• Get involved.
    We want your input!
    Apply for Membership and join the conversations about everything related to broadcasting.

    After we receive your registration, a moderator will review it. After your registration is approved, you will be permitted to post.
    If you use a disposable or false email address, your registration will be rejected.

    After your membership is approved, please take a minute to tell us a little bit about yourself.
    https://www.radiodiscussions.com/forums/introduce-yourself.1088/

    Thanks in advance and have fun!
    RadioDiscussions Administrators

Nexstar becoming the largest U.S. TV Operator

https://www.reuters.com/article/us-...200-million-settlement-over-lbo-idUSKCN1TD2GH

Former Tribune leaders settlement and their handling of Tribune in 2007.

(Reuters) - Real estate billionaire Sam Zell and other former officers and directors of Tribune Co have reached a $200 million settlement resolving allegations of fraudulent transactions related to the media company’s disastrous 2007 leveraged buyout.

FILE PHOTO: Sam Zell, founder and chairman at Equity Group Investments, speaks during the SALT conference in Las Vegas, Nevada, U.S. May 17, 2017. REUTERS/Richard Brian
Marc Kirschner, a litigation trustee representing Tribune creditors, filed the proposed settlement on May 31 with the U.S. bankruptcy court in Wilmington, Delaware. The accord requires court approval, and a hearing is scheduled for July 11.

Roughly 50 defendants, including former Chief Executive Dennis FitzSimons, agreed to the settlement, without admitting liability or wrongdoing.

Lawyers for Zell and FitzSimons did not immediately respond on Wednesday to requests for comment.

Zell took Tribune private in an $8.2 billion buyout in December 2007 that saddled the Chicago-based owner of the Chicago Tribune, Los Angeles Times, Baltimore Sun and WGN superstation with too much debt.
Click to expand...
 
https://www.dallasnews.com/business...eholders-reject-ceos-pay-second-straight-year

The Nexstar Board has rejected Perry Sook's pay raise. This is while the Tribune/Nexstar Talks are waiting for FCC and DOJ approval. IE Nexstar in talks to take over KTLA Los Angeles and KTXL Sacramento.

For the second straight year, shareholders have rejected a multimillion-dollar pay package for the CEO of an Irving company that’s now the largest owner of local television stations in the nation.

At issue was $41.4 million in future stock awards to Nexstar Media Group CEO and chairman Perry A. Sook under a four-year contract extension he signed in January.

Those awards are “relatively large” and warranted a negative vote from shareholders, according to a report from the Institutional Shareholder Service Global Research. ISS is a leading shareholder vote advisory firm.



“If [shareholders] vote against it, they’ve got serious reservations,” said Ken Bertsch, executive director of the Council of Institutional Investors, a nonprofit that promotes the interests of institutional investors.

Shareholder rejection of executive pay is rare. Just over 2% of pay proposals have failed this year through June 6, according to a report from Semler Bossy, an executive compensation consulting group.
Click to expand...
 
https://www.cleveland.com/entertain...el-8-ownership-is-imminent-but-uncertain.html

As Mentioned in other places WJW 8 has other things at play such as how Nexstar will handle the stations they took over from Tribune. WJW is one of them. But the persistent rumor that Fox (The Murdoch Owned Company) will get KCPQ, WJW and KDVR for NFL Broadcast reasons.

CLEVELAND, Ohio — The question of who will end up owning Cleveland Fox affiliate WJW Channel 8 should be settled soon, but “soon” could mean a couple of days, weeks or months. The key is how fast government regulatory agencies will move on necessary approvals, and that is never easy to predict.

Channel 8 is one of 42 Tribune Media stations that the Nexstar Media Group is purchasing in a deal valued at $6.4 billion. If approved by the Department of Justice and the Federal Communications Commission, the acquisition announced in early December will make the Texas-based Nexstar the country’s largest owner of TV stations.

Tribune has owned Channel 8 since 2013. Nexstar, which gradually has built a media empire by purchasing small groups of stations, offered $4.1 billion in cash to buy the Chicago-based Tribune Media Group stations. The $6.4 billion figure includes the assumption of Tribune Media debt.

The deal will bring Nexstar’s total to 216 stations in 118 markets, reaching 39 percent of U.S. television households. It will leapfrog ahead of the Maryland-based Sinclair Broadcast Group, which tried and failed to win government approval for buying the Tribune stations. It also will give Nexstar stations in eight of the nation’s top 10 TV markets, including New York, Los Angeles and Chicago.
Click to expand...
 
https://tvnewscheck.com/article/top-news/238773/nexstar-names-william-sally-evp-of-sales/

Management changes coming to Nexstar and its before the Tribune/Nexstar deal is officially completed.

Nexstar Media Group today promoted William “Bill” Sally to executive vice president of sales of Nexstar Broadcasting, a newly created position the company said reflects its “expanding scale and focus on advancing sales leadership across the operations to optimize revenue generation.”

The appointment, which is effective upon the completion of Nexstar’s acquisition of Tribune Media. Sally will report to Tim Busch, president of Nexstar Broadcasting.
Click to expand...
 
The FCC, by a partisan 3-2 vote, today approved the $6.4 billion sale of Tribune Media broadcast stations to Nexstar Media Group. In connection with this transaction, the commission also approved the divestiture to E.W. Scripps and Tegna of stations in 13 markets necessary for Nexstar to come into compliance with the commission’s local and national television ownership rules.

In the Indianapolis and Norfolk markets, the commission found that the transfer of preexisting combinations of two top-four ranked broadcast television stations to Nexstar and Scripps, respectively, would be in the public interest.


Once the deal closes, Nexstar will, by most measures, be the largest station group in the nation with 197 stations in 115 markets covering 63% of TV homes and combined 2019 revenue of $4.4 billion. It will have stations in Chicago, Los Angeles and other major markets for the first time and will be the No. 1 affiliate of ABC, CBS, NBC, Fox and CW.

The FCC said it found that the proposed merger would provide several public interest benefits to viewers of current Tribune and Nexstar stations. For example, viewers would benefit from their local stations having increased access to Nexstar’s Washington news bureau and state news bureaus.
Click to expand...

https://tvnewscheck.com/article/top-news/239063/fcc-approves-nexstar-tribune-merger/

Update on the Nexstar/Tribune talks.
 
This affects two stations directly and 2 others indirectly in Hartford/New Haven:

Tribune -
WTIC-TV (FOX) channel 61 Hartford
WCCT-TV (CW) channel 20 Waterbury ["sister" station]

Nexstar -
WTNH-TV (ABC) channel 8 New Haven
WCTX-TV (MY) channel 59 New Haven ["sister" station]

Nexstar also owns WWLP-TV (NBC) channel 22 in Springfield, MA.
 
https://tvnewscheck.com/article/top-news/239233/nexstar-closes-on-tribune-merger/

Here is an Update on the Nexstar/Tribune deal

At the same time it brings on board three former Tribune execs: Sean Compton, who will head WGN America; Dana Zimmer, who oversees distribution; and Gary Weitman, who is in charge of internal and external communications.
By Mark K. Miller | September 19, 2019 | 4:38 p.m. ET.
Nexstar Media Group on Thursday afternoon announced today that it completed its acquisition of Tribune Media in what it called an accretive transaction valued at approximately $7.2 billion including the assumption of Tribune Media’s outstanding debt.

In addition, it said that three former members of Tribune Media’s senior management team have joined Nexstar, effective immediately:


Sean Compton has been named executive vice president, WGN America, WGN Radio and director of content acquisition. He is responsible for the management of these former Tribune Media properties, as well as the digital multicast television network, Antenna TV and will oversee Nexstar’s programming acquisitions across all television platforms.
Dana Zimmer becomes executive vice president and chief distribution and strategy officer. In her new role, Zimmer is responsible for the distribution and monetization of Nexstar’s broadcast and television content portfolio to cable, satellite, telco and digital media distributors. She will also manage relationships with Nexstar’s network partners at Fox, CBS, NBC, ABC and The CW.
Gary Weitman has been named executive vice president and chief communications officer, responsible for Nexstar’s internal and external communications, media relations, employee communication and the company’s intranet and its website, nexstar.tv.
Click to expand...
 
Status
This thread has been closed due to inactivity. You can create a new thread to discuss this topic.


Back
Top Bottom