Nexstar Broadcasting said it has sold five of its stations in four markets as a key step toward fulfilling regulatory requirements for its $4.6 billion purchase of Media General.
The merger will create a station group with 171 outlets operating in more than 100 markets and is unpopular in the cable industry — the American Cable Association has already petitioned the FCC to block it.
Nexstar, however, is charging ahead, divesting station assets to meet federal regulations that cap broadcasters' national reach at 39 percent of U.S. households
Nexstar said it has reached an agreement to sell Jacksonville, Fla. CW affiliate WCWJ-TV and Roanoke-Lynchburg, Va. NBC affiliate to Graham Media Group in a deal valued at $120 million. The broadcast group noted that its two other deals fulfill federal mandates to offer broadcasting opportunities to women and minorities.
Nexstar will also sell Lafayette, La. affiliates KADN-TV (FOX) and KLAF-LD (NBC) to minority-owned Bayou City Broadcasting Lafayette for $40 million in cash.
A fifth station, KREG-TV in Denver, will be sold to Marquee Broadcasting, a company notably owned and operated by women executives.
Nexstar said it will announce more divestures soon.
- read this Nexstar press release
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