SAN DIEGO (CNS) - Texas-based Nexstar Media Group, which already owns Fox5 in San Diego, announced Monday it will acquire KUSI-TV for $35 million.
Nexstar will purchase the independent station from McKinnon Broadcasting Co.
"KUSI-TV's established local news operations serving viewers and advertisers across the San Diego community is a perfect fit with our station group and existing San Diego operations at KSWB-TV (Fox5)," Tom Carter, Nexstar's president and chief operating officer, said in a statement. "Their mission of serving the community by delivering the most local news in the market is consistent with Nexstar's commitment to providing consumers expansive local content on linear and digital platforms.
"In addition, Nexstar's platform reach, expanding digital media revenue, commitment to unbiased news and reporting across the enterprise, the return of political advertising revenue in 2024, and our focus on our balance sheet and shareholder returns will enable us to extend our record of enhancing shareholder value on a near- and long-term basis."
The acquisition is still subject to regulatory approvals, but Nexstar officials said the deal should close later this year. The move would open the door for KUSI to become an affiliate of The CW Network, which is also owned by Nexstar.
"I have known Perry Sook, Nexstar's chairman and chief executive officer, for more than 30 years," current KUSI owner Mike McKinnon said in a statement. "He is a great broadcaster who has built a tremendous organization. We have a great team of news people at KUSI-TV, and joining these two companies will create one of the most dynamic news organizations in all of Southern California."
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