Nexstar Broadcasting Group Inc. (Nasdaq: NXST) is buying Internet Broadcasting Systems Inc. for $20 million.
St. Paul, Minn.-based Internet Broadcasting is a digital publishing service that also provides digital services, including websites, original and syndicated content and digital advertising services. The company's includes include media companies such as Hearst Television and Post-Newsweek Stations.
Nexstar expects the deal to broaden the company's digital media portfolio with additional technologies. Internet Broadcasting will operate as a separate division within Nexstar.
The buyer, headquartered in Irving, Texas, is a diversified media company that owns, operates programs or provides services to 74 television stations.
Similar deals include Verizon Communications Inc.'s (NYSE: VZ) deal for EdgeCast, which it planned to fold into its digital media services unit, and AOL Inc.'s (NYSE: AOL) deal for Adap.tv.