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Nexstar Broadcasting Completes Acquisition Of Five Stations In Two Markets For $33.5 Million In Accretive Transaction

Nexstar Broadcasting Group, Inc. (Nasdaq:NXST) announced today that it has completed the previously announced accretive acquisition of five television stations in two markets for $33.5 million and an adjustment for working capital. The stations were acquired from Gray Television Group, Inc. (NYSE:GTN and GTN.A) (“Gray”) and represent the equity interests of certain subsidiaries of Hoak Media, LLC ("Hoak").

                                       
  City of License         Market Rank         Station         Affiliation

Panama City, FL         154         WMBB         ABC

 

Grand Junction, CO

       

185

       

KREX

       

CBS

Glenwood Springs, CO

                  KREG (1)         CBS

Montrose, CO                   KREY (1)         CBS

Grand Junction, CO                   KGJT         MyNetworkTV

(1) KREG and KREY operate as satellite stations of KREX

Concurrent with the acquisition of the five stations, Nexstar will assume Hoak’s contractual obligations with Parker Broadcasting of Colorado, LLC ("Parker") for KFQX, the Grand Junction, Colorado FOX affiliate, under the existing Time Brokerage Agreement (“TBA”), whereby Nexstar will provide sales and other services to the station. Under the terms of the amended agreement, Mission Broadcasting, Inc. (“Mission”) will make a deposit to Parker in the amount of $3.2 million with the deposit applied to the Purchase Price upon closing, which is pending approval by the Federal Communications Commission.

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