Nexstar Grabs WCWJ Jacksonville
Move marks Nexstar’s entry to Florida
By Michael Malone -- Broadcasting & Cable, 1/28/2009 5:17:02 PM
Nexstar Broadcasting Group has entered into an agreement to acquire CW affiliate WCWJ Jacksonville from Media General. WCWJ broadcasts in the #47 DMA.
Nexstar President/CEO Perry Sook said the station went for “less than five times 2009 projected cash flow.” The deal, which is subject to FCC approval, is expected to close this summer.
“The acquisition of WCWJ highlights Nexstar’s role in the industry as a leading consolidator of stations in mid-sized markets through accretive transactions,” said Sook. “Nexstar will offer Jacksonville viewers CW programming as well as top quality local sports and syndicated programming. We’ll also bring effective on-air and on-line marketing solutions to local and national advertisers including the launch of Nexstar’s differentiated e-MEDIA offerings through our proven Community Portal model.”
Sook said the acquisition is “consistent with our ongoing debt-reduction priority. Upon closing, this acquisition will be immediately accretive to Nexstar’s operating results. The station will benefit from the addition to Nexstar’s retransmission consent agreements with cable operators, direct broadcast satellite providers and telcos. Like other recently completed transactions, the acquisition of WCWJ allows Nexstar to expand and diversify its station portfolio while simultaneously deleveraging the balance sheet.”
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