Fox and Nexstar have reached a purchase and sale agreement that will give Fox stations in Seattle and Milwaukee and Nexstar a station in Charlotte.
Fox is buying from Nexstar Fox affiliate KCPQ-TV in Seattle, KZJO-TV, the MyNetworkTV affiliate in Seattle and WITI-TV, the Fox affiliate in Milwaukee, for $350 million in cash.
Nexstar is buying Charlotte stations WJZY-TV, the Fox affiliate, and WMYT-TV, the MyNetworkTV affiliate, for about $45 million in cash.
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The deal gives Fox two bigger NFL team markets and helps Nexstar consolidate its operations regionally in the Southeast.
“Acquiring stations in these high-performing NFC markets enhances our already strong nationwide footprint and further demonstrates Fox Television Stations’ commitment to serving our viewers, advertisers and local communities,” said Jack Abernethy, CEO of Fox Television Stations.
Nexstar, which recently bought Tribune Media, also sees the Fox deal as a way to reduce its debt.
“Throughout Nexstar Media Group’s 23-year history, we have actively managed our station portfolio with the goal of serving the local communities where we operate, diversifying our operations, managing risk and improving financial results. The planned transactions with Fox address all of these strategic objectives,” said Nexstar CEO Perry Sook. .
“The Charlotte metropolitan area is the fastest growing in the country with a strong and stable economy, affordable housing and a solid job market. We look forward to adding Fox affiliate WJZY and MyNetworkTV affiliate WMYT to our platform,” Sook added.
