Nexstar Broadcasting Pulls Itself Off the Market
By Jon Hemingway -- Broadcasting & Cable, 8/2/2007 9:38:00 PM
After shopping itself for a possible takeover, Nexstar Broadcasting has decided to pull itself off the market.
According to the company, the review process was halted due to the poor financial market conditions. Over the past two weeks, interest rates for corporate debt have inflated, making financing more expensive, while investors in corporate debt have demanded more compensation and more risk protection.
Goldman Sachs was advising Nexstar on its strategic review process.
Nexstar, the 25th largest broadcast group in the country, owns, programs or runs the sales operations of 49 TV stations covering about 8.25% of the country. The broadcaster reported record revenues for the first quarter of 2007, which Nexstar Chairman Perry Sook attributed in part to boosts in retransmission consent payments.
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