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
More from Star Tribune
More from Star Tribune
More from Star Tribune
More from Star Tribune
More from Star Tribune
More from Star Tribune
More from Star Tribune
More From Star Tribune
More From Business
Business
East Grand Forks sugar beet factory fined $350K for air quality violations
The American Crystal Sugar plant emitted high levels of particulate matter and hydrogen sulfide over several years.
Business
Instagram fraudster 'Jay Mazini' has been sentenced for his crypto scheme that preyed on Muslims
The former Instagram influencer known as '' Jay Mazini '' who swindled millions of dollars from online followers and a network of Muslims during the pandemic was sentenced to seven years in prison on Wednesday, prosecutors said.
Business
Connecticut Senate passes wide-ranging bill to regulate AI. But its fate remains uncertain
The Connecticut Senate pressed ahead Wednesday with one of the first major legislative proposals in the U.S. to rein in bias in artificial intelligence decision-making and protect people from harm, including manufactured videos or deepfakes.
Business
Boeing's financial woes continue, while families of crash victims urge US to prosecute the company
Boeing said Wednesday that it lost $355 million on falling revenue in the first quarter, another sign of the crisis gripping the aircraft manufacturer as it faces increasing scrutiny over the safety of its planes and accusations of shoddy work from a growing number of whistleblowers.
Business
New California rule aims to limit health care cost increases to 3% annually
Doctors, hospitals and health insurance companies in California will be limited to annual price increases of 3% starting in 2029 under a new rule state regulators approved Wednesday in the latest attempt to corral the ever-increasing costs of medical care in the United States.