Nexstar Makes Deal With Fox to Buy, Sell TV Stations

Nexstar acquiring TV stations in Charlotte, N.C., selling ones in Seattle and Milwaukee.
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IRVING, Texas—A series of transactions have been announced between Nexstar and Fox that will flip ownership of multiple stations in Charlotte, N.C., Seattle and Milwaukee.

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As part of these newly announced deals, Nexstar has purchased the Charlotte Fox affiliate WJZY and MyNetworkTV affiliate WMYT for $45 million. In turn, Nexstar is selling Seattle’s Fox and MyNetworkTV affiliates (KCPQ and KZJO, respectively) and Milwaukee’s Fox affiliate WITI for $350 million, subject to customary adjustments.

This follows a reported net loss for Nexstar in the third quarter due to associated costs from its acquisition of Tribune Media and other charges.

Nexstar CEO and President Perry Sook said that the addition of the Charlotte stations adds to the broadcaster’s Mid-Atlantic presence and helps free up 0.7% of its household reach, which will allow Nexstar to pursue other transactions to “strengthen our local market platform and service to viewers and businesses.”

The deal is still subject to FCC approval, but is expected to close in the first half of 2020.