MCLEAN, Va.--(BUSINESS WIRE)--Feb. 15, 2018--
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.
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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.
About TEGNA
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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20180215005717/en/
Source: TEGNA Inc.
TEGNA Inc.
For media inquiries, contact:
Anne Bentley
Vice
President, Corporate Communications
703-873-6366
abentley@TEGNA.com
or
For
investor inquiries, contact:
Jeffrey Heinz
Vice President,
Investor Relations
703-873-6917
jheinz@TEGNA.com
