Financially, the transaction is expected to more than double our revenue and adjusted EBITDA, and Nexstar Media Group expects to generate average annual free cash flow in the 2016/2017 cycle of approximately $565 million. Perry Sook, Chairman, President and CEO of Nexstar, commented, “Our acquisition of Media General marks a significant milestone in Nexstar’s 20 year history of growth, which has been predicated on our unwavering commitment to deliver exceptional service to the local communities where we operate and value to our shareholders. With 171 full power television stations in 100 markets and a diverse and growing digital operation, Nexstar offers superior engagement across all devices, as well as influence on consumers’ purchasing decisions unrivaled by other media, due in part to Nexstar’s large-scale reach to almost 39% of all U.S. As a result, Nexstar Media Group is one of the nation’s leading creators and distributors of local news, entertainment, sports, lifestyle and network programming and content through its broadcast and digital platform with annual revenue in excess of $2.3 billion. The Media General transaction increases Nexstar’s broadcast portfolio by approximately two thirds, more than doubles the Company’s audience reach, provides entrée to 15 new top-50 DMAs and offers synergies related to the increased scale of the combined digital operations. In addition, based on additional identified synergies and recent operating results, the Company increased its pro-forma average annual free cash flow guidance for the 2016/2017 cycle to approximately $565 million, or slightly in excess of $12 per share (based upon approximately 47 million shares outstanding following the completion of the Media General transaction), up from prior guidance of $540 million. Nexstar also announced today that upon closing the Media General transaction it also completed the previously announced divestitures of 13 television stations for total consideration of $548 million. The Company’s shares will continue to trade on the NASDAQ Global Select Market under the symbol “NXST.” Reflecting its broadened base of operations and capabilities, Nexstar has changed its name to Nexstar Media Group, Inc. The combination creates a leading, diversified local marketing and content platform. (NYSE: MEG) in an accretive cash and stock transaction valued at approximately $4.6 billion.
(Nasdaq: NXST) (“Nexstar” or “the Company”) announced today that it completed its previously announced acquisition of Media General, Inc.
The following is a news release from Nexstar Media about the changes.
This time the growth includes a name change from Nexstar Broadcasting to Nexstar Media.
Nexstar Media, which owns KLST and operates KSAN, has grown again.
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