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Nexstar Broadcasting Group

Nexstar Broadcasting Group, Inc.
Nexstar Broadcasting Group
Public
Traded as NASDAQ: NXST
Industry Broadcast television
Founded Irving, Texas (1996)
Founder Perry A. Sook
Headquarters Irving, Texas
Area served
United States (Nationwide)
Key people
Perry A. Sook
(Chairman, President and CEO)
Thomas E. Carter
(Executive Vice President & Chief Financial Officer)
Timothy Busch
(Executive Vice President & Co-Chief Operation Officer)
Brian Jones
(Executive Vice President & Co-Chief Operating Officer)
Products Television stations
Revenue $62.8 million USD
$17.5 million USD
$83.6 million USD
Owner Shareholders (controlling)
Number of employees
2,230 (2011)
Divisions Lakana
Website .tv.nexstarwww

Nexstar Broadcasting Group is an American telecommunications company that is owned by the shareholders and headquartered in Irving, Texas. The company's portfolio consists of 91 television stations across the U.S., most of whom are affiliates with the four "major" U.S. television networks located in small to medium-sized markets. It also operates all of the stations owned by an affiliated company, Mission Broadcasting, under local marketing agreements.[1][2]

Contents

  • History 1
  • Television stations 2
    • Current Nexstar stations 2.1
    • Former Nexstar stations 2.2
    • Retransmission consent dispute with Fox 2.3
  • References 3
  • External links 4

History

Nexstar Broadcasting Group, Inc. was started in 1996.[3]

In 2003, Nexstar acquired Quorum Broadcasting (owner of 10 television stations).[4][5]

In July 2012, Nexstar agreed to purchase 11 stations and Inergize Digital Media from Newport Television with two stations going to affiliate Mission Broadcasting.[6]

On April 24, 2013, Nexstar announced that it would acquire the entire group of Communications Corporation of America, KMSS-TV, KPEJ-TV and most of the ComCorp-managed stations that are owned by White Knight Broadcasting would be sold to Mission Broadcasting while WEVV-TV and White Knight Broadcasting's KSHV-TV would be sold to a female-controlled company called Rocky Creek Communications, with Nexstar assuming operational control of those stations.[7]

On September 16, 2013, Nexstar announced that it would acquire WOI-DT, KCAU-TV, and WHBF-TV from Citadel Communications for $88 million. Nexstar immediately took over the stations' operations through a time brokerage agreement.[8] The deal followed Phil Lombardo's decision to "slow down," as well as a desire by Lynch Entertainment to divest its investments in WOI and WHBF; Citadel would continue to own KLKN, WLNE-TV, and its Sarasota properties.[9] On March 5, 2014, the Federal Communications Commission approved the sale of these stations to Nexstar outright and the deal was completed on March 13. KCAU continues to use Citadel's standardized news sets, graphics and logos.

On November 6, 2013, Nexstar Broadcasting Group announced that it would purchase the Grant stations for $87.5 million. Due to Federal Communications Commission ownership regulations, one of the stations, KLJB, was spun off to Marshall Broadcasting, but will be operated by Nexstar through a shared services agreement.[8] The sale was completed on December 1, 2014.[10]

On March 13, 2014, Nexstar Broadcasting Group announced that it would purchase Internet Broadcasting for $20 million. The company had also recently acquired competitor Inergize Digital through its purchase of assets from Newport Television.[11]

On February 2, 2015, Nexstar finalized its acquisition of Yashi, a location focused video advertising and programmatic technology company, for $33 million.[12]

On September 28, 2015, Nexstar announced that it presented an unsolicited offer to buy Media General for $ 4.1 billion (including debt). Per share, shareholders of Media General would receive $10.50 in cash and 0.0898 shares of Nexstar, a total equivalent of $ 14,50 per share. Nexstar's offer is seen by analysts as a maneuver to torpedo the merger of Media General with Meredith Corporation (announced on September 8). If Media General agrees to the counter-offer within a 20-day period, Nexstar would expand its portfolio to 114 television stations, pending spin-offs in markets where both own stations and federal approval.[13][14][15][16][17]

Television stations

The old Nexstar logo prior to 2006.

These stations are either owned and operated by Nexstar, or controlled by Nexstar through management services agreements (MSAs) with Mission Broadcasting or Sinclair Broadcast Group. Prior to October 2011, Nexstar operated television stations that were owned by the Four Points Media Group; however, on September 8, 2011, Sinclair announced its intent of purchasing the Four Points stations outright and took over the MSA for the stations that October upon Federal Trade Commission (FTC) approval of the deal (the Federal Communications Commission (FCC) gave final approval of the group deal on December 21, and the Sinclair purchase of the Four Points stations was completed on January 1, 2012).[18] Nexstar also holds the license of one station which is currently operated by Sinclair through an MSA. Most of the stations Nexstar owns and operates were acquired through acquisitions of Quorum Broadcasting in 2003, Newport Television in 2012, and Communications Corporation of America in 2015. Many of these stations are licensed under Mission Broadcasting and operated through MSAs by Nexstar to comply with current FCC ownership limits.[19]

Each Nexstar cluster also operates its own news website, although they do not use their station branding or call letters in the addresses, choosing to use a slogan related to their area (though in all cases call letter-specific addresses are retained by Nexstar and redirect to a station's site for familiarity to site visitors and to discourage cybersquatting). Most local Nexstar sites also have a related .biz site separate from the news site to promote Nexstar's daily local deal efforts, paid "ask the experts" sections, any advertorial programming a station may air, and local advertisers in each market.

Current Nexstar stations

Stations are arranged alphabetically by state and by city of license.

Former Nexstar stations

City of License / Market Station Channel
TV (RF)
Years Owned Current Ownership Status
Beaumont - Port Arthur KBTV-TV 4 (40) 1998-2012 Fox affiliate owned by Deerfield Media
(Operated through a LMA by Sinclair Broadcast Group)
Rochester WUHF 31 (28) 2005-20131 Fox affiliate owned by Sinclair Broadcast Group

Retransmission consent dispute with Fox

In 2011, Nexstar and Fox entered into a dispute over terms of reverse compensation; this occurred as Fox began to aggressively seek shares of earnings from retransmission consent agreements with cable and satellite operators as part of affiliation agreement renewals between station groups with affiliates whose affiliation contracts already expired (and carrying the network's programming without a contractual agreement) or were near expiration. Reportedly, the amount from retransmission consent fees from cable and satellite operators that Fox wanted its affiliates to pay the network would be 25 cents per subscriber during the first year of the affiliation agreement, increasing to 50 cents by the fourth year.[20] President of affiliate sales and marketing for Fox, Mike Hopkins, had said earlier in the year that the network would consider moving its affiliation to another market station as a last resort, if existing affiliates did not agree to the terms for reverse compensation retrans sharing.[21]

Fox dropped its affiliation from Nexstar-owned/managed stations in four markets, with three of the replacement stations adding Fox in addition to existing affiliations with the MyNetworkTV program service (owned by Fox parent company News Corporation). In Indiana, two markets saw Fox go from a primary affiliation of one station to joining an existing MyNetworkTV-affiliated digital subchannel of a competing Big Three station, with MNT going to a secondary affiliation: in Evansville, Fox moved from WTVW (which then became an independent station and later joined the CW) to a MNT-affiliated subchannel of CBS affiliate WEVV-TV on July 1, while in Fort Wayne, the Fox affiliation moved from WFFT-TV to an MNT-affiliated subchannel of NBC affiliate WISE-TV on August 1.[22] The network also moved its affiliation in Springfield, Missouri from KSFX-TV (operated in a duoploly with area CBS affiliate KOLR) to upstart MyNetworkTV affiliate KRBK on September 1, 2011, with both stations becoming independents.[22] Nexstar chose to drop Fox from WFXW in Terre Haute, Indiana and re-affiliate with ABC on September 1, 2011 (becoming the only Nexstar station thus far to affiliate with another network following the removal of the Fox affiliation) as part of a long-term renewal agreement between Nexstar and ABC for the group's nine existing ABC stations, reversing a 1995 switch that saw Terre Haute losing over-the air carriage of ABC programs (since then, ABC has been seen in the market via Indianapolis affiliate WRTV on area cable and satellite providers);[23][24] the Fox affiliation then moved to a digital subchannel of CBS affiliate WTHI-TV which also added MyNetworkTV as a secondary affiliation. Nexstar's remaining Fox affiliates have since signed a renewal agreement through December 2013;[25] in addition, following the settlement of Nexstar's antitrust lawsuit against WISE-TV owner Granite Broadcasting Corporation, WFFT-TV reclaimed the Fox affiliation on March 1, 2013.[26][27]

References

  1. ^ "Virtual Duopolies Coming Under Fire". TVNewsCheck. Retrieved 30 May 2012. 
  2. ^ Stelter, Brian. "You Can Change the Channel, but Local News Is the Same". The New York Times. Retrieved 30 May 2012. 
  3. ^ "Nexstar Broadcasting Group, Inc. Profile". Yahoo Finance. Retrieved December 10, 2014. 
  4. ^ "Nexstar to acquire Quorum Broadcasting". Dallas Business Journal. 
  5. ^ http://www.sec.gov/Archives/edgar/data/1142417/000119312503049738/dex991.htm NEXSTAR BROADCASTING GROUP TO ACQUIRE QUORUM BROADCASTING]
  6. ^ "Newport Sells 22 Station For $1 Billion". TVNewsCheck. July 19, 2012. Retrieved July 19, 2012. 
  7. ^ Tweets and Retweets From the Editors. "Nexstar, Mission Buy 19 Stations For $270M". TVNewsCheck.com. Retrieved 2015-04-20. 
  8. ^ a b Malone, Michael (September 16, 2013). "Nexstar to Acquire Citadel's Iowa Stations for $88 Million".  
  9. ^ Hicks, Lynn (September 16, 2013). "Nexstar buys WOI, other Citadel TV stations in Iowa".  
  10. ^ Consummation Notice,CDBS Public Access Federal Communications Commission, Retrieved 3 December 2014.
  11. ^ "Nexstar Buys Internet Broadcasting Systems". TVNewsCheck. March 13, 2014. Retrieved March 13, 2014. 
  12. ^ "exstar Broadcasting Acquires Yashi, Leading Local Digital Video Advertising and Programmatic Technology Company, for $33 Million in Accretive Transaction".  
  13. ^ "Nexstar Offers $4.1 Billion For Media General". tvnewscheck.com. 
  14. ^ "UPDATE 3-Broadcaster Nexstar offers to buy Media General in $4.1 bln deal". Reuters. 
  15. ^ Nexstar Broadcasting Proposes To Acquire Media General - Nexstar Broadcasting
  16. ^ Nexstar Offers to Buy Media General for $1.85 Billion - The New York Times
  17. ^ "Business: Washington Post Business Page, Business News". bloomberg.com. 
  18. ^ Nexstar Managing Four Points Stations, Broadcasting & Cable, March 23, 2009
  19. ^ "Fcc Revises Local Television Ownership Rules". Fcc.gov. Retrieved 2015-04-20. 
  20. ^ "Fox Gives No Ground On Retrans Sharing", TVNewsCheck, April 12, 2011.
  21. ^ "Fox Inks New Affiliation Agreements, Scraps Others," from Broadcasting & Cable, 5/11/2011
  22. ^ a b "Fox Moves Afills In Springfield, Ft. Wayne". TVNewsCheck. June 20, 2011. Retrieved June 20, 2011. 
  23. ^ "Nexstar's WFXW Switching From Fox To ABC," from Broadcasting & Cable, 6/28/2011
  24. ^ Jessell, Harry A. (June 28, 2011). "Nexstar Drops Fox For ABC In Terre Haute". TVNewsCheck. Retrieved June 28, 2011. 
  25. ^ McAvoy, Kim (April 15, 2012). "Fox Is TV's New Station Group Leader". TVNewsCheck. Retrieved April 17, 2012. Nexstar renewed its remaining eight Fox affiliates through December 2013. 
  26. ^ Knox, Merrill (February 6, 2013). "Nexstar, Granite Settle Antitrust Lawsuit, Returning Fox Affiliation to Fort Wayne’s WFFT".  
  27. ^ Malone, Michael (February 6, 2013). "Nexstar's WFFT Fort Wayne Back in Fox Fold".  

External links

  • Official website
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