Media General is selling its CW WCWJ-TV in Jacksonville FL to Perry Sook’s Nexstar Broadcasting Group. The acquisition will mark Nexstar’s entrance into the Florida television business, and marks its 52nd station overall, counting both O&Os and those for which Nexstar provides services of one type of another. Media General has no other media properties, broadcast or newspaper, in Nielsen’s #47 DMA.
Although the purchase price was not immediately available, Sook noted, “This transaction is also consistent with our ongoing debt-reduction priority. Upon closing, this acquisition will be immediately accretive to Nexstar’s operating results. The purchase price for WCWJ is less than five times 2009 projected cash flow.”
As for Nexstar’s plans for the station, Sook said, “Nexstar will offer Jacksonville viewers CW programming as well as top quality local sports and syndicated programming. We’ll also bring effective on-air and on-line marketing solutions to local and national advertisers including the launch of Nexstar’s differentiated e-MEDIA offerings through our proven Community Portal model.” He also expects that Nexstar’s success at negotiating favorable retransmission terms with cable, satellite and telco MVPDs will help the station’s bottom line.
