TAMPA, Fla. – Nexstar Broadcasting Group, Inc. has received the Federal Communications Commission’s approval to formally acquire Richmond-based Media General Inc., which owns or operates 72 local television stations throughout the country, including WFLA News Channel 8 and WTTA Great 38.
While our ownership is changing, our commitment to you is not. As the Tampa Bay area’s top local news station, we are deeply committed to being ‘On Your Side’ each and every day. In fact, under the new ownership, we will have more affiliates than ever before to be able to keep you updated on stories as they develop each day.
The merger agreement began about a year ago when Nexstar paid about $4.6 billion to acquire all outstanding shares of Media General.
Since then, the merger has been on hold until the two media giants could acquire the approval of the FCC. This week, they received that approval, along with the approval of applications to bring Nexstar into compliance with local and national television ownership rules.
At this point, all that stands between the merger happening are customary closing matters.
Nexstar President and Chief Executive Officer Perry A. Sook commented on the news.
“We appreciate Chairman Tom Wheeler and the FCC Commissioners’ work, as well as the work of the FCC staff, in granting the approval of the Media General transaction,” Sook said. “Over the last two decades, we have grown Nexstar based on our commitment to deliver exceptional service to the local communities where we operate, expansion through accretive acquisitions, enhanced operating results of acquired stations and digital media properties, and an overarching focus on localism … this focus has been fundamental to our success and we intend to extend our legacy.”
Nexstar owns, operates, programs or provides sales and other services to 104 television stations and 200 related digital multicast signals reaching 62 markets, or approximately 18.1 percent of television households in the United States.
Affiliates of the company include NBC, CBS, ABC, FOX, MyNetworkTV and The CW. Nexstar’s community portal websites offer additional hyper-local content and verticals for consumers and advertisers, allowing audiences to choose where, when and how they access content while creating new revenue opportunities.