Tegna has struck a deal to buy 11 of the stations Nexstar is spinning on as part of its deal to acquire Tribune. The Tegna deal is contingent on FCC approval.
The price is $740 million in cash, according to Tegna, which points out it will be picking up four network affiliates (eight in all) in presidential battleground states, where local political ad spend can expected to be high.
Tegna says it is expecting to be able to close the deal in the late third quarter or early fourth of this year.
The stations changing hands, subject to FCC approval, are:
WTIC/WCCT FOX/CW affiliates in Hartford-New Haven, CT
WPMT FOX affiliate in Harrisburg-Lancaster-Lebanon-York, PA
WATN/WLMT ABC/CW affiliates in Memphis, TN
WNEP ABC affiliate in Wilkes Barre-Scranton, PA
WOI/KCWI ABC/CW affiliates in Des Moines-Ames, IA
WZDX FOX affiliate in Huntsville-Decatur-Florence, AL
WQAD ABC affiliate in Davenport, IA and Rock Island-Moline, IL
KFSM CBS affiliate in Ft. Smith-Fayetteville-Springdale-Rogers, AR
“Tegna has a proven track record of acquiring highly attractive assets that create immediate value for shareholders through significant synergies," said Tegna CEO Dave Lougee. "These stations are an excellent strategic and financial fit and bring additional geographic diversity to our portfolio of leading stations.
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