That’s the price for the Jacksonville, Fla., CW affiliate that Nexstar announced last week it’s buying from Media General.
Nexstar Broadcasting Group is paying $18 million to acquire WCWJ Jacksonville, Fla. (DMA 47), from Media General, according to an FCC filing seeking approval of the deal.
When Nexstar announced the deal last week, it did not reveal the price, saying only that it was “less than five times 2009 projected cash flow.”
If that’s the case, the CW affiliate’s projected 2009 cash flow is less than $3.6 million.
Because of the low cash-flow multiple, Nexstar CEO Perry Sook said, the deal will actually help in “deleveraging” the publicly traded company’s balance sheet.
Nexstar is a major duopoly player, but WCWJ will be its only station in the Jacksonville market.