Nexstar Broadcasting Group, Inc. (NASDAQ: NXST) announced today that its Board of Directors has decided to explore and evaluate strategic alternatives intended to maximize shareholder value, including a possible sale of the Company.
Nexstar has retained Moelis & Company as its financial advisor and Kirkland & Ellis LLP as its legal counsel.
Wednesday, 7/20/11, Wall Street Journal says Nexstar is up for sale and RBR-TVBR contacted Nerxstar CEO Perry Sook via email asking about the report -Sook’s emailed response was, as you might expect, “No comment.”
Nexstar’s majority owner is ABRY Partners. The private equity firm tried to cash out once before, with Nexstar being put up for sale in 2007. That effort was abandoned as the credit crunch and advertising recession rolled in.
In the announcement it was also stated the company has not made a decision to pursue any specific strategic transaction or other strategic alternative and there is no set timetable for the process, so there can be no assurance that the exploration of strategic alternatives will result in a sale of the Company or any other transaction.
The Company does not intend to disclose developments with respect to the progress of its strategic review until such time as the Board has approved a transaction or otherwise deems disclosure appropriate.
RBR-TVBR observation: Perry Sook is a true leader – first to fight and win the retrans battle for the entire television business. Also facing fights with Fox TV Network and going independent in a number of markerts. Nexstar is a solid broadcast group. Sure there will be further information and questions when Nexstar Broadcasting reports their 2011 second quarter financial results on August 9.
Recent reports on Nexstar:
Nexstar closes Midwest double-deal, wins FCC waiver approval
Nexstar flips to ABC in Terre Haute
Nexstar bills itself as a cash flow machine
