Here’s another example of how the major broadcast TV owners are snapping up stations they already operate but couldn’t own prior to the FCC’s “modernization” of its rules.
In Springfield, Mo., Nexstar Media Group has an LMA for a FOX affiliate and a shared services agreement for the market’s CBS station, as it owns the MyNetworkTV affiliate.
Now, it’s shifting the LMA to full-on possession.
In an asset purchase agreement dated August 1 and filed with the Commission on Friday, Nexstar is purchasing KRBK-5 in Osage Beach, Mo., the Springfield, Mo. market’s FOX station, from KRBK LLC — a.k.a. Koplar Communications.
Terms of the transaction call for an initial purchase price of $13,982,500 “plus or minus, as applicable, the net working capital amount,” which is subject to estimation and adjustment.
A second closing will see Nexstar make an additional payment of $2,467,500, and a second escrow payment of $822,500 to Branch Banking & Trust Co.
But, if it doesn’t happen before the end of 2018, an interim payment of $750,000 is to be paid by Nexstar to Koplar.
The legal counsel associated with this broker-free transaction is David O’Connor of Wilkinson Barker Knauer.
With KRBK as an O&O, it would be joined alongside KOZL-27 in Springfield. Mission Broadcasting is the licensee of KOLR-10.