Nexstar: Sale Of 3 Full-Powered Network Affiliated Stations For $58.5 Mln

(RTTNews) - Nexstar Broadcasting Group Inc (NXST) Friday entered into definitive agreements with Marshall Broadcasting Group Inc for the sale of three network affiliated stations in three markets for $58.5 million.

Marshall Broadcasting is a newly formed minority owned media entity owned by Pluria Marshall Jr., who is is currently the president and chief executive officer of Equal Access Media Inc.

Under the terms of the proposed services agreements, Marshall will be entitled to 70% of the revenue from advertising sold by Nexstar on the stations and will not provide for any bonus payments to Nexstar for achieving revenue goals. It will not be a fixed-fee payment; as total revenues increase, so does Marshall's share.