Diversified media company Nexstar Broadcasting Group Inc.(NXST) Thursday said it has entered into a definitive agreement to acquire the assets of Internet Broadcasting Systems, Inc., a digital publishing platform and digital agency services provider, for $20 million.
The company expects the acquisition to be accretive to 2014 results. The acquisition will be funded through internal sources and is expected to close later this month.
Internet Broadcasting will operate as a separate division in Nexstar's digital media portfolio. In the first year following the closing of the transaction, IB's operations are expected to expand Nexstar's digital business portfolio to over $45 million in annual revenues.
Nexstar said the planned acquisition substantially broadens its digital media portfolio with technologies that are complementary to both companies' clients' existing digital businesses and multi-screen strategies.
Nexstar Chairman, President and Chief Executive Officer Perry Sook said, "Consistent with our long-term strategic objective to identify and execute accretive transactions that build our revenue, scale and operating base, Nexstar intends to continue to focus on digital investments that allow us to further expand the Company's overall digital media business portfolio, capitalize on emerging market trends to maximize multi-platform audiences and revenue opportunities."
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