Local TV

Nexstar Enters Agreement to Acquire WEHT-TV

Also entered agreement to divest FCC license-related assets to Mission Broadcasting 8/08/2011 05:33:57 PM Eastern

Nexstar Broadcasting Group, Inc. has entered a definitive agreement to acquire WEHT-TV, the ABC affiliate in the Evansville, Ind. market from Gilmore Broadcasting Corporation for $18.5 million, plus any working capital adjustments applicable at the time of closing.

In addition to the acquisition, Nexstar announced that it has entered into a definitive agreement to divest WTVW-TV's FCC license-related assets to Mission Broadcasting, Inc. for $6.7 million; the company will enter into a local services agreement with Mission, providing services, including sales, to WTVW.

Nexstar, as a result of the two transactions, will operate one station and provide sales and other services to another in 22 of its 26 operating markets. The agreements will also increase the number of stations and related digital signals that Nexstar owns, or provides services to, to 66, including 11 ABC affiliates.

"Over its fifteen year history, Nexstar has emerged as the industry's leading consolidator of stations in mid-sized markets through accretive transaction," said Perry Sook, president and CEO, Nexstar Broadcasting Group. "The acquisition of WEHT-TV will further expand and diversify Nexstar's station portfolio and opportunities to serve Evansville and the Tri-State viewing area of Southwestern Indiana, Northwestern Kentucky and Southeastern Illinois. "

Christopher Miller of Gammon-Miller, LLC brokered transaction.

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