2023-05-08 11:35:46 ET
Nextstar Media Group ( NASDAQ: NXST ) shares rose more than 1% on Monday after the TV station owner announced a deal to acquire two independent stations in San Diego for $35M.
The deal will see Nextstar Media Group ( NXST ) acquire KUSI-TV from McKinnon Broadcasting Company and Channel 51. They will join Nexstar's KWSB-TV, which is the Fox affiliate in the market.
"KUSI-TV’s established local news operations serving viewers and advertisers across the San Diego community is a perfect fit with our station group and existing San Diego operations at KSWB-TV," said Tom Carter, Nexstar’s President and Chief Operating Officer, in a statement.
"Their mission of serving the community by delivering the most local news in the market is consistent with Nexstar’s commitment to providing consumers expansive local content on linear and digital platforms."
The move is a step towards bringing an owned-and-operated CW station to San Diego. Nextar ( NXST ) is the majority owner of the CW.
The deal is expected to close sometime in 2023, assuming approval from the Federal Communications Commission.
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Nexstar rises as it announces $35M deal to buy two San Diego TV stations