Nexstar Expects Media General Deal to Be Complete in 2016
Nexstar (NXST) expects to complete its purchase of Media General by the end of the year, emailed Wells Fargo analyst Marci Ryvicker Wednesday to investors. “We continue to think the FCC wants at least one more stage of the auction…
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under its belt before it starts approving deals -- at this point, we would not expect anything until early December but don’t know that this matters as NXST has completed all 'normal' regulatory requirements.” Nexstar has asked the FCC to waive its rules barring transactions from being completed during the incentive auction to allow Nexstar/Media General to be consummated (see 1609220035). Unlike political advertising revenue for Gray Television and some other station groups (see 1611080035), Nexstar's was more robust than expected. Ryvicker chalked that up to Nexstar's geographic footprint, which she said allowed it to benefit from close races for longer than competitors.