Getting FCC approval is as easy as one, two …three hundred and twenty nine.
Exactly 329 days crawled by between the time that the Nexstar Broadcasting Group asked the FCC for the right to acquire Media General and the day it gained approval. While that sounds like a long time, the FCC does let folks know up front that getting approval for a big deal can take awhile. The FCC makes this point by putting a timeline on its website showing that an approval can take up to a whopping …180 days.
Are you kidding? Everybody was counting. At least, moment of transparency here, everybody at latakoo was counting the days. I have personally checked that FCC website on a daily basis for weeks. We are big fans of Nexstar. Like latakoo, Nexstar is based in Texas. It has a large number of Texas stations, and most importantly, it took a bet on latakoo more than five years ago in our corporate infancy.
Nexstar was the first station group to fully deploy latakoo throughout its system. We’ve both grown tremendously since that time. And, the Nexstar story is compelling on its own: a man with a vision who took lots of chances and methodically built a giant media enterprise. Congratulations to Perry Sook.
The combined Nexstar Media Group will become one of America’s leading station groups by every measure. While the economic news announced on Wednesday pleases investors, there’s something else that delights us. The FCC decision cited the expanded sharing of news product between the stations as a primary ‘public interest benefit’ to the merger. Media General has a Washington DC news bureau, and all of the current Nexstar stations will get access to that news bureau’s content post deal. The combined company also makes it economically feasible to establish statewide legislative bureaus in New York, Tennessee and Texas. Statewide news bureaus could potentially follow in four other states.
Can anyone think of a time in history when there was a greater need for solid local reporting on state and national legislative issues? We’re proud of Nexstar and want to do all we can to help it in this mission. We share this mission by providing tools that make it quicker and easier for news organizations to collect and share their video.
We’re also a big fan of Media General. Some of our favorite customers include Media General operations in places like Austin, Texas, where KXAN-TV was another one of our earliest adopters, and that incredibly important news bureau in DC.
Congrats to our friends at Media General and Nexstar. You are two great companies about to become stronger as a single entity. Millions of Americans will benefit from your merger. At latakoo, we are sure looking forward to working with the Nexstar Media Group.