Nexstar Closes on WCWJ, Seeks More Management Deals
Sook says let us run your stations
By Michael Malone -- Broadcasting & Cable, 5/1/2009 2:46:00 PM
Nexstar has completed its acquisition of CW affiliate WCWJ Jacksonville from Media General. When the deal was announced in January, Nexstar President/CEO Perry Sook said the station was selling for “less than five times 2009 projected cash flow.” Sook told B&C the final purchase price was “a little less than” $18 million due to “adjustment mechanisms in the contract.” He said he could not specify the final sale price.
The deal marks Nexstar’s first owned station in Florida. “We believe the transaction brings clear strategic and financial benefits to Nexstar as it expands and diversifies our station portfolio, marks our entrée to Florida’s largest market,” said Sook in a statement, “and is consistent with our ongoing leverage reduction priority. We expect station operating results to benefit from the addition to Nexstar’s retransmission consent agreements and the launch of Nexstar’s differentiated, proven e-MEDIA offerings.”
Nexstar, which has signed on to manage the seven Four Points Media Group stations, is looking for synergies between WCWJ and Four Points’ CW outlet WTVX West Palm Beach.
Sook says he’s eager to enter into more deals similar to the one with Four Points. “We’re trying to become the Starwood of the broadcasting business—you own the assets and we’ll manage the business,” he said, citing the hospitality giant that manages several hotel chains. “The concept certainly works for the hotel business.”
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