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Nexstar Broadcasting To Buy Fresno, California NBC Affiliate KSEE(TV)

Nexstar Broadcasting Group, Inc. (NXST) announced that its wholly-owned indirect subsidiary, Nexstar Broadcasting, Inc., has entered into a definitive agreement to acquire the assets of KSEE(TV), the NBC affiliate serving the Fresno, California market, from Granite Broadcasting Corporation for $26.5 million in a transaction that is expected to be immediately accretive to Nexstar.

As per the terms of the agreement, Nexstar acquired all of KSEE(TV)'s non-FCC license assets from Granite for $20 million and will file a license transfer application with the FCC. Upon FCC approval of the license transfer, Nexstar will pay Granite the remaining $6.5 million of the total purchase price.

Nexstar said it has entered into a Time Brokerage Agreement with Granite whereby it will operate KSEE(TV) immediately, while awaiting FCC approval for the closing of the transaction.

The proposed transaction will result in Nexstar operating one station and/or providing sales and other services to another station in 26 of the 41 markets where it operates.

In addition, it will expand to 72 the number of stations and related digital signals that Nexstar either owns or provides sales and other services.

Nexstar stated that itintends to finance the station acquisition with existing cash on hand. The license acquisition portion of the transaction is subject to FCC approval and other customary approvals and is expected to close mid-year 2013.

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