Nexstar To Acquire KLAS-TV In Las Vegas For $145 Mln

(RTTNews) - Nexstar Broadcasting Group Inc. (NXST) Friday said it agreed to acquire KLAS-TV, the CBS affiliate serving the Las Vegas, Nevada market for $145.0 million, in addition to working capital from Landmark Media Enterprises, LLC.

The acquisition on closing, along with previously announced ones - such as the agreed KCWI-TV acquisition, will immediately add to the company's operating results and will expand the company's portfolio to 110 television stations serving 58 markets in 23 states, Nexstar said in a statement

The transaction, which is scheduled to close in the first-half of 2015, is expected to be financed through cash generated from operations, borrowings under senior credit facilities and/or additional capital markets activities, the company said in a statement.

"With the post-closing implementation of Nexstar's strong local news programming, KLAS will be well-positioned to capitalize on political spending in 2016 including the Presidential election and the Nevada U.S. Senate race." said CEO Perry Sook.

He further commented that with their efforts and resources, the acquisition is expected to add about $0.40 per share free cash flow annually to the company's operating results over the 2015/2016 period.