broadcastfan9751 140 Posted April 2, 2014 Posted April 2, 2014 A lot of surprising deals have been announced today, but this one may be the most surprising of all. In the biggest deal in its history, Nexstar has announced that it's buying Hearst's stations for $3.6 billion. Nexstar president Perry Sook said the deal "will significantly increase the scale and value of Nexstar". Hearst said the deal will allow it to focus more on its other properties, including its magazines, newspapers, and cable networks. Nexstar said that it expects to finance the acquisition through a bank loan and/or by accessing the capital markets. Due to FCC ownership rules, Nexstar will sell WOI in Des Moines, IA, KFTA in Fort Smith, AR, and KNWA in Fort Smith, AR to Mission Broadcasting and WFFF in Burlington, VT to Rocky Creek Communications, but will continue to provide certain non-programming support services to the stations. Pending regulatory approval, the deal is expected to close in the fourth quarter of 2014.
ABC 7 Denver 1729 Posted April 2, 2014 Posted April 2, 2014 A lot of surprising deals have been announced today, but this one may be the most surprising of all. In the biggest deal in its history, Nexstar has announced that it's buying Hearst's stations for $3.6 billion. Nexstar president Perry Sook said the deal "will significantly increase the scale and value of Nexstar". Hearst said the deal will allow it to focus more on its other properties, including its magazines, newspapers, and cable networks. Nexstar said that it expects to finance the acquisition through a bank loan and/or by accessing the capital markets. Due to FCC ownership rules, Nexstar will sell WOI in Des Moines, IA, KFTA in Fort Smith, AR, and KNWA in Fort Smith, AR to Mission Broadcasting and WFFF in Burlington, VT to Rocky Creek Communications, but will continue to provide certain non-programming support services to the stations. Pending regulatory approval, the deal is expected to close in the fourth quarter of 2014. Even if this were true. $3.6 billion is laughable.
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