Nexstar Broadcasting Group, Inc. (Nasdaq: NXST) (“Nexstar”) announced today that it entered into a definitive agreement to acquire the stock of Grant Company, Inc. (“Grant”), the owner of seven television stations in four markets for $87.5 million in a transaction that is expected to be immediately accretive upon closing. Simultaneous with the Grant agreement, Nexstar entered into a purchase agreement with Mission Broadcasting, Inc. (“Mission”) pursuant to which Mission will purchase one of the Grant stations from Nexstar and, upon consummation of the transaction, enter into local service agreements with Nexstar. The acquisition will be funded through internal sources, borrowings under the existing credit facilities and future credit market transactions.
|Grant Company, Inc. Television Stations|
|4||Quad Cities, IA||100||KGCW||CW|
|5||Quad Cities, IA||100||KLJB*||FOX|
* to be acquired by Mission
The planned station acquisitions will further expand Nexstar’s local television broadcasting and digital media platforms with stations that are complementary to Nexstar’s operating base and present significant financial and operating synergies. Upon closing this and other previously announced transactions, and reflecting the dissolution of Nexstar’s JOA in Rochester NY at year end, Nexstar’s portfolio of stations that it owns, operates, programs or to which it provides sales and other services will increase to 102 stations in 54 markets reaching approximately 15.5% of all U.S. television households.