Business
Nexstar Enters Into Definitive Agreement to Acquire BestReviews, a Leading Consumer Product Reviews Company, for $160 Million in Accretive Transaction
BestReviews Develops Content to Drive New Audience and Revenue with its Retail Partners IRVING, Texas--(BUSINESS WIRE)-- Nexstar Inc., a wholly-owned
About this update from Nexstar Media Group, Inc.
[{"type":"text","content":"\nBestReviews Develops Content to Drive New Audience and Revenue with its Retail Partners\n\n IRVING, Texas--(BUSINESS WIRE)--\n\nNexstar Inc., a wholly-owned subsidiary of Nexstar Media Group, Inc. (Nasdaq: NXST), announced today that it entered into a definitive agreement to acquire leading consumer product recommendations company BestReviews from Tribune Publishing Company (Nasdaq: TPCO) for $160 million in a transaction that is immediately accretive to Nexstar’s operating results.\n\nBestReviews simplifies the way consumers buy products and services across thousands of categories by independently researching, analyzing, and testing products and recommending the best picks. The company maintains an audience of 9 million monthly visitors and has helped more than 300 million consumers make informed purchases of consumer products and services. BestReviews monetizes its content through a revenue share model with its retail partners against all sales generated by BestReviews.\n\nIn addition to the reviews on its site, bestreviews.com, BestReviews also produces seasonal, lifestyle and how-to articles with integrated links to retailers distributed across their publisher network, including Tribune Publishing’s media properties. The volume of content currently authored by BestReviews includes over 8,000 product categories covering over 40,000 product reviews on behalf of a diverse and growing network of over 50 retail partners.\n\nCommenting on the proposed transaction, Tom Carter, Nexstar President, Chief Operating Officer, and Chief Financial Officer stated, “The planned accretive acquisition of BestReviews diversifies our digital content portfolio while presenting the company with new and significant revenue channels by leveraging our media content, national reach and significant consumer digital usage across multiple platforms. With Nexstar owned and operated digital properties ranking number one by Comscore for local news and information in terms of unique users, we are ideally positioned to quickly scale BestReviews through increased content syndication and brand awareness.\n\n“Financially, by adhering to our disciplined acquisition and integration criteria, we are acquiring a fast-growing digital product review company with a profitable and scalable business model at an attractive pro forma EBITDA multiple. Nexstar will continu...