The ink is barely dry on Nexstar Broadcasting's purchase (and subsequent website mangling) of WFRV in Green Bay, and now we have word that Nexstar may be putting themselves up for sale.
Industry website Deadline.com posted news of the sale exploration this morning. Nexstar, which owns 65 stations in 35 markets, could fetch upwards of a billion bucks.
Irving, TX (July 21, 2011) - Nexstar Broadcasting Group, Inc. (NASDAQ: NXST) 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.