Nexstar Media Group Secures Federal Communications Commission Approval For Tribune Media Acquisition And Related Divestitures
IRVING, Texas – Nexstar Media Group, Inc. (NASDAQ: NXST) (“Nexstar” or “the Company”) announced today that the Federal Communications Commission (“FCC”) has granted the applications seeking consent to transfer control of licenses held by subsidiaries of Tribune Media Company, Inc. (NYSE: TRCO) (“Tribune Media”) from the shareholders of Tribune Media to Nexstar. The FCC further granted the divestiture applications that have been filed to bring Nexstar into compliance with the local and national television ownership rules. The divestiture applications relate to the previously announced sales of a total of 21 local television stations to TEGNA Inc. (NYSE: TGNA), The E.W. Scripps Company (NASDAQ: SSP) and Circle City Broadcasting I, Inc.
In July the Department of Justice cleared Nexstar’s pending acquisition of Tribune Media, and the FCC approval represents the final required regulatory approval needed to close the transaction. As such, Nexstar anticipates closing the Tribune transaction and the divestiture sales shortly, at which time the Company will host a conference call, webcast and investor presentation and update the market on its synergy targets and free cash flow guidance.
About Nexstar Media Group, Inc.
Nexstar Media Group is a leading diversified media company that leverages localism to bring new services and value to consumers and advertisers through its traditional media, digital and mobile media platforms. Nexstar owns, operates, programs or provides sales and other services to 174 full power television stations and related digital multicast signals reaching 100 markets or nearly 39% of all U.S. television households. Nexstar’s portfolio includes primary affiliates of NBC, CBS, ABC, FOX, MyNetworkTV and The CW. Nexstar’s community portal websites offer additional hyper-local content and verticals for consumers and advertisers, allowing audiences to choose where, when and how they access content while creating new revenue opportunities. For more information please visit www.nexstar.tv.