Nexstar Closes on $4.6 Billion Media General Buy

By Kevin Eck 

Nexstar Broadcasting Group has completed its acquisition of Media General valued at $4.6 billion. The station group also says it has divested itself of 13 stations for a total of $548 million.

The addition of Media General brings its station total to 171 in 100 markets, which along with its digital operation allows the new Nexstar to reach almost 39 percent of all U.S. television households.

“Our increased scale will allow us to create news bureaus in more state capitals than any other broadcaster, and Nexstar Media Group will produce over 3,500 hours a week of local news for medium and small markets while employing almost 10,000 people,” said Perry Sook, president and CEO. “Our teams consistently leverage localism to bring news, entertainment, information, services and value to consumers and advertisers through Nexstar’s television, digital and mobile media platforms, and their dedication is reflected in our strong standings in the local communities where we operate. The focus of our corporate, station-level and digital teams on local leadership, local vision and local targeting is the foundation of our positive near- and long-term financial outlook.”