- Nexstar Media Group Inc NXST disclosed the buyout of KUSI-TV from McKinnon Broadcasting Company and Channel 51 of San Diego for $35 million (plus a customary working capital adjustment).
- KUSI-TV is an independent television station that broadcasts more than nine hours of local news weekly and around 60 hours of local news every week.
- The acquisition will boost NXST's local television broadcasting, news, and digital media platforms in San Diego and is expected to close in late 2023.
- The company expects the acquisition to be accretive to its operating results when The CW Network affiliation becomes available.
- "KUSI-TV's established local news operations serving viewers and advertisers across the San Diego community is a perfect fit with our station group and existing San Diego operations at KSWB-TV....In addition, Nexstar's platform reach, expanding digital media revenue, commitment to unbiased news and reporting across the enterprise, the return of political advertising revenue in 2024, and our focus on our balance sheet and shareholder returns will enable us to extend our record of enhancing shareholder value on a near- and long-term basis," said Tom Carter, Nexstar's President and Chief Operating Officer.
- Last week, NSXT inked a multi-year distribution deal with Hulu, covering 122 Local Television Stations and renewal of carriage of its cable news network, NewsNation, on Hulu + Live TV.
- Price Action: NXST shares are trading higher by 1.43% at $166.61 on the last check Monday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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