Moving Nexstar Broadcasting’s acquisition of Media General closer to completion, shareholders of both companies in separate meetings Wednesday approved the deal, expected to close later this year.
In doing so, shareholders backed Nexstar’s plan to combine both groups’ assets into the new Nexstar Media Group, which will be the second largest affiliate group in the country. Its portfolio of 171 full-power TV stations in 100 markets will reach 39% of the country, the maximum allowed under federal guidelines.
“Over the last several months we have made continued progress towards the completion of the transaction, including regulatory filings, financing-related rating agency meetings and reviews and recent announcements of planned station divestitures at an aggregate value and multiple consistent with our expectations,” Perry Sook, Nexstar’s president and CEO, said in a statement. “ In addition, we are making great progress with our post-acquisition integration facilities and team planning. Based on our work to date, we are highly confident in our expectation that the new Nexstar Media Group will be strongly positioned for consistent long-term success.”
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