IRVING, Texas & ST. GEORGE, Utah--(BUSINESS WIRE)--Nexstar Broadcasting Group, Inc. (Nasdaq: NXST) announced today that it has acquired the assets of Internet technology provider GoLocal.Biz. Though financial terms were not disclosed, the acquisition of GoLocal.Biz, which provides local business directory, coupon, movie and entertainment listings to all 35 of Nexstar’s community portal web sites and to other U.S. local market clients, is expected to be immediately accretive to Nexstar’s operating results.
Based in St. George, Utah, GoLocal.biz was founded by Nick Schulz, Dave May and Brian Green in 2007. GoLocal.Biz will operate as part of Nexstar’s e-Media, community portal and technology operations and will report to Nexstar EVP and Co-COO Brian Jones.
Commenting on the acquisition, Nexstar Broadcasting Group President and Chief Executive Officer, Perry A. Sook, said, “GoLocal.biz is an Internet technology provider and marketing services company offering targeted online local business listings, advertising and promotion solutions, embedded video, images, map, contact information, local advertiser web links and other vital information to local consumers. The acquisition creates an entirely new revenue stream for Nexstar as we intend to expand the distribution and syndication of the GoLocal.biz platform to other online publishers in television and radio markets not served by Nexstar.
“Since its launch in 2006, Nexstar has recorded eighteen consecutive quarters of revenue growth from its e-Media community web portal strategy, and we are on track to deliver double- digit e-Media growth in 2011 based on our expanding base of revenue applications and the further penetration of our mobile marketing and video initiatives which will also expand as a result of the acquisition of the GoLocal.biz platform.”
GoLocal.Biz General Manager Nick Schulz added, “The GoLocal.Biz platform has proven to be an excellent complement to Nexstar’s community portal platform. By joining forces with Nexstar, we will have the necessary resources to expand to additional local markets while enabling Nexstar to further increase its audience, content, engagement and revenue.”
About Nexstar Broadcasting Group, Inc.
Nexstar Broadcasting Group is a leading diversified media company that leverages localism to bring new services and value to consumers and advertisers through its traditional media, e-MEDIA, digital and mobile media platforms. Nexstar owns, operates, programs or provides sales and other services to 65 television stations and related digital signals in 36 markets in 16 states and reaches approximately 13.5 million viewers or approximately 11.6% of all U.S. television households. The stations are affiliates of NBC, CBS, ABC, FOX, MyNetworkTV, The CW, LATV, TV Azteca and Telemundo. The Company’s 35 community portal websites offer additional hyper-local content and verticals for consumers and advertisers.
This news release includes forward-looking statements. We have based these forward-looking statements on our current expectations and projections about future events. Forward-looking statements include information preceded by, followed by, or that includes the words "guidance," "believes," "expects," "anticipates," "could," or similar expressions. For these statements, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. The forward-looking statements contained in this news release, concerning, among other things, changes in net revenue, cash flow and operating expenses, involve risks and uncertainties, and are subject to change based on various important factors, including the impact of changes in national and regional economies, our ability to service and refinance our outstanding debt, successful integration of acquired television stations (including achievement of synergies and cost reductions), pricing fluctuations in local and national advertising, future regulatory actions and conditions in the television stations' operating areas, competition from others in the broadcast television markets served by the Company, volatility in programming costs, the effects of governmental regulation of broadcasting, industry consolidation, technological developments and major world news events. Unless required by law, we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this news release might not occur. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this release. For more details on factors that could affect these expectations, please see our filings with the Securities and Exchange Commission.