Nexstar Broadcasting and Mission Broadcasting have announced a definitive agreement to acquire six television stations for $37.5 million.
In the deal, Nexstar will pay $33.5 million to buy WMBB (ABC) in Panama City, FL, and KREX (CBS), KREG (CBS), KREY (CBS) and KGJT (MyNetworkTV) in Grand Junction, CO, from Gray Television. Mission will pay $4 million for KFQX in Grand Junction, CO, from Excalibur Broadcasting. KREG and KREY are satellite stations of KREX.
Perry A. Sook, chairman, president and CEO of Nexstar Broadcasting Group, Inc., said in a statement. “The agreements to acquire stations in Grand Junction and Panama City mark our entrée into these markets and upon completing all announced transactions, we will own or provide services to multiple stations in 37 of the 56 markets where we will operate.”
Gray and Excalibur previously agreed to buy WMBB, KREX, KREG, KREY, and KFQX as part of a 20 station deal with Hoak Media and Parker Broadcasting and then sell them off because of FCC ownership restrictions.
The addition of the stations will bring Nexstar’s station total to 108 in 56 markets reaching approximately 16 percent of all US TV households.