Nexstar Media Group acquired Newport Television stations (12 stations plus Inergize Digital) for $285.5 million, a transaction announced in July 2012, structured as all cash. The deal was a Asset purchase.
Newport Television stations (12 stations plus Inergize Digital) operates in Local television broadcasting and digital media. 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.
The planned acquisition of the Newport stations substantially broadens Nexstar's local television broadcasting platform with stations that are geographically complementary to and diversify Nexstar's operating base while also presenting significant financial and operating synergies with the Company's existing portfolio.
Advisory firms were not disclosed for this transaction.