MCLEAN, Va.--(BUSINESS WIRE)--TEGNA Inc. (NYSE: TGNA) today announced that it has completed its acquisition of Midwest Television, Inc.’s broadcasting stations in San Diego, CA. TEGNA now owns KFMB-TV, the CBS affiliated station in San Diego, KFMB-D2 (CW) and radio broadcast stations KFMB-AM and KFMB-FM in San Diego.
As a result of the completed sale, TEGNA owns or operates 47 television stations and two radio stations in 39 markets. KFMB is the long-standing leader in San Diego and adds a strong market to TEGNA’s portfolio of big four affiliates in top markets. KFMB leads San Diego in audience ratings and share across all demographics and is number one in news across all major time slots.
“We are thrilled to welcome the talented KFMB team to TEGNA. Like us, KFMB cares deeply about journalistic integrity and serving the greater good of the San Diego community. We want to maintain that special connection while applying our strategic initiatives to enhance KFMB’s future capabilities,” said Dave Lougee, president and CEO, TEGNA. “This transaction highlights TEGNA’s continued track record of success as a strategic consolidator that delivers value for our shareholders.”
TEGNA expects the transaction to be accretive to EPS by a few cents within the first 12 months after close, and immediately accretive to free cash flow.
TEGNA financed the transaction through the use of available cash and borrowing under its existing revolving credit facility.
TEGNA Inc. (NYSE: TGNA) is an innovative media company that serves the greater good of our communities. With 47 television stations and two radio stations in 39 markets, TEGNA delivers relevant content and information to consumers across platforms. It is the largest owner of top 4 affiliates in the top 25 markets, reaching approximately one-third of all television households nationwide. Each month, TEGNA reaches 50 million adults on-air and 35 million across its digital platforms. TEGNA has been consistently honored with the industry’s top awards, including Edward R. Murrow, George Polk, Alfred I. DuPont and Emmy Awards. TEGNA delivers results for advertisers through unparalleled and innovative solutions including OTT local advertising network Premion, centralized marketing resource Hatch, and G/O Digital, a one-stop shop for local businesses to connect with consumers through digital marketing. Across platforms, TEGNA tells empowering stories, conducts impactful investigations and delivers innovative marketing solutions. For more information, visit www.TEGNA.com.