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Posts Tagged ‘Nexstar Broadcasting’

Nexstar Sells Evansville Station for $18.6 Million

nexstar_304Nexstar has announced it is selling Evansville CBS affiliate WEVV for $18.6 million to minority led broadcaster Bayou City Broadcasting Evansville, Inc.

“The proposed transaction announced today highlights our focus on completing pending transactions and represents the second time in the last two months that Nexstar has structured an agreement that furthers the FCC’s goal of increasing minority television ownership diversity,” Nexstar chairman, president and CEO Perry Sook said in a statement.

WEVV is owned by Communications Corp. of America. Nexstar and Mission Broadcasting announced they were buying CCA last April for $270 million.

According to the Nexstar press release, “The sale of WEVV to BCB brings the overall CCA transaction into compliance with Department of Justice requirements for approval and will release the pending transaction from hold pending divestiture.”

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Nexstar Buys Digital Publishing Platform for $20 Million

nexstar_304Nexstar has announced it has entered into a definitive agreement to buy the assets of Internet Broadcasting Systems, Inc. for $20 million.

In its press release about the acquisition, Nexstar calls IB, “A pioneer of innovative technology and services for the broadcast media industry.”

“We envision our clients transforming their broadcast media businesses into digital brands powered by compelling, dynamic, frequently updated news, information and entertainment content,” IB says about itself on the company website. “We envision our clients creating deeply personal connections with their audience by way of websites, mobile devices, social media and special-purpose applications.” Read more

FCC Expected to Vote on Shared Service Agreement Ban

FCC_304Federal Communications Chairman Tom Wheeler is expected to ask the FCC to vote on a ban of some shared-service agreements in the commissions next meeting.

The proposal is also expected to ban local stations from teaming up in retransmission negotiations.

Bloomberg reports Sinclair Broadcasting, along with several other station groups including Nexstar and LIN Media would be forced to give up some stations if the proposal passes.

Sinclair’s revenue last year from the type of arrangement the officials said Wheeler is most directly targeting amounted to $36 million, according to the filing. Sinclair reported $1.36 billion in revenue last year.

Sinclair fell 1.9 percent to $29.51 at 10:12 a.m. New York time. Nexstar lost 1.7 percent to $42.84, while Lin Media declined less than 1 percent to $23.09.

Wheeler needs to win a vote to pass the change at the FCC, where he is part of the three-member Democratic majority. The agency’s next meeting is March 31 in Washington. Read more

Nexstar Moves Corporate Headquarters About One Mile

nexstar_304Nexstar Broadcasting Group announced it moved its entire corporate staff to its new headquarters in Irvine, TX, yesterday.

“The relocation of our headquarters reflects Nexstar’s rapid growth and expansion.,” Perry A. Sook, chairman, president and CEO of Nexstar said in a statement. “The new corporate offices provide Nexstar with economic and operational benefits as well as capacity for continued growth as we seek to further expand our local marketing solutions platform of leading broadcast and digital media assets.”

According to a Google map search conducted by TVSpy, Nexstar’s new address is about a mile away from its old HQ. Read more

TWC and American Cable Association Ask FCC to Stop Mission’s Binghamton Station Buy

FCC_304Time Warner Cable and the American Cable Association are asking the FCC to deny Mission Broadcasting’s purchase of two Stainless Broadcasting stations in the Binghamton, NY, market.

In the petition, the two point out the deal, through sharing agreements with Mission, would essentially give Nexstar Broadcasting control of three of the four stations affiliated with major networks in that market.

As in similar petitions, the ACA is primarily looking to prevent station groups from gaining leverage when it comes to renegotiating retransmission deals and points a finger directly at Nexstar CEO Perry Sook for saying so, “Indeed, Nexstar’s CEO has acknowledged that a central rationale for the Mission-Stainless transaction is to use the leverage afforded by the combination of top-ranked stations in Binghamton to garner increased retransmission consent fees.” Read more

Nexstar to Acquire Grant Company For $88M

nexstar logoNexstar Broadcasting is acquiring Grant Company, Inc. for $87.5 million. The deal, which is expected to close in the first quarter of 2014, will add seven stations in four markets to Nexstar’s portfolio.

The stations are WFXR and WWCW in Roanoke; WZDX in Huntsville, Ala.; KGCW and KLJB in Quad Cities, Iowa; and WLAX and WEUX in La Crosse, Wisc. After the Nexstar acquisition, Mission Broadcasting will purchase KLJB and subsequently enter into a local service agreement with Nexstar.

“We believe the acquisition of these stations and the expanded scale they bring to our operations combined with our record of building new local direct client relationships, success in expanding local programming and consistent growth in digital media and political revenues, position Nexstar to continue building long-term shareholder value,” Nexstar CEO Perry A. Sook said in a statement.

With the acquisition, Nexstar will own, operate, program or provide sales to 102 stations in 54 markets, reaching 15.5% of all U.S. television households.

Former GM of WNBC Named Nexstar’s EVP of Digital Media and Chief Revenue Officer

nexstar logoNexstar has named Tom O’Brien to the newly created position of executive vice president of digital media and chief revenue officer.

According to Nexstar, O’Brien will “oversee Nexstar’s digital media content, product, service and sales teams, along with the Company’s 46 local community web portals and other existing or acquired digital media and mobile marketing businesses.”

Nexstar chairman and CEO Perry Sook said in a statement, “Tom brings outstanding leadership and entrepreneurial skills to Nexstar and I look forward to working directly with him as our new reporting structure is intended to allow us to take a more holistic approach to business and revenue development.”

O’Brien last worked as EVP & chief revenue officer for CNBC. In 2008, he was named president and general manager of WNBC in New York. Before coming to New York, he served as president  and general manager of NBC owned stations in Dallas-Ft. Worth (KXAS) and Hartford, CT (WVIT). Before working for NBC, O’Brien spent nine years with Viacom. He started his career working in production at Capital Cities, CBS Sports and ESPN.

Nexstar Names William Sally to Newly Created Role Overseeing Eastern Stations

Nexstar Broadcasting has announced it has named William Sally senior vice president and regional manager, east region, a new position the company created because of its “expanded scale.”

Sally will oversee Nexstar’s markets in Pennsylvania, New York, Vermont, Indiana, Alabama and Maryland. He will also have direct responsibility for the general managers in those markets.

“Reflecting Nexstar’s expanded scale, we added the Regional Manager position to build on our industry-wide reputation of delivering exceptional community service. said co-chief operating officer Tim Busch. Sally will report to Busch. Read more

Nexstar and Mission to Acquire Five Stations

Nexstar Broadcasting and Mission Broadcasting are acquiring five stations, three from Citadel Communications and two from Stainless Broadcasting, for $103.25 million. The transaction is expected to be approved in the first quarter of 2014.

Citadel Communications will sell WOI in Des Moines, KCAU in Sioux City and WHBF in Rock Island, Ill., to Nexstar for $88 million. Nexstar will begin operating the three stations immediately under a time brokerage agreement, according to Nexstar.

Mission Broadcasting will acquire two stations in Binghamton, N.Y. — Fox affiliate WICZ and MyNetworkTV affiliate WBPN — from Stainless Broadcasting for $15.25 million.

“The acquisition of the Des Moines and Sioux City stations marks Nexstar’s entrée into Iowa, an important state for political advertising activity, while the Rock Island station also reaches Iowa and will benefit from efficiencies related to Nexstar’s existing operations in Illinois where we now operate or provide services to six stations,” Nexstar chairman and CEO Perry A. Sook said in a statement.

With the acquisitions, Nexstar will own, operate or provide services to 96 stations in 51 markets, reaching 14.6 percent of all U.S. television households.

The official announcement from Nexstar is after the jump. Read more

Q2 Earnings: Nexstar Revenue Rises 42%

Nexstar Broadcasting reported net revenue of $126.2 million for the second quarter of 2013, a 42% increase compared to the year-ago quarter.

Local and national core revenue was up 44% compared to the second quarter of 2012, with local revenues up 40.9% and national revenues up 51.8%. E-media revenues and retransmission revenues were also up significantly for the quarter, increasing 73.2% and 63.1%, respectively. Political revenues fell 69.5% in the non-election year.

“Nexstar’s growth and operating momentum is accelerating in 2013 and we remain confident that continued year-over-year growth in all of our non-political revenue sources in the second half of the year will result in record annual revenue and free cash flow,” Nexstar chairman and CEO Perry A. Sook said in a statement.

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