With the addition of the Jacksonville, Fla., CW affiliate, the number of stations Nexstar owns or manages hits 63. It’s also the company’s first property in Florida.
Nexstar Broadcasting Group announced today that it completed the previously announced purchase of WCWJ, the CW affiliate in Jacksonville, Fla. (DMA 47) for $18 million. This acquisition marks Nexstar’s entrée into the state and is the 63rd television station that the company owns or for which it provides sales, programming or other services.
Nexstar Broadcasting Group President-CEO Perry A. Sook commented, “We are delighted to complete the acquisition of WCWJ as we believe the transaction brings clear strategic and financial benefits to Nexstar as it expands and diversifies our station portfolio, marks our entrée to Florida’s largest market, and is consistent with our ongoing leverage reduction priority. We expect station operating results to benefit from the addition to Nexstar’s retransmission consent agreements and the launch of Nexstar’s differentiated, proven e-MEDIA offerings. Pro forma for our planned operational and financial changes, we expect the acquisition to be immediately deleveraging and accretive to Nexstar’s operating results.”
Nexstar said it also believes that given its recently announced agreement to manage seven stations owned by Four Points Media Group, an affiliate of Cerberus Capital Management, the acquisition of WCWJ “offers opportunities for synergies with WTVX, Four Points’ CW affiliate serving the West Palm Beach area.”