Nexstar Media Group acquired Communications Corporation of America and White Knight Broadcasting for $270.0 million, a transaction completed in January 2015, structured as all cash.
Communications Corporation of America and White Knight Broadcasting operates in Local television broadcasting. Nexstar Broadcasting, Inc. and Mission Broadcasting entered into a stock purchase agreement to acquire privately held Communications Corporation of America and White Knight Broadcasting, owners of nineteen television stations and seven associated digital sub-channels in ten markets, for total consideration of $270.0 million subject to working-capital adjustments. Nexstar acquired the CCA stock and Mission acquired the White Knight equity, with services agreements to Mission and other third parties. The acquisition closed January 2, 2015; simultaneous with closing Nexstar sold certain CCA stations to Marshall Broadcasting Group ($43.3 million) and Bayou City Broadcasting Evansville ($26.9 million) to satisfy ownership rules.
The planned acquisition of the CCA stations further broadens Nexstar's local television broadcasting platform with stations that are geographically complementary to Nexstar's operating base while also presenting significant financial and operating synergies with the Company's existing portfolio.
Advisory firms were not disclosed for this transaction.