The $60 million purchase of KLRT and KASN is completed and management of the Fox and CW affiliates is being overseen by Nexstar Broadcasting through an outsourcing agreement.
Mission Closes On Little Rock Duo
Nexstar Broadcasting Group announced Thursday that Mission Broadcasting completed the previously announced acquisition of two television stations in Little Rock, Ark. (DMA 56), from entities controlled by privately-held Newport Television for $60 million.
Simultaneous with the closing of the transaction, Nexstar entered into an outsourcing agreement with Mission to provide services to the two stations, KLRT and KASN, the market’s Fox and CW affiliates, respectively.
Perry A. Sook, Nexstar chairman, president and CEO, said: “This transaction is consistent with our core strategy to expand our operations and pursue financial and operating synergies to enhance free cash flow. We look forward to leveraging our knowledge of the Little Rock market, as we provide services to Mission, for the benefit of viewers of KLRT and KASN while creating an even stronger marketing platform for local area businesses.
“Nexstar’s 2012 initiatives including the significantly accretive Newport transaction; announced agreements to acquire stations in California and Vermont, which will close later this quarter; ongoing capital structure optimization; plan to initiate an annual cash dividend of $0.48 per share starting this quarter; and, record annual financial results and free cash flow position us well for 2013 and beyond.”