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.

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