Nexstar Broadcasting Acquires Internet Technology Provider GoLocal.Biz in Accretive Transaction
July 14 2011 - 7:00AM
Business Wire
Nexstar Broadcasting Group, Inc. (Nasdaq: NXST) announced today
that it has acquired the assets of Internet technology provider
GoLocal.Biz. Though financial terms were not disclosed, the
acquisition of GoLocal.Biz, which provides local business
directory, coupon, movie and entertainment listings to all 35 of
Nexstar’s community portal web sites and to other U.S. local market
clients, is expected to be immediately accretive to Nexstar’s
operating results.
Based in St. George, Utah, GoLocal.biz was founded by Nick
Schulz, Dave May and Brian Green in 2007. GoLocal.Biz will operate
as part of Nexstar’s e-Media, community portal and technology
operations and will report to Nexstar EVP and Co-COO Brian
Jones.
Commenting on the acquisition, Nexstar Broadcasting Group
President and Chief Executive Officer, Perry A. Sook, said,
“GoLocal.biz is an Internet technology provider and
marketing services company offering targeted online local
business listings, advertising and promotion solutions,
embedded video, images, map, contact information, local
advertiser web links and other vital information to local
consumers. The acquisition creates an entirely new revenue stream
for Nexstar as we intend to expand the distribution and syndication
of the GoLocal.biz platform to other online publishers in
television and radio markets not served by Nexstar.
“Since its launch in 2006, Nexstar has recorded eighteen
consecutive quarters of revenue growth from its e-Media community
web portal strategy, and we are on track to deliver double- digit
e-Media growth in 2011 based on our expanding base of revenue
applications and the further penetration of our mobile marketing
and video initiatives which will also expand as a result of the
acquisition of the GoLocal.biz platform.”
GoLocal.Biz General Manager Nick Schulz added, “The GoLocal.Biz
platform has proven to be an excellent complement to Nexstar’s
community portal platform. By joining forces with Nexstar, we will
have the necessary resources to expand to additional local markets
while enabling Nexstar to further increase its audience, content,
engagement and revenue.”
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, e-MEDIA,
digital and mobile media platforms. Nexstar owns, operates,
programs or provides sales and other services to 65 television
stations and related digital signals in 36 markets in 16 states and
reaches approximately 13.5 million viewers or approximately 11.6%
of all U.S. television households. The stations are affiliates of
NBC, CBS, ABC, FOX, MyNetworkTV, The CW, LATV, TV Azteca and
Telemundo. The Company’s 35 community portal websites offer
additional hyper-local content and verticals for consumers and
advertisers.
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.
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