Nexstar Media Group to Expand Presence in Cleveland With Acquisition of WBNX-TV/TV55

Rhea-AI Summary

Nexstar Media Group (NASDAQ: NXST) has agreed to acquire WBNX-TV/TV55 in Cleveland, Ohio from Winston Broadcasting Company. This acquisition will create a duopoly in the nation's 19th largest TV market, where Nexstar already owns WJW-TV (FOX). WBNX-TV, currently an independent station, will become a CW Network affiliate on September 1, 2025. The transaction is expected to close in 2025 and will be accretive to Nexstar's operating results. The deal strengthens Nexstar's presence in Cleveland and Ohio, a political battleground state, complementing WJW-TV's local news leadership with CW sports and entertainment programming.

Positive

• Creation of a duopoly in the 19th largest US TV market
• Transaction will be accretive to operating results
• Strategic expansion in a key political battleground state
• Diversification of programming through CW Network affiliation

Negative

• None.

Insights

Media Industry Analyst

This strategic acquisition in Cleveland represents a significant market expansion for Nexstar. Creating a duopoly in the 19th largest TV market strengthens their competitive position and revenue potential. The deal's value is enhanced by three key factors: 1) The conversion to CW affiliation will bring established programming and advertising opportunities, 2) The timing aligns with the 2025 political cycle in the important Ohio battleground state, potentially increasing political ad revenue and 3) The operational synergies with existing WJW-TV operations should improve cost efficiency.

While financial terms weren't disclosed, the acquisition's accretive nature to operating results post-CW conversion suggests positive earnings impact. The move aligns with Nexstar's broader strategy of expanding market presence while diversifying content offerings. The Cleveland market's size and political significance make this a particularly valuable addition to Nexstar's portfolio.

Acquisition Creates a Nexstar Duopoly in Nation’s 19^th Largest TV Market and Political Battleground State

Station Will Become a CW Affiliate on September 1, 2025

IRVING, Texas--(BUSINESS WIRE)-- Nexstar Media Group, Inc. (NASDAQ: NXST), today announced that it has agreed to acquire the assets of WBNX-TV/TV55 in Cleveland, Ohio, from the Winston Broadcasting Company. The acquisition will create a duopoly for Nexstar in the nation’s 19^th largest television market, where the company already owns and operates WJW-TV (FOX).

WBNX-TV is currently an independent television station and will, under Nexstar’s ownership, become an affiliate of The CW Network on Sept. 1, 2025. The transaction, subject to regulatory and other customary approvals, is expected to close in 2025 and will be accretive to Nexstar’s operating results pro forma for the conversion to a CW affiliation. Financial terms of the transaction were not disclosed.

“The acquisition of WBNX-TV strengthens our presence in Cleveland, a top-20 television market, and in the political battleground state of Ohio,” said Andrew Alford, President of Nexstar’s broadcasting division. “WBNX-TV will complement our existing operations at WJW-TV, the local news leader in Cleveland, by diversifying our programming for viewers and advertisers with the addition of CW sports and entertainment programming.”

About Nexstar Media Group, Inc.

Nexstar Media Group, Inc. (NASDAQ: NXST) is a leading diversified media company that produces and distributes engaging local and national news, sports and entertainment content across its television and digital platforms, including more than 310,000 hours of programming produced annually by its business units. Nexstar owns America’s largest local television broadcasting group comprised of top network affiliates, with 200 owned or partner stations in 116 U.S. markets reaching 220 million people. Nexstar’s national television properties include The CW, America’s fifth major broadcast network, NewsNation, our national news network providing “News for All America,” popular entertainment multicast networks Antenna TV and Rewind TV, and a 31.3% ownership stake in TV Food Network. The Company’s portfolio of digital assets, including its local TV station websites, The Hill and NewsNationNow.com, are collectively a Top 10 U.S. digital news and information property. For more information, please visit nexstar.tv.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241028168678/en/

Media Contact:

Gary Weitman

EVP and Chief Communications Officer

Nexstar Media Group, Inc.

972-373-8800 or gweitman@nexstar.tv

Investor Contact:

Joe Jaffoni or Jennifer Neuman

JCIR

212/835-8500 or nxst@jcir.com

Source: Nexstar Media Group, Inc.

FAQ

When will WBNX-TV become a CW affiliate under Nexstar (NXST)?

WBNX-TV will become a CW Network affiliate on September 1, 2025, under Nexstar's ownership.

What stations will Nexstar (NXST) own in Cleveland after the WBNX-TV acquisition?

After the acquisition, Nexstar will own both WBNX-TV and WJW-TV (FOX) in Cleveland, creating a duopoly in the market.

When is Nexstar's (NXST) acquisition of WBNX-TV expected to close?

The acquisition is expected to close in 2025, subject to regulatory and other customary approvals.

How will the WBNX-TV acquisition affect Nexstar's (NXST) operating results?

The transaction will be accretive to Nexstar's operating results pro forma for the conversion to a CW affiliation.