Nexstar Media selling 19 TV stations for $1.32 billion; FOX 17 sold to E.W. Scripps
IRVING, Texas (AP/FOX 17) — Nexstar is selling 19 television stations for $1.32 billion as part of its buyout deal with Tribune Media.
Nexstar agreed in December to buy Chicago’s Tribune Media for about $4 billion. Part of that agreement requires Nexstar to sell certain television stations in order to comply with the FCC local and national television ownership rules and to get FCC and Justice Department approval of the Tribune Media transaction.
WXMI – FOX 17 in Grand Rapids is part of Tribune Media and is one of the stations being sold by Nexstar.
Nexstar Media Group Inc. is selling 11 stations to Tegna Inc. for $740 million and eight stations to E.W. Scripps Co. for $580 million. FOX 17 is one of the eight stations going to E.W. Scripps Co.
Nexstar said Wednesday that it’s still in active talks to sell two stations in Indianapolis. The company said it’ll use proceeds from the sale of the television stations to fund its Tribune deal and to lower debt.