Nexstar to Spin 5
Nexstar Broadcasting is selling five television stations in four markets.
The deals, which need FCC approval, are necessary so the company can get below the national television ownership cap and complete the Media General acquisition.
There are three buyers; two of them are minority-owned.
The largest price is $120 million to be paid by Graham Media Group for WCWJ, the CW affiliate serving Jacksonville, Florida market (DMA #47), and WSLS-TV, the NBC affiliate serving the Roanoke-Lynchburg, Virginia market (DMA #69).
Bayou City Broadcasting Lafayette, Inc. has agreed to pay $40 million in cash to acquire announced FOX affiliate KADN, KADN.2- NBC affiliate and NBC affiliate KLAF-LD in Lafayette, Louisiana.
Nexstar will sell KREG-TV in Denver, Colorado (DMA #17) to Marquee Broadcasting, Inc. Marquee and its affiliates, a woman-owned broadcast group that owns three local broadcast stations in Maryland, Georgia, and Delaware, is led by Patricia Lane. KREG-TV operates as a satellite station of Nexstar-owned CBS affiliate KREX-TV, but that will end once the deal closes.
The Graham Media, BCBL and Marquee sales are expected to close around the same time as Nexstar/Media General transaction, later this year.
MMTC Media and Telecom Brokers was a co-broker for the transactions with Wells Fargo and Deutsche Bank Securities advising Nexstar.