Fox has acquired three stations from Nexstar.
Yesterday, Fox announced it would buy KCPQ-KZJO in Seattle, Wash. and WITI in Milwaukee. This acquisition increases the company’s footprint in the top 15 television markets.
“This acquisition expands the reach of one of FOX’s core assets, our television stations portfolio, and further strengthens what is already a highly profitable and cash generative business. The Seattle and Milwaukee markets both overlap with key sports markets, creating significant opportunities for growth and collaboration,” executive chairman and chief executive officer Lachlan Murdoch said.
As part of this transaction, Fox has agreed to sell Nexstar two stations in Charlotte, WJZY-WMYT for approximately $45 million.
The acquisition is expected to get approval in the first quarter of 2020.