March 20, 2019 / 11:15 AM / in 4 months

Nexstar to sell 19 stations for $1.3 billion to complete Tribune purchase

(Reuters) - Nexstar Media Group is selling 19 television stations to Tegna Inc and E.W. Scripps Co for $1.3 billion to satisfy regulatory demands before it buys Tribune Media Co , it said on Wednesday.

The TV station operator will sell 11 stations to Tegna for $740 million and eight to Scripps for $580 million in cash, as part of moves to comply with the U.S. Federal Communications Commission’s conditions.

Nexstar announced its purchase of peer Tribune for about $4.1 billion in cash in December, a deal that will make it the largest regional U.S. TV station operator.

It intends to use proceeds from the sale of the TV stations to fund the Tribune acquisition and reduce debt.

Nexstar also said it was in talks to sell two more stations in Indianapolis.

Reporting by Vibhuti Sharma in Bengaluru; Editing by Anil D'Silva and Sai Sachin Ravikumar

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