accordance with its terms.

                                   Very truly yours,

                                   NEXSTAR FINANCE, L.L.C.
                                   NEXSTAR FINANCE, INC.

                                   By: /s/ Shirley Green
                                       -------------------------------------
                                       Name: Shirley Green
                                       Title: Vice President and Secretary

                                   ENTERTAINMENT REALTY CORPORATION
                                   NEXSTAR BROADCASTING GROUP, INC.
                                   NEXSTAR BROADCASTING OF ABILENE, L.L.C.
                                   NEXSTAR BROADCASTING OF BEAUMONT/ PORT
                                       ARTHUR, L.L.C.
                                   NEXSTAR BROADCASTING OF CHAMPAIGN, L.L.C.
                                   NEXSTAR BROADCASTING OF ERIE, L.L.C.
                                   NEXSTAR BROADCASTING OF JOPLIN, L.L.C.
                                   NEXSTAR BROADCASTING OF LOUISIANA, L.L.C.
                                   NEXSTAR BROADCASTING OF MIDLAND-ODESSA,
                                       L.L.C.
                                   NEXSTAR BROADCASTING OF THE MIDWEST, INC.
                                   NEXSTAR BROADCASTING OF NORTHEASTERN
                                       PENNSYLVANIA, L.L.C.
                                   NEXSTAR BROADCASTING OF PEORIA, L.L.C.
                                   NEXSTAR BROADCASTING OF ROCHESTER, L.L.C.
                                   NEXSTAR BROADCASTING OF WICHITA FALLS, L.L.C.

                                   By: /s/ Shirley Green
                                       ---------------------------------------
                                       Name: Shirley Green
                                       Title: Vice President and Secretary

                                   BASTET BROADCASTING, INC.
                                   MISSION BROADCASTING OF WICHITA FALLS, INC.

                                   By: /s/ David S. Smith
                                       ---------------------------------------
                                       Name: David S. Smith
                                       Title: President

<PAGE>

          The foregoing Purchase Agreement is hereby confirmed and accepted by
the Initial Purchasers as of the date first above written.

BANC OF AMERICA SECURITIES LLC
BARCLAYS CAPITAL INC.
CIBC WORLD MARKETS CORP.
FIRST UNION SECURITIES, INC.,
as representatives of the several initial purchasers

By: BANC OF AMERICA SECURITIES LLC

By: /s/ D J Kelly
    ---------------------------------
    Name: D J Kelly
    Title: Managing Director
<PAGE>

                                  SCHEDULE I

                                                      Aggregate
                                                      Principal Amount
Initial Purchasers                                    of Securities to
                                                      be Purchased
Banc of America Securities LLC..................      $112,000,000
Barclays Capital Inc............................        24,000,000
CIBC World Markets Corp.........................        12,000,000
First Union Securities, Inc.....................        12,000,000

   Total........................................      $160,000,000

                                      I-1
<PAGE>

                                  SCHEDULE II

                                  Guarantors

Nexstar Guarantors:

Entertainment Realty Corporation
Nexstar Broadcasting Group, Inc.
Nexstar Broadcasting of Abilene, L.L.C.
Nexstar Broadcasting of Beaumont/Port Arthur, L.L.C.
Nexstar Broadcasting of Champaign, L.L.C.
Nexstar Broadcasting of Erie, L.L.C.
Nexstar Broadcasting of Joplin, L.L.C.
Nexstar Broadcasting of Louisiana, L.L.C.
Nexstar Broadcasting of Midland-Odessa, L.L.C.
Nexstar Broadcasting of the Midwest, Inc.
Nexstar Broadcasting of Northeastern Pennsylvania, L.L.C.
Nexstar Broadcasting of Peoria, L.L.C.
Nexstar Broadcasting of Rochester, L.L.C.
Nexstar Broadcasting of Wichita Falls, L.L.C.

Bastet/Mission Guarantors:

Bastet Broadcasting, Inc.
Mission Broadcasting of Wichita Falls, Inc.

                                     II-1
<PAGE>

                                 SCHEDULE III

                                 Subsidiaries

                                     III-1
<PAGE>

                                  SCHEDULE IV

                              Port Arthur, Texas
            (Nexstar Broadcasting of Beaumont-Port Arthur, L.L.C.)

Facility Type                        Call Sign           Exp. Date
-------------                        ---------           ----------

TV Broadcast Station License         KBTV-TV             08/01/2006
TV Intercity Relay                   KB-98129            08/01/2006
TV Pickup                            KD-4600             08/01/2006
TV Pickup                            KE-5101             08/01/2006
Auxiliary Remote Pickup              KKX215              08/01/2006
TV Studio Transmitter Link           KLA-89              08/01/2006
TV Pickup                            KT-2456             08/01/2006
TV Intercity Relay                   WLD-443             08/01/2006
TV Intercity Relay                   WPNG-520            08/01/2006

                             Wichita Falls, Texas
                (Nexstar Broadcasting of Wichita Falls, L.L.C.)

Facility Type                        Call Sign           Exp. Date
-------------                        ---------           ----------

TV Broadcast Station License         KFDX-TV             08/01/2006
Auxiliary Low Power System           BLP00464            08/01/2006
TV Pickup                            KB-55270            08/01/2006
Auxiliary Remote Pickup              KLB-725             08/01/2006
TV Pickup                            KJ-3525             08/01/2006

                                Midland, Texas
               (Nexstar Broadcasting of Midland-Odessa, L.L.C.)

Facility Type                        Call Sign           Exp. Date
-------------                        ---------           ----------

TV Broadcast Station License         KMID                08/01/2006
TV Translator Station License        K12FM               08/01/2006
TV Pickup                            KB-96686            08/01/2006
TV Studio Transmitter Link           KKR-61              08/01/2006
TV Studio Transmitter Link           KLB-45              08/01/2006
TV Studio Transmitter Link           WHG-362             08/01/2006
TV Intercity Relay                   WLE-628             08/01/2006
TV Intercity Relay                   WLE-644             08/01/2006
TV Intercity Relay                   WLF-217             08/01/2006
Weather Radar Station                WPMY-327            03/25/2004

                                     IV-1
<PAGE>

                                Abilene, Texas
                   (Nexstar Broadcasting of Abilene, L.L.C.)

Facility Type                         Call Sign            Exp. Date
-------------                         ---------            ----------

TV Broadcast Station License          KTAB-TV              08/01/2006
Receive-Only Earth Station            E8009                11/16/2004
Business Radio                        KA-51599             04/17/2004
TV Pickup                             KS-5717              08/01/2006
Business Radio                        WGA-708              04/17/2004
TV Studio Transmitter Link            WGH-906              08/01/2006
Business Radio                        WZJ-613              04/17/2004

                               Texarkana, Texas
                  (Nexstar Broadcasting of Louisiana, L.L.C.)

Facility Type                         Call Sign            Exp. Date
-------------                         ---------            ----------

TV Broadcast Station License          KTAL-TV              08/01/2006
Transmit-Receive Earth Station        E940521              12/02/2004
Auxiliary Low Power Station           BLQ-74               08/01/2006
TV Pickup                             KA-88839             08/01/2006
Auxiliary Remote Pickup               KLB-589              08/01/2006
Auxiliary Remote Pickup               KLB-590              08/01/2006
Auxiliary Remote Pickup               KLB-591              08/01/2006
TV Studio Transmitter Link            KLS-96               08/01/2006
TV Intercity Relay                    WHB-602              08/01/2006
TV Studio Transmitter Link            WHB-603              08/01/2006
TV Studio Transmitter Link            WHB-604              08/01/2006
TV Intercity Relay                    WLP-781              08/01/2006
TV Intercity Relay                    WLP-782              08/01/2006

                              Rochester, New York
                  (Nexstar Broadcasting of Rochester, L.L.C.)

Facility Type                         Call Sign            Exp. Date
-------------                         ---------            ----------

TV Broadcast Station License          WROC                 06/01/2007
Receive-Only Earth Station            E940506              09/15/2004
Transmit/Receive Earth Station        E000660              12/12/2010
TV Pickup                             KA-4851              06/01/2007
TV Intercity Relay                    KA-6058              06/01/2007
TV Studio Transmitter Link            KEA-91               06/01/2007
TV Pickup                             KR-4704              06/01/2007
TV Pickup                             KR-4705              06/01/2007
Auxiliary Remote Pickup               WHE-925              06/01/2007
Auxiliary Remote Pickup               WHE-926              06/01/2007

                                     IV-2
<PAGE>

                          Wilkes-Barre, Pennsylvania
          (Nexstar Broadcasting of Northeastern Pennsylvania, L.L.C.)

Facility Type                                Call Sign         Exp. Date
-------------                                ---------         ----------

TV Broadcast Station License                 WBRE-TV           08/01/2007
TV Translator Station License                W24BL             07/31/2007
TV Translator Station License                W30AN             07/31/2007
TV Translator Station License                W51BP             07/31/2007
TV Translator Station License                W64AL             07/31/2007
Transmit-Only Earth Station License          E910642           11/01/2001
TV Pickup                                    KA-35201          08/01/2007
TV Pickup                                    KA-35425          08/01/2007
TV Pickup                                    KA-74870          08/01/2007
Business Radio                               KB-88735          06/26/2004
TV Pickup                                    KC-62824          08/01/2007
Broadcast Auxiliary                          KF-5726           08/01/2007
R/P Base Mobile System                       KGU-973           08/01/2007
TV Studio Transmitter Link                   KGH-66            08/01/2007
TV Pickup                                    KK-4138           08/01/2007
TV Pickup                                    KL-2535           08/01/2007
TV Pickup                                    KP-4407           08/01/2007
R/P Base Mobile System                       KQB-618           08/01/2007
TV Pickup                                    KR-7688           08/01/2007
TV Pickup                                    KR-7693           08/01/2007
TV Pickup                                    KR-7771           08/01/2007
TV Pickup                                    KS-2001           08/01/2007
TV Pickup                                    KY-2899           08/01/2007
R/P Mobile                                   KY-5608           08/01/2007
TV Studio Transmitter Link                   KZO-21            08/01/2007
TV Intercity Relay                           WFW-575           08/01/2007
TV Intercity Relay                           WGI-290           08/01/2007
TV Intercity Relay                           WHB-674           08/01/2007
TV Intercity Relay                           WLI-324           08/01/2007
TV Intercity Relay                           WLI-325           08/01/2007
TV Intercity Relay                           WLI-337           08/01/2007

                              Erie, Pennsylvania
                    (Nexstar Broadcasting of Erie, L.L.C.)

Facility Type                                Call Sign         Exp. Date
-------------                                ---------         ----------

TV Broadcast Station License                 WJET-TV           08/01/2007
Auxiliary TV Broadcast Pickup                KC-26079          08/01/2007
TV Intercity Relay                           WPJE-618          08/01/2007
Weather Radar Station                        WPOZ-488          09/14/2004
R/P Base Mobile System                       WSM-744           08/01/2007

                                     IV-3
<PAGE>

                             St. Joseph, Missouri
                  (Nexstar Broadcasting of the Midwest, Inc.)

Facility Type                           Call Sign           Exp. Date
-------------                           ---------           ----------

TV Broadcast Station License            KQTV                02/01/2006
TV Pickup                               KC-26093            02/01/2006
R/P Automatic Relay                     KQB-577             02/01/2006

                               Joplin, Missouri
                   (Nexstar Broadcasting of Joplin, L.L.C.)

Facility Type                           Call Sign           Exp. Date
-------------                           ---------           ----------

TV Broadcast Station License            KSNF                02/01/2006
TV Pickup                               KW-6078             02/01/2006
Business Radio                          WNKN-977            01/04/2003
Weather Radar Station                   WPMJ-419            08/12/2003

                             Terre Haute, Indiana
                  (Nexstar Broadcasting of the Midwest, Inc.)

Facility Type                           Call Sign           Exp. Date
-------------                           ---------           ----------

TV Broadcast Station License            WTWO                08/01/2005
TV Pickup                               KC-26086            08/01/2005
R/P Base Mobile System                  KLH-391             08/01/2005
Weather Radar Station                   KVB-629             03/30/2004
Broadcast Auxiliary                     KW-4107             08/01/2005
TV Pickup                               KW-4108             08/01/2005
TV Intercity Relay                      WHF-306             08/01/2005
TV Intercity Relay                      WMU-968             08/01/2005
Weather Radar Station                   WPPH-816            01/06/2005

                             Springfield, Illinois
                  (Nexstar Broadcasting of Champaign, L.L.C.)

Facility Type                           Call Sign           Exp. Date
-------------                           ---------           ----------

TV Broadcast Station License            WCFN                12/01/2005
TV Studio Transmitter Link              WLD-973             12/01/2005

                                     IV-4
<PAGE>

                              Champaign, Illinois
                  (Nexstar Broadcasting of Champaign, L.L.C.)

Facility Type                           Call Sign              Exp. Date
-------------                           ---------              ----------

TV Broadcast Station License            WCIA                   12/01/2005
Auxiliary Low Power Station             BLP00192               12/01/2005
Auxiliary Low Power Station             BLP00322               12/01/2005
Auxiliary Low Power Station             BLP00544               12/01/2005
Auxiliary Low Power Station             BLP00883               12/01/2005
Auxiliary Low Power Station             BLP00919               12/01/2005
Auxiliary Low Power Station             BLP01124               12/01/2005
Auxiliary Low Power Station             BLP01128               12/01/2005
TV Pickup                               KA-95317               12/01/2005
TV Pickup                               KC-5875                12/01/2005
Auxiliary Remote Pickup                 KSD-920                12/01/2005
Auxiliary Remote Pickup                 KSD-921                12/01/2005
TV Studio Transmitter Link              KSG-35                 12/01/2005
TV Intercity Relay                      KSI-74                 12/01/2005
TV Intercity Relay                      KSI-75                 12/01/2005
TV Pickup                               KW-6073                12/01/2005
TV Pickup                               KW-6074                12/01/2005
TV Intercity Relay                      WBJ-983                12/01/2005
TV Intercity Relay                      WBJ-986                12/01/2005
TV Intercity Relay                      WBJ-987                12/01/2005
TV Intercity Relay                      WBJ-988                12/01/2005
TV Intercity Relay                      WLG-233                12/01/2005
TV Intercity Relay                      WPNL-408               12/01/2005

                                Peoria, Illinois
                    (Nexstar Broadcasting of Peoria, L.L.C.)

Facility Type                           Call Sign              Exp. Date
-------------                           ---------              ----------

TV Broadcast Station License            WMBD-TV                12/01/2005
TV Pickup                               KA-88843               12/01/2005
TV Pickup                               KA-88844               12/01/2005
Remote Pickup Mobile System             KS-2010                12/01/2005
TV Intercity Relay                      KSI-71                 12/01/2005
TV Intercity Relay                      KSI-72                 12/01/2005
TV Intercity Relay                      KSI-73                 12/01/2005
TV Studio Transmitter Link              KSK-48                 12/01/2005
TV Intercity Relay                      WBJ-984                12/01/2005
TV Intercity Relay                      WBJ-985                12/01/2005
TV Intercity Relay                      WLG-752                12/01/2005
TV Intercity Relay                      WMV-276                12/01/2005
___________________

Applications seeking FCC consent to the assignment of the licenses of
transmit/receive satellite earth station E920434, business radio station KAP-730
and operational fixed microwave station WNTX-533 from their current licensees to
a Nexstar Company were filed with the FCC on December 20 and 21, 2001.  These
applications are currently pending with the FCC.  The current licensees and a
Nexstar Company have entered into a Station Use Agreement to allow the Nexstar
Company to use these stations during the

                                     IV-5
<PAGE>

pendency of the assignment applications.

                                     IV-6
<PAGE>

                              Wichita Falls, Texas
                 (Mission Broadcasting of Wichita Falls, Inc.)

Facility Type                           Call Sign              Exp. Date
-------------                           ---------              ----------

TV Broadcast Station License            KJTL                   08/01/2006
LPTV Broadcast Station License          KJBO-LP                08/01/2006
TV Translator License                   K47DK                  06/01/2006
TV Translator License                   K53DS                  06/01/2006
TV Studio Transmitter Link              WLD-942                08/01/2006
TV Studio Transmitter Link              WLJ-748                08/01/2006

                             Scranton, Pennsylvania
                          (Bastet Broadcasting, Inc.)

Facility Type                           Call Sign              Exp. Date
-------------                           ---------              ----------

TV Broadcast Station License            WYOU                   08/01/2007
TV Translator License                   W19AR                  08/01/2007
TV Translator License                   W26AT                  08/01/2007
TV Translator License                   W54AV                  08/01/2007
TV Translator License                   W55AG                  08/01/2007
TV Translator License                   W60AH                  08/01/2007
TV Translator License                   W66AI                  08/01/2007
Auxiliary Low Power                     BLQ-375                08/01/2007
TV Pickup                               KA-35173               08/01/2007
TV Pickup                               KA-35184               08/01/2007
TV Pickup                               KA-35185               08/01/2007
Auxiliary Remote Pickup                 KB-97161               08/01/2007
TV Studio Transmitter Link              KGH-69                 08/01/2007
TV Intercity Relay                      KGI-49                 08/01/2007
TV Intercity Relay                      KHC-88                 08/01/2007
TV Pickup                               KO-9753                08/01/2007
Auxiliary Remote Pickup                 KPH-450                08/01/2007
Auxiliary Remote Pickup                 KPJ-719                08/01/2007
Auxiliary Remote Pickup                 KQB-642                08/01/2007
Auxiliary Remote Pickup                 KQB-643                08/01/2007
TV Intercity Relay                      WFD-523                08/01/2007
TV Studio Transmitter Link              WLL-212                08/01/2007
TV Intercity Relay                      WLO-276                08/01/2007
TV Intercity Relay                      WLO-277                08/01/2007
TV Studio Transmitter Link              WPNF-884               08/01/2007

                               Erie, Pennsylvania
                          (Bastet Broadcasting, Inc.)

Facility Type                           Call Sign              Exp. Date
-------------                           ---------              ----------

TV Broadcast Station License            WFXP                   08/01/2007
TV Studio Transmitter Link              WLD-767                08/01/2007

                                     IV-7
<PAGE>

                                   EXHIBIT A

                                      A-1
<PAGE>

                                   EXHIBIT B

                                      B-1
<PAGE>

                                   EXHIBIT C

                                      C-1
<PAGE>

                                    ANNEX I

          Resale Pursuant to Regulation S or Rule 144A.  Each Initial Purchaser
     understands that:

          Such Initial Purchaser agrees that it has not offered or sold and will
not offer or sell the Securities in the United States or to, or for the benefit
or account of, a U.S. Person (other than a distributor), in each case, as
defined in Rule 902 under the Securities Act as part of its distribution at any
time and (ii) otherwise until 40 days after the later of the commencement of the
offering of the Securities pursuant hereto and the Closing Date, other than in
accordance with Regulation S of the Securities Act or another exemption from the
registration requirements of the Securities Act. Such Initial Purchaser agrees
that, during such 40-day restricted period, it will not cause any advertisement
with respect to the Securities (including any "tombstone" advertisement) to be
published in any newspaper or periodical or posted in any public place and will
not issue any circular relating to the Securities, except such advertisements as
permitted by and include the statements required by Regulation S.

          Such Initial Purchaser agrees that, at or prior to confirmation of a
sale of Securities by it to any distributor, dealer or person receiving a
selling concession, fee or other remuneration during the 40-day restricted
period referred to in Rule 903 under the Securities Act, it will send to such
distributor, dealer or person receiving a selling concession, fee or other
remuneration a confirmation or notice to substantially the following effect:

          "The Securities covered hereby have not been registered under the U.S.
     Securities Act of 1933, as amended (the "Securities Act"), and may not be
                                              --------------
     offered and sold within the United States or to, or for the account or
     benefit of, U.S. persons  as part of your distribution at any time or (ii)
     otherwise until 40 days after the later of the commencement of the Offering
     and the Closing Date, except in either case in accordance with Regulation S
     under the Securities Act (or Rule 144A or to Accredited Institutions in
     transactions that are exempt from the registration requirements of the
     Securities Act), and in connection with any subsequent sale by you of the
     Notes covered hereby in reliance on Regulation S during the period referred
     to above to any distributor, dealer or person receiving a selling
     concession, fee or other remuneration, you must deliver a notice to
     substantially the foregoing effect.  Terms used above have the meanings
     assigned to them in Regulation S."

          Such Initial Purchaser agrees that the Securities offered and sold in
reliance on Regulation S will be represented upon issuance by a global security
that may not be exchanged for definitive securities until the expiration of the
40-day restricted period referred to in Rule 903 of the Securities Act and only
upon certification of beneficial ownership of such Securities by non-U.S.
persons or U.S. persons who purchased such Securities in transactions that were
exempt from the registration requirements of the Securities Act.

                                    Annex-1

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