Document:

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                                                                   Exhibit 10.38
                                                                   -------------

                                Limited Guaranty
                                                                   June 16, 2001

==================================== ===========================================
Bank:                                Guarantor:

Bank of America, N.A.                     Nexstar Finance, LLC
Banking Center:                           c/o Nexstar Broadcasting Group, Inc.
     Private Bank                         200 Abington Executive Park
     101 South Tryon Street               Suite 201
     Charlotte, North Carolina 28255      Clarks Summit, Pennsylvania  18411

     County: Mecklenburg

                                     (Name and street address, including county)

(Street address including county)
==================================== ===========================================

"Borrower": Perry A. Sook

1.   Guaranty. FOR VALUE RECEIVED, and to induce Bank of America, N.A. (Attn:
     Private Bank) ("Bank") to make loans or advances or to extend credit or
     other financial accommodations or benefits, with or without security, to or
     for the account of Borrower, the undersigned "Guarantor", if more than one,
     then each of them jointly and severally, hereby irrevocably and
     unconditionally guarantees to Bank the full and prompt payment when due,
     whether by acceleration or otherwise, of any and all Liabilities (as
     hereinafter defined) of Borrower to Bank arising out of or in connection
     with the Loan Documents.

Guarantor further unconditionally guarantees the faithful, prompt and complete
compliance by Borrower with all Obligations (as hereinafter defined). The
undertakings of Guarantor hereunder are independent of the Liabilities and
Obligations of Borrower and a separate action or actions for payment, damages or
performance may be brought or prosecuted against Guarantor, whether or not an
action is brought against Borrower or to realize upon the security for the
Liabilities and/or Obligations, whether or not Borrower is joined in any such
action or actions, and whether or not notice is given or demand is made upon
Borrower.

Notwithstanding any other provision of this Guaranty to the contrary, the
liability of Guarantor under this Guaranty (exclusive of liability under any
other guaranties executed by Guarantor) shall not exceed at any one time the sum
of (a) Three Million Dollars ($3,000,000.00), for the principal amount of the
Obligations (the "Maximum Principal Amount") plus (b) all interest, fees and
other costs and expenses of Borrower relating to or arising out of the
Obligations or such part of the Obligations as shall not exceed the foregoing
limitation. Bank may permit the Obligations of Borrower to exceed the foregoing
limitation, and may apply any amounts received from any source, other than from
Guarantor, to the unguaranteed portion of Borrower's indebtedness.

Bank shall not be required to proceed first against Borrower, or any other
person, or entity, whether primarily or secondarily liable, or against any
collateral held by it, before resorting to Guarantor for payment, and Guarantor
shall not be entitled to assert as a defense to the enforceability of the
Guaranty any defense of Borrower with respect to any Liabilities or Obligations.

2. Paragraph Headings, Governing Law and Binding Effect. Guarantor agrees that
the paragraph headings in this Guaranty are for convenience only and that they
will not limit any of the provisions of this Guaranty. Guarantor further agrees
that this Guaranty shall be governed by and construed in accordance with the
laws of the State of New York and applicable United States federal law.
Guarantor further agrees that this Guaranty shall be deemed to have been made in
the State of New York at Bank's address indicated above, and shall be governed
by, and construed in accordance with, the laws of the State of New York, or the
United States courts located within the State of New York, and is performable in
the State of New York. This Guaranty is binding upon Guarantor, his, their or
its executors, administrators, successors or assigns, and shall inure to the
benefit of Bank, its successors, indorsees or assigns. Anyone executing this
Guaranty shall be bound by the terms hereof without regard to execution by
anyone else.

3. Definitions.

     A. "Guarantor" shall mean Guarantor or any one or more of them.

     B. "Liability" or "Liabilities" shall mean without limitation, all
liabilities and obligations of Borrower under the terms of that certain
Individual Loan Agreement dated January 5, 1998 by and between Borrower and Bank
as it may have been or may be amended, including but not limited to all
extensions or renewals thereof, and all sums payable under or by virtue thereof,
including without limitation, all amounts of principal and interest, all
expenses (including reasonable attorney's fees and cost of collection) incurred
in the collection thereof or the enforcement of rights thereunder (including
without limitation, any liability arising from failure to comply with state or
federal laws, rules and regulations concerning the control of hazardous waste or
substances at or with respect to any real estate securing any loan guaranteed
hereby), whether arising in the ordinary course of business or otherwise.

     C. "Loan Documents" shall mean that certain Individual Loan Agreement dated
January 5, 1998 as amended by the First Amendment dated as of January 12, 1998,
the Second Amendment dated as of August 12, 1998, the Third Amendment dated as
of June 21, 2001, and as further amended from time to time, between Borrower and
Bank, and all deeds to secure debt, deeds of trust, mortgages, security
agreements and other documents securing payment of the Liabilities thereunder
and all notes and other agreements, documents, and instruments evidencing or
relating to the Liabilities and Obligations thereunder.

     D. "Obligation" or "Obligations" shall mean all terms, conditions,
covenants, agreements and undertakings of Borrower and/or Guarantor under the
Loan Documents.

4. Waivers by Guarantor. Guarantor waives notice of acceptance of this Guaranty,
notice of any Liabilities or Obligations to which it may apply, presentment,
demand for payment, protest, notice of dishonor or nonpayment of any
Liabilities, notice of intent to accelerate, notice of acceleration, and notice
of any suit or the taking of other action by Bank against Borrower, Guarantor or
any other person, any applicable statute of limitations and any other notice to
any party liable on any Loan Document (including Guarantor).

Each Guarantor also hereby waives any claim, right or remedy which such
Guarantor may now have or hereafter acquire against Borrower that arises
hereunder and/or from the performance by any other Guarantor hereunder
including, without limitation, any claim, remedy or right of subrogation,
reimbursement, exoneration, contribution, indemnification, or participation in
any claim, right or remedy of Bank against Borrower or against any security

                                      -1-

<PAGE>

which Bank now has or hereafter acquires, whether or not such claim, right or
remedy arises in equity, under contract, by statute, under common law or
otherwise, which waiver shall terminate at such time as the Obligations have
been paid in full and Bank has no further obligation to lend under the Loan
Documents.

Guarantor also waives the benefits of any provision of law requiring that Bank
exhaust any right or remedy, or take any action, against Borrower, any
Guarantor, any other person and/or property.

Bank may at any time and from time to time (whether before or after revocation
or termination of this Guaranty) without notice to Guarantor (except as required
by law), without incurring responsibility to Guarantor, without impairing,
releasing or otherwise affecting the Obligations of Guarantor, in whole or in
part, and without the indorsement or execution by Guarantor of any additional
consent, waiver or guaranty: (a) change the manner, place or terms of payment,
or change or extend the time of or renew, or change any interest rate or alter
any Liability or Obligation or installment thereof, or any security therefor;
(b) loan additional monies or extend additional credit to Borrower, with or
without security, and the Guaranty herein made shall apply to the Liabilities
and Obligations as so changed, extended, surrendered, realized upon or otherwise
altered; (c) sell, exchange, release, surrender, realize upon or otherwise deal
with in any manner and in any order any property at any time pledged or
mortgaged to secure the Liabilities or Obligations and any offset there against;
(d) exercise or refrain from exercising any rights against Borrower or others
(including Guarantor) or act or refrain from acting in any other manner; (e)
settle or compromise any Liability or Obligation or any security therefor and
subordinate the payment of all or any part thereof to the payment of any
Liability or Obligation of any other parties primarily or secondarily liable on
any of the Liabilities or Obligations; (f) release or compromise any Liability
of Guarantor hereunder or any Liability or Obligation of any other parties
primarily or secondarily liable on any of the Liabilities or Obligations; or (g)
apply any sums from any sources to any Liability without regard to any
Liabilities remaining unpaid.

5. Subordination. Upon demand of Bank, Guarantor agrees that it will not demand,
take or receive from Borrower, by set-off or in any other manner, payment of any
debt, now and at any time or times hereafter owing by Borrower to Guarantor
unless and until all the Liabilities and Obligations shall have been fully paid
and performed, and any security interest, liens or encumbrances which Guarantor
now has and from time to time hereafter may have upon any of the assets of
Borrower shall be made subordinate, junior and inferior and postponed in
priority, operation and effect to any security interest of Bank in such assets.

6. Waivers by Bank. No delay on the part of Bank in exercising any of its
options, powers or rights, and no partial or single exercise thereof, shall
constitute a waiver thereof. No waiver of any of its rights hereunder, and no
modification or amendment of this Guaranty, shall be deemed to be made by Bank
unless the same shall be in writing, duly signed on behalf of Bank; and each
such waiver, if any, shall apply only with respect to the specific instance
involved, and shall in no way impair the rights of Bank or the obligations of
Guarantor to Bank in any other respect at any other time.

7. Termination. This Guaranty shall be binding on each Guarantor until written
notice of revocation signed by such Guarantor or written notice of the death of
such Guarantor shall have been received by Bank, notwithstanding change in name,
location, composition or structure of, or the dissolution, termination or
increase, decrease or change in personnel, owners or partners of Borrower, or
any one or more of Guarantors. No notice of revocation or termination hereof
shall affect in any manner rights arising under this Guaranty with respect to
Liabilities or Obligations that shall have been committed, created, contracted,
assumed or incurred prior to receipt of such written notice pursuant to any
agreement entered into by Bank prior to receipt of such notice. The sole effect
of such notice of revocation or termination hereof shall be to exclude from this
Guaranty, Liabilities or Obligations thereafter arising that are unconnected
with Liabilities or Obligations theretofore arising or transactions entered into
theretofore.

In the event of the death of a Guarantor, the liability of the estate of the
deceased Guarantor shall continue in full force and effect as to (i) the
Liabilities existing at the date of death, and any renewals or extensions
thereof, and (ii) loans or advances made to or for the account of Borrower after
the date of death of the deceased Guarantor pursuant to a commitment made by
Bank to Borrower prior to the date of such death. As to all surviving
Guarantors, this Guaranty shall continue in full force and effect after the
death of a Guarantor, not only as to the Liabilities existing at that time, but
also as to Liabilities thereafter incurred by Borrower to Bank.

8. Partial Invalidity and/or Enforceability of Guaranty. The unenforceability or
invalidity of any provision of this Guaranty shall not affect the enforceability
or validity of any other provision herein and the invalidity or unenforceability
of any provision of any Loan Document as it may apply to any person or
circumstance shall not affect the enforceability or validity of such provision
as it may apply to other persons or circumstances.

In the event Bank is required to relinquish or return the payments, the
collateral or the proceeds thereof, in whole or in part, which had been
previously applied to or retained for application against any Liability, by
reason of a proceeding arising under the Bankruptcy Code, or for any other
reason, this Guaranty shall automatically continue to be effective
notwithstanding any previous cancellation or release effected by Bank.

9. Change of Status. Guarantor will not become a party to a merger or
consolidation with any other company, except where Guarantor is the surviving
corporation or entity or all covenants under this Guaranty are assumed by the
surviving entity. Further, Guarantor may not change its legal structure, without
the written consent of Bank unless all covenants under this Guaranty are assumed
by the new or surviving entity. Guarantor further agrees that this Guaranty
shall be binding, legal and enforceable against Guarantor in the event Borrower
changes its name, status or type of entity.

10. Financial and Other Information. Guarantor agrees to furnish to Bank any and
all financial information and any other information regarding Guarantor and/or
collateral requested in writing by Bank within ten (10) days of the date of the
request. Guarantor has made an independent investigation of the financial
condition and affairs of Borrower prior to entering into this Guaranty, and
Guarantor will continue to make such investigation; and in entering into this
Guaranty Guarantor has not relied upon any representation of Bank as to the
financial condition, operation or creditworthiness of Borrower. Guarantor
further agrees that Bank shall have no duty or responsibility now or hereafter
to make any investigation or appraisal of Borrower on behalf of Guarantor or to
provide Guarantor with any credit or other information which may come to its
attention now or hereafter.

11. Notices. Notice shall be deemed reasonable if mailed postage prepaid at
least five (5) days before the related action to the address of Guarantor or
Bank, at their respective addresses indicated at the beginning of this Guaranty,
or to such other address as any party may designate by written notice to the
other party. Each notice, request and demand shall be deemed given or made, if
sent by mail, upon the earlier of the date of receipt or five (5) days after
deposit in the U.S. Mail, first class postage prepaid, or if sent by any other
means, upon delivery.

12. Guarantor Duties. Guarantor shall upon notice or demand by Bank promptly and
with due diligence pay all Liabilities and perform and satisfy all Obligations
for the benefit of Bank in the event of (a) the occurrence of any default under
any Loan Documents; (b) the failure of any Borrower or Guarantor to perform any
obligation or pay any liability or indebtedness of any Borrower or Guarantor to
Bank, or to any affiliate of Bank, whether under any Note, Guaranty, or any
other agreement, now or hereafter existing, as and when due (whether upon
demand, at maturity or by acceleration); (c) the failure of any Borrower or
Guarantor to pay or perform any other liability, obligation or indebtedness of
any Borrower or Guarantor to any other party; (d) the death of any Borrower or
Guarantor (if an individual); (e) the commencement of a proceeding against any
Guarantor for dissolution or liquidation, the voluntary or involuntary
termination or dissolution of any Guarantor or the merger or consolidation of
any Guarantor with or into another entity; (f) the insolvency, or the business
failure of, or the appointment of a custodian, trustee, liquidator or receiver
for or of any of the property of, or the assignment for the benefit of creditors
by, or the filing of a petition under bankruptcy, insolvency or debtor's relief
law or the filing of a petition for any adjustment of indebtedness, composition
or extension by or against any Borrower or Guarantor; (g) the sole determination
by Bank that any representation or warranty to Bank in any Loan Document or
otherwise to Bank was untrue or materially misleading when made; (h) the failure
of Guarantor or Borrower to timely deliver such financial statements including
tax returns and all schedules, or other statements of condition or other
information, as Bank shall request from

                                      -2-

<PAGE>

time to time; (i) the entry of a judgment against Borrower or Guarantor which
Bank deems to be of a material nature in the sole discretion of Bank; (j) the
seizure or forfeiture of any of Borrower or Guarantor's property, or the
issuance of any writ of possession, garnishment or attachment, or any turnover
order; (k) the occurrence of an event of default (i) under the terms of that
certain Amended and Restated Credit Agreement dated as of June 14, 2001 by and
between Guarantor, Nexstar Broadcasting Group, LLC and certain of its
subsidiaries from time to time parties thereto and Bank of America, as
administrative agent and a lender, and certain other lenders, or (ii) under any
"Loan Document," as that term is defined in such Credit Agreement; or (l) any
lien or additional security interest being placed upon any collateral which is
security.

13. Remedies. Upon the failure of Guarantor to fulfill its duty to pay all
Liabilities and perform and satisfy all Obligations as required hereunder, Bank
shall have all of the remedies of a creditor and, to the extent applicable, of a
secured party, under all applicable law, and without limiting the generality of
the foregoing, Bank may, at its option and without notice or demand: (a) declare
any Liability due and payable at once; (b) take possession of any collateral
pledged by Borrower or Guarantor wherever located, and sell, resell, assign,
transfer and deliver all or any part of said collateral of Borrower or Guarantor
at any public or private sale or otherwise dispose of any or all of the
collateral in its then condition, for cash or on credit or for future delivery,
and in connection therewith Bank may impose reasonable conditions upon any such
sale, and Bank, unless prohibited by law the provisions of which cannot be
waived, may purchase all or any part of said collateral to be sold, free from
and discharged of all trusts, claims, rights or redemption and equities of
Borrower or Guarantor whatsoever; Guarantor acknowledges and agrees that the
sale of any collateral through any nationally recognized broker-dealer,
investment banker or any other method common in the securities industry shall be
deemed a commercially reasonable sale under the Uniform Commercial Code or any
other equivalent statute or federal law, and expressly waives notice thereof
except as provided herein; and (c) set-off against any or all liabilities of
Guarantor all money owed by Bank or any of its agents or affiliates in any
capacity to Guarantor whether or not due, and also set-off against all other
Liabilities of Guarantor to Bank all money owed by Bank in any capacity to
Guarantor, and if exercised by Bank, Bank shall be deemed to have exercised such
right of set-off and to have made a charge against any such money immediately
upon the occurrence of such default although made or entered on the books
subsequent thereto.

Bank is granted a contractual right of set-off and will not be liable for
dishonoring checks or withdrawals where the exercise of Bank's contractual right
of set-off or security interest results in insufficient funds in Guarantor's
account. As authorized by law, Guarantor grants to Bank this contractual right
of set-off and security interest in all property of Guarantor now or at anytime
hereafter in the possession of Bank, including but not limited to any joint
account, special account, account by the entireties, tenancy in common, and all
dividends and distributions now or hereafter in the possession or control of
Bank.

14. Attorney Fees, Cost and Expenses. Guarantor shall pay all costs of
collection and reasonable attorney's fees, including reasonable attorney's fees
in connection with any suit, mediation or arbitration proceeding, out of Court
payment agreement, trial, appeal, bankruptcy proceedings or otherwise, incurred
or paid by Bank in enforcing the payment of any Liability or defending this
agreement.

15.  [intentionally left blank]

16. Preservation of Property. Bank shall not be bound to take any steps
necessary to preserve any rights in any property pledged as collateral to Bank
to secure Borrower and/or Guarantor's Liabilities and Obligations as against
prior parties who may be liable in connection therewith, and Borrower and
Guarantor hereby agree to take any such steps. Bank, nevertheless, at any time,
may (a) take any action it deems appropriate for the care or preservation of
such property or of any rights of Borrower and/or Guarantor or Bank therein; (b)
demand, sue for, collect or receive any money or property at any time due,
payable or receivable on account of or in exchange for any property pledged as
collateral, to Bank to secure Borrower and/or Guarantor's Liabilities to Bank;
(c) compromise and settle with any person liable on such property; or (d) extend
the time of payment or otherwise change the terms of the Loan Documents as to
any party liable on the Loan Documents, all without notice to, without incurring
responsibility to, and without affecting any of the Obligations or Liabilities
of Guarantor.

17.  ARBITRATION.

Any claim or controversy ("Claim") between the parties, whether arising in
contract or tort or by statute including, but not limited to, Claims resulting
from or relating to this Guaranty shall, upon the request of either party, be
resolved by binding arbitration in accordance with the Federal Arbitration Act
(Title 9, United States Code). Arbitration proceedings will be conducted in
accordance with the applicable rules for the arbitration of disputes of JAMS or
any successor thereof ("JAMS"). The arbitration shall be conducted in any U.S.
state where real or tangible personal property collateral for this Guaranty is
located or if there is no such collateral, in New York. The arbitration hearing
shall commence within 90 days of the demand for arbitration and close within 90
days of commencement, and any award, which may include legal fees, shall be
issued (with a brief written statement of the reasons therefore) within 30 days
of the close of hearing. Any dispute concerning whether a claim is arbitrable or
barred by the statute of limitations shall be determined by the arbitrator. This
arbitration provision is not intended to limit the right of any party to
exercise self-help remedies, to seek and obtain interim or provisional relief of
any kind or to initiate judicial or non-judicial foreclosure against any real or
personal property collateral. By agreeing to binding arbitration, the parties
irrevocably and voluntarily waive any right they may have to a trial by jury in
respect of any Claim. Furthermore, if for any reason a Claim is not arbitrated,
the parties irrevocably and voluntarily agree to waive any right to a trial by
jury in respect of such Claim

18. Controlling Document. To the extent that this Limited Guaranty conflicts
with or is in any way incompatible with any other Loan Document concerning this
Obligation, any promissory note shall control over any other document, and if
such promissory note does not address an issue, then each other document shall
control to the extent that it deals most specifically with an issue.

19. Execution Under Seal. This Guaranty is being executed under seal by
Guarantor.

20. NOTICE OF FINAL AGREEMENT. THIS WRITTEN LIMITED GUARANTY REPRESENTS THE
FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF
PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE
NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.

21. REPLACEMENT GUARANTY. This Guaranty is executed in replacement of and
supersedes the Continuing Guaranty Agreement dated as of January 5, 1998, if
any, executed in favor of Bank by Guarantor.

                                      -3-

<PAGE>

IN WITNESS WHEREOF, the undersigned has caused this Guaranty to be executed
under seal on this ______ day of ______________________, 20_____.

Witnessed By:                                  Guarantor:

-------------------------------------
                                               Nexstar Finance, LLC

_____________________________________          By:________________________(Seal)

                                               Name:____________________________

                                               Title:___________________________

                                               ---------------------------------
                                               Attest (If Applicable)

                                                         [Corporate Seal]

<TABLE>
<S>                                                                             <C>
Corporate Acknowledgment

State of _____________________      )
                                    )
County of ____________________      )

This instrument was acknowledged before me on _____________________________, 20_____________, by _____________________________,

______________________________  of   _______________________________________________,   a  _________________________ corporation, on
behalf of said corporation.

                                                                                -----------------------------------------------
(Seal)                                                                          Notary Public
                                                                                in and for the State of _______________________

-------------------------------------                                           -----------------------------------------------
My Commission Expires                                                           Print Name of Notary
</TABLE>

                                      -4-<PAGE>
                                                                   Exhibit 10.42

                                OPTION AGREEMENT

                                      AMONG

                  MISSION BROADCASTING OF WICHITA FALLS, INC.,

                                   DAVID SMITH

                                       and

                   NEXSTAR BROADCASTING OF WICHITA FALLS, L.P.

                                   DATED AS OF

                                  JUNE 1, 1999

<PAGE>

                                TABLE OF CONTENTS

ARTICLE I

     GRANT OF OPTION;
     GENERAL TERMS OF SALE .................................................   1
     1.1  Option Grant; Assets Covered .....................................   1
          (a)      FCC Authorizations ......................................   2
          (b)      Tangible Personal Property ..............................   2
          (c)      Real Property ...........................................   2
          (d)      Agreements for Sale of Time .............................   2
          (e)      Program Contracts .......................................   2
          (f)      Other Contracts .........................................   2
          (g)      Trademarks, etc. ........................................   2
          (h)      Programming Copyrights ..................................   2
          (i)      FCC Records .............................................   3
          (j)      Files and Records .......................................   3
          (k)      Goodwill ................................................   3
          (l)      Prepaid Items ...........................................   3
          (m)      Cash ....................................................   3
          (n)      Receivables and Other Claims ............................   3
     1.2  Excluded Assets ..................................................   3
          (a)      Insurance ...............................................   3
          (b)      Name ....................................................   3
          (c)      Certain Contracts .......................................   3
          (d)      Corporate Books and Records .............................   4
          (e)      Transaction Documents ...................................   4
     1.3  Option Exercise ..................................................   4
     1.4  Liabilities ......................................................   4
          (a)      Permitted Encumbrances ..................................   4
          (b)      Assumption of Liabilities Generally .....................   4

ARTICLE II

     CLOSING ...............................................................   5
     2.1  Exercise Price ...................................................   5
          (a)      Payment .................................................   5
          (b)      Definition of Cash Purchase Price .......................   5
          (c)      Determination of Cash Purchase Price ....................   5
          (d)      Allocation of Cash Purchase Price after Sale ............   5
     2.2  The Closing ......................................................   6
     2.3  Deliveries at Closing ............................................   6
          (a)      Deliveries by Seller ....................................   6

                                       i

<PAGE>

          (b)      Deliveries by Buyer .....................................   7

ARTICLE III

     REPRESENTATIONS AND WARRANTIES OF SELLER ..............................   8
     3.1  Incorporation; Power .............................................   8
     3.2  Corporate Action .................................................   8
     3.3  No Defaults ......................................................   8
     3.4  Brokers ..........................................................   8

ARTICLE IV

     REPRESENTATIONS AND WARRANTIES OF PARENT ..............................   8
     4.1  Capacity .........................................................   9
     4.2  Action ...........................................................   9
     4.3  No Defaults ......................................................   9
     4.4  Brokers ..........................................................   9

ARTICLE V

     REPRESENTATIONS AND WARRANTIES OF BUYER ...............................   9
     5.1  Incorporation ....................................................   9
     5.2  Action ...........................................................   9
     5.3  No Defaults ......................................................  10
     5.4  Brokers ..........................................................  10

ARTICLE VI

     COVENANTS OF SELLER AND PARENT ........................................  10
     6.1  Covenants of Seller and Parent Generally .........................  10
          (a)      FCC Authorizations and Other Matters ....................  10
          (b)      Restrictions ............................................  10
          (c)      Reports; Access to Facilities, Files, and Records .......  11
          (d)      Notice of Proceedings ...................................  12
          (e)      Notice of Certain Developments ..........................  12
          (f)      Issuance or other Transfer of Stock or Equivalents ......  12
          (g)      No Premature Assumption of Control ......................  12
     6.2  Covenants of Seller and Parent during the Exercise Period ........  12
          (a)      Application for Commission Consent ......................  12
          (b)      Consents ................................................  13
          (c)      Consummation of Sale ....................................  13
          (d)      Hart-Scott-Rodino .......................................  13

                                       ii

<PAGE>

ARTICLE VII

     COVENANTS OF BUYER ....................................................  13
     7.1    Covenants of Buyer Generally ...................................  13
     7.2    Covenants of Buyer during Exercise Period ......................  14

ARTICLE VIII

     CONDITIONS TO SELLER'S OBLIGATIONS
     ON THE CLOSING DATE ...................................................  14
     8.1    Representations, Warranties, Covenants .........................  14
     8.2    Proceedings ....................................................  14
     8.3    FCC Authorization ..............................................  15
     8.4    Hart-Scott-Rodino ..............................................  15
     8.5    Other Instruments ..............................................  15

ARTICLE IX

     REMEDIES ..............................................................  15
     9.1    Bulk Sales Indemnity ...........................................  15
     9.2    Acknowledgment by Buyer ........................................  15

ARTICLE X

     TERMINATION/MISCELLANEOUS .............................................  16
     10.1   Termination of Agreement Prior to the Closing Date .............  16
            (a)      By Parent .............................................  16
            (b)      By Buyer ..............................................  16
     10.2   Remedies .......................................................  17
     10.3   Expenses .......................................................  17
     10.4   Assignments; Exercise in Part ..................................  17
     10.5   Further Assurances .............................................  17
     10.6   Notices ........................................................  18
     10.7   Captions .......................................................  19
     10.8   Law Governing ..................................................  19
     10.9   Waiver of Provisions ...........................................  19
     10.10  Counterparts ...................................................  19
     10.11  Entire Agreement/Amendments ....................................  19
     10.12  Access to Books and Records ....................................  19
     10.13  Public Announcements ...........................................  20
     10.14  Definitional Provisions ........................................  20
            (a)      Terms Defined in Appendix .............................  20

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<PAGE>

            (b)      Gender and Number .....................................  21
     10.15  Arbitration ....................................................  21
            (a)      Generally .............................................  21
            (b)      Notice of Arbitration .................................  21
            (c)      Selection of Arbitrator ...............................  21
            (d)      Conduct of Arbitration ................................  21
            (e)      Enforcement ...........................................  22
            (f)      Expenses ..............................................  22

                                       iv

<PAGE>

                                OPTION AGREEMENT

          THIS OPTION AGREEMENT is dated as of June 1, 1999, and is entered
into among Mission Broadcasting of Wichita Falls, Inc., a Delaware corporation
("Seller"), David Smith ("Parent"), and Nexstar Broadcasting of Wichita Falls,
L.P., a Delaware limited partnership ("Buyer"). Other capitalized terms are
defined in the Appendix to this Agreement.

                                    RECITALS

          WHEREAS, Seller owns and operates broadcast television stations KJTL
and KJBO-LP, Wichita Falls, Texas, and television translator stations K47DK,
Grandview, Oklahoma and K53DS, Lawton, Oklahoma (collectively, the "Station"),
and Seller owns 100 % of the outstanding stock of Mission Broadcasting of
Wichita Falls License, Inc. ("Mission License"), the licensee of the Station;

          WHEREAS, Parent is the sole stockholder of Seller; and

          WHEREAS, Seller has agreed to grant to Buyer an option to acquire the
Station Assets described in more detail below, all on the terms described below
and consistent with the rules and regulations of the FCC;

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

                                    ARTICLE I

                                GRANT OF OPTION;
                              GENERAL TERMS OF SALE

          1.1 Option Grant; Assets Covered. Seller hereby grants to Buyer, and
Buyer hereby accepts Seller's grant of, an option (the "Option") to acquire the
Station Assets, upon the terms and conditions set forth in this Agreement. Upon
and subject to the terms and conditions stated in this Agreement, on the Closing
Date, Seller, as its interests may appear, shall convey, transfer, and deliver
to Buyer, and Buyer shall acquire from Seller, all of Seller's rights in, to and
under the assets and properties of Seller, real and personal, tangible and
intangible, of every kind and description which are used or useful in connection
with the business and operations of the Station, as a going concern, including,
without limitation, rights under contracts and leases, real and personal
property, plant and equipment, inventories, intangibles, licenses and goodwill,
but excluding all such assets and properties which constitute Excluded Assets.
In addition, Seller shall cause Mission License to convey, transfer and deliver
to Buyer, and Buyer

<PAGE>

shall acquire from Mission License, all of Mission License's rights in, to and
under the FCC Authorizations described below. The rights, assets, property, and
business of Seller and Mission License with respect to the Station to be
transferred to Buyer pursuant to this Section 1.1 in connection with the
exercise of the Option are referred to as the "Station Assets," and the purchase
and sale of the Station Assets pursuant to this Agreement in connection with the
exercise of the Option is referred to as the "Sale." Subject to Section 1.2, the
Station Assets include, without limitation, Seller's and Mission License's
rights in, to and under the following, in each case if and to the extent in
existence and held by Seller immediately prior to the Closing:

               (a) FCC Authorizations. All licenses, construction permits and
     authorizations issued by the FCC to Mission License with respect to the
     Station (the "FCC Authorizations"), and all applications therefor, together
     with any renewals, extensions, or modifications thereof and additions
     thereto.

               (b) Tangible Personal Property. All equipment, vehicles,
     furniture, fixtures, transmitting towers, antennas, transmitters, satellite
     earth stations, office materials and supplies, spare parts and other
     tangible personal property of every kind and description used in connection
     with the business and operations of the Station.

               (c) Real Property. All real property interests held by Seller and
     all buildings, structures, towers, and improvements thereon used in the
     business and operations of the Station, and all other rights under any
     Contracts relating to real property (the "Realty Contracts"); provided
     that, in the event of destruction of or damage to any such real property
     interest, any improvement thereon or any property described in Section
     1.1(b) which is not repaired or restored prior to the Closing Date, then at
     the Closing Seller shall assign to Buyer all of Seller's interest, if any,
     in the proceeds (the "Proceeds") of any insurance covering such damage or
     destruction.

               (d) Agreements for Sale of Time. All orders, agreements and other
     Contracts for the sale of advertising time (including Trades) on the
     Station (collectively, the "Time Sales Contracts"), to the extent
     unperformed as of the Closing Date.

               (e) Program Contracts. All program licenses and other Contracts
     under which Seller is authorized to broadcast film product or programs on
     the Station (collectively, the "Program Contracts").

               (f) Other Contracts. All affiliation agreements and other
     Contracts relating to the Station to which Seller is a party with respect
     to the Station (other than any Contract described in Section 1.1(c), 1.1(d)
     or 1.1(e) hereof) (collectively, the "Other Assumed Contracts").

               (g) Trademarks, etc. All trademarks, service marks, trade names,
     jingles, slogans, logotypes, the goodwill associated with the foregoing,
     and patents, owned and used by Seller in connection with the business and
     operations of the Station, including, without limitation, all Seller's
     rights to use the call letters "KJTL" and "KJBO" and any related or other
     call letters, names and phrases used in connection with the Station.

                                       2

<PAGE>

               (h) Programming Copyrights. All program and programming materials
     and elements of whatever form or nature owned by Seller and used solely in
     connection with the business and operations of the Station, whether
     recorded on tape or any other substance or intended for live performance,
     and whether completed or in production, and all related common law and
     statutory copyrights owned by or licensed to Seller and used in connection
     with the business and operations of the Station.

               (i) FCC Records. Subject to Section 10.12, all FCC logs and other
     compliance records of Seller and Mission License that relate to the
     operations of the Station.

               (j) Files and Records. Subject to Section 10.12, all files and
     other records of Seller relating to the business and operations of the
     Station prior to the Closing Date, including, without limitation, all
     books, records, accounts, checks, payment records, tax records (including,
     without limitation, payroll, unemployment, real estate, and other tax
     records), and other such similar books and records of Seller, for five (5)
     fiscal years immediately preceding the Closing Date (collectively, the
     "Seller's Recent Station Records").

               (k) Goodwill. All of Seller's goodwill in, and going concern
     value of, the Station.

               (l) Prepaid Items. All prepaid expenses relating to the Station.

               (m) Cash. All cash, cash equivalents, and cash items of any kind
     whatsoever, certificates of deposit, money market instruments, bank
     balances, and rights in and to bank accounts, marketable and other
     securities held by Seller.

               (n) Receivables and Other Claims. All notes and accounts
     receivable and other receivables of Seller relating to or arising out of
     the operation of the Station prior to the Closing, all security, insurance,
     and similar deposits, and all other claims of Seller with respect to
     transactions or other conduct of the business of the Station prior to the
     Closing, including, without limitation, claims for tax refunds and claims
     of Seller under all Contracts with respect to events for the period prior
     to the Closing.

          1.2  Excluded Assets. There shall be excluded from the Station Assets
and, to the extent in existence on the Closing Date, retained by Seller, the
following assets (the "Excluded Assets"):

               (a) Insurance. Subject to Section 1.1(c), all contracts of
     insurance and all insurance plans and the assets thereof, together with all
     rights and claims thereunder.

               (b) Name. All of Seller's or Mission License's rights to use the
     name "Mission Broadcasting," any variation thereof, or any related logo,
     name or phrase.

                                       3

<PAGE>

               (c) Certain Contracts. All Realty Contracts, Time Sales
     Contracts, Program Contracts and Other Assumed Contracts which expire and
     are not renewed, or which otherwise terminate, on or prior to the Closing
     Date.

               (d) Corporate Books and Records. Subject to Section 10.12, all
     account books of original entry other than duplicate copies of such files
     and records, if any, that are maintained at any executive office of Seller
     or the offices of Seller's direct or indirect equity owners, and all
     materials of Seller which constitute attorney work product or contain
     information which is protected by attorney-client privilege, wherever
     located, relating to matters at or prior to the Closing; provided that
     Seller will provide Buyer access to such work product or privileged
     information to the extent necessary for Buyer to defend any claim brought
     against Buyer by a Person which is not, or is not an Affiliate of, a party
     to this Agreement.

               (e) Transaction Documents. All rights of Seller, or any successor
     to Seller, pursuant to any Transaction Document.

          1.3  Option Exercise. Each exercise of the Option will be permitted
solely in accordance in all respects with the Communications Act and all
applicable rules, regulations and policies of the FCC. In order to exercise the
Option, Buyer must deliver to Seller (prior to the Option Expiration Date)
written notice (an "Exercise Notice") of Buyer's intention to do so. Buyer may
withdraw any Exercise Notice prior to the Closing by written notice to that
effect to Seller. No such withdrawal (and no withdrawal of any subsequent
Exercise Notice) will affect Buyer's right subsequently to exercise the Option
by delivering to Seller (prior to the Option Expiration Date) one or more other
Exercise Notices, subject in all events to compliance with the Communications
Act and all applicable rules, regulations and policies of the FCC. Upon the
withdrawal of any Exercise Notice, Buyer shall reimburse Seller for all
reasonable out-of-pocket expenses (including reasonable attorneys' fees)
incurred by Seller in connection with its compliance with Section 6.2 with
respect to such Exercise Notice.

          1.4  Liabilities.

               (a) Permitted Encumbrances. At the Closing, after the application
     of the Cash Purchase Price as may be required to repay the Existing Station
     Indebtedness, the Station Assets shall be sold and conveyed to Buyer free
     and clear of all Liens (including all Liens which secure the repayment of
     Existing Station Indebtedness), other than (i) Liens for current taxes in
     respect of the Station and the Station Assets and other amounts which are
     not then due and payable and which arise by operation of law, (ii) Liens on
     the Station Assets which are in existence on the date of this Agreement and
     which do not secure indebtedness or borrowed money, (iii) Liens on the
     Station's assets arising by operation of law or in the ordinary course of
     Seller's business after the date of this Agreement and not securing
     indebtedness for borrowed money, and (iv) Liens on the Station Assets
     which, in the aggregate, would not be expected to have a material effect on
     the Station Assets after the Sale.

                                       4

<PAGE>

               (b) Assumption of Liabilities Generally. The "Assumed
     Liabilities" will be all liabilities and obligations of Seller or Parent
     relating to the operation of the Station or the ownership or operation of
     the Station Assets, in each case as of the Closing Date, whether contingent
     or absolute, known or unknown, accrued or not accrued, or matured or
     unmatured, including all liabilities and obligations pursuant to any Realty
     Contract, Time Sales Contract, Program Contract or Other Assumed Contract
     (collectively, the "Assumed Contracts") in effect on the Closing Date. On
     the Closing Date, Buyer will assume and agree to pay, satisfy, perform and
     discharge all Assumed Liabilities. From and after the Closing, Buyer will
     discharge and reimburse and hold harmless Seller against, and Seller will
     not be responsible or otherwise liable for, any Assumed Liability. Without
     limiting the foregoing, except as otherwise provided in this Agreement, the
     "Assumed Liabilities" will not include, and on the Closing Date Buyer shall
     not assume or thereafter be liable for, any liability or obligation of
     Seller relating to any Existing Station Indebtedness (it being understood
     that all Existing Station Indebtedness will be satisfied prior to, or
     contemporaneously with, the consummation of the Sale). The revenues,
     expenses and liabilities of Seller or attributable to the Station and the
     Station Assets will not be prorated between Buyer and Seller in connection
     with the Sale.

                                   ARTICLE II

                                     CLOSING

          2.1 Exercise Price.

               (a) Payment. In consideration of the transfer and delivery of the
     Station Assets to Buyer at the Closing, (i) Buyer will pay to Seller an
     amount which is equal to the Cash Purchase Price, and (ii) Buyer will
     assume the Assumed Liabilities. The Cash Purchase Price shall be paid by
     Buyer to Seller on the Closing Date by wire transfer of immediately
     available funds to such bank account(s) as Seller may designate on or prior
     to the Closing Date.

               (b) Definition of Cash Purchase Price. The "Cash Purchase Price"
     shall be as described on the attached Schedule 2.1.

               (c) Determination of Cash Purchase Price. Each of Buyer and
     Parent will use reasonable efforts to assist in the determination of the
     Existing Station Indebtedness. Notwithstanding Section 10.1(a) of this
     Agreement, Parent may not terminate this Agreement at any time at which an
     Exercise Notice has been given (and not withdrawn) and the related Existing
     Station Indebtedness has not been determined, or during the twenty business
     days after any such determination.

               (d) Allocation of Cash Purchase Price after Sale. Buyer and
     Seller will allocate the Cash Purchase Price among the Station Assets in
     accordance with a report

                                       5

<PAGE>

     of such allocation prepared in good faith by Buyer based upon the valuation
     report of an independent appraiser retained by Buyer and in accordance with
     all applicable provisions of the Internal Revenue Code of 1986, as in
     effect from time to time. Buyer will submit such reports of Buyer and such
     independent appraiser to Seller prior to the Closing of the Sale. Buyer and
     Seller agree to file (at such times and in such manner as may be required
     by applicable Legal Requirements) all relevant returns and reports
     (including, without limitation, Forms 8594, Asset Acquisition Statements,
     and all income and other tax returns) on the basis of such allocations.

          2.2 The Closing. Subject to Section 10.1, the closing of the Sale,
and the assumption of the Assumed Liabilities (the "Assumption"), and the
consummation of all related transactions to be consummated contemporaneously
therewith pursuant to this Agreement (the "Closing"), shall be held after the
satisfaction or Seller's waiver in writing of each of the conditions set forth
in Article VIII and at the time and location and on the date specified by Buyer
in writing to Seller delivered not less than fifteen business days prior to such
date, or at such other place and/or at such other time and day as Seller and
Buyer may agree in writing.

          2.3 Deliveries at Closing. All actions at the Closing shall be deemed
to occur simultaneously, and no document or payment to be delivered or made at
the Closing shall be deemed to be delivered or made until all such documents and
payments are delivered or made to the reasonable satisfaction of Buyer, Seller
and their respective counsel.

         (a) Deliveries by Seller. At the Closing, Seller shall deliver to
     Buyer such instruments of conveyance and other customary documentation as
     shall in form and substance be reasonably satisfactory to Buyer and its
     counsel in order to effect the Sale, including, without limitation, the
     following:

         (1)  one or more bills of sale or other instruments (including
              assignments of FCC Authorizations, call letters, service marks,
              leases and other contracts) conveying the Station Assets;

         (2)  any releases of Liens that are necessary in order to transfer the
              Station Assets in the manner contemplated by Section 1.4(a);

         (3)  a certified copy of the resolutions or proceedings of Seller's
              board of directors and stockholders (or similar Persons)
              authorizing Seller's consummation of the Sale;

         (4)  a certificate as to the existence and/or good standing of Seller
              issued by the Secretary of State of each state under the laws of
              which Seller is incorporated, organized, formed or authorized to
              do business, in each case dated on or after the fifth Business
              Day prior to the Closing Date, certifying as to the good standing
              and/or qualification of Seller in such jurisdiction;

                                       6

<PAGE>

          (5)  a receipt for the Cash Purchase Price;

          (6)  all Consents received by Seller through the Closing Date;

          (7)  a certificate of Seller to the effect that, except as set forth
               in such certificate, each of the representations and warranties
               of Seller contained in this Agreement is true and accurate in all
               material respects (except to the extent changes are permitted or
               contemplated pursuant to this Agreement) as if made on and as of
               the Closing Date; and

          (8)  such other documents as Buyer may reasonably request.

               (b) Deliveries by Buyer. At the Closing, Buyer shall deliver to
     Seller the Cash Purchase Price as provided in Section 2.1 and such
     instruments of assumption and other customary documentation as shall in
     form and substance be reasonably satisfactory to Seller and its counsel in
     order to effect the Sale and the Assumption, including, without limitation,
     the following:

          (1)  a certificate of Buyer dated the Closing Date to the effect that
               the conditions set forth in Article VIII have been fulfilled;

          (2)  if Buyer is not a natural person, then a certified copy of the
               resolutions or proceedings of Buyer authorizing the consummation
               of the Sale and the Assumption;

          (3)  if Buyer is not a natural person, then a certificate issued by
               the Secretary of State of the state under the laws of which Buyer
               is incorporated, organized or formed (and in any event, if
               qualification of Buyer to conduct business in the State of Texas
               is required in order for Buyer to hold the Station Assets after
               the Sale, then of the Secretary of the State of Texas), in each
               case dated on or after the fifth Business Day prior to the
               Closing Date, certifying as to the organization and/or
               qualification of Buyer in each such jurisdiction; and

          (4)  such other documents as Seller may reasonably request.

                                       7

<PAGE>

                                   ARTICLE III

                    REPRESENTATIONS AND WARRANTIES OF SELLER

          Seller represents and warrants to Buyer as follows:

          3.1 Incorporation; Power. Seller is a corporation duly organized,
validly existing, and in good standing under the laws of the State of Delaware
and in good standing under the laws of the State of Texas. Seller has the
corporate power to enter into and consummate the transactions contemplated by
this Agreement. Parent is the beneficial and record owner of all of the issued
and outstanding capital stock of Seller, and there are not outstanding any
Equity Securities of Seller (other than its capital stock of which Parent is the
beneficial and record owner).

          3.2 Corporate Action. All actions necessary to be taken by or on the
part of Seller in connection with the execution and delivery of this Agreement
and the consummation of transactions contemplated hereby to be consummated and
presently necessary to make the same effective have been duly and validly taken.
This Agreement has been duly and validly authorized, executed, and delivered by
Seller and constitutes a valid and binding agreement, enforceable against Seller
in accordance with and subject to its terms.

          3.3 No Defaults. On the Closing Date (after giving effect to all
Consents which have been obtained), neither the execution and delivery by Seller
of this Agreement, nor the consummation by Seller of the transactions
contemplated by this Agreement to be consummated on or prior to the Closing
Date, will constitute, or, with the giving of notice or the passage of time or
both, would constitute, a material violation of or would conflict in any
material respect with or result in any material breach of or any material
default under, any of the terms, conditions, or provisions of any Legal
Requirement to which Seller is subject, or of Seller's certificate of
incorporation or by-laws or similar organizational documents, or of any material
contract, agreement, or instrument to which Seller is a party or by which Seller
is bound.

          3.4 Brokers. There is no broker or finder or other Person who would
have any valid claim against Seller for a commission or brokerage fee in
connection with this Agreement or the transactions contemplated hereby as a
result of any agreement or understanding of or action taken by Seller or any
Affiliate of Seller.

                                   ARTICLE IV

                    REPRESENTATIONS AND WARRANTIES OF PARENT

          Parent represents and warrants to Buyer as follows:

                                       8

<PAGE>

          4.1 Capacity. Parent has the legal capacity to enter into and
consummate the transactions contemplated by this Agreement.

          4.2 Action. All actions necessary to be taken by or on the part of
Parent in connection with the execution and delivery of this Agreement and the
consummation of transactions contemplated hereby to be consummated and presently
necessary to make the same effective have been duly and validly taken. This
Agreement has been duly executed and delivered by Parent, and constitutes a
valid and binding agreement that is enforceable against Parent in accordance
with and subject to its terms.

          4.3 No Defaults. On the Closing Date (after giving effect to all
Consents which have been obtained), neither the execution and delivery by Parent
of this Agreement, nor the consummation by Parent of the transactions
contemplated by this Agreement to be consummated on or prior to the Closing
Date, will constitute, or, with the giving of notice or the passage of time or
both, would constitute, a material violation of or would conflict in any
material respect with or result in any material breach of or any material
default under, any of the terms, conditions, or provisions of any Legal
Requirement to which Parent is subject, or of any material contract, agreement,
or instrument to which Parent is a party or by which Parent is bound.

          4.4 Brokers. There is no broker or finder or
other Person who would have any valid claim against Seller or Parent for a
commission or brokerage fee in connection with this Agreement or the
transactions contemplated hereby as a result of any agreement or understanding
of or action taken by Seller or Parent or any Affiliate of Seller or Parent.

                                    ARTICLE V

                     REPRESENTATIONS AND WARRANTIES OF BUYER

          Buyer represents and warrants to Seller and Parent as follows:

          5.1 Incorporation. If Buyer is not a natural person, then Buyer is a
corporation, partnership, limited liability company or other entity duly
organized or constituted, validly existing, and in good standing under the laws
of the state under whose laws Buyer is purported to have been organized or
constituted, and Buyer has the corporate or other power (or, if Buyer is a
natural person, then Buyer has the legal capacity) to enter into and consummate
the transactions contemplated by this Agreement.

          5.2 Action. All actions necessary to be taken by or on the part of
Buyer in connection with the execution and delivery of this Agreement and the
consummation of transactions contemplated hereby to be consummated and presently
necessary to make the same effective have been duly and validly taken. This
Agreement has been duly and validly authorized (if Buyer is not a natural
person), executed and delivered by Buyer and constitutes a valid and binding
agreement, enforceable against Buyer in accordance with and subject to its
terms.

                                       9

<PAGE>

          5.3 No Defaults. On the Closing Date (after giving effect to all
approvals and consents which have been obtained), neither the execution and
delivery by Buyer of this Agreement, nor the consummation by Buyer of the
transactions contemplated by this Agreement to be consummated on or prior to the
Closing Date, will constitute, or, with the giving of notice or the passage of
time or both, would constitute, a material violation of or would conflict in any
material respect with or result in any material breach of or any material
default under, any of the terms, conditions, or provisions of any Legal
Requirement to which Buyer is subject, or of Buyer's certificate of
incorporation or by-laws or similar organizational documents, if any, or of any
material contract, agreement, or instrument to which Buyer is a party or by
which Buyer is bound.

          5.4 Brokers. There is no broker or finder or other Person who would
have any valid claim against Seller for a commission or brokerage fee in
connection with this Agreement or the transactions contemplated hereby as a
result of any agreement or understanding of or action taken by Buyer or any
Affiliate of Buyer.

                                   ARTICLE VI

                         COVENANTS OF SELLER AND PARENT

          6.1 Covenants of Seller and Parent Generally. Seller and Parent
covenant and agree, from the date of this Agreement until the Closing, except as
Buyer may otherwise consent, to act or refrain from acting as follows:

          (a) FCC Authorizations and Other Matters. Seller and Parent will
     promptly cause Mission License to execute any necessary applications for
     renewal of FCC Authorizations necessary for the operation of the Station as
     presently conducted and will use reasonable efforts to cooperate with Buyer
     in any other respect in which Buyer may reasonably request in order to
     enhance, protect, preserve or maintain the Station Assets and/or the
     business and operation of the Station.

          (b) Restrictions. Seller will not (to the extent the following
     restrictions are permitted by the FCC and all other applicable Legal
     Requirements), and Parent will not cause or permit Seller to:

          (1)  other than in the ordinary course of business, sell, lease (as
               lessor), transfer, or agree to sell, lease (as lessor), or
               transfer any material Station Assets (other than in the ordinary
               course of its business) without replacement thereof with
               functionally equivalent or superior assets;

          (2)  enter into any amendment or other modification of any agreement,
               instrument or other document governing or relating to Existing
               Station Indebtedness;

                                       10

<PAGE>

          (3)  apply to the FCC for any construction permit that would
               materially restrict the Station's present operations or make any
               material adverse change in the buildings or leasehold
               improvements owned by Seller;

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

          (5)  enter into any arrangement or contract with Parent, Parent's
               affiliates or any of Parent's parents, spouse, descendants
               (whether natural, step or adopted) or other family member of
               Parent; or

          (5)  incur, or suffer or permit to exist, any Lien on any Station
               Asset(s) such that, after any application of the Cash Purchase
               Price that may be necessary at the time of the Closing to repay
               Existing Station Indebtedness, the Station Assets could not be
               conveyed as described in Section 1.4(a).

          (c) Reports; Access to Facilities, Files, and Records. From time to
     time, at the request of Buyer, Seller and Parent shall give or cause to be
     given to the officers, employees, accountants, counsel, and representatives
     of Buyer

               (1) access, upon reasonable prior notice, during normal business
          hours, to all facilities, property, accounts, books, deeds, title
          papers, insurance policies, licenses, agreements, contracts,
          commitments, records, equipment, machinery, fixtures, furniture,
          vehicles, accounts payable and receivable, and inventories of Seller
          related to the Station, and

               (2) all such other information in Seller's or Parent's possession
          concerning the affairs of the Station as Buyer may reasonably request,

     provided that the foregoing does not disrupt or interfere with the business
     and operations of Seller or Parent or the Station.

          (d) Notice of Proceedings. Each of Seller and Parent will promptly
     notify Buyer in writing upon becoming aware of any order or decree or any
     complaint praying for an order or decree restraining or enjoining the
     consummation of the Sale, or upon receiving any notice from any
     governmental department, court, agency, or commission of its intention to
     institute an investigation into or institute a suit or proceeding to
     restrain or enjoin the consummation of the Sale, or to nullify or render
     ineffective this Agreement (or the Sale, if consummated).

                                       11

<PAGE>

          (e) Notice of Certain Developments. Each of Seller and Parent shall
     give prompt written notice to Buyer, promptly after it or becomes aware of
     the same, (1) if the Station Assets shall have suffered damage on account
     of fire, explosion, or other cause of any nature which is sufficient to
     prevent operation of the Station in any material respect for more than ten
     (10) consecutive days, or (2) if the regular broadcast transmission of the
     Station in the normal and usual manner in which it heretofore has been
     operating is interrupted in a material manner for a period of more than ten
     (10) consecutive days.

          (f) Issuance or other Transfer of Stock or Equivalents. Seller will
     not issue any shares of its capital stock or any Equity Security of Seller,
     and Parent will not sell or otherwise transfer or dispose of any Equity
     Security of Seller, to any Person, unless (i) such Person is a party to
     this Agreement or thereupon becomes a party to this Agreement with respect
     to all Equity Securities of Seller that such Person holds by executing and
     delivering to Buyer a counterpart of this Agreement by which such Person
     agrees to be treated as an additional "Parent" hereunder and (ii) each
     applicable representation or warranty set forth in Article IV is true and
     correct in all respects with respect to such Person. The execution of any
     such counterpart of this Agreement by any such Person will be deemed to
     constitute a representation and warranty of such Person to the effect that
     all applicable representations and warranties set forth in Article IV are
     true and correct with respect to such Person in all respects; provided that
     this Section 6.1(f) shall not apply to any transfer or disposal of Equity
     Securities of Seller pursuant to any pledge agreement entered into by
     Seller or Parent to secure any Existing Station Indebtedness (a "Pledge
     Agreement").

          (g) No Premature Assumption of Control. Nothing contained in this
     Section 6.1 shall give Buyer any right to control the programming,
     operations, or any other matter relating to the Station prior to the
     Closing Date, and Seller shall have complete control of the programming,
     operations, and all other matters relating to the Station up to the time of
     the Closing.

          6.2 Covenants of Seller and Parent during the Exercise Period. Each of
Seller and Parent covenants and agrees that, after its receipt of each and every
Exercise Notice and until either the Closing occurs or such Exercise Notice is
withdrawn pursuant to Section 1.3:

          (a) Application for Commission Consent. As promptly as practicable,
     each of Seller and Parent, as applicable, will cause Mission License to
     complete the seller's or transferor's portion of all necessary applications
     to the FCC requesting the Required FCC Consents (if any), and upon receipt
     of Buyer's portion of such applications, will promptly file such
     applications with the FCC jointly with Buyer. Each of Seller and Parent
     will cause Mission License to diligently take or cooperate in the taking of
     all reasonable steps that are necessary, proper, or desirable to expedite
     the preparation of such applications (including withdrawal and/or
     re-filing, or any amendment or supplement thereto, which Buyer may request)
     and their prosecution to a final grant. Each of Seller and Parent will
     promptly provide Buyer with a copy of any pleading, order, or other
     document served on Seller and Parent relating to such applications.

                                       12

<PAGE>

          (b) Consents. Seller will use reasonable efforts (without being
     required to make any payment not specifically required by the terms of any
     licenses, leases, and other contracts) to assist Buyer to (1) obtain or
     cause to be obtained prior to the Closing Date all Consents or, in the
     absence of any Consent, one or more replacement agreements which would be
     effective on or prior to the Closing and would grant Buyer (after the
     Closing) substantially the same benefits with respect to the Station as
     Seller enjoys with respect to the Station immediately prior to the Closing
     under the replaced Contract(s), and (2) cause each Consent or replacement
     agreement to become effective as of the Closing Date (whether it is granted
     or entered into prior to or after the Closing).

          (c) Consummation of Sale. Subject to the provisions of Article VIII
     and Section 10.1, each of Seller and Parent shall use reasonable efforts to
     fulfill and perform all conditions and obligations on its part to be
     fulfilled and performed under this Agreement and to cause the conditions
     set forth in Article VIII to be fulfilled and cause the Sale and the
     Assumption to be consummated.

          (d) Hart-Scott-Rodino. As and when Buyer reasonably requests, each of
     Seller and Parent shall prepare and file such documents with the Federal
     Trade Commission and the United States Department of Justice as may be
     required to comply with the Hart-Scott-Rodino Act in connection with the
     Sale and the Assumption, and shall promptly furnish all materials
     thereafter requested by any of the regulatory agencies having jurisdiction
     over such filings, in connection with the Sale and the Assumption. Each of
     Seller and Parent will take all reasonable actions, and will file and use
     reasonable efforts to have declared effective or approved all such
     documents and notifications (when filed) with any governmental or
     regulatory bodies, as may be necessary or may reasonably be requested under
     federal antitrust laws for the consummation of the Sale and the Assumption.

                                   ARTICLE VII

                               COVENANTS OF BUYER

          7.1 Covenants of Buyer Generally. Buyer covenants and agrees that
Buyer will promptly notify Seller in writing upon becoming aware of any order or
decree or any complaint praying for an order or decree restraining or enjoining
the consummation of the Sale or the Assumption, or upon receiving any notice
from any governmental department, court, agency, or commission of its intention
to institute an investigation into or institute a suit or proceeding to restrain
or enjoin the consummation of the Sale or the Assumption, or to nullify or
render ineffective this Agreement or the Sale or the Assumption if consummated.

          7.2 Covenants of Buyer during Exercise Period. Buyer covenants and
agrees that, after it gives any Exercise Notice and unless and until such
Exercise Notice is withdrawn pursuant to Section 1.3, Buyer will use reasonable
efforts (both prior to and after the Closing Date) jointly with Seller to obtain
or cause to be obtained prior to the Closing Date all Consents and to

                                       13

<PAGE>

execute such assumption instruments as may be required or requested in
connection with obtaining any Consent (or, in the alternative, enter into one or
more replacement agreements which would be effective on or prior to the Closing
and would grant Buyer substantially the same benefits with respect to the
Station as Seller enjoys with respect to the Station under the replaced
Contract(s) immediately prior to the Closing).

                                  ARTICLE VIII

                       CONDITIONS TO SELLER'S OBLIGATIONS
                               ON THE CLOSING DATE

          The obligation of Seller to consummate the Sale on the Closing Date
is, at Seller's option, subject to the fulfillment of the following conditions
at or prior to the time of the Closing:

          8.1 Representations, Warranties, Covenants.

              (a) Each of the representations and warranties of Buyer contained
     in this Agreement shall be true and accurate in all material respects
     (except to the extent changes are permitted or contemplated pursuant to
     this Agreement) as if made on and as of the Closing Date; and

              (b) Buyer shall have performed and complied in all material
     respects with each and every covenant and agreement required by this
     Agreement to be performed or complied with by it prior to or at the Closing
     (including the delivery of the Cash Purchase Price).

          8.2 Proceedings.

              (a) No action or proceeding shall have been instituted and be
     pending before any court or governmental body to restrain or prohibit, or
     to obtain a material amount of damages in respect of, the consummation of
     the Sale or the Assumption that, in the reasonable opinion of Seller, may
     reasonably be expected to result in a preliminary or permanent injunction
     against such consummation or, if the Sale or the Assumption were
     consummated, an order to nullify or render ineffective this Agreement or
     the Sale or the Assumption or for the recovery against Seller of a material
     amount of damages; and

              (b) none of the parties to this Agreement shall have received
     written notice from any governmental body of (i) such governmental body's
     intention to institute any action or proceeding to restrain or enjoin or
     nullify this Agreement or the Sale or the Assumption, or to commence any
     investigation (other than a routine letter of inquiry, including, without
     limitation, a routine Civil Investigative Demand) into the consummation of
     the Sale or the Assumption, or (ii) the actual commencement of such an
     investigation, in each case which remains pending or open.

                                       14

<PAGE>

           8.3 FCC Authorization. The FCC Approval Date shall have occurred with
respect to all Required FCC Consents and all Required FCC Consents shall be in
full force and effect.

           8.4 Hart-Scott-Rodino. Any applicable waiting period under the
Hart-Scott-Rodino Act shall have expired or been terminated.

           8.5 Other Instruments. Buyer shall have delivered, or shall stand
ready to deliver, to Seller such instruments, documents, and certificates as are
contemplated by Section 2.3(b).

                                   ARTICLE IX

                                    REMEDIES

           9.1 Bulk Sales Indemnity. Buyer and Seller have jointly determined
that there will be no attempt to comply with the notice provisions of any bulk
sales law which may apply to the purchase and sale of the Station Assets
pursuant to this Agreement. Buyer will indemnify and hold Seller harmless from
and against any and all damages, claims, losses, expenses, costs, obligations,
and liabilities, including, without limiting the generality of the foregoing,
liabilities for reasonable attorneys' fees and expenses, suffered directly or
indirectly by Seller by reason of or arising out of non-compliance with any such
bulk sales law.

           9.2 Acknowledgment by Buyer. Buyer has conducted, to its
satisfaction, an independent investigation and verification of the financial
condition, results of operations, assets, liabilities, properties and projected
operations of the Station and the Station Assets. In determining to proceed with
the transactions contemplated by this Agreement, Buyer has relied, and will
rely, on the representations, warranties and covenants of Seller and Parent set
forth in this Agreement and the results of such independent investigation and
verification. NOTWITHSTANDING ANYTHING TO THE CONTRARY CONTAINED IN ANY OTHER
PROVISIONS OF THIS AGREEMENT, IT IS THE EXPLICIT INTENT OF EACH PARTY HERETO
THAT THE SELLER AND PARENT ARE NOT MAKING ANY REPRESENTATION OR WARRANTY
EXPRESS, IMPLIED, AT COMMON LAW, STATUTORY OR OTHERWISE IN CONNECTION WITH THE
TRANSACTIONS CONTEMPLATED HEREBY OTHER THAN AS EXPRESSLY SET FORTH IN THIS
AGREEMENT. SUBJECT TO SUCH REPRESENTATIONS AND WARRANTIES SET FORTH IN THIS
AGREEMENT, BUYER TAKES THE STATION ASSETS "AS IS AND WHERE IS." WITHOUT LIMITING
THE IMMEDIATE TWO SENTENCES, SELLER AND PARENT HEREBY EXPRESSLY DISCLAIM AND
NEGATE (AND BUYER UNDERSTANDS, ACKNOWLEDGES AND AGREES WITH SUCH DISCLAIMERS AND
NEGATION) ANY REPRESENTATION OR WARRANTY, EXPRESS, IMPLIED, AT COMMON LAW,
STATUTORY OR OTHERWISE, RELATING TO (1) THE CONDITION OF THE REAL OR TANGIBLE
PERSONAL PROPERTIES (INCLUDING ANY IMPLIED OR EXPRESS WARRANTY OF
MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, OR OF CONFORMITY TO MODELS
OR SAMPLES OR MATERIALS); (2) ANY

                                       15

<PAGE>

INFRINGEMENT BY SELLER OR ANY OF ITS AFFILIATES OF ANY PATENT, INTELLECTUAL
PROPERTY OR PROPRIETARY RIGHT OF ANY THIRD PARTY; AND (3) THE ACCURACY,
COMPLETENESS OR MATERIALITY OF ANY ESTIMATES, PROJECTIONS AND EVALUATIONS,
INCLUDING, WITHOUT LIMITATION, THE PROJECTED, FUTURE OR HISTORICAL FINANCIAL
CONDITION, RESULTS OR OPERATIONS, ASSETS OR LIABILITIES RELATING TO THE STATION.

                                    ARTICLE X

                            TERMINATION/MISCELLANEOUS

          10.1 Termination of Agreement Prior to the Closing Date. This
Agreement may be terminated at any time on or prior to the Closing as follows:

               (a) By Parent. By Parent, by written notice (a "Termination
     Notice") to Buyer at any time after the Option Expiration Date, if (I) the
     Closing has not occurred on or prior to the date upon which such
     Termination Notice is given, and (II) there is no condition to closing set
     forth in Article VIII that both (x) has not been either satisfied or waived
     by Seller and (y) the absence of satisfaction of which has been caused
     solely by a breach by Seller and/or Parent of its or his obligations under
     this Agreement.

              (b) By Buyer. By Buyer, by written notice to Parent, at any time.

Neither Buyer, Seller nor Parent shall have any liability to any of the other of
them for costs, expenses, damages (consequential or otherwise), loss of
anticipated profits, or otherwise as a result of a termination pursuant to this
Section 10.1. This Article X will survive the termination of this Agreement
pursuant to this Section 10.1.

          10.2 Remedies. In the event of a breach of any of Seller's or Parent's
obligations under this Agreement, Buyer, in addition to being entitled to
exercise all rights provided herein or granted by law, including recovery of
damages, will be entitled to specific performance of its rights under this
Agreement. The parties hereto agree that monetary damages would not be adequate
compensation for any loss incurred by reason of a breach of any such obligations
of Seller or Parent.

          10.3 Expenses. Except as otherwise expressly provided in this
Agreement, each of Seller, Parent and Buyer shall bear all of its expenses
incurred in connection with the transactions contemplated by this Agreement,
including, without limitation, accounting and legal fees incurred in connection
herewith; provided that (a) Buyer will reimburse Seller and Parent for all
reasonable out-of-pocket expenses incurred by them in connection with the
preparation, negotiation and implementation of this Agreement and all related
agreements, (b) Buyer will reimburse Seller and Parent for all reasonable
out-of-pocket expenses incurred by them in connection with or in preparation for
the Closing (including those incurred in performing their respective obligations
under

                                       16

<PAGE>

Section 6.2), and (c) Buyer will pay all filing fees associated with any filing
contemplated by Section 6.2(a) or Section 6.2(d).

          10.4 Assignments; Exercise in Part. This Agreement shall not be
assigned by Seller or Parent without the prior written consent of Buyer;
provided that after the Closing, Seller or Parent may assign its rights pursuant
to this Agreement to any other Person in connection with the dissolution,
liquidation or winding up or administration of its affairs; and further provided
that, whether or not any requisite consent of Buyer has been obtained, this
Agreement will be binding upon all respective successors of Seller and Parent,
whether by operation of law or otherwise (except that this proviso shall not
apply to any transfer or disposal pursuant to a Pledge Agreement). Any attempt
by Seller or Parent to assign this Agreement without first obtaining the consent
of Buyer shall be void. This Agreement shall be binding upon and inure to the
benefit of the parties hereto and their respective successors and permitted
assigns. This Agreement may be assigned in whole or in part by Buyer without the
prior written consent of Seller or Parent to any Person (provided that no such
assignment shall relieve the assigning Person of any of its obligations or
liabilities hereunder), and Buyer will inform Seller and Parent of any such
assignment. Any assignee of Buyer will be deemed to be "Buyer" for purposes of
this Agreement as to the rights assigned to such assignee.

          10.5 Further Assurances. From time to time prior to, at, and after the
Closing Date, each party hereto will execute all such instruments and take all
such actions as another party hereto, being advised by counsel, shall reasonably
request in connection with carrying out and effectuating the intent and purpose
hereof, and all transactions and things contemplated by this Agreement,
including, without limitation, the execution and delivery of any and all
confirmatory and other instruments, in addition to those to be delivered on the
Closing Date, as the case may be, and any and all actions which may reasonably
be necessary to complete the transactions contemplated hereby.

          10.6 Notices. All notices, demands, and other communications which may
or are required to be given hereunder or with respect hereto shall be in
writing, shall be delivered personally or sent by nationally recognized
overnight delivery service, charges prepaid, or by registered or certified mail,
return-receipt requested, and shall be deemed to have been given or made when
personally delivered, the next business day after delivery to such overnight
delivery service, three (3) days after deposited in the mail, first class
postage prepaid, as the case may be, addressed as follows:

                                       17

<PAGE>

                    (a) If to Seller or Parent:

                        Mr. David Smith
                        Mission Broadcasting of Wichita Falls, Inc.
                        806 South Cassingham Road
                        Bexley, OH 43209

                        with a copy (which will not constitute
                        notice to Seller or Parent) to:

                        Arter & Hadden
                        1801 K Street, N.W.
                        Suite 400K
                        Washington, D.C.  20006-1301
                        Attention:  Howard Liberman, Esq.

or to such other address and/or with such other copies as Seller or Parent may
from time to time designate by notice to Buyer given in accordance with this
Section 10.6; and

                    (b) If to Buyer:

                        Nexstar Broadcasting Group
                        200 Abington Executive Park
                        Suite 201
                        Clarks Summit, PA  18422
                        Attention: Perry A. Sook, Chief Executive Officer

                        with a copy (which will not constitute
                        notice to Buyer) to:

                        Kirkland & Ellis
                        153 East 53rd Street
                        New York, NY  10022
                        Attention: John L. Kuehn, Esq.

or to such other address and/or with such other copies as Buyer may from time to
time designate by notice to Parent given in accordance with this Section 10.6.

          10.7      Captions. The captions of Articles and Sections of this
Agreement are for convenience only, and shall not control or affect the meaning
or construction of any of the provisions of this Agreement.

          10.8      Law Governing. THIS AGREEMENT SHALL BE GOVERNED BY,
CONSTRUED, AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF

                                       18

<PAGE>

TEXAS, WITHOUT REFERENCES TO ITS PRINCIPLES OF CONFLICT OF LAWS, EXCEPT TO THE
EXTENT THAT THE FEDERAL LAW OF THE UNITED STATES GOVERNS THE TRANSACTIONS
CONTEMPLATED HEREBY.

          10.9   Waiver of Provisions. The terms, covenants, representations,
warranties, and conditions of this Agreement may be waived only by a written
instrument executed by the Person waiving compliance. The failure of Buyer,
Seller or Parent at any time or times to require performance of any provision of
this Agreement shall in no manner affect the right at a later date to enforce
the same. No waiver by Buyer, Seller or Parent of any condition or the breach of
any provision, term, covenant, representation, or warranty contained in this
Agreement, whether by conduct or otherwise, in any one or more instances, shall
be deemed to be or construed as a further or continuing waiver of any such
condition or of the breach of any other provision, term, covenant,
representation, or warranty of this Agreement.

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

          10.11  Entire Agreement/Amendments. This Agreement (including the
Schedules hereto) constitutes the entire agreement among the parties hereto
pertaining to the subject matter hereof and supersedes any and all prior and
contemporaneous agreements, understandings, negotiations, and discussions,
whether oral or written, between them relating to the subject matter hereof. No
amendment or waiver of any provision of this Agreement shall be binding unless
executed in writing by the party to be bound thereby. The parties intend that
this Agreement be in full compliance with all published rules, policies and
orders of the FCC. If the FCC orders that the parties change any term of this
Agreement, then the parties will attempt to do so, consistent with said FCC
order and the overall intent of this Agreement.

          10.12  Access to Books and Records.

                 (a) Buyer shall preserve for not less than seven (7) years
     after the Closing Date all books and records included in the Station
     Assets. After such five-year period, Buyer will not destroy any books or
     records relating to the conduct of business of the Station prior to the
     Closing unless Buyer first offers to transfer such books and records to
     Parent, and if Buyer is requested to do so, Buyer will transfer such books
     or records to Parent.

                 (b) After the Closing, neither Seller nor Parent will destroy
     any books or records relating to the conduct of business of the Station
     prior to the Closing Date unless Parent first offers to transfer such books
     and records to Buyer, and if Parent is requested to do so, Parent transfer
     such books or records to Buyer.

                                       19

<PAGE>

                 (c) At the request of any other party to this Agreement, Buyer,
Seller and Parent will permit each other (including such other party's officers,
employees, accountants, and counsel) any access, upon reasonable prior written
notice during normal business hours, to all of its property, accounts, books,
contracts, records, accounts payable and receivable, records of employees, FCC
logs and other information concerning the affairs or operation of the Station as
such other party to this Agreement may reasonably request for any reasonable
purpose, and to make extracts or copies from the foregoing at the requesting
party's expense.

          10.13  Public Announcements. Prior to the Closing, no party to this
Agreement shall, except by mutual agreement with all other parties to this
Agreement (including agreement as to content, text and method or distribution or
release), make any press release or other public announcement or disclosure
concerning the transactions contemplated by this Agreement, except as may be
required by any Legal Requirement (including, without limitation, filings and
reports required to be made with or pursuant to the rules of the Securities and
Exchange Commission); provided that, prior to making any such announcement or
disclosure required by any Legal Requirement, to the extent practicable, the
disclosing Person gives each other party to this Agreement prior written notice
of the context, text and content of, the method of distribution or release of,
and all other material facts concerning, such disclosure. After the Closing,
neither Seller nor Parent will, except with Buyer's prior written consent
(including agreement as to content, text and method or distribution or release),
make any press release or other public announcement or disclosure concerning the
transactions contemplated by this Agreement, except as may be required by any
Legal Requirement (including, without limitation, filings and reports required
to be made with or pursuant to the rules of the Securities and Exchange
Commission); provided that, prior to making any such announcement or disclosure
required by any Legal Requirement, to the extent practicable, Seller or Parent
(as the case may be) gives Buyer prior written notice of the context, text and
content of, the method of distribution or release of, and all other material
facts concerning, such disclosure.

          10.14 Definitional Provisions.

                (a) Terms Defined in Appendix. Each capitalized term which is
used and not otherwise defined in this Agreement or any Schedule to this
Agreement has the meaning which is specified for such term in the Appendix which
is attached to this Agreement.

                (b) Gender and Number. Words used in this Agreement, regardless
of the gender and number specifically used, will be deemed and construed to
include any other gender, masculine, feminine or neuter, and any other number,
singular or plural, as the context requires.

          10.15 Arbitration.

                (a) Generally. Buyer, Seller and Parent agree that the
arbitration procedures described in this Section 10.15 will be the sole and
exclusive method of resolving
                                       20

<PAGE>

     and remedying any claim for indemnification or other remedy arising under
     this Agreement (collectively, "Disputes"); provided that nothing in this
     Section 10.15 will prohibit a party from instituting litigation to enforce
     any Final Arbitration Award. Buyer, Seller and Parent agree that, except as
     otherwise provided in the Commercial Arbitration Rules of the American
     Arbitration Association as in effect from time to time (the "AAA Rules"),
     the arbitration procedures described in this Section 10.15 and any Final
     Arbitration Award will be governed by, and will be enforceable pursuant to,
     the Uniform Arbitration Act as in effect in the Commonwealth of
     Pennsylvania from time to time. No Person will be entitled to claim or
     recover punitive damages in any such proceeding.

                    (b) Notice of Arbitration. If Buyer, Seller or Parent
      asserts that there exists a Dispute, then such Person (the "Disputing
     Person") will give the other party involved in such Dispute a written
     notice setting forth the nature of the asserted Dispute. If the Persons
     giving and receiving such notice (the "Disputing Parties") do not resolve
     any such asserted Dispute prior to the tenth Business Day after such notice
     is given, then either Disputing Party may commence arbitration pursuant to
     this Section 10.15 by giving the other Disputing Party a written notice to
     that effect (an "Arbitration Notice"), setting forth any matters which are
     required to be set forth therein in accordance with the AAA Rules.

                    (c) Selection of Arbitrator. The Disputing Parties will
     attempt to select a single arbitrator by mutual agreement. If no such
     arbitrator is selected prior to the twentieth Business Day after the
     related Arbitration Notice is given, then an arbitrator which is
     experienced in matters of the type which are the subject matter of the
     Dispute will be selected in accordance with the AAA Rules.

                    (d) Conduct of Arbitration. The arbitration will be
     conducted under the AAA Rules, as modified by any written agreement between
     the Disputing Parties. The arbitrator will conduct the arbitration in a
     manner so that the final result, determination, finding, judgment or award
     determined by the arbitrator (the "Final Arbitration Award") is made or
     rendered as soon as practicable, and the parties will use reasonable
     efforts to cause a Final Arbitration Award to occur not later than the
     sixtieth day after the arbitrator is selected. Any Final Arbitration Award
     will be final and binding upon the Disputing Parties, and there will be no
     appeal from or reexamination of any Final Arbitration Award, except in the
     case of fraud, perjury or evident partiality or misconduct by the
     arbitrator prejudicing the rights of a Disputing Party or to correct
     manifest clerical errors.

                    (e) Enforcement. Buyer, Parent and Seller agree that a Final
     Arbitration Award may be enforced in any state or federal court having
     jurisdiction over the subject matter of the related Dispute.

                    (f) Expenses. A prevailing party in any arbitration
     proceeding in connection with this Agreement shall be entitled to recover
     from the non-prevailing party its reasonable attorneys' fees and
     disbursements in addition to any damages or other remedies awarded to such
     prevailing party, and the non-prevailing party also will be required to pay

                                       21

<PAGE>

     all other costs and expenses associated with the arbitration; provided that
     (1) if an arbitrator is unable to determine that a party is a prevailing
     party in any such arbitration proceeding, then such costs and expenses will
     be equitably allocated by such arbitrator upon the basis of the outcome of
     such arbitration proceeding, and (2) if such arbitrator is unable to
     allocate such costs and expenses and expenses in such a manner, then the
     costs and expenses of such arbitration will be paid in equal amounts by the
     Disputing parties, and each Disputing Party will pay the out-of-pocket
     expenses incurred by it. As part of any Final Arbitration Award, the
     arbitrator may designate the prevailing party for purposes of this Section
     10.15. Except as provided in the preceding sentences, each party to this
     Agreement will bear its own costs and expenses (including legal fees and
     disbursements) in connection with any such proceeding or submission.

                                    * * * * *

                                       22

<PAGE>

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

                               MISSION BROADCASTING OF
                               WICHITA FALLS, INC.

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

                                /s/ David S. Smith
                               -----------------------------
                               David S. Smith

                               NEXSTAR BROADCASTING OF
                               WICHITA FALLS, L.P.

                               By: /s/ Perry A. Sook
                                  --------------------------
                                  Name: Perry A. Sook
                                  Title: President

<PAGE>

                                    APPENDIX

          The following capitalized terms have the following meaning
when used in this Agreement and the Schedules attached to this Agreement:

          A "Business Day" means any day other than a Saturday, Sunday or other
day upon which banks in Clarks Summit, Pennsylvania, are not open for
business.

          "Closing Date" means the date upon which the Closing occurs.

          "Communications Act" means the Communications Act of 1934, as
in effect from time to time.

          With respect to any Contract, a "Consent" means any consent or
approval of any Person other than any party to this Agreement which, in
accordance with the terms of such Contract, is required to be obtained in
order to permit the consummation of the Sale or the Assumption.

          "Contract" means any agreement, lease, arrangement, commitment, or
understanding to which Seller or Parent, with respect to the Station, is a
party.

          "Equity Securities" of any Person means (i) any of such Person's
capital stock, partnership, members, joint venture or other ownership or equity
interest, participation or securities (whether voting or non-voting, whether
preferred, common or otherwise, and including any stock appreciation, contingent
interest or similar right) and (ii) any option, warrant, security or other right
(including debt securities) directly or indirectly convertible into or
exercisable or exchangeable for, or otherwise to acquire directly or indirectly,
any stock, interest, participation or security described in clause (i) above.

          "Existing Station Indebtedness" means (i) the principal of and
interest on all Indebtedness, whether now or hereafter existing or arising, due
or to become due to, or held or to be held by the lenders under or pursuant to
the Amended and Restated Credit Agreement dated as of June 1, 1999, among Bastet
Broadcasting, Inc., Mission Broadcasting of Wichita Falls, Inc., and the Various
Banks named therein, NationsBank, N.A., as Administrative Agent, NationsBank,
N.A. and Bank of America National Bank and Trust Association, as Issuing Banks,
Canadian Imperial Bank of Commerce, as Syndication Agent, and Union Bank of
California, N.A., as Documentation Agent, as amended, supplemented and otherwise
modified from time to time, including, without limitation, all extensions,
renewals, restatements, rearrangements and refundings thereof (the "Existing
Credit Agreement"), and any and all other amounts payable in connection
therewith or in connection with the other Loan Documents (as that term is
defined in the Existing Credit Agreement), whether on account of fees,
indemnities, reimbursement obligations in respect of letters of credit, costs,
expenses or otherwise; and (ii) the principal of and interest on any
Indebtedness, hereafter existing or arising under any amendment, restatement,
supplement, renewal, extension, rearrangement and substitution, in whole or in
part, of any obligation described in the preceding clause (i) or this clause
(ii).

                                       24

<PAGE>

          "FCC" means the Federal Communications Commission or any successor
thereto.

          "FCC Approval Date" means the first day upon which each Required FCC
Consent is effective.

          "Hart-Scott-Rodino Act" means the Hart-Scott-Rodino Antitrust
Improvements Act of 1976, as in effect from time to time.

          "Indebtedness" means, without duplication, (i) any indebtedness for
borrowed money or issued in substitution for or exchange of indebtedness for
borrowed money, (ii) any indebtedness evidenced by any note, bond, debenture or
other debt security, (iii) any indebtedness for the deferred purchase price of
property or services with respect to which a Person is liable, contingently or
otherwise, as obligor or otherwise (other than trade payables and other current
liabilities incurred in the ordinary course of business which are not more than
six months past due), (iv) any commitment by which a Person assures a creditor
against loss (including, without limitation, contingent reimbursement
obligations with respect to letters of credit), (v) any indebtedness guaranteed
in any manner by a Person (including, without limitation, guarantees in the form
of an agreement to repurchase or reimburse), (vi) any obligations under
capitalized leases with respect to which a Person is liable, contingently or
otherwise, as obligor, guarantor or otherwise, or with respect to which
obligations a Person assures a creditor against loss, (vii) any indebtedness
secured by a Lien on a Person's assets and (viii) any unsatisfied obligation for
"withdrawal liability" to a "multiemployer plan" as such terms are defined under
ERISA.

          "Legal Requirements" means the Communications Act, the rules,
regulations and published policies of the FCC, and all other federal, state and
local laws, rules, regulations, ordinances, judgments, orders and decrees.

          "Lien" means any mortgage, pledge, hypothecation, encumbrance, lien
(statutory or otherwise), preference, priority or other security agreement of
any kind or nature whatsoever (including any conditional sale or other title
retention agreement and any lease having substantially the same effect as any of
the foregoing and any assignment or deposit arrangement in the nature of a
security device).

          "Option Expiration Date" means the ninth anniversary of the date of
this Agreement.

          A "Person" means any individual, partnership, joint venture,
corporation, limited liability company, trust, unincorporated association or
government or department thereof.

          A "Required FCC Consent" means any action or order by the FCC granting
its consent to the consummation of a Sale pursuant to this Agreement without any
condition which in the reasonable judgment of Buyer or Seller is adverse to
Buyer or Seller, as the case may be, in any material respect.

                                       25

<PAGE>

          "Transaction Documents" means this Agreement and all other documents
executed and delivered in connection therewith, in each case as in effect from
time to time.

                                       26

<PAGE>

                                                                    Schedule 2.1

                               Cash Purchase Price

          The "Cash Purchase Price" will be an amount equal to the greater of
(a) $1.00 and (b) the aggregate amount of the Existing Station Indebtedness (as
defined in this Agreement).

          In view of the manner in which the Cash Purchase Price is to be
determined, and without limiting the covenants and agreements of Seller and
Parent set forth in Article VI of this Agreement, without the prior written
consent of Buyer or an entity under common control with Buyer, Seller will not,
and Parent will not permit Seller to, increase the principal amount of any
Indebtedness described in clause (i) of the definition of "Existing Station
Indebtedness" set forth in this Agreement or enter into any amendment,
restatement, supplement, renewal, extension, rearrangement and substitution
described in clause (ii) of such definition that increases the principal amount
of the Existing Station Indebtedness.

                                       27

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