Nexstar Broadcasting, Mission To Buy TV Stations For $103 Mln.

(RTTNews) - Nexstar Broadcasting Group Inc. (NXST) said Monday that it and Mission Broadcasting Inc. agreed to acquire five television stations in four markets for a total of $103.25 million in deals that are expected to be immediately accretive in the first full year of operations after closing.

As per the terms, Nexstar will acquire stations in Des Moines, Iowa, Rock Island, Illinois and Sioux City, Iowa from entities related to Citadel Communications L.P. for $88 million and will immediately begin operating the three stations pursuant to a Time Brokerage Agreement.

Mission will acquire two stations in Binghamton, New York from Stainless Broadcasting, L.P. for $15.25 million in a transaction structured as an asset purchase agreement.

The planned station acquisitions will further expand Nexstar's local television broadcasting platform with stations that are geographically complementary to Nexstar's operating base and present significant financial and operating synergies.

Upon closing this and other previously announced transactions, Nexstar's portfolio of stations that it owns, operates, programs or to which it provides sales and other services will increase to 96 stations in 51 markets reaching about 14.6% of all U.S. television households.

In the first twelve months following the closing of the transaction, the five acquired stations are expected to contribute about $35 million in incremental net revenue.