Nexstar Broadcasting closed its $4.6 billion deal to acquire Media General Tuesday, creating the country’s second-largest broadcast group.
The new company will be named Nexstar Media Group, reflecting the multiplatform nature of the business.
The Media General merger increases Nexstar’s broadcast portfolio by approximately two thirds, and more than doubles the company’s audience reach, the company said. It also provides entrée to 15 new top-50 markets and offers synergies related to the increased scale of the combined digital operations, according to Nexstar.
The new group will have 171 full-powered TV stations in 100 markets. The move is also expected to more than double the company’s revenue, CEO and president Perry Sook said.
“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,” said Sook.
The deal’s closure ends the long wait for Nexstar, whose acquisition was stalled while awaiting FCC approval, which the agency did one week ago.
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