Posted: Apr 24, 2013 5:10 PM
Updated: Apr 24, 2013 5:14 PM
Lafayette's Fox affiliate, KADN TV-15, is changing ownership.
Nexstar Broadcasting Group announced Wednesday that it and Mission Broadcasting Inc. are acquiring the stock of privately-held Communications Corp. of America and White Knight Broadcasting, the owners of 19 television stations and seven associated digital subchannels in 10 markets, for a total of $270 million in a transaction that is expected to be immediately accretive to Nexstar upon closing.
Other Louisiana properties include Fox stations KMSS and KSHV in Shreveport, Fox affiliate WGMB, CW station WBRL and NBC affiliate WVLA in Baton Rouge, and Fox affiliate WNTZ in Alexandria.
Under the terms of the agreements, Nexstar will acquire 11 of the CCA stations and will enter into services agreements with certain parties, including Mission, which is acquiring eight of the stations. The acquisitions will be funded through cash on hand and cash generated from operations prior to closing, borrowings under the existing credit facilities and future credit market transactions.