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Nexstar and Mission acquire 6 TV stations from Gray Television for $37.5M

  • Building on this year's torrid pace of M&A in the TV station industry, Nexstar Broadcasting Group (NXST -1%) and Mission Broadcasting buy 6 TV stations in Colorado and Florida for $37.5M from Gray Television Group (GTN -3.6%) and Excalibur Broadcasting.
  • The stations represent part of the 15 stations Gray acquired back in Nov. from Hoak Media with their sale to a 3rd party being a regulatory condition of the previous deal.
  • Nexstar expects the purchase to be immediately accretive ($0.12-$0.15/share to cash flow annually in the first 2 years), with the stations expected to generate $7M in Broadcast Cash Flow in the first year after closing.
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