dmas 55, 97 & 126

Nexstar Adding Stations In Calif. And Vt.

It’s buying KGPE Fresno and KGET/KKEY-LP Bakersfield, both California, from Newport for $35.4 million and, in a separate deal with Mission Broadcasting, is buying WFFF and WVNY Burlington, Vt.
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TVNewsCheck,

Nexstar Broadcasting Group announced Monday that it is buying KGPE, the CBS affiliate in Fresno, Calif. (DMA 55), and KGET and KKEY-LP, the NBC/CW affiliate and low-powered Telemundo affiliate in Bakersfield, Calif. (DMA 126), from Newport Television for $35.4 million.

Separately, Nexstar announced that it and Mission Broadcasting entered into a definitive agreement with Smith Media to acquire Fox affiliate WFFF and ABC affiliate WVNY Burlington, Vt. (DMA 97), for $17.1 million plus any working capital adjustments applicable at the time of closing in a transaction. Nexstar and Mission will enter into a local services agreement to provide sales and other services to WVNY upon consummation of the transaction.

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The deal is part of the sell off of the Newport stations by its private equity owner Providence Equity Partners. It began the sell off in July, announcing deals with Nexstar, Sinclair and Cox totalling nearly $1 billion. At that time, Nexstar picked up 12 stations in eight markets for $285.5 million.

Nexstar said the proposed acquisitions of the Fresno and Bakersfield stations are expected to be accretive to its operating results immediately upon closing and will result in Nexstar operating one station and providing sales and other services to another in 25 of the 41 markets where it operates (which assumes the completion of the acquisition of 12 Newport stations, announced in July). In addition, it will expand to 71 the number of stations and related digital signals that Nexstar either owns or provides sales and other services to.

Nexstar and Mission said they intend to finance the station acquisitions through borrowings under their senior credit facilities. The transactions are subject to FCC approval and other customary approvals, and the Newport and Smith station acquisitions are expected to close in the first quarter of 2013.

Commenting on the agreements, Nexstar Broadcasting Group President-CEO Perry A. Sook said: “These transactions are consistent with our criteria for acquisitions that further strategically diversify our operations, create or present opportunities for virtual duopoly markets and which are financially accretive.

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“In aggregate, the purchase price for the five new stations is less than 5.0 times the average 2011-12 pro-forma cash flow and we expect the combined acquisitions to increase our free cash flow by approximately 8% to 10% annually in each of the next two years. Under Nexstar and Mission’s ownership the stations will realize additional retransmission revenues as well as synergistic operating improvements, and on a pro-forma basis the acquisitions are both immediately accretive to results and leverage neutral on a debt-to-cash-flow basis.”

Waller Capital Partners served as the exclusive financial adviser to Smith Media.

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Ratings

Overnights, adults 18-49 for September 25, 2016
  • 1.
    5.5/18
  • 2.
    2.6/8
  • 3.
    1.2/4
  • 4.
    0.9/3
  • 5.
    0.5/2
  • 6.
    0.2/1
Source: Nielsen

Reviews

  • Rob Owen

    Easily fall’s best broadcast network comedy pilot, NBC’s The Good Place offers a clever high-concept premise that’s complemented with intelligent, sometimes absurdist humor. Created by Michael Schur, co-creator of NBC’s Parks and Recreation, The Good Place is a highly serialized series that’s essentially set in heaven and stars Kristen Bell and Ted Danson. NBC made five episodes of The Good Place available for review, and the show not only holds up, but also it improves, deepening characters that initially feel one-note and frequently leaving viewers guessing with cliffhanger endings to many of the episodes. The combination of snappy dialogue and winning but flawed characters makes The Good Place a great bet for fans of smart TV comedy.

  • Maureen Ryan

    Pitch has swagger, for good reason. It gets the big things right; the Fox drama about the first female baseball player in the Major Leagues is one of the year’s most assured and exciting debuts. But part of what impresses about the pilot is also the way it confidently strings together so many small but telling details. Ginny (Kylie Bunbury) is the first woman to be called up from the minors to the big leagues, and no show since Friday Night Lights has done a better job of portraying the internal and external pressures that weigh heavily on young athletes asked to do much more than merely succeed on the field. Pitch will likely do a good job of getting viewers to root for it. The hope is that the show won’t be an impressive, short-lived curiosity, but rather a long-term phenomenon.

  • Kevin Fallon

    In a fall TV season that’s already making a splash for championing diverse, distinctive voices in an array of projects that they created, wrote, and starred in, Better Things on FX stands out. The show is created by, written by, and starsPamela Adlon. She plays Sam Fox, the single mother of three daughters modeled after her own reality-show-ready experience raising three girls in Los Angeles following a divorce. Sam is also, like Adlon, a working actress — on shows both raunchy, a la Californication, and animated for children, like her role on Recess. It’s a refreshingly blunt take on single motherhood without sacrificing the warmth of parental love, portraying the dance between selfishness and selflessness that’s at the heart of being a parent — especially one weathering the hormonal fireworks of a household of four women at different ages.

  • David Wiegand

    The fall TV season doesn’t count as much as it used to — we already know that. But no matter how many retreads the broadcast networks throw at viewers in the next few months, this fall will be memorable because of the premiere of Atlanta on Tuesday, Sept. 6, on FX. The half-hour comedy created by and starring Donald Glover (Community), simply and brilliantly recalibrates our expectations of what a TV comedy is and how black lives are portrayed on the medium.

  • Louisa Ada Seltzer

    The second reboot of the 1980s John Candy movie Uncle Buck, bumped by ABC from midseason, has the same tired jokes you'll find on any second-rate sitcom. Too bad, because Mike Epps is appealing and ABC would be wise to keep him around for future shows, but there’s just not enough to this show to suggest it will last past summer. It also airs against NBC’s America’s Got Talent, summer’s No. 1 program on broadcast, which may make it even harder to find an audience.

  • Neil Genzlinger

    Bryan Cranston brings his Tony Award-winning interpretation of President Lyndon B. Johnson to television in an adaptation of the Robert Schenkkan play All the Way, and it’s still quite a sight to behold, just as it was on Broadway in 2014. Nothing beats witnessing this kind of larger-than-life portrayal onstage, of course. But the television version, presented by HBO, offers plenty of rewards, allowing Cranston to work the close-ups and liberating him from the confines of a theater set. Cranston’s performance is a gem — in his hands, this accidental president comes across as an amazing bundle of contradictions, someone who seems at once too vulgar for the job and just right for it.

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