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News Breaks | | | | January 3, 2013 | | 17:41 EDT |  | NXST | Nexstar 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." | |
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