Irving-based Nexstar Broadcasting (NASDAQ: NXST) announced Tuesday the $4.6 billion-merger with Virginia-based Media General (NYSE: MEG) is complete, creating the second-largest television broadcasting company in the country behind Tribune Media (NYSE: TRCO).
The new name for the company is Nexstar Media Group and it will continue to trade on the NASDAQ under the ticker “NXST.” Nexstar will reach almost 39 percent of U.S. households, the maximum allowed by the government. To comply with federal regulations, Nexstar finalized the divestiture of 13 television stations for $548 million.
The merger more than doubles Nexstar’s audience to 100 U.S. markets and puts the company’s annual revenue at an estimated $2.3 billion. In addition, Nexstar now has a presence in 15 new U.S. television markets ranked in the Top 50.
“Our increased scale will allow us to create news bureaus in more state capitals than any other broadcaster,” said Perry Sook, chairman, CEO and president of Nexstar, in a prepared statement. “And Nexstar Media Group will produce over 3,500 hours a week of local news for medium and small markets while employing almost 10,000 people.”
Nexstar was the subject of a July cover story in the Dallas Business Journal where Sook detailed the story behind the merger and how it even caused him sleepless nights.
Nexstar’s stock closed Tuesday at $61.25. Like other companies, Nexstar stock has rallied since the election. Since Nov. 9, company stock is up more than 23 percent.
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