Agreements have been reached for the sale of TV stations valued at $1.3 billion as part of a divestiture plan that will enable Nexstar to acquire Tribune Media, Variety reports. The stations that will be sold to Tegna and E.W. Scripps Co. include CW affiliates in New York, Phoenix and Miami.
“Tegna has agreed to buy 11 TV stations — mostly Fox and ABC affiliates — serving eight medium-sized and small markets for $740 million,” Variety reports. “Scripps is paying $580 million for eight stations, including three top 20 markets: WPIX-TV New York, KASW-TV Phoenix and WSFL-TV Miami.”
Variety adds: “The deals are contingent on Nexstar closing its $4.1 billion acquisition of Tribune Media, which will make Nexstar the nation’s largest TV station owner by far. Nexstar projects the Tribune deal will close by year’s end, although it is still winding through the regulatory review process at the FCC and Justice Department.”