Fox Corp. has agreed to acquire three TV stations from Nexstar Media Group, and sell two Nexstar stations.
Fox will pay $350 million in cash for KCPQ and KZJO in Seattle and WITI in Milwaukee, expanding its market presence to 14 of the top 15 DMAs.
“The Seattle and Milwaukee markets overlap with key sports markets and align with Fox’s sports rights, “creating significant opportunities for growth and collaboration,” stated Fox Corp. Executive Chairman and CEO Lachlan Murdoch.
As part of the deal, Fox will sell Nexstar two Charlotte, N.C. stations, Fox affiliate WJZY and MyNetworkTV affiliate WMYT, for about $45 million.
The transactions are expected to be completed in first-half 2020.