PROVIDENCE, R.I. (WPRI) – Nexstar Broadcasting Group, Inc. has completed its acquisition of Media General, Inc., the parent company of WPRI-12.
Nexstar paid $4.6 billion in cash and stock for Media General, according to a press release issued Tuesday. The company will now be the second-largest television broadcaster in the country, with 171 stations in 100 markets.
The company also completed the divestiture of 13 television stations for $548 million.
“Our acquisition of Media General marks a significant milestone in Nexstar’s 20 year history of growth, which has been predicated on our unwavering commitment to deliver exceptional service to the local communities where we operate and value to our shareholders,” Perry Sook, chairman, president and CEO of Nexstar, said in a prepared statement.
Sook said the transaction is expected to more than double Nexstar’s annual revenue. He said the company expects to general about $565 million in free cash flow during the 2016-17 cycle.
The Federal Communications Commission (FCC) approved the transaction last week.