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
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|
|1||Salt Lake City, UT||33||KTVX||ABC|
|2||Salt Lake City, UT||33||KUCW||CW|
|5||Little Rock, AR*||56||KLRT||FOX|
|6||Little Rock, AR*||56||KASN||CW|
* to be acquired by Mission Broadcasting
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