Media Behemoth Purchasing San Diego's KUSI News For $35 Million

May 8, 2023

American media conglomerate, Nexstar Media Group, has announced that it has agreed to acquire San Diego's KUSI-TV for $35 million.

Nexstar Media Group, Inc., has made a deal to acquire the assets of KUSI in San Diego from McKinnon Broadcasting Company and Channel 51 of San Diego for $35 million plus a customary working capital adjustment. KUSI-TV is an independent, Conservative-leaning television station, broadcasting more than nine hours of local news each weekday and nearly 60 hours of local news every week. Together with Nexstar’s currently owned and operated FOX KWSB-TV in San Diego, the two stations will continue to offer more local news in the nation’s 30th-largest television market. It is believed KUSI-TV will become an affiliate of The CW, which is also owned by Nextstar. Tegna’s KFMB, a CBS affiliate, currently carries The CW programming on a digital subchannel.

"KUSI-TV’s established local news operations serving viewers and advertisers across the San Diego community is a perfect fit with our station group and existing San Diego operations at KSWB-TV," said Tom Carter, Nexstar’s President and Chief Operating Officer. "Their mission of serving the community by delivering the most local news in the market is consistent with Nexstar’s commitment to providing consumers expansive local content on linear and digital platforms."

Nexstar Media Group, Inc. is a media company that produces and distributes local and national news, sports and entertainment content across television, streaming and digital platforms, including nearly 300,000 hours of original video content each year. Nexstar owns America’s largest local broadcasting group comprised of top network affiliates, with 200 owned or partner stations in 116 U.S. markets reaching 212 million people. Nexstar’s national television properties include The CW, America’s fifth major broadcast network, NewsNation, America’s fastest-growing national news and entertainment cable network reaching 70 million television homes, popular entertainment multicast networks Antenna TV and Rewind TV, and a 31.3% ownership stake in Food Network. The Company’s portfolio of digital assets, including The Hill and BestReviews, are collectively a Top 10 U.S. digital news and information property. 

"I have known Perry Sook, Nexstar’s Chairman and Chief Executive Officer, for more than 30 years," commented KUSI-TV Owner & CEO Mike McKinnon. "He is a great broadcaster who has built a tremendous organization. We have a great team of news people at KUSI-TV, and joining these two companies will create one of the most dynamic news organizations in all of Southern California."

Kalil & Co. Inc. was the exclusive broker for McKinnon Broadcasting Company and KUSI-TV.