FIRST RESTATED GUARANTY (NEXSTAR OBLIGATIONS)

Exhibit 10.37

FIRST RESTATED GUARANTY

(NEXSTAR OBLIGATIONS)

This FIRST RESTATED GUARANTY (this “Guaranty”), dated as of December 30, 2003, is made by the undersigned (the “Guarantor” and, together with any other entities from time to time parties hereto pursuant to Section 22 hereof, collectively, the “Guarantors”), in favor of the Guaranteed Parties (as hereinafter defined).

RECITALS:

A. Nexstar Finance, L.L.C., a Delaware limited liability company (the “Prior Borrower”), entered into the Credit Agreement, dated as of January 12, 2001 (such agreement, together with all amendments and restatements, the “2001 Credit Agreement”), among the Prior Borrower, Nexstar Broadcasting Group, L.L.C., a Delaware limited liability company (the “Prior Parent”), certain Subsidiaries of the Prior Parent, and the financial institutions parties thereto. In connection with the 2001 Credit Agreement, Guarantor (formerly known as Mission Broadcasting of Wichita Falls, Inc.) and Bastet Broadcasting, Inc. (which has merged into Guarantor) executed the Guaranty Agreement described on Schedule 1 (the “Existing Guaranty Agreement”).

B. Prior Borrower, Prior Parent, and certain financial institutions entered into the Second Amended and Restated Credit Agreement, dated as of February 13, 2003 (such agreement, together with all amendments and restatements, the “Existing Credit Agreement”), which restated in its entirety the 2001 Credit Agreement. In connection with the Existing Credit Agreement, Guarantor executed the Confirmation Agreement for the Guaranty Agreements, dated as of February 13, 2003, pursuant to which Guarantor confirmed its obligations pursuant to the Existing Guaranty Agreement with respect to the Existing Credit Agreement.

C. Nexstar Broadcasting, Inc., a Delaware corporation and successor by merger to the Prior Borrower (the “Borrower”), is a party to the Third Amended and Restated Credit Agreement, dated as of December 30, 2003 (such agreement, together with all amendments and restatements, the “Credit Agreement”), among the Borrower, Nexstar Broadcasting Group, Inc., a Delaware corporation and successor by merger to Prior Parent (the “Ultimate Parent”), certain Subsidiaries of the Ultimate Parent from time to time parties thereto, the several financial institutions from time to time parties thereto (the “Banks”), and Bank of America, N.A., as Administrative Agent for the Banks (in such capacity and together with its successors in such capacity in such capacity, the “Administrative Agent”), pursuant to which the Banks have severally agreed to make loans to the Borrower, and Bank of America, N.A. (the “Issuing Bank”) has agreed to issue letters of credit for the account of, the Borrower, upon the terms and conditions set forth therein. The Credit Agreement restates in its entirety the Existing Credit Agreement. Capitalized terms used but not defined herein have the meanings assigned to such terms in the Credit Agreement.

D. The Borrower may also from time to time be party to one or more Interest Rate Protection Agreements with any Bank or an Affiliate of any Bank (even if any such Bank ceases

to be a Bank under the Credit Agreement for any reason), and their successors and assigns, if any (collectively, the “Interest Rate Guaranteed Parties”), providing for protection against fluctuations in interest rates.

E. As a condition precedent to the extensions of credit under the Credit Agreement and the Interest Rate Protection Agreements, the Banks have required that the Guarantors execute and deliver this Guaranty in favor of the Banks, the Issuing Bank, the Administrative Agent, the Collateral Agent and the Interest Rate Guaranteed Parties (collectively, the “Guaranteed Parties”).

F. Each Guarantor will derive substantial direct and indirect benefit from the extensions of credit under the Credit Agreement and the financial accommodations under the Interest Rate Protection Agreements.

G. Accordingly, each Guarantor desires to execute this Guaranty in order to satisfy the condition described above in Recital E.

AGREEMENT:

In consideration of the foregoing and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, each Guarantor hereby jointly and severally agrees as follows:

(a) Each Guarantor unconditionally and irrevocably guarantees the prompt payment when due, whether at stated maturity, upon acceleration or otherwise, and at all times thereafter, of all the unpaid principal of and interest on the Loans (including, without limitation, interest accruing after the maturity of the Loans and interest accruing after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding, relating to any Credit Party, whether or not a claim for post-filing or post-petition interest is allowed in such proceeding) and all other obligations and liabilities of the Borrower to the Administrative Agent, any Bank, the Issuing Bank, any Interest Rate Guaranteed Party or any other Guaranteed Party, whether direct or indirect, absolute or contingent, due or to become due, or now existing or hereafter incurred, that may arise under, out of, or in connection with the Credit Agreement, any other Loan Document, any Letter of Credit, any Interest Rate Protection Agreement entered into with any Bank (or any Affiliate of any Bank), or any other document made, delivered or given in connection with any of the foregoing, whether on account of principal, interest, Guaranty Obligations, reimbursement obligations, fees, indemnities, costs, expenses (including, without limitation, all fees, charges and disbursements of counsel to the Administrative Agent or to any Bank that are required to be paid by the Borrower pursuant to any Loan Document) or otherwise (collectively, all of the foregoing are referred to herein as the “Guaranteed Obligations”).

(b) In addition to the Guaranteed Obligations, each Guarantor further agrees to pay any and all reasonable costs and expenses (including reasonable fees and disbursements of counsel) incurred by any Guaranteed Party in enforcing any rights

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(c) Each Guarantor understands and confirms that the Guaranteed Parties may enforce this Guaranty up to the full amount of the Guaranteed Obligations against any Guarantor without proceeding against the Borrower or any other Person, any security for the Guaranteed Obligations, or under any other guaranty covering all or a portion of the Guaranteed Obligations.

(d) Notwithstanding anything in this Guaranty to the contrary, the obligations of each Guarantor under this Guaranty shall be limited to a maximum aggregate amount equal to the largest amount that would not render such Guarantor’s obligations hereunder subject to avoidance as a fraudulent transfer or fraudulent conveyance under Section 548 of Title 11 of the United States Code or any applicable provisions of comparable state law (collectively, the “Fraudulent Transfer Laws”), in each case after giving effect to all other liabilities of such Guarantor, contingent or otherwise, that are relevant under the Fraudulent Transfer Laws (specifically excluding, however, any liabilities of such Guarantor in respect of intercompany Indebtedness to the Borrower or any Subsidiary or Affiliate of the Borrower to the extent that such Indebtedness would be discharged in an amount equal to the amount paid by such Guarantor hereunder) and after giving effect as assets to the value (as determined under the applicable provisions of the Fraudulent Transfer Laws) of any rights to subrogation, reimbursement or contribution of such Guarantor pursuant to (i) applicable law, or (ii) any agreement providing for rights of subrogation, reimbursement or contribution in favor of such Guarantor, or for an equitable allocation among such Guarantor, the Borrower and/or any other Person of obligations arising under guaranties by such Persons.

(e) Should any Guarantor become insolvent, fail to pay its debts generally as they become due, voluntarily seek, consent to, or acquiesce in the benefits of any Insolvency Proceeding or become a party to or be made the subject of any Insolvency Proceeding (other than as a creditor or claimant) that could suspend or otherwise adversely affect the rights of any Guaranteed Party granted hereunder, then, the Guaranteed Obligations shall be, as between such Guarantor and such Guaranteed Party, a fully matured, due, and payable obligation of such Guarantor to such Guaranteed Party (without regard to whether Borrower or any other Person is then in default under the Credit Agreement or any other Loan Document or whether any part of the Obligation is then due and owing by Borrower or any other Person to such Guaranteed Party), payable in full by such Guarantor to such Guaranteed Party upon demand, which shall be in an amount equal to the estimated amount owing in respect of the contingent claim created hereunder.

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(a) change in the manner, place or terms of payment of (including the currency thereof), and/or change or extension of the time of payment of, or renewal or modification of, any of the Guaranteed Obligations, any security or guarantee therefor, or any liability incurred directly or indirectly in respect thereof; provided, that this Guaranty shall apply to the Guaranteed Obligations as so changed, extended, renewed or modified;

(b) sale, exchange, release, surrender, realization upon, failure to perfect any Lien or security interest in, or other alteration in any manner and in any order of any property by whomsoever at any time pledged or mortgaged to secure, or howsoever securing, the Guaranteed Obligations or any liabilities (including any of those hereunder) incurred directly or indirectly in respect thereof or hereof and for offset thereagainst;

(c) settlement or compromise of any of the Guaranteed Obligations, any security or guarantee therefor or any liability (including any of those hereunder) incurred directly or indirectly in respect thereof or hereof, or subordination of the payment of all or any part thereof to the payment of any liability (whether due or not) of the Borrower;

(d) actions or failures to act in any manner referred to in this Guaranty which may deprive such Guarantor of its right to subrogation against the Borrower or any other Person to recover full indemnity for any payments made pursuant to this Guaranty;

(e) failure of any Guaranteed Party to assert any claim or demand or to enforce any right or remedy against the Borrower or any guarantor or any successor thereto under the provisions of the Credit Agreement, any other Loan Document or any other agreement or otherwise; or

(f) rescission, waiver, extension, renewal, amendment or modification of any of the terms or provisions of the Credit Agreement, any other Loan Document, any guarantee or any instrument or agreement executed pursuant thereto.

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(a) Such Guarantor (i) is a duly organized and validly existing corporation, partnership or limited liability company, as the case may be, and is in good standing under the laws of the jurisdiction of its organization, (ii) has the power and authority and all governmental licenses, authorizations, consents and approvals to own or hold under lease its property or assets, conduct its business and execute, deliver, and perform its obligations under, this Guaranty and the other Loan Documents to which it is a party, (iii) is duly qualified to do business as a foreign entity, and licensed and in good standing, under the laws of each jurisdiction where its ownership, lease or operation of property or the nature or conduct of its business requires such qualification or license, except where the failure to so qualify would not reasonably be expected to have a Material Adverse Effect and (iv) is in compliance with all Requirements of Law, except to the extent that the failure to do so could not reasonably be expected to have a Material Adverse Effect.

(b) This Guaranty and each other Loan Document to which such Guarantor is a party constitutes the legal, valid and binding obligation of such Guarantor, enforceable against such Guarantor in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, or other similar laws affecting creditors’ rights generally and by equitable principles of general application.

(c) The execution, delivery and performance by such Guarantor of this Guaranty and each other Loan Document to which such Guarantor is a party have been duly authorized by all necessary corporate, limited liability company or partnership action, as the case may be, and do not and will not (i) contravene any terms of the Charter Documents of such Guarantor, (ii) conflict with or result in any breach or contravention of, or the creation of any Lien (except under the Security Documents) under, any document evidencing any material Contractual Obligation to which such Guarantor is a party or its property is subject or any order, injunction, writ or decree of any Governmental Authority to which such Guarantor or its property is subject, or (iii) violate any Requirement of Law.

(d) No approval, consent, exemption, authorization, or other action by, or notice to, or filing with or approvals of any Governmental Authority or any other Person is necessary or required in connection with the execution, delivery or performance by, or enforcement against (except as may be required by the Communications Act of 1934, as amended, and the rules, regulations and policies of the FCC), such Guarantor of this Guaranty and each other Loan Document to which such Guarantor is a party.

(e) There are no actions, suits or proceedings, claims or disputes pending, or to the best knowledge of such Guarantor, threatened at law, in equity, or in arbitration before any Governmental Authority, against such Guarantor or any of its properties or assets which (i) purport to affect or pertain to this Guaranty or any other Loan Document to which such Guarantor is a party, or any of the transactions contemplated hereby, or

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(ii) would reasonably be expected to have a Material Adverse Effect. No injunction, writ, temporary restraining order or any order of any nature has been issued by any court or other Governmental Authority purporting to enjoin or restrain the execution, delivery or performance of this Guaranty, or directing that any other transaction provided for herein not be consummated as herein provided.

(f) The value of the consideration received and to be received by such Guarantor is reasonably worth at least as much as the liability and obligation of such Guarantor hereunder, and such liability and obligation may reasonably be expected to benefit such Guarantor directly or indirectly.

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IN WITNESS WHEREOF, the undersigned has caused this Guaranty to be duly executed as of the day and year first above written.

Guarantors:

Address of all Guarantors:

544 Red Rock Drive

Wadsworth, Ohio 44281

Attention: David Smith

Telephone: (330) 335-8808

Facsimile: (330) 336-8454

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