KFSM-TV, a CBS affiliate serving the Fayetteville area and Fort Smith, has been sold to Tegna Inc. as Nexstar Media Group Inc. divests itself of 19 stations around the country in a sale valued at $1.32 billion.
Texas-based Nexstar is selling the stations to meet regulatory requirements for its acquisition of Tribune Media Co. The companies entered a merger agreement in early December, and the deal is expected to close sometime in the third quarter.
Tegna is paying $740 million in cash for 11 stations in eight markets, including KFSM, according to a news release. The purchase will be made with available cash and through Tegna's existing credit arrangements. Virginia-based Tegna owns KTHV-TV, a Little Rock CBS affiliate. With the addition of the new stations, Tegna owns 60 television stations in the U.S.
Anne Bentley, chief communications officer for Tegna, said the company is looking forward to building on the work being done by KFSM locally. She declined to answer further questions regarding details of the sale.
-- John Magsam
Price-match program to end, Walmart says
Walmart Inc. will end its Savings Catcher price-matching program on May 14. The Bentonville retailer informed shoppers of the move in an email last week, setting off a social media backlash.
The program scanned customers' submitted Walmart receipts, in its app or online, and compared the prices on thousands of items with those of competitors. If a lower price was found elsewhere, Walmart refunded the difference on electronic gift cards.
The retailer said in a statement that it has seen a reduction in usage and redemptions from the program.
"What we've learned through Savings Catcher is that our efforts to lower prices upfront on thousands of items across our stores is working," the company said in its email. "Walmart's prices win most often when you submit your receipts, which tells us that the program's intent has been met."
Shoppers have vented their ire on Twitter and Walmart's Facebook page. Many say they've saved hundreds of dollars through Savings Catcher and will shop at Walmart less often.
-- Serenah McKay
Arkansas Index dips 5.04 lower to 407.51
The Arkansas Index, a price-weighted index that tracks the largest public companies based in the state, fell 5.04 Wednesday to 407.51.
"Equities rallied sharply in afternoon trading following commentary from the Federal Reserve removing interest rate hike expectations for 2019, but closed lower in the day led by weakness in the financial sector," said Leon Lants, managing director at Stephens Inc. in Little Rock.
The index was developed by Bloomberg News and the Democrat-Gazette with a base value of 100 as of Dec. 30, 1997.
Business on 03/21/2019