Nexstar Broadcasting Group and Mission Broadcasting have entered into definitive agreements to acquire twelve television stations and associated digital sub-channels in eight markets from entities controlled by privately-held Newport Television, LLC for $285.5M in a transaction that is expected to be immediately accretive to Nexstar and Mission upon closing. Nexstar will acquire ten stations as well as Newport’s Inergize Digital media operations and Mission will acquire two stations in Little Rock, AR. Nexstar also announced that it and Mission have secured commitments for new $645M Senior Secured Credit Facilities comprised of a $570M Term Loan B due 2019 and a $75M Revolving Credit Facility due December 2017. In the first year following the closing of the transaction the twelve Newport stations and Inergize are expected to contribute approximately $110M in incremental net revenue. In 2014, the anticipated second year of the combined operations, Nexstar believes the combined entity will generate approximately $550M in net revenue.
- Nexstar Broadcasting Group
- Mission Broadcasting