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Nexstar Broadcasting to buy West Virginia Media assets in $130m deal

Staff writer |
Nexstar Broadcasting entered into a definitive agreement to acquire the assets of three CBS- and one NBC-affiliated television stations for $130 million from West Virginia Media Holdings (WVMH).

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Those stations are serving Charleston/Huntington, West Virginia (DMA #67), Wheeling, West Virginia/Steubenville, Ohio (DMA #157), Bluefield/Beckley, West Virginia (DMA #160) and Clarksburg/Weston, West Virginia (DMA #169) markets. The proposed acquisition is expected to be immediately accretive to Nexstar’s operating results.

Nexstar will enter into a Time Brokerage Agreement (TBA) with WVMH effective upon receipt of Hart-Scott-Rodino (HSR) clearance, whereby it will receive the stations’ broadcast cash flow and pay an annual fee to WVMH.

The TBA will extend until the broadcast assets and FCC licenses are transferred, which is expected to occur in late 2016. Nexstar intends to finance the transaction with cash generated from operations and borrowings under its senior credit facilities.

Upon closing this and other previously announced transactions, Nexstar’s portfolio of stations that it owns, operates, programs or to which it provides sales and other services, will increase to 115 television stations serving 62 markets in 25 states, reaching approximately 20.5 million television households or 18.1% of all U.S. television households.

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