Nexstar has agreed to acquire KLAS from Landmark Media Enterprises for $145 million. KLAS is a market leading CBS affiliate in DMA No. 41.
The deal, which is subject to regulatory approval, would bring Nexstar’s portfolio to 110 stations, reaching approximately 18% of U.S. television households. It is expected to close in the first half of 2015.
“Nexstar remains opportunistic in expanding our station platform for growth and the acquisition of KLAS in Las Vegas is consistent with our strategic focus on identifying, executing and integrating accretive transactions,” said Perry Sook, Nexstar president and CEO. “Pro-forma for expected synergies, including additional retransmission revenues, the purchase price for KLAS is less than 6.0 times the average 2015/2016 pro-forma projected cash flow. Under Nexstar’s ownership we intend to build on KLAS’s rich tradition of local programming and local community involvement.”
Landmark put WTVF Nashville and KLAS on the block in 2008, with Journal Communications snapping up WTVF for $215 million in 2012. The company, which had previously sold The Weather Channel, was waiting for the Vegas market to improve before divesting KLAS.