Nexstar to Acquire KSEE Fresno for $26.5 Million

Nexstar has agreed to acquire KSEE Fresno from Granite
Broadcasting for $26.5 million. Nexstar has entered into a time brokerage
agreement with Granite to operate the station, an NBC affiliate, immediately.

The acquisition is subject to regulatory approval and is
expected to close mid-year.

Nexstaragreed to acquire KGPE, the CBS affiliate in Fresno, late last year.

"KSEE squarely meets our acquisition criteria as it
further expands our revenue, scale and operating base, creates another duopoly
market for Nexstar and is financially accretive," said Perry Sook, Nexstar
president and CEO.

Fresno-Visalia is DMA No. 55. KSEE is the No. 4 revenue
station there, according to BIA/Kelsey. KGPE is No. 3.

The KSEE deal was reported the same day that Nexstar
announced it was reclaiming the Fox affiliation in Ft. Wayne. Its WFFT had lost
the Fox affiliation in 2011, with the Granite station in Fort Wayne, WISE,
picking up Fox for its subchannel.

The proposed transaction will result in Nexstar operating
one station and/or providing sales and other services to another in 26 of the
41 markets where it operates, assuming the completing of recent acquisitions.
Sook said the terms reflect a five times purchase price, offering additional
retransmission and operating efficiencies.

"Granite has owned KSEE since 1993 and we have greatly
valued the opportunity to serve the communities of California's Central
Valley," said Peter Markham, CEO of Granite. "Fortunately, this
transaction maximizes value at Granite and will pass on this great asset and a
dedicated group of talented employees to a new owner also committed to broadcast

Michael Malone

Michael Malone, senior content producer at B+C/Multichannel News, covers network programming, including entertainment, news and sports on broadcast, cable and streaming; and local broadcast television. He hosts the podcasts Busted Pilot, about what’s new in television, and Series Business, a chat with the creator of a new program, and writes the column “The Watchman.” He joined B+C in 2005. His journalism has also appeared in The New York Times, The Philadelphia Inquirer, Playboy and New York magazine.