“Nexstar Broadcasting Group and Mission Broadcasting to Acquire Communications Corporation of America and White Knight Broadcasting, Owners of 19 Television Stations in Ten Markets, for $270 Million in Accretive Transaction”

Some news from a company we’ve owned since last fall. The consolidation in this industry continues, as this is the second big transaction announced in a few weeks after a lot of activity in 2011 and 2012. The purchase price of less than 6 times cash flow (after cost-saving synergies) looks good and Nexstar is currently trading at a lower pro-forma multiple than prior to the announcement of the transaction.

Disclosure: Long NXST

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