Fox Corp. is speeding up process to expand its territory by acquiring three local stations in Seattle and Milwaukee from Nexstar Media in a deal worth $350 million.
Going large in purchasing, the network has eyed KCPQ and KZGO in Seattle and WITI in Milwaukee. The key factor for the choice of stations according to the Hollywood Reporter is explained by FOX as, “the two key markets that align with the company’s sports rights”. The soon-to-be-closed FOX deal will make the corporation own stations in 14 of the top 15 local TV markets in Hollywood.
“This acquisition expands the reach of one of Fox’s core assets, our television stations portfolio further strengthens what is already a highly profitable and cash generative business. The Seattle and Milwaukee markets both overlap with key sports markets, creating significant opportunities for growth and collaboration,” Fox CEO Lachlan Murdoch disclosed on Tuesday in a statement.
The acquisition will mark the first local TV stations acquired by Fox since the company closed the sale of its entertainment assets to Disney earlier this year. KCPQ and WITI are already Fox affiliates while KZGO is a MyNetwork TV affiliate. Fox is also in agreement to sell two Nexstar stations in Charlotte and North Carolina.
The deal is reported to close up early next year 2020.
