NEW YORK and LOS ANGELES, Nov. 5,
2019 /PRNewswire/ -- Fox Corporation (Nasdaq FOXA, FOX)
("FOX") today announced a definitive agreement with Nexstar Media
Group (NASDAQ: NXST) to acquire three television stations for a
purchase price of approximately $350
million. The stations FOX will be acquiring are
located in Seattle, WA and
Milwaukee, WI, two key markets
that align with the company's sports rights. The transaction
will expand Fox Television Stations' market presence to 14 of the
top 15 DMAs.
The stations being acquired by FOX are:
Station
|
Market
|
Affiliation
|
KCPQ
|
Seattle,
WA
|
FOX
|
KZJO
|
Seattle,
WA
|
MyNetworkTV
|
WITI
|
Milwaukee,
WI
|
FOX
|
Executive Chairman and Chief Executive Officer Lachlan Murdoch said, "This acquisition expands
the reach of one of FOX's core assets, our television stations
portfolio, and further strengthens what is already a highly
profitable and cash generative business. The Seattle and Milwaukee markets both overlap with key sports
markets, creating significant opportunities for growth and
collaboration."
Jack Abernethy, CEO of Fox
Television Stations, added, "Acquiring stations in these
high-performing NFC markets enhances our already strong nationwide
footprint and further demonstrates Fox Television Stations'
commitment to serving our viewers, advertisers and local
communities."
As part of this transaction, FOX has agreed to sell Nexstar two
stations in Charlotte, NC,
FOX-affiliate WJZY and MyNetworkTV-affiliate WMYT, for
approximately $45
million.
Completion of the stations acquisition and divestiture by FOX is
expected to occur during the first half of calendar year 2020,
subject to regulatory approvals and the satisfaction or waiver of
certain closing conditions.
About Fox Corporation
Fox Corporation produces and
distributes compelling news, sports and entertainment content
through its iconic domestic brands including: FOX News Media, FOX
Sports, FOX Entertainment, and FOX Television Stations. These
brands hold cultural significance with consumers and commercial
importance for distributors and advertisers. The breadth and depth
of our footprint allows us to deliver content that engages and
informs audiences, develop deeper consumer relationships and create
more compelling product offerings. FOX maintains an impressive
track record of news, sports, and entertainment industry success
that will shape our strategy to capitalize on current strengths and
invest in new initiatives. For more information about Fox
Corporation, please visit www.FoxCorporation.com.
Cautionary Note Regarding Forward Looking Statements
This news release contains forward-looking statements and
information within the meaning of the Private Securities Litigation
Reform Act of 1995. Words such as "may," "will," "should,"
"likely," "anticipates," "expects," "intends," "plans," "projects,"
"believes," "estimates," "outlook" and similar expressions are used
to identify these forward-looking statements. These statements are
based on management's current expectations and beliefs and are
subject to uncertainty and changes in circumstances. Actual results
may vary materially from those expressed or implied by the
statements in this news release due to changes in economic,
business, competitive, technological, strategic and/or regulatory
factors and other factors affecting the operation of the business
of Fox Corporation. More detailed information about risk factors
affecting FOX Corporation is contained in the documents FOX
Corporation has filed with or furnished to the Securities and
Exchange Commission, including its Annual Report on Form 10-K for
the fiscal year ended June 30, 2019
and subsequent Quarterly Reports on Form 10-Q.
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SOURCE Fox Corporation