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Stock Market & Financial Investment News

News Breaks
January 3, 2013
17:41 EDTNXSTNexstar completes acquisition of two television stations for $60M cash
Nexstar Broadcasting Group announced today that Mission Broadcasting, completed the previously announced acquisition of two television stations in Little Rock, AR from entities controlled by privately-held Newport Television for $60M. Simultaneous with the closing of the transaction, Nexstar entered into an Outsourcing Agreement with Mission to provide services to the two stations, KLRT and KASN, the FOX and CW affiliated stations, respectively, in Little Rock. Perry A. Sook, chairman, president and CEO of Nexstar Broadcasting Group commented, "Nexstar's 2012 initiatives including the significantly accretive Newport transaction; announced agreements to acquire stations in California and Vermont, which will close later this quarter; ongoing capital structure optimization; plan to initiate an annual cash dividend of 48c per share starting this quarter; and, record annual financial results and free cash flow position us well for 2013 and beyond."
News For NXST From The Last 14 Days
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October 23, 2014
07:11 EDTNXSTNexstar to acquire assets of KASW-TV for $68M from Meredith, SagamoreHill
Nexstar Broadcasting Group (NXST) has entered into a definitive agreement to acquire the assets of KASW-TV, the CW affiliate serving the Phoenix, AZ market for $68M plus working capital from Meredith Corporation (MDP) and SagamoreHill of Phoenix, LLC. The proposed acquisition is expected to be accretive to Nexstarís operating results immediately upon closing and inclusive of all other previously announced transactions, will expand the Companyís coverage to 57 markets in 22 states, reaching approximately 19.7 million television households. Nexstar intends to finance the station acquisition through borrowings under its senior credit facilities. The transaction is subject to FCC approval and other customary approvals, and is expected to close in the first quarter of 2015. In the first twelve months following the closing of the transaction, KASW-TV is expected to generate approximately $14M in adjusted broadcast cash flow and is expected to provide free cash flow accretion in the first year of ownership of approximately 30c per share.

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