Tegna said it has completed the acquisition of Midwest Television’s two broadcast stations in San Diego, Calif.
The stations are KFMB-TV, the CBS affiliate which also carries the CW on one of its digital channels, and radio stations KFMB-AM and KFMB-FM.
Related: Tegna Buying KFMB-TV and Radio Stations
Tegna paid $325 million.
As a result of the purchase Tegna owns or operates 47 TV stations and two radio stations in 39 markets. The Justice Department signed off on the deal in January.
“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 of Tegna. “This transaction highlights Tegna’s continued track record of success as a strategic consolidator that delivers value for our shareholders.”
Tenga said it 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.
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Jon has been business editor of Broadcasting+Cable since 2010. He focuses on revenue-generating activities, including advertising and distribution, as well as executive intrigue and merger and acquisition activity. Just about any story is fair game, if a dollar sign can make its way into the article. Before B+C, Jon covered the industry for TVWeek, Cable World, Electronic Media, Advertising Age and The New York Post. A native New Yorker, Jon is hiding in plain sight in the suburbs of Chicago.
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