Nexstar/Tribune Update (Patreon)

Tribune CEO Peter Kern sent a memo to the staff updating them on what is happening with the Nexstar deal? 

FTVLive has obtained the internal email:

From: Peter Kern
Date: 1/29/19
Subject: Nexstar Transaction Update

I want to update you about the ongoing merger process between Tribune Media and Nexstar.  During the recent government shut-down, Nexstar made its initial regulatory filing with the Federal Communications Commission.  That filing became public today.

Nexstar’s filing makes a strong case for the benefits of the merger.  It also identifies three TV stations that Nexstar intends to divest, WTKR-TV (Norfolk, VA), WGNT-TV (Norfolk/Portsmouth, VA) and WNEP-TV (Scranton-Wilkes Barre, PA), and eleven overlap markets (markets in which both Nexstar and Tribune own TV stations) where Nexstar intends to make other divestitures in order to comply with the FCC’s local broadcast ownership rules.  The filing identifies those overlap markets as:

Davenport, IA

Des Moines, IA

Ft. Smith, AR

Grand Rapids, MI

Harrisburg, PA

Hartford, CT

Huntsville, AL

Indianapolis, IN

Memphis, TN

Richmond, VA

Salt Lake City, UT

Importantly, Nexstar’s filing does not indicate which station(s) in each overlap market — Nexstar’s or Tribune’s — will be divested.  Nexstar also will be divesting stations in some other markets in order to comply with the FCC’s limit on national reach—those markets have yet to be identified.  We will get more clarity in the next several weeks about the specific divestitures Nexstar intends to make.

By now, most of you have worked through these announcements before.  Although they can be distracting and even unsettling, you have consistently performed at a high level to serve our viewers, advertisers and the community.  By doing so, you have positioned yourselves and the company for continued success.  Remember that regardless of who the owner is, every TV station needs talented, experienced, and dedicated people operating it.  Keep performing the way you always have, and the value of your work will speak for itself.

The regulatory process is really just beginning and there will be more filings to come as Nexstar makes clearer its intentions regarding specific station divestitures.

We’ll keep you updated as things move forward.

Peter