Nexstar Broadcasting reached “a definitive agreement” to buy...
Nexstar Broadcasting reached “a definitive agreement” to buy Grant Co. and its seven TV stations for $87.5 million, Nexstar said in a press release Wednesday. As part of the transaction, Nexstar will sell one of the Grant stations to Mission…
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Broadcasting, which will, “upon consummation of the transaction, enter into local service agreements with Nexstar,” it said. Grant owns two stations in Roanoke, Va., two in Quad Cities, Iowa, two in LaCrosse, Wis., and one station in Huntsville, Ala., it said. Mission will buy Fox affiliate KLJB in Quad Cities, it said. After the transaction, Nexstar’s “portfolio of stations that it owns, operates, programs or to which it provides sales and other services will increase to 102 stations in 54 markets reaching approximately 15.5 percent of all U.S. television households,” it said. The purchase price for the seven stations “represents a low 5 times multiple of the expected average 2013/2014 broadcast cash flow of the acquired stations after giving effect to anticipated operating improvements and synergies,” Nexstar said. “Upon completing all announced transactions, we will own or provide services to multiple stations in 36 of the 54 markets where we will operate,” said CEO Perry Sook.