Nexstar Broadcasting establishes duopoly in Little Rock

Nexstar Broadcasting, which has duopolies in cities across the U. S., including Joplin and Springfield, now has one in Little Rock, Ark.

The company is buying My Network station KWBF to go along with its NBC affiliate KARK:

Nexstar President/CEO Perry Sook said the duopoly strategy is key to Nexstar’s growth. “This transaction reflects Nexstar’s long-term strategy of identifying accretive acquisitions and prudently expanding our portfolio by operating multiple stations in concentrated geographic areas,” he said. “Under Nexstar’s ownership, KWBF-TV will realize additional retransmission revenues and we’ll achieve operating and financial synergies between KARK-TV and KWBF-TV. Post-closing, our immediate strategies will focus on leveraging our existing local sales teams, award-winning local news and e-Media operations across both stations.”

Sook said the purchase price, on a pro-forma basis, represents a multiple of less than six times the last twelve months’ cash flow. Nexstar intends to finance the acquisition through cash on hand.