Research Desk Line-up: Sinclair Broadcast Post Earnings Coverage
LONDON, UK / ACCESSWIRE / August 10, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for Nexstar Media Group, Inc. (NASDAQ: NXST), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/'symbol=NXST. The Company announced on August 07, 2017, that it has signed an agreement to acquire the non-spectrum operating assets of WLWC-TV, an affiliate of Providence CW. The acquisition was done by Nexstar subsidiary Nexstar Broadcasting, Inc. which acquired WLWC-TV's non-spectrum assets from OTA Broadcasting (PVD), LLC. The deal is valued at $4.1 million. Fairfax, Virginia based OTA is owned by Management and Torchlight TV Investments, LLC, an affiliate of MSD Partners, L.P. It owns and operates independent TV stations across the US. For immediate access to our complimentary reports, including today's coverage, register for free now at:
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Sharing his views on the acquisition, Tim Busch, President of Nexstar Broadcasting, Inc., said:
"The addition of the assets from WLWC-TV will allow Nexstar to generate incremental advertising and net retransmission consent revenue growth without increasing our total US television household reach. The acquisition is leverage-neutral on a pro-forma basis, and the purchase price represents a very low multiple of the pro forma contribution to Nexstar's operating results, given the anticipated operating synergies and elevated advertising and distribution revenues."
William Tolpegin, CEO of OTA Broadcasting, added:
"We want to thank the employees of WLWC for their fantastic work at OTA, and we are thrilled they will be re-joining the Nexstar team. As an industry leader, Nexstar has consistently delivered strong local programming to the local communities it serves across the United States and we are confident that WLWC will continue to offer viewers in Providence great programming under Nexstar's management."
Details of the deal
OTA had already completed the sale of WLWC-TV's spectrum via the Federal Communication Commission's (FCC) Incentive Auction. Since Nexstar is acquiring the non-spectrum based operating assets of WLWC-TV from OTA, the transaction is not subject to the approval from FCC. The stations and digital platforms owned by the Nexstar including the local partnership agreements complement the existing programming and services delivered by the CW affiliation to viewers and advertisers in Providence.
The transaction is expected to close in earlier part of Q4 2017. Nexstar expects the acquisition to be highly accretive to its operating profits immediately on closing. Nexstar plans to fund the acquisition using cash in hand from its operations.
The acquisition is in-line with the Company's strategic growth policy of expanding its broadcast and digital platform via well thought out and profitable acquisitions.
About Nexstar Media Group
Irving, Texas based Nexstar Media Group, Inc, is one of the world's leading diversified media Companies and was earlier known as Nexstar Broadcasting Group, Inc. In January 2017, the Company completed the $4.6 billion acquisition of Media General, following which the Company was re-named Nexstar Media Group, Inc. The Company owns, operates, programs or provides sales and other services to 170 television stations. Its customer base covers over 100 markets or approximately 38.7% of the total households in US. The Company has expanded its portfolio to include digital media marketing, advertising, and content management platforms. Before the acquisition of Media General, the Company's net revenue for FY15 was $896 million, broadcast cash flow was $350 million, and adjusted EBITDA was $305 million.
Last Close Stock Review
On Wednesday, August 09, 2017, the stock closed the trading session at $64.20, climbing 1.58% from its previous closing price of $63.20. A total volume of 964.06 thousand shares have exchanged hands, which was higher than the 3-month average volume of 814.79 thousand shares. Nexstar Media's stock price surged 6.12% in the last one month, 4.39% in the past three months, and 26.85% in the previous twelve months. The stock is trading at a PE ratio of 27.49 and has a dividend yield of 1.87%. The stock currently has a market cap of $3.05 billion.
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