The U.S. Department of Justice has approved Nexstar Broadcasting Group Inc.’s (NXST) $4.6 billion acquisition of Media General Corp, a media corporation which operates stations in 48 metropolitan areas.
The DOJ filed simultaneous motions in concern to Nexstar on September 2, 2016. The first was the DOJ’s civil antitrust action against Nexstar, and the second, its proposed settlement with the company.
Nexstar has agreed to divest seven television broadcast assets, in order to gain the DOJ’s approval.
In announcing the settlement agreement, Acting Assistant Attorney General Renata Hess wrote that the DOJ intervened in the matter because the original merger would have “given Nexstar the power to impose higher prices on local and national advertisers …”
Nexstar will be divesting stations in Virginia, Wisconsin and Indiana.
Shares of Nexstar were trading up at almost 2.5% on Friday afternoon.