Nexstar Completes Buy Of 5 Hoak/Gray TVs
Nexstar Broadcasting Group on Friday said it completed the purchase of five television stations in two markets for $33.5 million that Gray spun off from its purchase of stations from Hoak Media in April.
They are: ABC affiliate WMBB Panama City, Fla. (DMA 154); KREX (CBS)-KGJT (MNT) Grand Junction, Colo. (DMA 185); and two satellites of KREX: KREG Glenwood Springs, Colo., and KREY Montrose, Colo.
Concurrent with the acquisition of the five stations, Nexstar said it will assume Hoak’s contractual obligations with Parker Broadcasting of Colorado for KFQX, the Grand Junction, Fox affiliate, under the existing time brokerage agreement, whereby Nexstar will provide sales and other services to the station. Under the terms of the amended agreement, Nexstar sidecar company, Mission Broadcasting will pay Parker $3.2 million to be applied to the purchase price upon closing, which is pending approval by the FCC.
Perry A. Sook, chairman-president-CEO of Nexstar, said in a statement: “This transaction is consistent with our core strategy to diversify and expand our local traditional media, digital and mobile media platforms through transactions that are complementary to our existing operations while also providing financial and operating synergies that enhance free cash flow. This transaction marks our entrée into Grand Junction and Panama City and we look forward to leveraging our industry-wide leadership in delivering exceptional local and network programming and service in our markets for the benefit of viewers while creating an even stronger marketing platform for local area businesses.”
Wells Fargo analyst Marci Ryvicker said of the news, “We are pleased to finally see some unclogging of deals at the FCC.”