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Nexstar Broadcasting And Mission Broadcasting To Acquire 12 Television Stations In Eight Markets And Inergize Digital E-Media Operations From Newport Television, LLC For $285.5 Million In Cash In An Accretive Transaction

Stocks in this article: NXST

Nexstar Broadcasting Group, Inc. (Nasdaq: NXST) (“Nexstar”) announced today it and Mission Broadcasting, Inc. (“Mission”), entered into definitive agreements to acquire twelve television stations and associated digital sub-channels in eight markets from entities controlled by privately-held Newport Television, LLC (“Newport”) for $285.5 million in a transaction that is expected to be immediately accretive to Nexstar and Mission upon closing. Nexstar will acquire ten stations as well as Newport’s Inergize Digital media operations and Mission will acquire two stations in Little Rock, AR (table below). Nexstar also announced that it and Mission have secured commitments for new $645 million Senior Secured Credit Facilities comprised of a $570 million Term Loan B due 2019 and a $75 million Revolving Credit Facility due December 2017. Nexstar management will host a conference call and webcast today at 11:30 a.m. ET (details below) to review details of the transaction and its financing.

The planned acquisition of the Newport stations substantially broadens Nexstar’s local television broadcasting platform with stations that are geographically complementary to and diversify Nexstar’s operating base while also presenting significant financial and operating synergies with the Company’s existing portfolio. Upon closing, the proposed transaction will increase Nexstar’s portfolio of stations that it owns, operates, programs or to which it provides sales and other services to 67 stations in 40 markets reaching approximately 11.4% of all U.S. television households.

Newport Television Stations to be Acquired by Nexstar Broadcasting Group
    Market   Market Rank   Station   Affiliation
1   Salt Lake City, UT   33   KTVX   ABC
2   Salt Lake City, UT   33   KUCW   CW
3   Memphis, TN   49   WPTY   ABC
4   Memphis, TN   49   WLMT   CW
5   Little Rock, AR*   56   KLRT   FOX
6   Little Rock, AR*   56   KASN   CW
7   Syracuse, NY   84   WSYR   ABC
8   Binghamton, NY   157   WBGH   NBC
9   Binghamton, NY   157   WIVT   ABC
10   Elmira, NY   174   WETM   NBC
11   Jackson, TN   176   WJKT   FOX
12   Watertown, NY   177   WWTI   ABC

* to be acquired by Mission Broadcasting





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