Between them, Nexstar and Mission Broadcasting bought 12 stations during the big Newport Television sell-off. Mission picked up two in Little Rock, where Nexstar already owns two stations – and now we know how much it’s paying.
As a refresher, between them the companies are paying $285.536M.
Nexstar is being joined by Mission Broadcasting in the acquisition of 12 stations in eight DMAs. Mission is buying two in Little Rock, where Nexstar already has a pair of stations in its portfolio. It also picked up Newport’s Inergize Digital operation.
Nexstar will be getting two stations in each of Salt Lake City UT, Memphis TN, and Binghamton NY; and one station in each of Syracuse NY, Elmira-Corning NY, Jackson TN and Watertown NY. For that, it will pay $225,536,000.
Mission, headed by Nancy J. Smith and Dennis P. Thatcher, will be acquiring KLRT-
TV (Fox/CoolTV) and KASN-FM (CW/Country). The price will be $60M cash.
Mission will immediately enter into a JSA and SSA with Nexstar – and for one buck, Nexstar will hold a purchase option for the two Mission stations should rule changes make it legal for it to hold that many licenses in the market.
The JSA allows Nexstar to keep 30% of the advertising revenue it generates, with the other 70% going to Mission. The SSA has money going the other way, with Mission paying a base monthly rate of $150K for services rendered by Nexstar.