Nexstar Media Group acquired Grant Company, Inc. (seven stations from the Estate of Milton Grant) for $87.5 million, a transaction completed in December 2014, structured as all cash.
Grant Company, Inc. (seven stations from the Estate of Milton Grant) operates in Local television broadcasting. 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.
The planned station acquisitions will further expand Nexstar's local television broadcasting and digital media platforms with stations that are complementary to its operating base and present significant financial and operating synergies.
Advisory firms were not disclosed for this transaction.