Memphis television stations ABC24 and CW30 will soon have new owners.
Irving, Texas-based Nexstar Broadcasting Group Inc. plans to acquire 12 television stations and associated digital sub-channels in eight markets, including Memphis, for $285.5 million.
The seller is Providence Equity Partners LLC, parent company of privately-held Newport Television LLC. The deal is part of a 22-station portfolio sale from Providence Equity Partners in three separate deals for $1 billion.
Nexstar will acquire 10 stations, as well as Newport’s Inergize Digital media operations. Its partner, Mission Broadcasting Inc., will acquire two stations in Little Rock, Ark.
The transaction is expected to increase Nexstar’s footprint to 67 stations in 40 markets, reaching about 11.4 percent of U.S. television households.