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Nexstar Media Group to Expand Leading Local News Presence in San Diego With Acquisition of KUSI-TV For $35 Million
IRVING, Texas--(BUSINESS WIRE)-- Nexstar Media Group, Inc. (Nasdaq: NXST), today announced that it agreed to acquire the assets of KUSI-TV in San Diego from
About this update from Nexstar Media Group, Inc.
[{"type":"text","content":" IRVING, Texas--(BUSINESS WIRE)--\nNexstar Media Group, Inc. (Nasdaq: NXST), today announced that it agreed to acquire the assets of KUSI-TV in San Diego from McKinnon Broadcasting Company and Channel 51 of San Diego for $35 million plus a customary working capital adjustment. KUSI-TV is an independent television station, broadcasting more than nine hours of local news each weekday and nearly 60 hours of local news every week. Together with Nexstar’s currently owned and operated KWSB-TV (FOX) in San Diego, the two stations will offer more local news and information programming in the market than all of the other local stations combined, and provide unprecedented coverage of breaking news, weather, sports and community stories in the nation’s 30th-largest television market.\n\n\nThe planned acquisition of KUSI-TV strengthens Nexstar’s local television broadcasting, news, and digital media platforms in San Diego, while presenting numerous opportunities for operating efficiencies. The transaction, subject to regulatory and other customary approvals, is expected to close later this year and is expected to be accretive to Nexstar’s operating results when The CW Network affiliation becomes available in the market.\n\n\n“KUSI-TV’s established local news operations serving viewers and advertisers across the San Diego community is a perfect fit with our station group and existing San Diego operations at KSWB-TV,” said Tom Carter, Nexstar’s President and Chief Operating Officer. “Their mission of serving the community by delivering the most local news in the market is consistent with Nexstar’s commitment to providing consumers expansive local content on linear and digital platforms.\n\n\n“In addition, Nexstar’s platform reach, expanding digital media revenue, commitment to unbiased news and reporting across the enterprise, the return of political advertising revenue in 2024, and our focus on our balance sheet and shareholder returns will enable us to extend our record of enhancing shareholder value on a near- and long-term basis.”\n\n\nMike McKinnon, Owner & CEO of KUSI-TV, commented, “I have known Perry Sook, Nexstar’s Chairman and Chief Executive Officer, for more than 30 years. He is a great broadcaster who has built a tremendous organization. We have a great team of news people at KUSI-TV, and joining these two companies will create o...