Nexstar Broadcasting is acquiring Grant Company, Inc. for $87.5 million. The deal, which is expected to close in the first quarter of 2014, will add seven stations in four markets to Nexstar’s portfolio.
The stations are WFXR and WWCW in Roanoke; WZDX in Huntsville, Ala.; KGCW and KLJB in Quad Cities, Iowa; and WLAX and WEUX in La Crosse, Wisc. After the Nexstar acquisition, Mission Broadcasting will purchase KLJB and subsequently enter into a local service agreement with Nexstar.
“We believe the acquisition of these stations and the expanded scale they bring to our operations combined with our record of building new local direct client relationships, success in expanding local programming and consistent growth in digital media and political revenues, position Nexstar to continue building long-term shareholder value,” Nexstar CEO Perry A. Sook said in a statement.
With the acquisition, Nexstar will own, operate, program or provide sales to 102 stations in 54 markets, reaching 15.5% of all U.S. television households.