Nexstar Group is seeking a board of directors and the hiring of a senior executive.
The company’s shares jumped 5.8% after the announcement on Friday, after the company posted a revenue of $1.5 billion and earnings per share of $2.25, up from $1 billion and $2 billion in its first quarter of fiscal 2016.
CEO John Smith has been leading Nexstar for three and a half years and was named CEO in May.
He also was the CEO of ESPN, which was acquired by Turner Sports last year.
Smith said he is excited about his new job and that the board is a “fantastic group of people and I’m excited to join them.”
The announcement comes as Nexstar’s shares have gained as much as 17% since the deal was announced in July, but it still has a long way to go to match its earnings from ESPN.