IRVING, TEXAS—Nextstar Broadcasting Group has announced a definitive agreement to acquire the assets of three CBS-affiliated and one NBC-affiliated TV stations in West Virginia from West Virginia Media Holdings for $130 million. The acquisition is expected to be immediately accretive to Nextstar’s operating results.
As part of the deal, Nextstar will enter into a Time Brokerage Agreement with WVMH upon receipt of Hart-Scott-Rodino clearance, which is expected to close in December; this will allow it to receive that stations’ broadcast cash flow and pay an annual fee to WVMH. The TBA will extend until the broadcast assets and FCC licenses are transferred, which is expected to take place by late 2016.
The stations included in this deal cover Charleston/Huntington, W.Va.; Wheeling, W.Va./Steubenville, Ohio; Bluefield/Beckley, W.Va.; and Clarksburg/Weston, W.Va. Three of the four stations being acquired have the number one or number two revenue shares in their markets, according to the 2014 BIA Kelsey Television Yearbook. With these acquisitions, Nextstar increases its portfolio of stations to 115 serving 62 markets in 25 states.
Future US's leading brands bring the most important, up-to-date information right to your inbox