In numerology, the number 1 resonates with the vibrations and attributes of new beginnings, creation, independence, uniqueness, motivation, striving forward and progress, ambition and will power, positivity and positiveness.
Perry Sook, the founder and President/CEO of Nexstar Broadcasting Group, may thus appreciate what the FCC did on Jan. 11, 2017 for years to come.
In a somewhat surprise decision, the Commission granted the applications and related waiver requests sought by Nexstar so it may move forward with its merger acquisition with Media General — a transaction announced just days of one year ago.
Needless to say, Sook — recently elected to serve as Chairman of the TVB, was thrilled with the FCC’s decision to wait until the end of its spectrum incentive auction to OK a deal the Department of Justice approved with conditions in October.
“We appreciate Chairman Tom Wheeler and the FCC Commissioners’ work, as well as the work of the FCC staff, in granting the approval of the Media General transaction,” Sook said in a statement released Wednesday (1/11). “Upon closing the transaction Nexstar will continue its initiatives across the combined entity to deliver superior, unique local content and services to viewers and businesses in each of the communities it serves.”
Sook noted that Nexstar’s growth seen in the last two decades is a result of its “commitment to deliver exceptional service to the local communities where we operate, expansion through accretive acquisitions, enhanced operating results of acquired stations and digital media properties, and an overarching focus on localism.”
He added, “To this day, this focus has been fundamental to our success and we intend to extend our legacy of delivering exceptional service in our markets and increased value to our shareholders when the highly accretive Media General transaction is complete.”
Other than customary closing matters, Nexstar and Media General have completed all of the steps and satisfied all of the merger agreement conditions necessary to finalize the planned transaction.
BofA Merrill Lynch acted as financial advisor and Kirkland & Ellis LLP acted as legal counsel to Nexstar in connection with the transaction.
RBC Capital Markets and Goldman Sachs & Co. acted as financial advisors to Media General. Fried, Frank, Harris, Shriver & Jacobson LLP and Weil, Gotshal & Manges LLP acted as its legal counsel.
Meanwhile, Nexstar’s Board of Directors on Wednesday (1/10) extended the employment agreement of EVP/CFO Thomas E. Carter through Dec. 31, 2021. The extension supersedes Carter’s prior employment agreement, which was to conclude in August 2018.