Nexstar, Mission Buy 19 Stations For $270M

The $270 million deal comprises the 19 stations of Communications Corp. of America and White Knight Broadcasting. Nexstar gets 11, Mission gets eight.
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TVNewsCheck,

Nexstar Broadcasting Group said today that its long-rumored acquisition of Communications Corp. of America is indeed a fact.

The Irving, Texas-based station group said today that it and duopoly partner Mission Broadcasting have agreed to pay $270 million to CCA and its duopoly partner, White Knight Broadcasting, for 19 stations in 10 markets.

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So that Nexstar can operate duopolies in seven of the markets in compliance with local FCC ownership limits, Mission will hold the licenses of eight of the stations.

The CCA group currently includes five duopolies. The deal will create two additional ones in Shreveport, La., and Odessa-Midland, Texas, where Nexstar already has stations.

Upon closing, expected in October, the acquisition will expand the Nexstar/Mission portfolio to 91 stations in 48 markets reaching approximately 13.9% of all U.S. TV households.

Nexstar projects that the stations will contribute around $100 million in net revenue and, given $12.5 million in projected synergies, generate more than $50 million in additional broadcast cash flow.

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The purchase price represents a buyer's multiple of approximately 5.7 times the average 2012-2013 broadcast cash flow, assuming operating improvements and other synergies, Nexstar said.

"The acquisition significantly expands our revenue and operating base with stations where we can quickly apply our operating and management disciplines to meaningfully improve their performance which we believe will result in significant free cash flow accretion immediately upon closing," said Nexstar CEO Perry Sook in a prepared statement.

"The addition of the CCA stations builds further scale and operating leverage and represents another excellent opportunity for Nexstar to expand our footprint and portfolio in attractive and highly complementary markets."

CCA/White Knight TV Stations

KMSS Shreveport, LA (DMA 83) Fox

KSHV Shreveport, LA (83) MNT

KVEO Harlingen, TX (86) NBC-Estrella

KWKT Waco, TX (88) Fox-MNT-Estrella

KYLE Waco, TX (88) Fox-MNT-Estrella

KTSM El Paso, TX (91) NBC-Estrella

WGMB Baton Rouge, LA (94) Fox

WBRL-CD Baton Rouge, LA (94) CW

WVLA Baton Rouge, LA (94) NBC

KZUP Baton Rouge, LA (94) RTV

WEVV Evansville, IN (104) CBS-Fox-MNT

KETK Tyler, TX (107) NBC-Estrella

KFXK Tyler, TX (107) Fox

KFXL-LD Tyler, TX (107) Fox

KLPN-LD Tyler, TX (107) MNT

KADN Lafayette, LA (124) Fox

KLAF-LD Lafayette, LA (124) MNT

KPEJ Odessa, TX (152) Fox-Estrella

WNTZ Alexandra, LA (170) Fox-MNT

Houlihan Lokey served as the exclusive financial advisor to CCA in this transaction.

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Ratings

Overnights, adults 18-49 for September 26, 2016
  • 1.
    4.4/12
  • 2.
    2.8/8
  • 3.
    2.5/7
  • 4.
    1.5/4
  • 5.
    0.8/2
  • 6.
    0.3/1
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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