The $215 million deal for six stations extends Gannett’s Texas coverage to 83% of the state’s households.
Gannett Completes London Broadcasting Buy
Gannett Co. today announced that it has completed its previously announced acquisition of six of London Broadcasting Co.’s television stations in Texas for $215 million in an all-cash transaction. Phil Hurley, London COO, will continue to lead the six stations. Hurley will report to Dave Lougee, president of Gannett Broadcasting.
The acquisition comprises KCEN (NBC) in Waco-Temple-Bryan, KYTX (CBS) in Tyler-Longview, KIII (ABC) in Corpus Christi, KBMT (ABC) and its digital sub-channel KJAC (NBC) in Beaumont-Port Arthur, KXVA (Fox) in Abilene-Sweetwater and KIDY (Fox) in San Angelo.
With this acquisition, Gannett’s reach in Texas is further expanded, reaching 83% of households in the state.
The closing of the transaction follows the receipt of all necessary regulatory approvals. Stephens Inc. provided financial advice to Gannett on the transaction.