Nexstar to Sell 2 TV Stations to New Broadcaster Owned by Bayou City CEO
Nexstar agreed to sell to Circle City Broadcasting WISH-TV Indianapolis and WNDY-TV Marion, Indiana, for $42.5 million cash after Nexstar buys Tribune Media, said the divester Monday. CCB is a new minority-led broadcaster controlled and owned by DuJuan McCoy. He's…
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owner-CEO of Bayou City Broadcasting. The divestitures (see 1903200058) complete Nexstar’s plan to comply with FCC ownership rules and to obtain FCC and DOJ approval of taking over Tribune Media transaction, it said. “The $1.36 billion of gross proceeds from the proposed station divestitures exceeds our initial estimate by approximately 36%,” said Nexstar CEO Perry Sook. “Our borrowings and leverage will be lower than anticipated at closing.” CCB will run the stations “hands-on,” with no shared service agreements or joint sales agreement, “maintaining full control of both stations and their content -- a tremendous win for diverse voices,” said the Multicultural Media, Telecom and Internet Council.