Nexstar Broadcasting To Sell Five TV Stations In Four Markets

(RTTNews) - Nexstar Broadcasting Group, Inc. (NXST) said it has entered into three definitive agreements to divest five television stations in four markets. The proposed divestitures mark an important first step in fulfilling Nexstar's commitment to regulatory bodies to consummate its previously announced agreement to acquire Media General Inc. (MEG).

Nexstar has entered into a definitive agreement to sell WCWJ, the CW affiliate serving Jacksonville, Florida market, and WSLS-TV, the NBC affiliate serving theRoanoke-Lynchburg, Virginia market, to Graham Media Group, Inc. for total consideration of $120 million. Graham Media is led by Emily Barr, President & Chief Executive Officer.

In addition, Nexstar entered into a definitive agreement to sell KADN-TV and KLAF-LD in Lafayette, Louisiana, to Bayou City Broadcasting Lafayette, Inc. or BCBL for $40 million in cash. Nexstar also entered into a definitive agreement to sell KREG-TV in Denver, Colorado to Marquee Broadcasting, Inc.

The sale of WCWJ and WSLS-TV to Graham Media and the sale of KADN-TV and KLAF-LD to BCBL are subject the closing of the Nexstar/Media General transaction.

The Graham Media, BCBL and Marquee proposed station sales are subject to FCC approval, and are expected to be completed on, or about the time of, the closing of the Nexstar/Media General transaction, which is expected later this year.

Nexstar anticipates announcing additional station divestitures shortly.

In addition to divesting overlap markets and other markets to meet the 39 percent U.S. television household national ownership cap, the company noted that two of the three proposed transactions represent opportunities for minority television station owners to play a greater role in the U.S. broadcasting industry, a key initiative of the Federal Communications Commission or FCC.