Internet Broadcasting Systems, a Mendota Heights firm that operates websites for TV stations, has been acquired for $20 million by Nexstar Broadcasting Group of Irving, Texas, a Dallas suburb.
Internet Broadcasting Systems sold for $20 million
March 14, 2014 at 1:43AM
Privately owned Internet Broadcasting's customers include TV stations operated by Hearst Corp. and Post-Newsweek Stations. The purchase price was about five times projected 2014 earnings before interest, taxes, depreciation and amortization, Nexstar said in a statement.
Internet Broadcasting, founded in 1996, created a service to help local TV stations have an online presence and showcase their local news. It also sold advertising and provided some national news content for the TV station sites.
Steve Alexander
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The funding is expected to give more than 5,000 Minnesotans, especially in rural areas, high-speed broadband access across the state and help at least 139 businesses and 368 farms.
