Nexstar Broadcasting Group To Acquire Quorum Broadcasting
Irving, TX (September 12, 2003) - Nexstar Broadcasting Group
announced today that it has reached a definitive agreement to acquire
Quorum Broadcasting. The purchase price was not disclosed. Quorum,
based in Franklin, TN owns television stations in ten markets, and has
local service agreements in four of its markets with stations owned by
either Mission Broadcasting of Amarillo or VHR Broadcasting. Quorum has
previously announced the sale of WTVW-TV Evansville, IN to GNS Media,
which is expected to close in the fourth quarter of this year.
commenting on the acquisition, Nexstar President and Chief Executive
Officer Perry A. Sook said, "This is an important and strategic
acquisition for our company. Pro-forma for the acquisition, Nexstar
will own, operate or provide services to a total of 40 television
stations in 25 markets. This deal is an exciting next step towards our
goal of becoming the leading television station operator serving medium
and smaller television markets. We will increase our presence in the
states of New York, Indiana, Illinois, Missouri, Louisiana and Texas,
adding to our existing operating clusters. We are eager to build on the
existing foundation created by Dan Sullivan and his team."
The transaction is subject to regulatory approval and is expected to
close in the fourth quarter of this year. Nexstar Broadcasting Group is
based in Irving, Texas and currently owns, operates or provides
services to 25 television stations in 16 markets.