Sources say a notable piece of a CW deal also would be local. Nexstar already is a critical station owner for the Mark Pedowitz-run The CW, owning the network’s New York, Los Angeles, Dallas and Houston affiliates, among others. The CW has eight owned-and-operated TV stations of its own, including stations in critical swing state markets, like Detroit, Michigan; Tampa, Florida; Atlanta, Georgia; and Philadelphia and Pittsburgh, Pennsylvania, as well as major markets like Seattle, Washington and the San Francisco Bay Area. For a company that long has leaned on political advertising, acquiring those stations could mean election-year advertising bounties.
While Nexstar is right at the FCC’s ownership cap of 39 percent of U.S. households, several CW stations are in markets where Nexstar already owns one station (it can own two, as long as they both aren’t among the top four highest-rated), and the company could choose to divest other stations in less lucrative markets in exchange for stations in more lucrative battleground states.