Fox Agrees To Buy 3 TV Stations From Nexstar For $350 Mln

(RTTNews) - Fox Corp. (FOXA, FOX) Tuesday said it has agreed to buy three television stations from Nexstar Media Group (NXST) for $350 million.

The stations FOX will be acquiring are located in Seattle, Washington and Milwaukee, Wisconsin, two key markets that align with the company's sports rights. The transaction will expand Fox Television Stations' market presence to 14 of the top 15 DMAs.

The stations being acquired by Fox are KCPQ and KZJO in Seattle and WITI in Milwaukee.

Executive Chairman and Chief Executive Officer Lachlan Murdoch said, "This acquisition expands the reach of one of FOX's core assets, our television stations portfolio, and further strengthens what is already a highly profitable and cash generative business. The Seattle and Milwaukee markets both overlap with key sports markets, creating significant opportunities for growth and collaboration."

Jack Abernethy, CEO of Fox Television Stations, added, "Acquiring stations in these high-performing NFC markets enhances our already strong nationwide footprint and further demonstrates Fox Television Stations' commitment to serving our viewers, advertisers and local communities."

As part of this transaction, FOX has agreed to sell Nexstar two stations in Charlotte, North Carolina, FOX-affiliate WJZY and MyNetworkTV-affiliate WMYT, for about $45 million.