After closing the deal with Midwest Television, Tegna adds KFMB-AM-FM-TV to its broadcast portfolio that now totals 47 TV stations.
Tegna Inc. today completed its $325 million acquisition of Midwest Television’s broadcasting stations in San Diego. The deal was announced last December.
Tegna now owns CBS and CW affiliate KFMB and KFMB-AM and KFMB-FM.
As a result of the completed sale, Tegna owns or operates 47 television stations and two radio stations in 39 markets. According to Tegna, KFMB leads San Diego in audience ratings and share across all demographics and is first in news across all major time slots.
“We are thrilled to welcome the talented KFMB team to Tegna,” said Dave Lougee, Tegna president-CEO. “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. This transaction highlights Tegna’s continued track record of success as a strategic consolidator that delivers value for our shareholders.”
Tegna 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.
Tegna financed the transaction through the use of available cash and borrowing under its existing revolving credit facility.