The ratings reflect Nexstar Broadcasting Group LLC's cash flow diversity from small-and medium-size market network affiliated television stations in 13 markets, the stations' good positions in most markets, and demonstrated cash flow improvement at acquired stations. Offsetting factors include high financial risk from debt-financed acquisitions, as well as a competitive, slow-growth TV advertising environment and potential future acquisitions that may limit the rate of financial profile improvement. Nexstar acquires medium- and smaller-market, network-affiliated TV stations it believes offer opportunities for cash flow improvement through cost savings and increased sales. Many of the company's stations previously were owned by smaller operators who may have lacked the company's cost control discipline and capabilities, as well as its sales focus. The smaller markets
