How odd is that i wrote about WTAJ TV the other day and all of suddenly WTAJ-TV was sold to Nexstar.. Thats surpising.. Here's Article from Nexstar.tv
IRVING, Texas, 7/26/2006 - Nexstar Broadcasting Group, Inc.
Nexstar Broadcasting Enters Into Definitive Agreement To Acquire WTAJ-TV In Altoona, Pa
Irving, Texas (July 26, 2006) - Nexstar Broadcasting Group, Inc (Nasdaq: NXST) announced today that it entered into a definitive agreement to acquire the assets of WTAJ-TV, the CBS affiliate serving the Johnstown/Altoona, Pennsylvania market for $56 million in cash from Television Station Group Holdings, LLC. The acquisition complements the Company's current Pennsylvania television station operations located in Wilkes Barre/Scranton and Erie. As part of the purchase consideration, Nexstar will also acquire the license and certain assets and contracts of WLYH-TV, in Lancaster PA which is operated by a third party under a grandfathered' Time Brokerage Agreement that extends until 2015.
Commenting on the acquisition, Nexstar Broadcasting Group President and CEO, Perry A. Sook said, The acquisition of WTAJ-TV reflects our focus on expanding Nexstar's portfolio with stations that have leading audience and revenue shares and quality, highly rated local news programming. The acquisition is also consistent with our clustering strategy whereby we seek to operate multiple stations in concentrated geographic regions.
WLYH-TV is the UPN affiliate serving the Harrisburg/Lancaster/Lebanon/York, Pennsylvania market and is slated to become a CW affiliate this fall.
Mr. Sook added, Under Nexstar's stewardship WTAJ-TV will realize additional retransmission revenues as well as synergistic operating improvements, and on a pro-forma basis the acquisition is immediately accretive to the company.
Nexstar intends to finance the acquisition through borrowings under its senior credit facility. The transaction, which is subject to FCC approval, will not materially impact the company's leverage ratios and is expected to close in the fourth quarter of 2006.
Including pending acquisitions, Nexstar Broadcasting Group currently owns, operates, programs or provides sales and other services to 49 television stations in 29 markets in the states of Illinois, Indiana, Maryland, Missouri, Montana, Texas, Pennsylvania, Louisiana, Arkansas, Alabama and New York. Nexstar's television station group includes affiliates of NBC, CBS, ABC, FOX and UPN, and reaches approximately 8.0% of all U.S. television households.
Statements in this news release which are not purely historical facts, including statements about forecasted financial projections (such as changes in net revenue) or other statements about anticipations, beliefs, expectations, hopes, intentions or strategies in the future, may be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements involve risks and uncertainties, and are subject to change based on various
important factors, including the impact of changes in national and regional economies, our ability to service and refinance our outstanding debt, successful integration of acquired television stations (including achievement of synergies and cost reductions), pricing fluctuations in local and national advertising, future regulatory actions and conditions in the television stations` operating areas, competition from others in the broadcast television markets served by the Company, volatility in programming costs, the effects of governmental regulation of broadcasting, industry consolidation, technological developments and major world news events. Unless required by law, we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this news release might not occur. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this release. For more details on factors that could affect these expectations, please see our filings with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K.
Chief Financial Officer
Nexstar Broadcasting Group, Inc.
Joseph Jaffoni, Ratula Roy
Jaffoni & Collins Incorporated
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