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Nexstar acquires seven TV stations for $87.5M in accretive transactions

Nexstar Broadcasting Group announced that it entered into a definitive agreement to acquire the stock of Grant Company, the owner of seven television stations in four markets for $87.5M in a transaction that is expected to be immediately accretive upon closing. Simultaneous with the Grant agreement, Nexstar entered into a purchase agreement with Mission Broadcasting, pursuant to which Mission will purchase one of the Grant stations from Nexstar and, upon consummation of the transaction, enter into local service agreements with Nexstar. The acquisition will be funded through internal sources, borrowings under the existing credit facilities and future credit market transactions.