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Posts Tagged ‘Perry Sook’

Nexstar to Buy KASW in Phoenix for $68 Million

nexstar logoNexstar Broadcasting says it’s buying Phoenix CW affiliate KASW from Meredith Corporation and SagamoreHill of Phoenix for $68 million plus working capital.

Nexstar Broadcasting Group president and CEO, Perry Sook said in a statement, “[T]he transaction offers Nexstar entrée to the Arizona and Phoenix markets which represent a natural complement to our existing operations in the Southwestern region of the United States.”

RELATED: Sook tells MediabistroTV local stations are “basically the newspaper of record.”

Sook also said Nexstar plans to have KASW increase its focus on local programming and the community.

Meredith and SagamoreHill bought KASW from Gannett and Sander Media as part of its Belo purchase. “As part of Federal Communications Commission approval, Meredith and SagamoreHill voluntarily agreed to divest KASW to an independent buyer within 90 days of its June 19, 2014 closing.”

The buy is subject to FCC approval.

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‘We’re Basically the Newspaper of Record,’ Nexstar CEO Talks About Local TV

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Nexstar CEO, chairman and president Perry Sook was one of 12 industry leaders to be inducted into the Broadcasting & Cable Hall of Fame Monday night at the Waldorf Astoria in New York City.

MediabistroTV caught up with Sook to ask about Nexstar’s next move and his views about the state of local TV.

“With the decline of newspaper and circulation and also the decline of days of publication, we’re basically the newspaper of record,” said Sook. “I think the services we provide to markets like Burlington, Vt. and Rochester, N.Y. and Salt Lake City, Utah are absolutely essential and hard to duplicate anywhere else.”

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.”

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

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

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 Still Looking for Stations to Buy

Reuters recently spoke with Perry Sook, founder and chief executive of Nexstar, about the future plans of the station group.

Nexstar started with Scranton-Wilkes Barre, PA, CBS affiliate WYOU in 1996 and now owns or operates 72 stations.  Sook said his company spent about $650 million over the last 24 months. He said he thinks the station group can match that amount over the next two years.

Sook said some stations run by Local TV LLC could fit the bill, but declined to say whether his company was in talks with owner Oak Hill Capital Partners. “At the right price I think we would be interested in a number of those assets but certainly not all,” Sook said in an interview on Wednesday. Credit Suisse analyst Michael Senno has identified Nexstar as a likely buyer if Local TV is broken up as part of a sale.

You can also read Sook’s take on his comments about selling Nexstar for the right price, retransmission fees and Aereo. Click here to read the article.

Two at Local Station Groups Named ‘People to Watch’ in 2013

TVNewsCheck is reporting the Media Financial Management Association has named its five “People to Watch” for 2013 with two of the five, NBC Owned Stations chief financial officer, Christine Dorfler and Tim Busch, executive vice president and chief operating officer for Nexstar Broadcasting Group, directly responsible for making sure their local TV station groups turn a profit.

“The biggest challenge is anticipating how people are going to consume my product three, five, 10, 20 years from now,” Dorfler told Janet Stilson editor of MFM’s The Financial Manager magazine.  Dorfler’s former boss, Michael Jack, president and general manager of WNBC told Stilson, ““She’s not only an expert in her own area of the business but she’s one of those people who are intellectually curious, who will take the time to find out about other parts of this business.” Read more

Q3 Earnings: Nexstar Revenue Increases 20%

Nexstar Broadcasting reported net revenue of $90 million in the third quarter of 2012, a +20.2% increase from the year-ago quarter’s net revenue of $74.8 million.

Nexstar’s core local and national revenue increased +7.4%. Political ad revenue increased +488% to $10.2 million in Q3, and retransmission revenue increased +51% to $15.1 million. The company also reported $41 million in broadcast cash flow, a +57% increase from the year-ago quarter.

In a statement, Nexstar president and CEO Perry Sook called the third quarter an “active and productive period for Nexstar.”

Nexstar Acquires Stations in California, Vermont

Nexstar Broadcasting has entered into definitive agreements to acquire three California stations from Newport Television and two Vermont stations from Smith Media, LLC.

Nexstar will pay Newport $35.4 million for KGPE, the CBS affiliate in Fresno; KGET, the NBC-CW affiliate in Bakersfield; and KKEY, the low-powered Telemundo affiliate in Bakersfield. In Vermont, Nexstar will join with Mission Broadcasting to acquire WFFF and WVNY, the Fox and ABC affiliates in Burlington, for $17.1 million.

“These transactions are consistent with our criteria for acquisitions that further strategically diversify our operations, create or present opportunities for virtual duopoly markets and which are financially accretive,” Nexstar chairman Perry Sook said in a statement.

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