Apollo Makes Approach for Nexstar


Apollo Global Management LLC (NYSE: APO) has expressed interest in acquiring Nexstar Media Group Inc (Nasdaq: NXST) as of July 11. Nexstar has yet to respond to the proposal. Rumors of this acquisition caused Nexstar stock prices to increase by 15% before falling back down to a 5% increase, creating a market capitalization of approximately $3.8 billion. Nexstar is an attractive target for Apollo Global Management as the company has a portfolio of 169 TV stations and generated adjusting earnings of $743 million over the last year. Nexstar’s portfolio of TV stations has connections with numerous regional advertising markets that are affiliated with large networks such as NBC and FOX. Apollo teamed up with investment firm P2 Capital Partners LLC, but both companies declined to provide statements.


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