Nexstar Broadcasting says it’s buying Phoenix CW affiliate KASW from Meredith Corporation and SagamoreHill of Phoenix for $68 million plus working capital.
Nexstar Broadcasting Group president and CEO, Perry Sook said in a statement, “[T]he transaction offers Nexstar entrée to the Arizona and Phoenix markets which represent a natural complement to our existing operations in the Southwestern region of the United States.”
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Sook also said Nexstar plans to have KASW increase its focus on local programming and the community.
Meredith and SagamoreHill bought KASW from Gannett and Sander Media as part of its Belo purchase. “As part of Federal Communications Commission approval, Meredith and SagamoreHill voluntarily agreed to divest KASW to an independent buyer within 90 days of its June 19, 2014 closing.”
The buy is subject to FCC approval.