Nexstar for Sale; Could Fetch $1B

Runs network affiliates in 36 markets

Last Updated: July 21, 2011 @ 9:11 AM

Nexstar Broadcasting Group, Inc., which runs network affiliates in 36 markets, is up for sale.

The company could sell for more than $1 billion, the Wall Street Journal reported.

As of 10:05 a.m. ET Thursday, the company's share price had slipped .75 percent to $9.23.

The company owns, operates, programs or provides services to 65 stations and related digital signals in 16 states. It reaches about 13.5 million viewers, or roughly 11.6 percent of all U.S. television households.

Here's the release:

IRVING, Texas, Jul 21, 2011 — Nexstar Broadcasting Group, Inc. announced today that its Board of Directors has decided to explore and evaluate strategic alternatives intended to maximize shareholder value, including a possible sale of the Company. The Company has retained Moelis & Company as its financial advisor and Kirkland & Ellis LLP as its legal counsel.

The Company has not made a decision to pursue any specific strategic transaction or other strategic alternative and there is no set timetable for the process, so there can be no assurance that the exploration of strategic alternatives will result in a sale of the Company or any other transaction. The Company does not intend to disclose developments with respect to the progress of its strategic review until such time as the Board has approved a transaction or otherwise deems disclosure appropriate.

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 65 television stations and related digital signals in 36 markets in 16 states and reaches approximately 13.5 million viewers or approximately 11.6% of all U.S. television households. The stations are affiliates of NBC, CBS, ABC, FOX, MyNetworkTV, The CW, LATV, TV Azteca and Telemundo. The Company's 35 community portal websites offer additional hyper-local content and verticals for consumers and advertisers.