Kirkland & Ellis advised Nexstar Media Group, Inc. (Nasdaq: NXST), a leading diversified media company, on its definitive agreements to sell a total of nineteen stations in fifteen markets for an aggregate $1.32 billion in cash. The planned divestures follow Nexstar’s agreement to acquire all the outstanding shares of Tribune Media, which was announced on December 3, 2018. Under the terms of the divestiture agreements, TEGNA Inc. (NASDAQ: TGNA) will acquire eleven stations in eight markets for $740 million and The E.W. Scripps Company (NASDAQ: SSP) will acquire eight stations in seven markets for $580 million. The planned divestitures are subject to regulatory approvals, the closing of the Nexstar / Tribune Media transaction and other customary closing conditions and is expected to be completed later in 2019.
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The Kirkland team was led by transactional partners Armand Della Monica and Ravi Agarwal as well as Sarkis Jebejian and associates Laura Umbrecht, Gisella de la Rocha and Laylee Ghiasi; tax partners Dean Shulman and Vincent Thorn and associate Joe Tobias; and antitrust partners Ian John and Peter McCormack.