Nexstar Broadcasting Group Inc. announced Wednesday that it has received Federal Communications Commission approval to acquire Media General, the parent company of KLFY TV10, the CBS affiliate in Lafayette. The merger agreement allowing Nexstar to acquire all outstanding Media General shares in an accretive cash and stock transfer is valued at approximately $4.6 billion, according to the company.
In order to complete the deal, Texas-based Nexstar was required to sell its ownership of Lafayette TV stations KADN, a FOX affiliate, and KLAF, an NBC affiliate. That deal was done in May when Nexstar sold the stations to Texas-based Bayou City Broadcasting for $40 million.
“Over the last two decades we have grown Nexstar based on our commitment to deliver exceptional service to the local communities where we operate, expansion through accretive acquisitions, enhanced operating results of acquired stations and digital media properties, and an overarching focus on localism,” says Perry A. Sook, Nexstar’s chairman, president and CEO, in a release announcing FCC approval. “To this day, this focus has been fundamental to our success and we intend to extend our legacy of delivering exceptional service in our markets and increased value to our shareholders when the highly accretive Media General transaction is complete.”