WAVY-TV 10 and FOX43-TV have a new owner.
Nexstar’s $4.6 billion purchase of Media General was completed Tuesday, January 17. The parent company is now called Nexstar Media Group and is one of the biggest broadcast companies in the nation.
The deal more than doubles the Texas-based company’s audience reach, with 171 full power TV stations in 100 markets across the country. All together, the new company has the potential to reach almost 39 percent of all U.S. television households.
“Our acquisition of Media General marks a significant milestone in Nexstar’s 20 year history of growth, which has been predicated on our unwavering commitment to deliver exceptional service to the local communities where we operate,” said Perry Sook, Chairman, President and CEO of Nexstar, in a press release. “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. 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,” Sook added.
Nexstar acquired all of the outstanding shares of Media General for $10.55 per share in cash, 0.1249 of a share of Nexstar Class A common stock and one contingent value right (CVR) for each Media General share. More information relating to the CVR and the Media General transaction is available in the Nexstar Broadcasting Group, Inc./Media General, Inc. Form S-4.