Nexstar Broadcasting & Marshall Broadcasting Announce FCC Approval of License Transfers Associated with Grant Company, Inc. A...
November 03 2014 - 8:30AM
Business Wire
Minority-Owned Marshall Broadcasting to
Become FCC Licensee Paving Way for Services Agreements with Nexstar
and Nexstar’s Closing of Pending Transactions
Nexstar Broadcasting Group, Inc. (Nasdaq:NXST) (“Nexstar”) and
Marshall Broadcasting Group, Inc. (“MBG”) announced that the
Federal Communications Commission (“FCC”) has approved the license
transfer of the stations in the table below associated with the
acquisition of the stock of the Grant Company, Inc.. The license
transfer to minority-owned Marshall Broadcasting is an important
step in fulfilling Nexstar’s commitment to incubate broadcast
station ownership by minority-owned companies, which is also a key
FCC initiative.
Acquiror
Market Station
Affiliation
Nexstar
Roanoke, VA WFXR FOX/CW
Nexstar
Roanoke/Lynchburg, VA WWCW
CW/FOX
Nexstar
Huntsville, AL WZDX FOX
Nexstar
Quad Cities/Burlington, IA KGCW
CW
MBG
Quad Cities/Davenport, IA KLJB
FOX
Nexstar
LaCrosse, WI WLAX FOX
Nexstar
LaCrosse/Chippewa Falls, WI WEUX
FOX
Perry A. Sook, Chairman, President and Chief Executive Officer
of Nexstar Broadcasting Group, Inc., commented, “We are pleased to
announce approval of an accretive transaction to benefit Nexstar
shareholders. As a result of this approval, Nexstar will lead the
industry in incubating a new, minority-controlled entrant to
broadcasting and bringing additional news, information and
specialized programming to markets where MBG will operate.
“The MBG transaction serves as a model to increase media
ownership diversity while extending Nexstar’s long-term,
well-documented initiatives to serve the public interests and needs
of local viewers, hometown businesses, and organizations in the
markets where we operate. Nexstar’s focus on localism including
expanded local news, sports and other programming remains a key
element of our broadcast platform and the addition of new
minority-oriented public affairs programming complements this
strategy. As an established and long-time media executive with
extensive broadcast operating experience, Pluria Marshall has the
background and skills necessary to serve local interests while
maintaining independent operations and programming decisions for
the stations.”
Pluria Marshall, Jr., President and CEO of MBG commented, “We
are delighted to secure the approval from the FCC and the support
of Nexstar as we move forward in diversifying the ownership of
media assets among minority operators. This is a great day for
Americans, minorities, MBG and Nexstar as equality of media asset
ownership is as important as equality is in all facets of the
country. We applaud the FCC for its forward thinking approach to
providing appropriate guidelines and structure that enable new
entrants to own, operate and program television stations. We look
forward to playing an active role in the new communities in which
we will operate while developing minority-oriented public affairs
programming that will air on MBG stations and be syndicated to
other television stations nationwide.”
About Nexstar Broadcasting Group, Inc.
Nexstar Broadcasting Group is a leading diversified media
company that leverages localism to bring new services and value to
consumers and advertisers through its traditional media, digital
and mobile media platforms. Nexstar owns, operates, programs or
provides sales and other services to 80 television stations and 21
related digital multicast signals reaching 46 markets or
approximately 13.1% of all U.S. television households. Nexstar’s
portfolio includes affiliates of NBC, CBS, ABC, FOX, MyNetworkTV,
The CW, Telemundo, Bounce TV, Me-TV, and LATV. Nexstar’s 48
community portal websites offer additional hyper-local content and
verticals for consumers and advertisers, allowing audiences to
choose where, when and how they access content while creating new
revenue opportunities.
Pro-forma for the completion of all announced transactions
Nexstar will own, operate, program or provides sales and other
services to 108 television stations and related digital multicast
signals reaching 57 markets or approximately 17.3% of all U.S.
television households.
Forward-Looking Statements
This news release includes forward-looking statements. We have
based these forward-looking statements on our current expectations
and projections about future events. Forward-looking statements
include information preceded by, followed by, or that includes the
words "guidance," "believes," "expects," "anticipates," "could," or
similar expressions. For these statements, the Company claims the
protection of the safe harbor for forward-looking statements
contained in the Private Securities Litigation Reform Act of 1995.
The forward-looking statements contained in this news release,
concerning, among other things, changes in net revenue, cash flow
and operating expenses, involve risks and uncertainties, and are
subject to change based on various important factors, including the
impact of changes in national and regional economies, our ability
to service and refinance our outstanding debt, successful
integration of acquired television stations (including achievement
of synergies and cost reductions), pricing fluctuations in local
and national advertising, future regulatory actions and conditions
in the television stations' operating areas, competition from
others in the broadcast television markets served by the Company,
volatility in programming costs, the effects of governmental
regulation of broadcasting, industry consolidation, technological
developments and major world news events. Unless required by law,
we undertake no obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise. In light of these risks, uncertainties and
assumptions, the forward-looking events discussed in this news
release might not occur. You should not place undue reliance on
these forward-looking statements, which speak only as of the date
of this release. For more details on factors that could affect
these expectations, please see our filings with the Securities and
Exchange Commission.
Nexstar Broadcasting Group, Inc.Thomas E. Carter,
972-373-8800Chief Financial OfficerorJCIRJoseph Jaffoni, Jennifer
Neuman, 212-835-8500nxst@jcir.com
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