KSEE-TV is headed from Granite Broadcasting to Nexstar in a two-part deal that will allow the buyer to acquire the station’s non-license assets immediately while awaiting FCC approval for the sale of the license assets. The company already has cash on hand to do the deal.
The total price for the station will be $26.5M. The non-license assets will be acquired right away for $20M, with the remaining $6.5M to be paid upon FCC approval of the transaction. The arrangement allows Nexstar to begin operating the station now while the regulatory process runs its course.
Nexstar’s Perry A. Sook said, “With our agreement last November to acquire KGPE-TV, the CBS affiliate serving the Fresno, California market, we are delighted to announce the acquisition of the market’s NBC affiliate, KSEE. KSEE squarely meets our acquisition criteria as it further expands our revenue, scale and operating base, creates another duopoly market for Nexstar and is financially accretive.”
He added, The proposed transaction will result in Nexstar operating one station and/or providing sales and other services to another station in 26 of the 41 markets where it operates (which assumes the completion of the acquisitions of five stations from Newport Television, LLC and Smith Broadcasting both of which were announced in November 2012). In addition, it will expand to 72 the number of stations and related digital signals that Nexstar either owns or provides sales and other services.”