Tegna Buys KFMB TV And Radio Stations In San Diego

Deal

TEGNA, the broadcast television company that resulted from the splitting of GANNETT into separate print and broadcast companies, is getting into radio as a result of purchasing MIDWEST TELEVISION's SAN DIEGO radio/TV cluster.  TEGNA is buying CBS affiliate KFMB-TV (CBS 8), CW affiliate KFMB-DT2 (THE CW SAN DIEGO), News-Talk KFMB-A, and Rock KFMB-F (100.7 KFM-BFM)/SAN DIEGO for $325 million.

“This is a marriage of two great broadcasting cultures. We have long admired our dedicated colleagues in SAN DIEGO and look forward to continuing the stations’ high-quality journalism, editorial independence and commitment to their local community,” said TEGNA President/CEO DAVE LOUGEE. “We have a proven ability to be a strategic and disciplined consolidator with a track record of acquiring profitable businesses at an attractive, accretive valuation. Looking ahead, we will continue to evaluate additional investments and select transactions to build on our growth and success with a focus on creating shareholder value.”

MIDWEST TELEVISION President/Owner ELISABETH KIMMEL said, “This transaction is a testament to the outstanding value our employees have created serving the SAN DIEGO community. Having owned these properties for over 55 years, our family believed it imperative to find an excellent steward for television and radio stations that the community has embraced as part of the fabric of SAN DIEGO. We have found such a partner in TEGNA, an innovative media company that shares our commitment to the highest levels of journalistic integrity and serving the greater good of the community. We welcome TEGNA to SAN DIEGO with the knowledge that their values, resources and community leadership will serve our employees, consumers and customers for decades to come.”

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