IRVING, Texas (WEHT) – Eyewitness News’ parent company, Nexstar Media Group, Inc. (NASDAQ: NXST) (“Nexstar” or “the Company”) announced Monday that the Federal Communications Commission (“FCC”) has granted the applications seeking consent to transfer control of licenses held by subsidiaries of Tribune Media Company, Inc. (NYSE: TRCO) (“Tribune Media”) from the shareholders of Tribune Media to Nexstar.
The FCC further granted the divestiture applications that have been filed to bring Nexstar into compliance with the local and national television ownership rules.
The divestiture applications relate to the previously announced sales of a total of 21 local television stations to TEGNA Inc. (NYSE: TGNA), The E.W. Scripps Company (NASDAQ: SSP) and Circle City Broadcasting I, Inc.
In July the Department of Justice cleared Nexstar’s pending acquisition of Tribune Media, and the FCC approval represents the final required regulatory approval needed to close the transaction. As such, Nexstar anticipates closing the Tribune transaction and the divestiture sales shortly, at which time the Company will host a conference call, webcast and investor presentation and update the market on its synergy targets and free cash flow guidance.
(This story was originally published on Sept. 16, 2019)