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Nexstar Media Group (NASDAQ:NXST) has closed on its $4.1B acquisition of Tribune Media (NYSE:TRCO), making it the country’s largest pure-play local television broadcaster.
That follows closely on FCC approval for the deal’s transactions, which arrived Monday.
Nexstar will have national coverage and reach to about 39% of U.S. TV households, reflecting the FCC’s UHF discount.
The transaction is valued at about $7.2B including debt. Nexstar acquired all outstanding shares for $46.687397/share in cash.
Nexstar is increasing its estimate for first-year operating synergies, to about $185M from a previous $160M. Considering that and other factors, it’s initiating guidance for pro forma average annual free cash flow for 2019-2020 at $1.02B.
Source: seekingalpha.com
