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Nexstar Broadcasting Group, Inc. (Nasdaq: NXST) announced today that Mission Broadcasting, Inc. (“Mission”), completed the previously announced acquisition of two television stations in Little Rock, AR from entities controlled by privately-held Newport Television, LLC (“Newport”) for $60 million. Simultaneous with the closing of the transaction, Nexstar entered into an Outsourcing Agreement with Mission to provide services to the two stations, KLRT and KASN, the FOX and CW affiliated stations, respectively, in Little Rock.
Perry A. Sook, Chairman, President and Chief Executive Officer of Nexstar Broadcasting Group, Inc., 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.
“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.”
About Nexstar Broadcasting Group, Inc.
Nexstar Broadcasting Group is a leading diversified media company that leverages localism to bring new services and value to consumers and advertisers through its traditional media, e-MEDIA, digital and mobile media platforms. Nexstar owns, operates, programs or provides sales and other services to 66 television stations and related digital multicast signals reaching 38 markets or approximately 11.1% of all U.S. television households.
Assuming completion of all other announced transactions, Nexstar will own, operate, program or provide sales and other services to 71 television stations and related digital multicast signals reaching 41 markets or approximately 12.1% of all U.S. television households.