Sale of Vermont TV stations FOX and WVNY completed for $16.9 million

first_imgNexstar Broadcasting Group, Inc. (Nasdaq: NXST) and Mission Broadcasting, Inc announced Monday that they completed the previously announced accretive acquisition of the assets of WFFF-TV (FOX) and WVNY (ABC) serving the Burlington, Vermont, market from Smith Media, LLC and affiliates for a total of $16.9 million. Concurrent with the closing of the station acquisitions, Nexstar and Mission entered into a local services agreement whereby Nexstar is providing sales and other services to WVNY.When the acquistion was announced last November, Nexstar spokesperson Joe Jaffoni told Vermont Business Magazine that Nexstar has a reputation of understanding community broadcasting, through its coverage of things like local news, community events and high school sports. He said viewers will see more hours of local programming per week overall.”They really understand local programming,” he said. The two stations will continue to operate separately but share services. WFFF and WVNY share the local news broadcast, for instance. “The market is probably going to benefit from stronger, deeper, local news coverage,” Jaffoni said.Perry A. Sook, Chairman, President and Chief Executive Officer of Nexstar Broadcasting Group, Inc, said in a statement Monday that, ‘ This transaction is consistent with our acquisition criteria as it further diversifies our operations, expands our scale, creates another new duopoly market and is financially accretive. Since mid-2012, Nexstar has expanded to 72 from 55 the number of television stations that it owns, operates or provides services to and in doing so, we’ ve grown our duopoly markets to 26 from 20. The eighteen recently acquired stations will be additive to our operating results throughout 2013 and we continue to evaluate additional station acquisition opportunities that will allow the Company to leverage its intellectual capital and operating management disciplines.’Waller Capital served as the exclusive financial advisor to Smith Media, LLC.About Nexstar Broadcasting Group, Inc.Nexstar Broadcasting Group is a leading diversified media company that leverages localism to bring new services and value to consumers and advertisers through its traditional media, e-MEDIA, digital and mobile media platforms. Nexstar owns, operates, programs or provides sales and other services to 72 television stations and 15 related digital multicast signals reaching 41 markets or approximately 12.1% of all U.S. television households. Nexstar’ s portfolio includes affiliates of NBC, CBS, ABC, FOX, MyNetworkTV, The CW, Telemundo, and Bounce TV, the nation’ s first over-the-air broadcast television network programmed for African-American audiences and two independent stations. Nexstar’ s 41 community portal websites offer additional hyper-local content and verticals for consumers and advertisers, allowing audiences to choose where, when and how they access content while creating new revenue opportunities.IRVING, Texas & BURLINGTON, Vt.–(BUSINESS WIRE)–3.4.2013last_img read more

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Quotas and targets will help change mindset

first_img Liz Taylor, Dickinson Parker Hill, Ormskirk, Lancashire I write in response to Lucinda Moule’s comment entitled ‘Wrong targets’. I agree that there needs to be more opportunities given to children attending comprehensive schools. However, I do not believe creating more selective schools is the answer. This may be the answer for law firms, but not for the children who fail to get into a selective school. This will create a generation of children who, at the age of 11, are immediately stigmatised and told they will amount to nothing, and it would essentially be a return to the inequalities that existed when the 11+ was part of our educational system. Young people need to be given ambition and the belief that they can achieve anything they want to achieve if they work hard enough. The problem is in the mindset of the existing elitist legal industry where the assumption is that if you did not go to the ‘right’ school or university then you are not as able. At least with quotas and targets it would force employers to take on people who do not fit the usual stereotype and they may find, by giving such people an opportunity that they would otherwise not have had, they excel in their field.last_img read more

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