The Summer of 2013 will go down as TV Station sale season and it is still going strong.
Today Nexstar Broadcasting announced that it and Mission Broadcasting entered into definitive agreements to acquire five television stations in four markets for total consideration of $103.25 million in transactions that are expected to be immediately accretive in the first full year of operations following closing.
Under the terms of the purchase agreements, Nexstar will acquire stations in Des Moines, Iowa, Rock Island, Ill., and Sioux City, Iowa from entities related to Citadel Communications for $88 million and will immediately begin operating the three stations under a time brokerage agreement.
The Des Moines station will be acquired pursuant to a stock purchase agreement while the Rock Island and Sioux City station acquisitions are structured as asset purchase agreements.
Mission will acquire two stations in Binghamton, N.Y., from Stainless Broadcasting. for $15.25 million in a transaction structured as an asset purchase agreement. The acquisitions will be funded through internal sources, borrowings under the existing credit facilities and future credit market transactions.