A television station operator with more than 60 stations in its portfolio is putting itself up for sale, according to media reports. Reuters and The Wall Street Journal report that Nexstar Broadcasting has retained a financial adviser to seek out potential buyers.
The company, which owns and operates more than 60 TV stations in markets such as Salt Lake City and Hagerstown, Md., said it plans to explore strategic alternatives that could result in a sale, Reuters says.
It’s hired Moelis & Co. as a financial adviser and Kirkland & Ellis LLP as legal counsel.
The Irving, Texas-based company could attract more than $1 billion in a sale, reports The Wall Street Journal. (The WSJ is behind a pay wall and not all readers may be able to access the story.)