Nexstar Media Group of Irving, Texas, said Wednesday that it is selling its northwest Arkansas CBS affiliate KFSM-TV, Channel 5, to Tegna Inc. as it divests 19 stations to satisfy conditions for its purchase of Tribune Media Co. stations across the country.
Tegna, of McLean, Virginia, already owns Little Rock CBS affiliate KTHV-TV, Channel 11. In addition to KFSM, the company is acquiring 10 other stations from Nexstar in a $740 million cash deal.
Tegna said the purchase "will add complementary markets" to its existing portfolio of network affiliates, including four "in presidential spending battleground states."
Nexstar is also selling eight stations to E.W. Scripps Co. for $580 million. Together, the deals are worth $1.32 billion.
Nexstar agreed in December to buy Tribune Media of Chicago for $4 billion. It is selling certain stations to comply with local and national television ownership rules and to get FCC and Justice Department approval of the deal.
Nexstar scooped up Tribune after a deal proposed by Sinclair Broadcast Group Inc. of Hunt Valley, Maryland, fell through. Sinclair owns Little Rock ABC affiliate KATV-TV, Channel 7.
In a news release, Nexstar said it's still working to sell two other stations in Indianapolis. The company said proceeds from the sale will fund its Tribune deal and lower its debt.
Nexstar owns Little Rock NBC affiliate KARK-TV, Channel 4, and operates Little Rock Fox affiliate KLRT-TV, Channel 16, through a joint sales agreement.
(Arkansas Business and KTHV have a news partnership.)