Cox Media Group
ATLANTA — Cox Media Group announced yesterday it plans to sell television and radio stations in several different markets and acquire four new TV news outlets.
"The simplified structure will enable CMG to capitalize on continued growth and synergies, while retaining its size financially," said CMG President Doug Franklin in an official press release.
Among the stations on the selling block are Johnstown's WJAC Channel 6 and WTOV Channel 9 in Steubenville, Ohio. Both are NBC affiliates.
"We thank the leaders and employees in the locations we're selling for their outstanding contributions to this company over the years and the valuable service they will continue to provide their respective communities," said Franklin.
The four stations CMG will acquire include:
Newport Television also announced yesterday that they will be selling 12 stations to Nexstar Broadcasting, which owns WTAJ Channel 10, in a $285.5M transaction.
Among the stations being sold to Nexstar are WKRC in Cincinnati, Ohio and WHP in Lancaster.
Nexstar CEO Perry Sook said, "The Newport transaction is a tranformational event for Nexstar from a strategic and operational standpoint and will bring very significant free cash flow accretion to the company immediately upon closing.
"Nexstar is projected to generate free cash flow levels approximately 45 percent higher than we would with our existing operations."
Check back for more details as they become available...