Nexstar Broadcasting Group and Mission Broadcasting have agreed to acquire six stations from Gray Television Group and Excalibur Broadcasting for $37.5 million.
The stations are WMBB Panama City (Fla.), KREX and KGJT Grand Junction (Colo.), KREG Glenwood Springs (Colo.) and KREY Montrose (Colo.) to Nexstar, with KFQX Grand Junction (Colo.) going to Mission.
Under the agreement, Nexstar will acquire five stations from Gray, funding $33.5 million towards the deal, with Mission getting one station from Excalibur, putting $4 million into the deal.
The deal is subject to FCC approval and the consummation of a previous transaction between Gray and Hoak Media.
Perry Sook, chairman, president and CEO of Nexstar, said of the deal, “All of these transactions are accretive to free cash flow, strategically diversify our and Mission’s revenue and operating base and create additional duopolies or virtual duopolies. The agreements to acquire stations in Grand Junction and Panama City mark our entrée into these markets and upon completing all announced transactions, we will own or provide services to multiple stations in 37 of the 56 markets where we will operate.”
Upon the closing of these and other announced transactions, Nexstar’s portfolio of stations that it owns, operates, programs or provides services for will increase to 108 stations in 56 markets.