FCC OK in Hand, Nexstar/Media General Completed
Nexstar completed its $4.6 billion buy of Media General, it said in a news release Tuesday. Formerly Nexstar Broadcasting, the company will now be called Nexstar Media Group, the release said. The FCC Media and Wireless bureaus last week approved…
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the deal and a waiver to allow the transaction to be consummated during the still-ongoing incentive auction (see 1701110078). “The Media General transaction increases Nexstar’s broadcast portfolio by approximately two thirds, more than doubles the Company’s audience reach, provides entrée to 15 new top-50 DMAs [designated market areas] and offers synergies related to the increased scale of the combined digital operations,” the buyer said. Nexstar said it completed the 13 divestitures associated with the deal. “Our increased scale will allow us to create news bureaus in more state capitals than any other broadcaster, and Nexstar Media Group will produce over 3,500 hours a week of local news for medium and small markets while employing almost 10,000 people,” said CEO Perry Sook.