Nexstar Media Group
has made good on efforts to divest its TV stations to meet federal guidelines. It's all part of the company's deal to buy Tribune Media -- selling 19 stations to Tegna and E.W. Scripps,
Nineteen stations in 15 markets will pull in a cash price of $1.32 billion.
Tegna will acquire 11 stations in eight markets for $740 million, with Scripps buying eight stations in seven markets for $580 million.
The biggest TV station markets to be sold -- WPIX New York, KASW Phoenix, WSFL Miami, and KSTU Salt Lake City -- will go to Scripps.
In addition, Nexstar says it is in active negotiations to sell two stations in Indianapolis, Indiana.
In December 2018, Nexstar inked an agreement to buy Tribune Media for $4.1 billion.
The planned divestiture of 19 stations is part of that agreement, in compliance with FCC rules. The $1.32 billion in sales will help to lower debt around the deal.
The Wednesday morning stock price of Nexstar was up 0.1% at $105.74, while Tribune Media was down 0.1% to $46.05. Scripps was down 1.3% to $22.19; and Tegna was off 2% to $14.14.