CHICAGO--(BUSINESS WIRE)--May 27, 2016--
Graham Media Group, Inc., a Graham Holdings Company (NYSE: GHC)
subsidiary, has reached an agreement with Nexstar Broadcasting Group,
Inc. and Media General, Inc. to acquire WCWJ, a CW affiliate television
station in Jacksonville, FL and WSLS, an NBC affiliate television
station in Roanoke, VA for $60 million in cash and the assumption of
certain liabilities, including pension obligations. Graham Media Group,
Inc. will continue to operate both stations under their current network
affiliations.
The acquisition is subject to approval by the FCC, other regulatory
approvals, and the satisfaction of closing conditions.
About Graham Media Group
Graham Media Group, Inc. (www.GrahamMedia.com),
a subsidiary of Graham Holdings Company (NYSE: GHC), owns five local TV
stations—each in a top-50 market and all recognized as news
leaders—reaching 6.4% of U.S. television households: KPRC–Houston and
WDIV–Detroit (NBC); KSAT–San Antonio (ABC); WKMG–Orlando (CBS); and
WJXT–Jacksonville (independent). The stations also broadcast digital
channels focused on classic television and operate market-leading
websites, mobile sites and mobile apps that deliver breaking news,
weather and community news, reaching millions of users across each
platform. Graham Media Group owns SocialNewsDesk, a leading provider of
social media software solutions used in more than 600 newsrooms
worldwide.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160527005338/en/
Source: Graham Holdings Company
Graham Holdings Company
Pinkie Mayfield, 703-345-6450
Pinkie.Mayfield@ghco.com
or
Patty
Oliva, 312-917-6242
POliva@GrahamMedia.com
