Tegna has set a deal with Nexstar to buy 11 TV stations — mostly Fox and ABC affiliates — serving eight markets for $740 million.
The sale is contingent on Nexstar closing its $4.1 billion acquisition of Tribune Media, which will make Nexstar the nation’s largest TV station owner by far. Nexstar projects the Tribune deal will close by year’s end, although it is still winding through the regulatory review process at the FCC and Justice Department.
Tegna noted that some of the stations are in political hot-spot states like Pennsylvania and Illinois. That’s advantageous as broadcasters become more dependent on revenue from political and issue-oriented advertising.
The stations set to change hands are:
- WTIC/WCCT FOX/CW affiliates in Hartford-New Haven, CT
- WPMT FOX affiliate in Harrisburg-Lancaster-Lebanon-York, PA
- WATN/WLMT ABC/CW affiliates in Memphis, TN
- WNEP ABC affiliate in Wilkes Barre-Scranton, PA
- WOI/KCWI ABC/CW affiliates in Des Moines-Ames, IA
- WZDX FOX affiliate in Huntsville-Decatur-Florence, AL
- WQAD ABC affiliate in Davenport, IA and Rock Island-Moline, IL
- KFSM CBS affiliate in Ft. Smith-Fayetteville-Springdale-Rogers, AR
“These stations are an excellent strategic and financial fit and bring additional geographic diversity to our portfolio of leading stations,” Tegna president-CEO Dave Lougee said. “They add four additional key markets to our strong political footprint as the 2020 presidential election gets underway. We continue to invest in growth and remain well positioned to capitalize on consolidation opportunities that are both strategic and financially prudent.”