The $521 million deal adds 15 stations in 10 markets to Scripps’ portfolio and bumps up its reach to nearly 21% of U.S. TV households.
The Nexstar CEO says while the FCC’s ownership coverage cap is effectively at 78% now, broadcasters would like the Pai FCC to lock it in at that level so that some future FCC with a Democratic majority cannot easily reset it at 39% by once again repealing the UHF discount.
His company, Apollo Global Management, has scooped up 29 television stations across the country. When Apollo lost a key deal, “they were pretty ripshit.” But the march continues.
The sale of WFHD-LP Ann Arbor, Mich., to Max Henry & Associates tops the latest list of TV station transactions submitted to the FCC for its approval, according to BIA Advisory Services.
Marshall Broadcasting Group, owned by Pluria Marshall Jr., has filed suit against Nexstar Broadcasting in the New York State Supreme Court. Marshall alleges that Nexstar sold it three TV stations only to gain FCC approval of other station sales then attempted to “hobble” those stations so it could ultimately re-acquire them at a bargain basement price. “The allegations made by MBG … are spurious and without merit,” said Nexstar in a statement.
The sale of WISH Indianapolis Nexstar Media to Circle City Broadcasting I tops the latest list of TV station transactions submitted to the FCC for its approval, according to BIA Advisory Services.
The agreement with DuJuan McCoy’s new Circle City Broadcasting I marks the completion of Nexstar’s divestiture plan to secure approvals for its Tribune Media purchase. The total gross proceeds from the planned sale of the 21 stations being divested amounts to $1.36 billion.
The FCC has approved the sale of Cordillera Communications TV stations to Scripps plus the sale of one Cordillera station to Quincy. In fact, the sale of the Cordillera stations is contingent on that spin-off of KVOA Tucson. Scripps has also been given permission to continue operating Cordillera’s KBZK Bozeman, Mont., as a satellite of Cordellera’s KXLF Butte.
Dismiss, deny and reject. That was Nexstar and Tribune’s advice to the FCC related to the various parties that petitioned the FCC to block their merger as not in the public interest. They were responding to petitions to deny filed six groups and concerns raised by NCTA—The Internet & Television Association and the American Television Alliance, both of which said that without various conditions the deal should be denied.
Nexstar CEO Perry Sook sacrificed 19 stations to bring his proposed $4.1 billion merger in line with FCC and DOJ ownership limits. There is now no reason why regulators should stand in the way of the deal, including the transfer of Tribune’s top four duopoly in Indianapolis. Also, here’s a quick review of the winners and losers in Nexstar’s spinoff auction.