Plotted by close date where disclosed, otherwise announcement. Select any marker to jump to the deal entry.
Three patterns show up across Nexstar Media's deal book — what the team buys, how it pays, and how it integrates. The patterns are the throughline; the deals below are the evidence.
7 acquisitions. Each entry carries the deal value, financing structure, target revenue, executive commentary, and the original SEC filing — the evidence behind the patterns above.
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, 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 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 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 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 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).