Internet Broadcasting Systems sold for $20 million

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.