The $4.6 billion deal will leave the resulting Nexstar Media Group with171 full-power stations in 100 markers covering nearly 39% of U.S. TV homes.
From this day forward, Nexstar Broadcasting Group will be known as Nexstar Media Group.
The name change coincides with Nexstar closing on its acquisition of Media General for $4.6 billion in cash and stock just six days after winning FCC approval.
The deal swells Nexstar’s portfolio to 171 full-power stations in 100 markers covering nearly 39% of TV homes. The new stations include 15 in the top 50 markets.
Those numbers would be higher, except that Nexstar had to spin off 13 stations for $548 million to comply with FCC ownership limits.
Said Nexstar CEO Perry Sook: “Our acquisition of Media General marks a significant milestone in Nexstar’s 20-year history of growth, which has been predicated on our unwavering commitment to deliver exceptional service to the local communities where we operate and value to our shareholders.
“Financially, the transaction is expected to more than double our [annual revenue to $2.3 billion] and adjusted EBITDA, and Nexstar Media Group expects to generate average annual free cash flow in the 2016-17 cycle of approximately $565 million.
“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,” Sook added.
“Our teams consistently leverage localism to bring news, entertainment, information, services and value to consumers and advertisers through Nexstar’s television, digital and mobile media platforms, and their dedication is reflected in our strong standings in the local communities where we operate.
“The focus of our corporate, station-level and digital teams on local leadership, local vision and local targeting is the foundation of our positive near- and long-term financial outlook.”