Nexstar reaches agreement to buy Media General for $4.7 billion

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The company which owns KWKT is growing its family of stations.

On Thursday, Nexstar Broadcasting announced the purchase of the Television group Media General for $4.7 billion.

Once the transaction is completed, Nexstar will own 171 television stations, reaching approximately 39% of all U.S. television households.

Nexstar will change its name to Nexstar Media Group, Inc. upon the completion of the transaction.

Perry Sook, Chairman, President and CEO of Nexstar, commented, “The acquisition of Media General’s broadcasting and digital media assets represent a transformational growth opportunity for Nexstar and is strategically and financially compelling.  The transaction increases Nexstar’s broadcast portfolio by approximately two thirds with very limited overlap with our existing properties, more than doubles our audience reach, provides entrée to 15 new top-50 DMAs and offers synergies related to the increased scale of the combined digital media operations.

The new Nexstar Media Group will be one of the nation’s leading providers of local news, entertainment, sports, lifestyle and network programming and content through its broadcast and digital media platform with annual revenue in excess of $2.3 billion.

Vincent L. Sadusky, President and CEO of Media General, said, “We are pleased to reach this agreement with Nexstar, which provides Media General shareholders with substantial and immediate value, as well as the opportunity to participate in the significant upside potential of the combined company. Together with Nexstar, we can deliver a more comprehensive, integrated and competitive offering across all markets for the benefit of our advertisers and brands. I am thankful for the hard work and dedication of our talented employees, and I’m confident they will continue to make many valuable contributions as part of a larger and stronger organization. I look forward to working closely with the Nexstar team to bring our companies together to realize the power of this compelling combination and ensure a smooth transition.”

You can read the full details on Nexstar’s website.

Copyright 2021 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

April 29 2021 07:00 pm

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