KARK, KNWA, KTAL Owner Pondering Sale
Source: Media Week Nexstar Broadcasting Group, owner of 49 TV stations in mid and small-size markets, put itself in play Thursday, engaging Goldman, Sachs & Co. "to assist the company in reviewing strategic alternatives including, but not limited to the sale of the Company."
The company offered no further comment on the matter and will not comment further publicly until the process is completed.
Nexstar’s 49 TV stations are in 29 markets in the states of Illinois, Indiana, Maryland, Missouri, Montana, Texas, Pennsylvania, Louisiana, Arkansas, Alabama and New York. The station group includes affiliates of NBC, CBS, ABC, Fox, MyNetworkTV and The CW and reaches 8.25 percent of all U.S. TV households.
Revenue was up 4.1 percent in first quarter to $62.05 million. Growth was attributed to the company’s acquisition of WTAJ-TV, the CBS affiliate in Johnstown-Altoona, Penn. and WLYH-TV, the CW affiliate in Harrisburg-Lancaster-Lebanon-York, Penn. A leader in encouraging the industry to negotiate hard for increased retransmission consent fees, Nexstar reported retransmission consent revenue was up 27 percent to $2.6 million in cash and $1.2 million in advertising spending. Same station revenue was down 0.5 percent.