Nexstar To Divest Two Television Stations For $270 Mln - Quick Facts

(RTTNews) - Nexstar Broadcasting Group, Inc. (NXST) has entered into a definitive agreement to sell WBAY-TV and KWQC-TV to Gray Television Group, Inc., a subsidiary of Gray Television, Inc. (GTN) for $270 million following the acquisition of Media General Inc. (MEG) by Nexstar.

The two television stations: WBAY (ABC), in Green Bay, Wisconsin, and KWQC (NBC) in Davenport, Iowa, are currently owned and operated by Media General. Gray Television, Inc. anticipates the addition of these two mid-market television stations will be immediately free cash flow accretive while also allowing Gray to further deleverage its balance sheet.

Nexstar said the planned divestiture reflects its stated intention to divest certain television stations in order to comply with the FCC local and national television ownership rules and to obtain FCC and DOJ approval of the proposed Nexstar / Media General transaction.