The FCC’s approval completes the regulatory review of the merger, valued at about $270 million. The Justice Department last week approved the transaction on condition that the combined company would sell WEVV Evansville, Ind., because otherwise, its market share in that city would increase from about 42% to 60%. As part of the approval, the commission says Nexstar can continue to operate KYLE Bryan, Texas, as a satellite of KWKT Waco, Texas.
The $270 million deal comprises the 19 stations of Communications Corp. of America and White Knight Broadcasting. Nexstar gets 11, Mission gets eight.
It’s signed a letter of intent and is conducting due diligence on CCA properties encompassing 12 stations in smaller markets. The deal would boost Nexstar’s portfolio to about 84 stations. In other TV group news, Local TV LLC has put itself up for sale.
The former CEO of Communications Corp. of America will focus on buying stations in small markets. He’s expected to remain as chairman of the Fox affiliates board.
The Communications Corp. of America station group is the latest to hang out the For Sale sign, with Houlihan Lokey looking for buyers for the 25 properties in 10 markets.