Rapidly growing Nexstar Broadcasting Group is picking up seven television stations in four markets from Grant Company. Three of the stations carry Fox, one carries CW and two carry both. Kalil and Co. brokered the deal.
The price will be $87.5M, and the Nielsen DMAs include Roanoke-Lynchburg VA, Huntsville AL, Quad Cities IA-IL and LaCrosse WI.
These are the stations:
Roanoke-Lynchburg (DMA 66)
Huntsville AL (DMA 79)
Quad Cities IA-IL (DMA 100)
KLJB FOX (going to partner Mission Broadcasting)
LaCrosse WI (DMA 128)
Perry A. Sook, Chairman, President and Chief Executive Officer of Nexstar Broadcasting Group, Inc., commented, “The agreement to acquire seven stations from Grant extends our momentum in building the scale of our broadcast operating base through accretive acquisitions. This transaction is consistent with our criteria for acquisitions that are accretive to free cash flow, further strategically diversify our revenue and operating base, create additional duopolies or virtual duopolies and present significant synergies with well-defined paths to realization. Upon completing all announced transactions, we will own or provide services to multiple stations in 36 of the 54 markets where we will operate.”