As RBR+TVBR was first to report on Monday (10/28), Nexstar Media Group has signed an agreement that, pending FCC regulatory approval, will give it a duopoly in the Cleveland market.
We now know how many millions of dollars the company will pay to acquire the television station licensed to Akron, Ohio, in a deal that saw Kalil & Co. serve as the seller’s broker.
According to an asset purchase agreement signed off by Nexstar EVP/CFO Lee Ann Gliha, a $22 million price has been assigned to the transfer of control of WBNX-TV, an independent TV station, from Winston Broadcasting Company.
Nexstar’s plan for WBNX is to make it once again the Cleveland market’s home of The CW Network. This will commence in September 2025, when WUAB-43, a Gray Media station, further develops its local sports programming through an agreement with the newly formed Rock Entertainment Group.
WBNX was an affiliate of The WB, and then was the market’s home of The CW from 2006-2018.
Serving as the seller’s legal counsel in this transaction are Liz Spainhour and Tim Nelson of Brooks Pierce.
