Nexstar to Acquire Seven TV Stations for $87.5M Benzinga
Nexstar Broadcasting Group announced a deal today that gives it control of seven television stations in four markets, the financial news website Benzinga reports.
The $87.5 million deal, which the report says "is expected to be immediately accretive upon closing," gives Nexstar the stock of Grant Company, which owns the stations.
"Simultaneous with the Grant agreement, Nexstar entered into a purchase agreement with Mission Broadcasting, Inc. ... pursuant to which Mission will purchase one of the Grant stations from Nexstar and, upon consummation of the transaction, enter into local service agreements with Nexstar," the story says. "The acquisition will be funded through internal sources, borrowings under the existing credit facilities and future credit market transactions."
The stations, all Fox and CW affiliates, are WFXR-WWCW, Roanoke, Va. (Fox-CW, DMA 66); WZDX, Huntsville, Ala. (Fox, DMA 79); KGCW-KLJB, Quad Cities, Iowa (CW-Fox, DMA 41) ; and WLAX-WEUX La Crosse, Wis. (Fox-Fox, DMA 128).
The acquisition brings Nexstar's holdings to 102 stations in 54 DMAs, covering about 15.5% on the U.S. TV marketplace.