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Slide #27. Nexstar Broadcasting Group — Seven Television Stations in Four Markets
Nexstar Broadcasting Group (NASDAQ:NXST)
Seven Television Stations in Four Markets
Nexstar Broadcasting Group, Inc. (NASDAQ:NXST) ("Nexstar") announced today that it entered into a definitive agreement to acquire the stock of Grant Company, Inc. ("Grant"), the owner of seven television stations in four markets for $87.5 million in a transaction that is expected to be immediately accretive upon closing. Simultaneous with the Grant agreement, Nexstar entered into a purchase agreement with Mission Broadcasting, Inc. ("Mission") 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 acquisition will be funded through internal sources, borrowings under the existing credit facilities and future credit market transactions.
Nexstar Media Group is a television broadcasting and digital media company focused on the acquisition, development and operation of television stations and interactive community websites and digital media services. The stations provide over-the-air programming. This programming includes programs produced by networks with which the stations are affiliated; programs that the stations produce; and first-run and rerun syndicated programs that the stations acquire. Co.'s digital media businesses provide digital publishing and content management platform, digital video advertising platform, social media advertising platform and other digital media solutions to media publishers and advertisers.
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Strong Buy (4.00 out of 4)