Nexstar Media Group acquired Internet Broadcasting Systems, Inc. for $20.0 million, a transaction completed in April 2014, structured as all cash. The deal was a Asset purchase.
Internet Broadcasting Systems, Inc. operates in Digital media. Nexstar Broadcasting Group agreed to acquire the assets of Internet Broadcasting Systems, Inc., a digital publishing platform and digital-agency services provider, for $20.0 million (less roughly $1.2 million of working-capital adjustments). Internet Broadcasting served leading media companies including Hearst Television and Post-Newsweek Stations with websites, a SaaS-based digital publishing platform, content and one of the largest digital advertising agencies. The acquisition closed April 2, 2014 and marked Nexstar's entry into the digital-agency business.
The planned acquisition of IB substantially broadens Nexstar's digital media portfolio with technologies that are complementary to the Company's and IB's clients' existing digital businesses and multi-screen strategies.
Advisory firms were not disclosed for this transaction.