The Federal Communications Commission OK’d Nexstar’s $4.1 billion takeover of Tribune Media Monday — paving the way for the Texas-based Nexstar to become the largest broadcast company in the US with 144 stations in 115 markets. The FCC’s commissioners voted 3-to-2 vote in favor of the deal, which also includes $2.3 billion in Tribune debt,…
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Shares of The E.W. Scripps Co. soared 5% in premarket trade Wednesday, after the media company said it is acquiring eight TV stations in seven markets from the Nexstar Media Group Inc. and Tribune Media . Those two companies are selling assets as part of a plan to merge. E.W. Scripps said it will pay $505 million for six markets and $75 million for WPIX, the CW affiliate in New York City. The stations had blended revenue for 2017 to 2018 of $263 million and EBITDA of $56 million. The company is planning to finance the deal with a mix of term loans and unsecured debt, that will raise its total debt to $1.85 billion and leave it with a total leverage ratio net of cash of about 5 times at closing. The company is expecting the deal to expand its presence in Arizona, Florida, Michigan and New York and to add about 769 employees. The company has granted Nexstar the option to buy WPIX back from March 31, 2020 through the end of 2021. E.W. Scripps shares have gained 76% in the last 12 months, while the S&P 500 has gained 4%.
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