Nexstar Media Group Inc.-owned Nexstar Broadcasting Inc. struck a deal to acquire the non-spectrum operating assets of WLWC-TV, The CW (US) affiliate serving Providence, R.I., from OTA Broadcasting LLC for $4.1 million.
Nexstar plans to fund the acquisition with cash from operations. The transaction will be accretive to Nexstar's operating results immediately upon closing, the company said Aug. 7. OTA Broadcasting sold the WLWC-TV spectrum in the Federal Communications Commission's recently completed incentive auction. Since the current deal relates to the acquisition of the station's remaining operating assets, the deal is not subject to FCC approval.
The CW affiliation will be added to the current programming and services Nexstar provides to viewers and advertisers in Providence through its own stations and digital platforms, or through a local service agreement with others, including CBS (US) affiliate WPRI-TV, FOX (US) affiliate WNAC, MyNetwork and WPRI.com.
The deal is expected to close by early fourth quarter.