Nexstar intends to finance the station acquisition with existing cash on hand. The license acquisition portion of the transaction is subject to FCC approval and other customary approvals and is expected to close mid-year 2013."Granite has owned KSEE since 1993 and we have greatly valued the opportunity to serve the communities of California's Central Valley," said Peter Markham, CEO of Granite. "Fortunately, this transaction maximizes value at Granite and will pass on this great asset and a dedicated group of talented employees to a new owner also committed to broadcast excellence." Nielsen Media’s 2012-2013 Local Market Estimates ranks Fresno, California as the 55 th largest television market in the country. 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 67 television stations and related digital multicast signals reaching 39 markets or approximately 11.6% of all U.S. television households. Assuming completion of all announced transactions, Nexstar will own, operate, program or provide sales and other services to 72 television stations and related digital multicast signals reaching 41 markets or approximately 12.1% of all U.S. television households. Forward-Looking Statements This news release includes forward-looking statements. We have based these forward-looking statements on our current expectations and projections about future events. Forward-looking statements include information preceded by, followed by, or that includes the words "guidance," "believes," "expects," "anticipates," "could," or similar expressions. For these statements, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. The forward-looking statements contained in this news release, concerning, among other things, changes in net revenue, cash flow and operating expenses, involve risks and uncertainties, and are subject to change based on various important factors, including the impact of changes in national and regional economies, our ability to service and refinance our outstanding debt, successful integration of acquired television stations (including any delay in completing such acquisitions, achievement of synergies and timing and scope of cost reductions), pricing fluctuations in local and national advertising, future regulatory actions and conditions in the television stations' operating areas, competition from others in the broadcast television markets served by the Company, volatility in programming costs, the effects of governmental regulation of broadcasting, industry consolidation, technological developments and major world news events. Unless required by law, we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this news release might not occur. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this release. For more details on factors that could affect these expectations, please see our filings with the Securities and Exchange Commission.
About Granite Broadcasting CorporationGranite Broadcasting Corporation is a market-leading owner of local media properties. The company's operations include broadcast TV stations, local cable TV channels, and local online and mobile media properties. Television network partners include NBC, CBS, ABC, The CW and My Network TV, collectively reaching over 6% of U.S. television households. Granite's local media operations are characterized by innovative, best of breed management and market leading franchises.