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Nexstar/Media General deal

RadioPatrol said:
I find this interesting that KRON is Nexstar's flagship station except KRON has not been viewed as a relevant station in the San Francisco DMA since KNTV was converted into an NBC Owned station. Where is Nexstar getting the highest revenue and ratings at in what parts of the country.
In San Francisco most of the major stations are owned by the network Yes this includes Univision and Telemundo and KRON is the last TV station in San Francisco to have to sign contracts with the network in this case (My Network TV).

My point here is that Nexstar/Media general deal may not have an impact in the San Francisco DMA but will have a greater impact in other parts of the country though.
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http://richliebermanreport.blogspot.com/2017/01/breaking-fcc-approves-nextstar-media.html

415 Media explains how the Nexstar deal affects KRON the flagship station of the company.
 
http://wkrn.com/2017/01/17/news-2-becomes-part-of-nexstar-media-group/

WRKN announces that its now a part of Nexstar.

http://www.bizjournals.com/dallas/n...-media-general-46b-merger-tv-broadcaster.html Dallas Business Journal announces the financial value of Nexstar

Irving-based Nexstar Broadcasting (NASDAQ: NXST) announced Tuesday the $4.6 billion-merger with Virginia-based Media General (NYSE: MEG) is complete, creating the second-largest television broadcasting company in the country behind Tribune Media (NYSE: TRCO).

The new name for the company is Nexstar Media Group and it will continue to trade on the NASDAQ under the ticker "NXST." Nexstar will reach almost 39 percent of U.S. households, the maximum allowed by the government. To comply with federal regulations, Nexstar finalized the divestiture of 13 television stations for $548 million.

The merger more than doubles Nexstar's audience to 100 U.S. markets and puts the company's annual revenue at an estimated $2.3 billion. In addition, Nexstar now has a presence in 15 new U.S. television markets ranked in the Top 50.

“Our increased scale will allow us to create news bureaus in more state capitals than any other broadcaster," said Perry Sook, chairman, CEO and president of Nexstar, in a prepared statement. "And Nexstar Media Group will produce over 3,500 hours a week of local news for medium and small markets while employing almost 10,000 people."

Nexstar was the subject of a July cover story in the Dallas Business Journal where Sook detailed the story behind the merger and how it even caused him sleepless nights.

Nexstar's stock closed Tuesday at $61.25. Like other companies, Nexstar stock has rallied since the election. Since Nov. 9, company stock is up more than 23 percent.
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http://newson.us/partners/

Also to note Newson has contracts with both Media General and Nexstar. Contracts for now will remain on the newson apps.
 
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http://www.ftvlive.com/sqsp-test/2017/1/18/new-gm-named-at-kron

Update Nexstar announces that Chris McDonnell will be KRON GM

http://www.adweek.com/tvspy/nexstar-makes-changes-to-executive-leadership/184344


Other changes are at Nexstar corporate offices.


After yesterday’s closing on its acquisition of Media General, Nexstar Broadcasting Group and Nexstar Media Group made changes to its leadership team.

Nexstar Broadcasting Group has named Timothy Busch president of Nexstar Broadcasting. He goes from overseeing Nexstar’s stations east of the Mississippi River to overseeing all facets of Nexstar’s local media operations.

Busch started with Nexstar as vp and GM of WROC in Rochester, N.Y. before being named svp and regional manager of Nexstar’s Eastern Region in 2002.

EVP and co-COO Brian Jones will be evp and COO of Nexstar Broadcasting. He joined Nexstar in 2003 as svp and regional manager of the Southwest Region.

Nexstar Media Group has promoted Elizabeth Ryder to evp and General Counsel. She has been the svp and General Counsel of Nexstar Broadcasting Group since 2009.

Media General’s vp and CTO Brett Jenkins will become the CTO of Nexstar Media Group. Jenkins was CTO at Media General from 2014 to 2016 and LIN Media from 2011 to 2014.

Nexstar Broadcasting has also promoted Diane Kniowski, Doug Davis and Mike Vaughn to svp and regional manager of its 171 stations.

The three will work across the station group to “administer policies and procedures to improve operating efficiencies and the effectiveness and service of the Company’s operations,” according to Nexstar. “Additionally, they will be responsible for executing and monitoring action plans aimed at achieving corporate and regional business objectives and financial goals.” The three report to Timothy Busch, president of Nexstar Broadcasting, Inc. starting immediately.

Kniowski will oversee stations in Michigan, Illinois, Iowa, Wisconsin, Montana, North Dakota and South Dakota. Davis oversees Virginia, West Virginia, Ohio, Massachusetts, Connecticut, and Rhode Island and Vaughn will oversee the stations in Arkansas, Louisiana, Missouri and Tennessee.
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RadioPatrol said:
http://www.ftvlive.com/sqsp-test/2017/1/18/the-nightmare-has-begun

http://www.ftvlive.com/sqsp-test/2017/1/18/the-nexstar-standards

http://www.ftvlive.com/sqsp-test/2017/1/18/c-ya

http://www.ftvlive.com/sqsp-test/2017/1/18/all-hands-on-deck

Updates on the Nexstar deal.
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One of them is about the CEO memo, Nexstar policy and yes the COO of Media General removed from the transition team at Nexstar


As Nexstar takes over Media General some people got to go....

Media General COO Deb McDermott is one of those that will not be making the transition over to the Nexstar regime.

McDermott sent an email to Media General employees telling them that she is moving on.

But, before you feel too sorry for her, McDermott was making millions of dollars a year at Media General. So, something tells me she won't be living on the street.

Here's her internal memo, obtained by FTVLive:

From: "McDermott, Deb"
Subject: Farewell and Thank You

Dear Colleagues,

I wanted to take a moment to say farewell. Whether we’ve worked together from the days at Young, or after the merger with Media General or, more recently, after the merger with LIN, I have sincerely enjoyed working with all of you. And I am so proud of what you have accomplished.

When I look back on my 30 year career with the company, I can truly say that this Media General team is the best in the business. You have been challenged with 3 mergers in just over 3 years and, through it all, you have been innovative and resourceful…and exceeded all expectations. I have no doubt Nexstar will be impressed with all that you have and will continue to achieve.

I also wanted to say thank you. All of you have worked so hard in the 12 months to continue to make Media General a great company, outperforming our competitors. You’ve achieved this despite having to cover for various open positions, as well as dealing with some of the uncertainty that often comes during a major company change. You’ve all worked hard, it shows, and that is something for which you should be proud.

I have been told that I should take some time off before I make any career decisions so I am looking forward to spending time with my family and friends. My new email address is [email protected] and my cell is the same.

It’s been a great honor and pleasure working with each and every one of you. I wish you all the best in the future and hope our paths cross again.

Best,
Deb
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http://www.tvnewscheck.com/article/100884/nexstar-ups-daniloff-to-wilkesbarre-gm

Daniloff replaces Robert Bee who has been promoted to VP-GM of Nexstar’s ABC affiliate WHTM Harrisburg, Pa.

Daniloff’s broadcast career spans more than 25 years with expertise in local and national sales management, new business development and strategic planning across multiple media platforms. During his tenure as WBRE’s director of sales, Daniloff developed and led teams and implemented sales, marketing and digital media initiatives. Before joining Nexstar, he was director of revenue for WSAV Savannah, Ga., where he was responsible for developing revenue-generating strategies for the station’s local, national, political and digital advertising verticals.

From 2007 to 2011 he served as VP-general sales manager for regional sports network, Root Sports, in Pittsburgh. Prior to that, he was regional sales manager for WEWS Cleveland and as general sales manager for WNWO Toledo, Ohio. Earlier in his career, Daniloff was local sales manager for WKRC and WSTR Cincinnati.

Daniloff began his career at WOIO Cleveland.
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This is another change at Nexstar
 
https://www.fiercecable.com/video/nexstar-media-ceo-s-2017-compensation-balloons-to-19-3m

Here is an Update on Nexstar Pay Compensation and they cite the media general deal.

Nexstar Media CEO Perry Sook’s 2017 total compensation shot up to $19.3 million, up from about $1.5 million in 2016, thanks to a large bonus and stock awards.

Sook’s base salary remained at $1.5 million but he took home $8.8 million in stock awards and a $9 million bonus last year.

Other Nexstar Media executives also saw their total compensation packages increase in 2017 thanks to bonuses and stock awards. CFO Thomas Carter’s compensation went from about $600,000 in 2016 to $6.2 million in 2017. Timothy Busch, president of Nexstar Broadcasting, saw his total compensation increase to about $4 million in 2017, up from $1.2 million in 2016. Brian Jones, executive vice president and chief operating officer, took home a total compensation package worth $2.2 million, up from about $800,000 in 2016.

A large portion of the bonuses awarded to Sook and Carter stemmed from the 2017 completion of Nexstar’s Media General acquisition. Sook was awarded $7.5 million and Carter was awarded $2 million as special completion bonuses. A significant portion of the stock awards vested in 2017 also stemmed from the closure of the Media General deal.
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