Tegna adds to San Diego broadcast stable
Details
Michelle Clancy
| 19 February 2018

US digital media and marketing services company Tegna has completed its acquisition of Midwest Television’s broadcasting stations in San Diego.

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.

As a result of the completed sale, Tegna owns or operates 47 television stations and two radio stations in 39 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,” said Dave Lougee, president and CEO, 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. This transaction highlights Tegna’s continued track record of success as a strategic consolidator that delivers value for our shareholders.”

Tegna financed the transaction through the use of available cash and borrowing under its existing revolving credit facility. 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.