TEGNA Inc. has struck a deal to acquire 11 local television stations in eight markets, including one television station in Northwest Arkansas.
The Virginia-based company has entered into an agreement with Nexstar Media Group to acquire the television stations in a deal totaling $740 million. According to a company press release, the company is financing the transaction with cash and by borrowing under existing credit.
The Arkansas station that TEGNA has acquired is KFSM, a CBS affiliate that services Forth Smith, Fayetteville, Springdale, and Rogers.
The other television stations include:
WTIC/WCCT — FOX/CW affiliates in Hartford-New Haven, CT
WPMT — FOX affiliate in Harrisburg-Lancaster-Lebanon-York, PA
WATN/WLMT — ABC/CW affiliates in Memphis, TN
WNEP — ABC affiliate in Wilkes Barre-Scranton, PA
WOI/KCWI — ABC/CW affiliates in Des Moines-Ames, IA
WZDX — FOX affiliate in Huntsville-Decatur-Florence, AL
WQAD — ABC affiliate in Davenport, IA and Rock Island-Moline, IL
“TEGNA has a proven track record of acquiring highly attractive assets that create immediate value for shareholders through significant synergies. These stations are an excellent strategic and financial fit and bring additional geographic diversity to our portfolio of leading stations,” TEGNA President and CEO Dave Lougee said. “They add four additional key markets to our strong political footprint as the 2020 presidential election gets underway. We continue to invest in growth and remain well positioned to capitalize on consolidation opportunities that are both strategic and financially prudent.”
Nexstar Media Group and Tribune Media Company agreed in December 2018 to merge, and Nexstar is selling stations to remain in compliance with ownership limits. The agreement between Nexstar and TEGNA is contingent on the merger closing, which is expected in late 2019.