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.
“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