Nexstar Broadcasting is getting millions from Sinclair Broadcast Group’s recent acquisition of the stations of Four Points Media.
This week Sinclair finalized its $200 million deal for Four Points Media’s handful of stations, and today Nexstar announced that it was being paid $6.7 million as a result of the acquisition.
Nexstar has been providing management services to Four Points and its deal was terminated when Sinclair gained control of the company’s stations. The $6.7 million amounts to a termination fee plus money still owed for services provided in 2011.
“The Four Points transaction is the culmination of our efforts…to improve the market position and operating efficiencies of these stations and create value for the group,” Nexstar chairman and CEO Perry Sook said. “We are confident that under Sinclair’s management, the markets, viewers and advertisers served by these stations will benefit from a continued focus on quality programming and community service.”