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Nexstar Broadcasting acquires three CA stations for $35.4M

Nexstar Broadcasting Group announced that it has entered into a definitive agreement to acquire the assets of KGPE-TV, the CBS affiliate serving the Fresno, California market and KGET and KKEY-LP, the NBC/CW affiliate and low powered Telemundo affiliated stations serving the Bakersfield, California market from entities controlled by privately-held Newport Television for $35.4M. Separately, Nexstar announced that it and Mission Broadcasting entered into a definitive agreement with Smith Media, LLC and affiliates to acquire the assets of WFFF-TV, the FOX affiliate and WVNY the ABC affiliate serving the Burlington, Vermont market for a total of $17.1M plus any working capital adjustments applicable at the time of closing. The proposed transactions are expected to be accretive to Nexstar's operating results immediately upon closing. The transactions are subject to FCC approval and other customary approvals, and the Newport and Smith station acquisitions are expected to close in 1Q13.