Nexstar Media acquisition history

Nexstar Broadcasting Group and affiliate Mission Broadcasting agreed to acquire twelve television stations and associated digital sub-channels in eight markets, plus Newport's Inergize Digital e-media operations, from entities controlled by privately held Newport Television, LLC. Nexstar acquired ten stations and the Inergize business while Mission acquired two Little Rock stations. Closings were staggered across late 2012 and 2013. Nexstar and Mission secured commitments for new $645 million Senior Secured Credit Facilities to fund the transaction, refinance existing facilities and repurchase subordinated notes.

Nexstar Broadcasting Group and affiliate Mission Broadcasting entered into definitive agreements to acquire six television stations in two markets for $37.5 million. The stations, representing equity interests of certain subsidiaries of Hoak Media and Parker Broadcasting, were being acquired from Gray Television Group and Excalibur Broadcasting. Nexstar acquired five stations from Gray (funding $33.5 million) and Mission acquired one station from Excalibur (funding $4 million).

Nexstar agreed to acquire BestReviews, a leading consumer product recommendations company (about 9 million monthly visitors), from Tribune Publishing Company. BestReviews independently researches, tests and recommends products and monetizes through retail revenue-share.

Nexstar closed its acquisition of TEGNA Inc., a broadcast and digital media company, after receiving FCC and DOJ approval. Nexstar acquired all outstanding TEGNA shares for $22.00 per share in cash.

Nexstar Media Group entered into a definitive agreement to acquire a 75 percent ownership interest in The CW Network, LLC. Warner Bros. Discovery and Paramount Global, the network's prior co-owners, each retained a 12.5 percent interest and continued to produce original scripted content. Nexstar, already the largest CW affiliate group with 37 CW and CW Plus affiliates, closed the transaction October 3, 2022 and named board member Dennis Miller as President of The CW, with longtime Chairman/CEO Mark Pedowitz departing. Financial terms were not disclosed in the filings. $0 (no purchase consideration).

Nexstar acquired The Hill, the nation's leading independent political digital-media platform, with about 48 million average monthly users in 2020. The deal advanced Nexstar's content-first digital strategy alongside its NewsNation cable network.

Nexstar Media Group entered into a definitive merger agreement to acquire all outstanding shares of Tribune Media Company for $46.50 per share in cash, in a transaction valued at approximately $6.4 billion including the assumption of Tribune Media's outstanding debt (a 15.5% premium to Tribune's November 30, 2018 close). The deal followed the collapse of Tribune's prior proposed transaction with a third party. Nexstar completed the acquisition September 19, 2019 in a transaction it valued at approximately $7.2 billion including assumed debt, at a final $46.687397 per share, simultaneously completing divestitures of 21 television stations for approximately $1.33 billion. Tribune brought 42 stations, WGN America, a 31% stake in TV Food Network and digital media investments. approximately $6.4 billion including assumed debt ($46.50 per share in cash).

Nexstar Broadcasting Group entered into a definitive merger agreement to acquire all outstanding shares of Media General, Inc. for $10.55 per share in cash plus 0.1249 of a share of Nexstar Class A stock per Media General share, with a contingent value right tied to proceeds from Media General's spectrum in the FCC Incentive Auction. The deal, which valued Media General at $17.14 per share (about a 54% premium), followed the termination of a proposed Meredith Corporation-Media General merger. Nexstar renamed itself Nexstar Media Group upon completion. The transaction closed January 17, 2017; Nexstar completed related divestitures of 13 stations for $548 million at closing. approximately $4.6 billion.

Nexstar acquired KLAS-TV, the CBS affiliate serving the Las Vegas, Nevada market, from Landmark Television and Landmark Media Enterprises. The purchase marked Nexstar's entry into Las Vegas, the 41st-largest U.S. television market, and expanded the company's portfolio to 110 stations serving 58 markets in 23 states. KLAS had been operated by a single-station owner, so Nexstar expected to add scale, expense synergies and stronger local news programming.

Nexstar remains opportunistic in expanding our station platform for growth and the acquisition of KLAS-TV in Las Vegas is consistent with our strategic focus on identifying, executing and integrating accretive transactions.Perry A. Sook — President and Chief Executive Officer, Nexstar Broadcasting Group

Nexstar acquired the outstanding equity of Yashi, a local digital video advertising and targeted programmatic technology platform. Yashi's platform combines geographic, demographic and other data-driven targeting with real-time bidding, letting advertisers plan, buy, measure and optimize campaigns. The deal broadened Nexstar's digital media portfolio with capabilities complementary to its multi-platform marketing solutions for local and national advertisers.

Nexstar acquired the assets of KASW-TV, the CW affiliate serving the Phoenix, Arizona market, from Meredith Corporation and SagamoreHill of Phoenix. The purchase gave Nexstar its entry into Phoenix, the 12th-largest U.S. television market, and extended the company's coverage to 57 markets in 22 states. The stations had been divested to Meredith and SagamoreHill under FCC conditions tied to Gannett's earlier acquisition of Belo Corp.

The planned acquisition of KASW-TV in Phoenix is highly accretive to Nexstar's operating results, further strategically diversifies Nexstar's station portfolio, and presents a great opportunity for the Company to leverage its intellectual capital and operating management disciplines to drive significant synergies.Perry A. Sook — President and Chief Executive Officer, Nexstar Broadcasting Group

Nexstar Broadcasting, Inc. and Mission Broadcasting entered into a stock purchase agreement to acquire privately held Communications Corporation of America and White Knight Broadcasting, owners of nineteen television stations and seven associated digital sub-channels in ten markets, for total consideration of $270.0 million subject to working-capital adjustments. Nexstar acquired the CCA stock and Mission acquired the White Knight equity, with services agreements to Mission and other third parties. The acquisition closed January 2, 2015; simultaneous with closing Nexstar sold certain CCA stations to Marshall Broadcasting Group ($43.3 million) and Bayou City Broadcasting Evansville ($26.9 million) to satisfy ownership rules.

Nexstar Broadcasting Group entered into a stock purchase agreement with Grant Company, Inc. to acquire seven television stations in four markets for $87.5 million. Simultaneously Nexstar agreed to sell one of the Grant stations (KLJB) to affiliate Mission Broadcasting and enter into local service agreements. The acquisition of the outstanding equity, purchased from the Estate of Milton Grant, closed December 1, 2014; Nexstar sold certain KLJB assets to Marshall Broadcasting Group for $15.3 million at closing.

Nexstar Broadcasting Group agreed to acquire the assets of Internet Broadcasting Systems, Inc., a digital publishing platform and digital-agency services provider, for $20.0 million (less roughly $1.2 million of working-capital adjustments). Internet Broadcasting served leading media companies including Hearst Television and Post-Newsweek Stations with websites, a SaaS-based digital publishing platform, content and one of the largest digital advertising agencies. The acquisition closed April 2, 2014 and marked Nexstar's entry into the digital-agency business.

Nexstar completed its acquisition of all of the subsidiaries of Quorum Broadcast Holdings, adding 11 television stations (one of which, WTVW in Evansville, was already under contract for sale) and service arrangements at five more stations. The deal took Nexstar into nine new mid-size markets and lifted the number of stations it owned, operated or serviced by roughly 60 percent, to 42 stations in 26 markets.

The Quorum acquisition brings us a highly complementary portfolio of stations in terms of geographic reach, market size and a focus on operating multiple stations in a market. Of the nine new markets that we will enter, five will offer the revenue opportunities and cost saving benefits of a duopoly market.Perry A. Sook — President and Chief Executive Officer, Nexstar Broadcasting Group