Nexstar Selling 19 stations to get Tribune deal done
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Nexstar Media Group has taken the next step in getting its acquisition of Tribune Media approved.
Nexstar has agreements to sell 19 stations in 15 markets for an aggregate $1.32 billion in cash, according to TVNewsCheck.
Nexstar and Tribune Media entered into a merger agreement a year ago.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| NXST | NEXSTAR MEDIA GROUP | 169.75 | +0.63 | +0.37% |
Nexstar planned to divest certain stations in order to comply with the FCC local and national television ownership rules and to obtain FCC and Department of Justice approval of the proposed deal.
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The sales breakdown this way:
Tegna Inc. will acquire 11 stations in eight markets for $740 million.
The E.W. Scripps Co. will buy eight stations in seven markets for $580 million, including WPIX New York, for which it’s paying $75 million.
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Separately, Nexstar remains engaged in active negotiations to divest two stations in Indianapolis.