Mission Broadcasting has closed on the $60M acquisition of a pair of Little Rock AR television stations and entered into a local partnership with Nexstar Broadcasting that created a relationship with two more. The seller was Newport Television.
Mission picked up Fox KLRT-TV and CW KASN-TV. Nexstar is already active in the market with NBC KARK-TV and MNT KARZ-TV.
The same day Mission filed to buy the Little Rock stations, an applications accepted by the FCC 7/26/12, Nexstar filed to acquire another $225.536M with of Newport stations, getting nine in seven markets.
Nexstar head Perry Sook commented, “This transaction is consistent with our core strategy to expand our operations and pursue financial and operating synergies to enhance free cash flow. We look forward to leveraging our knowledge of the Little Rock market, as we provide services to Mission, for the benefit of viewers of KLRT and KASN while creating an even stronger marketing platform for local area businesses.”
Sook added, “Nexstar’s 2012 initiatives including the significantly accretive Newport transaction; announced agreements to acquire stations in California and Vermont, which will close later this quarter; ongoing capital structure optimization; plan to initiate an annual cash dividend of $0.48 per share starting this quarter; and, record annual financial results and free cash flow position us well for 2013 and beyond.”