Gannett Completes London Broadcasting Buy

The $215 million deal for six stations extends Gannett’s Texas coverage to 83% of the state’s households.

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.

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John Pappert says:

July 9, 2014 at 1:17 am

So If im the CEO of one of these Stations……Then I would get a say…$14.000.000 –er—“Incentive” when one of these Stations were sold? Then…”I get it” the Stations is cued to be resold to the next bidder! Then I get another “Wind-fall? AHA….So thats why they keep changing hands!

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