Washington, DC. Nixon Peabody advised TEGNA Inc. (NYSE: TGNA) as transaction counsel in its proposed acquisition of 11 television stations for $740M from diversified media company Nexstar Media Group, Inc. (NASDAQ: NXST).
Spanning eight markets and Big Four affiliates FOX, CW, ABC and CBS, the acquisition by TEGNA will diversify the media company’s geographic footprint across the U.S.
The television stations include:
The transaction is expected to close in late Q3 or early Q4 2019 and is contingent upon the closing of Nexstar’s $4.1 billion acquisition of Tribune Media Company.
Nixon Peabody’s deal team, led by Corporate partner John Partigan, included Corporate partners Brian Kopp and Sean Clancy and associates Pierce Han, Jenny Holmes, Sarah Beth Barnes, and Erensu Altan; Labor & Employment counsel Todd Shinaman and associate Jeff League; and Affordable Housing and Real Estate counsel Allan Floro and associate Amber Munday. J.P. Morgan and Greenhill & Co. acted as financial advisors to TEGNA.
Nixon Peabody advised TEGNA when it paid $105 million to buy KWES-TV and WTOL from Gray Television Inc., a deal that closed January 2, and when it bought broadcasting stations in San Diego from Midwest Television Inc. for $325 million in 2018.
For further information on the financing and structure of the acquisition, please see the press release: TEGNA to Acquire 11 Local Television Stations in Eight Markets.