Nexstar Broadcasting Group

Nexstar Broadcasting Group, Inc.
Nexstar Broadcasting Group
Public
Traded as NASDAQ: NXST
Industry Broadcast television
Founded Irving, Texas (1996)
Founder Perry A. Sook
Headquarters Irving, Texas
Area served
 United States (Nationwide)
Key people
 Perry A. Sook
(Chairman, President and CEO)
Thomas E. Carter
(Executive Vice President & Chief Financial Officer)
Timothy Busch
(Executive Vice President & Co-Chief Operation Officer)
Brian Jones
(Executive Vice President & Co-Chief Operating Officer)
Products Television stations
Revenue Increase $62.8 million USD
Increase $17.5 million USD
Increase $83.6 million USD
Owner Shareholders (controlling)
Number of employees
 2,230 (2011)
Divisions Lakana
Website www.nexstar.tv

Nexstar Broadcasting Group is a publicly traded American telecommunications company headquartered in Irving, Texas. The company's portfolio consists of 91 television stations across the U.S., most of whom are affiliates with the four "major" U.S. television networks located in small to medium-sized markets. It also operates all of the stations owned by an affiliated company, Mission Broadcasting, under local marketing agreements.[1][2]

History

Nexstar Broadcasting Group, Inc. was founded in 1996.[3]

In 2003, Nexstar acquired Quorum Broadcasting (owner of 10 television stations).[4][5]

In July 2012, Nexstar agreed to purchase 11 stations and Inergize Digital Media from Newport Television with two stations going to affiliate Mission Broadcasting.[6]

On April 24, 2013, Nexstar announced that it would acquire the entire group of Communications Corporation of America, KMSS-TV, KPEJ-TV and most of the ComCorp-managed stations that are owned by White Knight Broadcasting would be sold to Mission Broadcasting while WEVV-TV and White Knight Broadcasting's KSHV-TV would be sold to a female-controlled company called Rocky Creek Communications, with Nexstar assuming operational control of those stations.[7]

On September 16, 2013, Nexstar announced that it would acquire WOI-DT, KCAU-TV, and WHBF-TV from Citadel Communications for $88 million. Nexstar immediately took over the stations' operations through a time brokerage agreement.[8] The deal followed Phil Lombardo's decision to "slow down," as well as a desire by Lynch Entertainment to divest its investments in WOI and WHBF; Citadel would continue to own KLKN, WLNE-TV, and its Sarasota properties.[9] On March 5, 2014, the Federal Communications Commission approved the sale of these stations to Nexstar outright and the deal was completed on March 13. KCAU continues to use Citadel's standardized news sets, graphics and logos.

On November 6, 2013, Nexstar Broadcasting Group announced that it would purchase the Grant stations for $87.5 million. Due to Federal Communications Commission ownership regulations, one of the stations, KLJB, was spun off to Marshall Broadcasting, but will be operated by Nexstar through a shared services agreement.[10] The sale was completed on December 1, 2014.[11]

On March 13, 2014, Nexstar Broadcasting Group announced that it would purchase Internet Broadcasting, a provider of for $20 million. The company had also recently acquired competitor Inergize Digital through its purchase of assets from Newport Television, followed by Enterprise Technology Group, a spun-out joint venture between LIN Media and Fox Television Stations). The providers were merged to form Lakana, led by former ETG CEO Phillip Hyun.[12][13][14][15]

On February 2, 2015, Nexstar finalized its acquisition of Yashi, a location focused video advertising and programmatic technology company, for $33 million.[16]

On September 28, 2015, Nexstar announced that it presented an unsolicited offer to buy Media General for $4.1 billion (including debt). Per share, shareholders of Media General would receive $10.50 in cash and 0.0898 shares of Nexstar, a total equivalent of $ 14,50 per share. Nexstar's offer is seen by analysts as a maneuver to torpedo the merger of Media General with Meredith Corporation (announced on September 8). If Media General agrees to the counter-offer within a 20-day period, Nexstar would expand its portfolio to 114 television stations, pending spin-offs in markets where both own stations and federal approval.[17][18][19][20][21] On November 16, Media General rejected the offer but agreed to negotiate after concluding its merge with Meredith.[22]

On November 17, 2015, Nexstar announced its intent to purchase West Virginia Media Holdings' stations for $130 million. The company took over the stations' non-license assets under a time brokerage agreement in December 2015 pending the formal completion of the deal, expected in late-2016. The two companies viewed the acquisition as being a complement to Nexstar's WHAG-TV, whose coverage area includes the Eastern Panhandle region. Nexstar CEO Perry A. Sook is an alumnus of WVMH–owned WOWK-TV.[23]

On January 27, 2016, Media General announced that it had entered into a definitive agreement to be acquired by Nexstar in a deal valued at $17.14 per-share, valuing the company at $4.6 billion plus the assumption of $2.3 billion debt. The combined company will be known as Nexstar Media Group, and own 171 stations, serving an estimated 39% of U.S. households. The company will pay Meredith Corporation (whom Media General had previously proposed a merger with) a termination fee of $60 million, and give Meredith right of first refusal to acquire any broadcast or digital properties that may be divested during the purchase. The deal also includes contingent value rights for Media General shareholders if it sells spectrum from its stations during the FCC's spectrum incentive auction.[24][25]

Television stations

The old Nexstar logo prior to 2006.

These stations are either owned and operated by Nexstar, or controlled by Nexstar through management services agreements (MSAs) with Mission Broadcasting or Sinclair Broadcast Group. Prior to October 2011, Nexstar operated television stations that were owned by the Four Points Media Group; however, on September 8, 2011, Sinclair announced its intent of purchasing the Four Points stations outright and took over the MSA for the stations that October upon Federal Trade Commission (FTC) approval of the deal (the Federal Communications Commission (FCC) gave final approval of the group deal on December 21, and the Sinclair purchase of the Four Points stations was completed on January 1, 2012).[26] Nexstar also holds the license of one station which is currently operated by Sinclair through an MSA. Most of the stations Nexstar owns and operates were acquired through acquisitions of Quorum Broadcasting in 2003, Newport Television in 2012, and Communications Corporation of America in 2015. Many of these stations are licensed under Mission Broadcasting and operated through MSAs by Nexstar to comply with current FCC ownership limits.[27]

Each Nexstar cluster also operates its own news website, although they do not use their station branding or call letters in the addresses, choosing to use a slogan related to their area (though in all cases call letter-specific addresses are retained by Nexstar and redirect to a station's site for familiarity to site visitors and to discourage cybersquatting). Most local Nexstar sites also have a related .biz site separate from the news site to promote Nexstar's daily local deal efforts, paid "ask the experts" sections, any advertorial programming a station may air, and local advertisers in each market.

Current Nexstar stations

Stations are arranged alphabetically by state and by city of license.

City of License / Market Station Channel
TV (RF)		 Owned Since Current Affiliation
Dothan - Ozark WDHN 18 (21) 2003 ABC
Huntsville WZDX 54 (41) 2014 Fox
MyNetworkTV (DT2)
MeTV (DT3)
Phoenix KASW 61 (49) 2015 The CW
Fort Smith - Fayetteville - Springdale - Rogers KNWA-TV 51 (50) 2004 NBC
KFTA-TV 1 24 (27) 2004 Fox
Little Rock - Pine Bluff KARK-TV 4 (32) 2003 NBC
KARZ-TV 42 (44) 2009 MyNetworkTV
KLRT-TV 2 16 (30) 2013 Fox
KASN 2 38 (39) 2013 The CW
Bakersfield KGET-TV 17 (25) 2013 NBC
The CW (DT2)
KKEY-LP 11 (17.3) 2013 Telemundo
Fresno KSEE 24 (38) 2013 NBC
KGPE 47 (34) 2013 CBS
Grand Junction KFQX 4 (15) 3 Fox
KREX-TV 5 (2) 2014 CBS
MyNetworkTV (DT2)
KGJT-CD 27 (27) 2014 MyNetworkTV
Glenwood Springs KREG
(Satellite of KREX)		 3 (23) 2014 CBS
MyNetworkTV (DT2)
Montrose KREY
(Satellite of KREX)		 10 (13) 2014 CBS
MyNetworkTV (DT2)
Jacksonville WCWJ 17 (34) 2009 The CW
Panama City WMBB 13 (13) 2014 ABC
Champaign - Urbana - Springfield - Decatur WCIA 3 (48) 1999 CBS
WCIX 49 (13) 1999 MyNetworkTV
Peoria - Bloomington WMBD-TV 31 (30) 1999 CBS
WYZZ-TV 43 (28) 4 Fox
Rockford WQRF-TV 39 (42) 2003 Fox
WTVO 2 17 (16) 2004 ABC
MyNetworkTV (DT2)
Davenport - Burlington - Rock Island WHBF-TV 4 (4) 2013 CBS
KLJB 18 (49) 5 Fox
KGCW 26 (41) 2014 The CW
Evansville WEHT 25 (7) 2011 ABC
WTVW 2 7 (28) 2003 The CW
Fort Wayne WFFT-TV 55 (36) 2003 Fox
Terre Haute WTWO 2 (36) 1997 NBC
WAWV-TV 2 38 (39) 2003 ABC
Ames - Des Moines WOI-DT 5 (5) 2013 ABC
KCWI-TV 23 (23) 2016 The CW
Sioux City KCAU-TV 9 (9) 2013 ABC
Baton Rouge WGMB-TV 44 (45) 2015 Fox
The CW (DT2)
WBRL-CD 21 (21) 2015 The CW
WVLA-TV 33 (34) 6 NBC
KZUP-CD 19 (20) 20167 Independent
Lafayette KADN-TV 15 (16) 2015 Fox
NBC (DT2)
MyNetworkTV (DT3)
KLAF-LD 46 (46) 2015 NBC
Monroe - El Dorado KARD 14 (36) 2003 Fox
KTVE 2 10 (27) 2007 NBC
Shreveport - Texarkana KTAL-TV 6 (15) 2000 NBC
KMSS-TV 33 (34) 5 Fox
KSHV-TV 45 (44) 6 MyNetworkTV
Hagerstown - Washington WHAG-TV 8 25 (26) 2003 NBC
Escanaba - Marquette WJMN-TV
(Semi-satellite of WFRV-TV)		 3 (48) 2011 CBS
Natchez - Alexandria WNTZ-TV 48 (49) 2015 Fox/MyNetworkTV
Joplin - Pittsburg KSNF 16 (46) 1998 NBC
KODE-TV 2 12 (43) 2002 ABC
Springfield - Branson KOZL-TV 27 (28) 2003 MyNetworkTV
KOLR 2 10 (10) 2003 CBS
St. Joseph KQTV 2 (7) 1997 ABC
Hardin - Billings KSVI 6 (18) 2003 ABC
KHMT 2 4 (22) 2003 Fox
Las Vegas KLAS-TV 8 (7) 2015 CBS
Binghamton WBGH-CA 20 (34.2) 2012 NBC
WIVT 34 (34) 2012 ABC
Elmira WETM-TV 18 (18) 2012 NBC
Independent (DT2)
Rochester WROC-TV 8 (45) 1999 CBS
Syracuse WSYR-TV 9 (17) 2012 ABC
Utica - Rome WFXV 33 (27) 2003 Fox
WPNY-LP 11 (20.2) 2003 MyNetworkTV
WUTR 2 20 (30) 2004 ABC
Watertown WWTI
(Semi-satellite of WSYR)		 50 (21) 2004 ABC
The CW (DT2)
Bismarck KXMB-TV 12 (12) 2016 CBS
Dickinson KXMA-TV
(Satellite of KXMB)		 2 (19) 2016 CBS
Minot KXMC-TV
(Satellite of KXMB)		 13 (13) 2016 CBS
Williston KXMD-TV
(Satellite of KXMB)		 11 (14) 2016 CBS
Altoona - State College - Johnstown WTAJ-TV 10 (32) 2006 CBS
Erie WJET-TV 24 (24) 1998 ABC
WFXP 2 66 (22) 1998 Fox
Wilkes-Barre - Scranton WBRE-TV 28 (11) 1998 NBC
WYOU 2 22 (13) 1996 CBS
Jackson WJKT 16 (39) 2012 Fox
Memphis WATN-TV 24 (25) 2012 ABC
WLMT 30 (31) 2012 The CW
Abilene - Sweetwater KTAB-TV 32 (24) 1999 CBS
KRBC-TV 2 9 (29) 2003 NBC
Amarillo KAMR-TV 4 (19) 2003 NBC
KCIT 2 14 (15) 1999 Fox
KCPN-LP 2 33 (4.2) 1999 MyNetworkTV
Bryan - College Station KYLE-TV 28 (28) 2015 MyNetworkTV
Brownsville - Harlingen - McAllen KVEO-TV 23 (24) 2015 NBC
El Paso KTSM-TV 9 (16) 2015 NBC
Jacksonville - Tyler - Longview KETK-TV 56 (22) 2015 NBC
KFXK-TV 51 (31) 6 Fox
Lubbock KLBK-TV 13 (40) 2003 CBS
KAMC 2 28 (27) 2003 ABC
Lufkin - Nacogdoches KFXL-LP
(satellite of KFXK-TV)		 30 6 Fox
Odessa - Midland KMID 2 (26) 2000 ABC
KPEJ-TV 24 (23) 5 Fox
San Angelo KLST 8 (11) 2004 CBS
KSAN-TV 2 3 (16) 2003 NBC
Waco - Temple KWKT-TV 44 (44) 2015 Fox
Wichita Falls - Lawton KFDX-TV 3 (28) 1998 NBC
KJTL 2 18 (15) 1999 Fox
KJBO-LP 2 35 (3.2) 1999 MyNetworkTV
Salt Lake City KTVX 4 (40) 2012 ABC
KUCW 30 (48) 2012 The CW
Burlington - Plattsburgh WFFF-TV 44 (43) 2013 Fox
WVNY 2 22 (13) 2013 ABC
Roanoke — Lynchburg WFXR 27 (17) 2014 Fox
WWCW 21 (20) 2014 The CW
Clarksburg - Fairmont - Morgantown WBOY-TV 12 (12) 9 NBC
ABC (DT2)
Huntington - Charleston WOWK-TV 13 (13) 9 CBS
Lewisburg - Bluefield - Beckley WVNS-TV 59 (8) 9 CBS
Fox (DT2)
Wheeling - Steubenville WTRF-TV 7 (7) 9 CBS
MyNetworkTV (DT2)
ABC (DT3)
Green Bay - Appleton WFRV-TV 5 (39) 2011 CBS
La Crosse WLAX 25 (17) 2014 Fox
Chippewa Falls - Eau Claire WEUX
(satellite of WLAX)		 48 (49) 2014 Fox

Former Nexstar stations

City of License / Market Station Channel
TV (RF)		 Years Owned Current Ownership Status
Beaumont - Port Arthur KBTV-TV 4 (40) 1998-2012 Fox affiliate owned by Deerfield Media
(Operated through a LMA by Sinclair Broadcast Group)
Rochester WUHF 31 (28) 2005-2013 1 Fox affiliate owned by Sinclair Broadcast Group
Lebanon - Lancaster - York - Harrisburg WLYH-TV 15 (23) 2006-2015 2 Grit TV affiliate, WXBU, owned by Howard Stirk Holdings

Retransmission consent dispute with Fox

In 2011, Nexstar and Fox entered into a dispute over terms of reverse compensation; this occurred as Fox began to aggressively seek shares of earnings from retransmission consent agreements with cable and satellite operators as part of affiliation agreement renewals between station groups with affiliates whose affiliation contracts already expired (and carrying the network's programming without a contractual agreement) or were near expiration. Reportedly, the amount from retransmission consent fees from cable and satellite operators that Fox wanted its affiliates to pay the network would be 25 cents per subscriber during the first year of the affiliation agreement, increasing to 50 cents by the fourth year.[28] President of affiliate sales and marketing for Fox, Mike Hopkins, had said earlier in the year that the network would consider moving its affiliation to another market station as a last resort, if existing affiliates did not agree to the terms for reverse compensation retrans sharing.[29]

Fox dropped its affiliation from Nexstar-owned/managed stations in four markets, with three of the replacement stations adding Fox in addition to existing affiliations with the MyNetworkTV program service (owned by Fox parent company News Corporation). In Indiana, two markets saw Fox go from a primary affiliation of one station to joining an existing MyNetworkTV-affiliated digital subchannel of a competing Big Three station, with MNT going to a secondary affiliation: in Evansville, Fox moved from WTVW (which then became an independent station and later joined the CW) to a MNT-affiliated subchannel of CBS affiliate WEVV-TV on July 1, while in Fort Wayne, the Fox affiliation moved from WFFT-TV to an MNT-affiliated subchannel of NBC affiliate WISE-TV on August 1.[30] The network also moved its affiliation in Springfield, Missouri from KSFX-TV (operated in a duoploly with area CBS affiliate KOLR) to upstart MyNetworkTV affiliate KRBK on September 1, 2011, with both stations becoming independents.[30] Nexstar chose to drop Fox from WFXW in Terre Haute, Indiana and re-affiliate with ABC on September 1, 2011 (becoming the only Nexstar station thus far to affiliate with another network following the removal of the Fox affiliation) as part of a long-term renewal agreement between Nexstar and ABC for the group's nine existing ABC stations, reversing a 1995 switch that saw Terre Haute losing over-the air carriage of ABC programs (since then, ABC has been seen in the market via Indianapolis affiliate WRTV on area cable and satellite providers);[31][32] the Fox affiliation then moved to a digital subchannel of CBS affiliate WTHI-TV which also added MyNetworkTV as a secondary affiliation. Nexstar's remaining Fox affiliates have since signed a renewal agreement through December 2013;[33] in addition, following the settlement of Nexstar's antitrust lawsuit against WISE-TV owner Granite Broadcasting, WFFT-TV reclaimed the Fox affiliation on March 1, 2013.[34][35]

References

  1. ↑ "Virtual Duopolies Coming Under Fire". TVNewsCheck. Retrieved 30 May 2012.
  2. ↑ Stelter, Brian. "You Can Change the Channel, but Local News Is the Same". The New York Times. Retrieved 30 May 2012.
  3. ↑ "Nexstar Broadcasting Group, Inc. Profile". Yahoo Finance. Retrieved December 10, 2014.
  4. ↑ "Nexstar to acquire Quorum Broadcasting". Dallas Business Journal.
  5. ↑ NEXSTAR BROADCASTING GROUP TO ACQUIRE QUORUM BROADCASTING
  6. ↑ "Newport Sells 22 Station For $1 Billion". TVNewsCheck. July 19, 2012. Retrieved July 19, 2012.
  7. ↑ Tweets and Retweets From the Editors. "Nexstar, Mission Buy 19 Stations For $270M". TVNewsCheck.com. Retrieved 2015-04-20.
  8. ↑ Malone, Michael (September 16, 2013). "Nexstar to Acquire Citadel's Iowa Stations for $88 Million". Broadcasting & Cable. Archived from the original on September 21, 2013. Retrieved September 16, 2013.
  9. ↑ Hicks, Lynn (September 16, 2013). "Nexstar buys WOI, other Citadel TV stations in Iowa". Des Moines Register. Retrieved September 16, 2013.
  10. ↑ Malone, Michael (November 6, 2013). "Nexstar to Acquire Seven Grant Stations For $87.5 Million". Broadcasting & Cable. Retrieved November 6, 2013.
  11. ↑ Consummation Notice,CDBS Public Access Federal Communications Commission, Retrieved 3 December 2014.
  12. ↑ Jessell, Harry A. "Fox Stations Moving to WorldNow Platforms". TVNewsCheck. Retrieved 20 April 2012.
  13. ↑ "Fox Marketing New Web Platform To All". TVNewsCheck. Retrieved 11 June 2013.
  14. ↑ "Nexstar Rolls Up Its 3 CMS Units Into Lakana". TVNewsCheck. Retrieved 20 June 2015.
  15. ↑ "Nexstar Buys Internet Broadcasting Systems". TVNewsCheck. March 13, 2014. Retrieved March 13, 2014.
  16. ↑ "exstar Broadcasting Acquires Yashi, Leading Local Digital Video Advertising and Programmatic Technology Company, for $33 Million in Accretive Transaction". Marketwatch. February 2, 2015. Retrieved February 3, 2015.
  17. ↑ "Nexstar Offers $4.1 Billion For Media General". tvnewscheck.com.
  18. ↑ "UPDATE 3-Broadcaster Nexstar offers to buy Media General in $4.1 bln deal". Reuters.
  19. ↑ Nexstar Broadcasting Proposes To Acquire Media General - Nexstar Broadcasting
  20. ↑ Nexstar Offers to Buy Media General for $1.85 Billion - The New York Times
  21. ↑ "Business: Washington Post Business Page, Business News". bloomberg.com.
  22. ↑ Media General Rejects Nexstar’s $1.9B Offer, But Agrees To Talk - Deadline
  23. ↑ "Nexstar Buys 4 W.Va. TVs For $130M". TVNewsCheck.
  24. ↑ "Nexstar-Media General: It's A Done Deal". TVNewsCheck. Retrieved 27 January 2016.
  25. ↑ "Nexstar Clinches Deal to Acquire Media General". The New York Times. Retrieved 27 January 2016.
  26. ↑ Nexstar Managing Four Points Stations, Broadcasting & Cable, March 23, 2009 Archived June 8, 2010, at the Wayback Machine.
  27. ↑ "Fcc Revises Local Television Ownership Rules". Fcc.gov. Retrieved 2015-04-20.
  28. ↑ "Fox Gives No Ground On Retrans Sharing", TVNewsCheck, April 12, 2011.
  29. ↑ "Fox Inks New Affiliation Agreements, Scraps Others," from Broadcasting & Cable, 5/11/2011 Archived May 15, 2011, at the Wayback Machine.
  30. 1 2 "Fox Moves Afills In Springfield, Ft. Wayne". TVNewsCheck. June 20, 2011. Retrieved June 20, 2011.
  31. ↑ "Nexstar's WFXW Switching From Fox To ABC," from Broadcasting & Cable, 6/28/2011 Archived July 1, 2011, at the Wayback Machine.
  32. ↑ Jessell, Harry A. (June 28, 2011). "Nexstar Drops Fox For ABC In Terre Haute". TVNewsCheck. Retrieved June 28, 2011.
  33. ↑ McAvoy, Kim (April 15, 2012). "Fox Is TV's New Station Group Leader". TVNewsCheck. Retrieved April 17, 2012. Nexstar renewed its remaining eight Fox affiliates through December 2013.
  34. ↑ Knox, Merrill (February 6, 2013). "Nexstar, Granite Settle Antitrust Lawsuit, Returning Fox Affiliation to Fort Wayne’s WFFT". TVSpy. Retrieved February 6, 2013.
  35. ↑ Malone, Michael (February 6, 2013). "Nexstar's WFFT Fort Wayne Back in Fox Fold". Broadcasting & Cable. Archived from the original on February 10, 2013. Retrieved February 6, 2013.

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