Bayou City Broadcasting Evansville (BCBE) has agreed to acquire WEVV Evansville from Nexstar for $18.6 million. Minority-led BCBE is owned by affiliates of Sankaty Advisors, Alta Communications and Bayou City Broadcasting. Bayou City Broadcasting (BCB) is owned by DuJuan McCoy, who will serve as BCBE’s president and chief executive officer.
Communications Corp. of America (CCA) owns WEVV, and Nexstar has been looking to close on its $270 million acquisition of CCA since the deal was announced in April 2013.
Subject to regulatory approval, the sale brings Nexstar’s acquisition into compliance with Department of Justice requirements, said Nexstar, “and will release the pending transaction from hold pending divestiture.”
Two years ago, WEVV, a CBS affiliate, put Fox on its dot-two channel after Nexstar’s WTVW lost the Fox affiliation in Evansville.
“The proposed transaction highlights our focus on completing pending transactions and represents the second time in the last two months that Nexstar has structured an agreement that furthers the FCC’s goal of increasing minority television ownership diversity,” said Perry Sook, chairman/president/CEO of Nexstar.
In June, Nexstar agreed to sell a trio of Fox affiliates to minority owned Marshall Broadcasting Group for $58.5 million.
McCoy founded BCB in December 2007 and in 2008 agreed to purchase seven stations in Texas.
“Nexstar is taking an industry leading role in significantly expanding the diversity of media ownership assets among minority operators and addressing recent proposed FCC regulation changes,” McCoy said. “I am delighted we have been able to structure an agreement for BCBE’s purchase of the Evansville CBS affiliate and would welcome other opportunities to work further with Nexstar or other broadcasters who are committed to supporting minority broadcasters as FCC licensees and owners and operators of television stations.”
Kalil & Co. brokered the transaction.