Gannett Pays $215M For 6 TV Stations
The deal adds to a wave of broadcast station M&A that includes buyers such as Meredith and E.W. Scripps
Gannett Co. Inc. (NYSE: GCI) is buying six television stations in Texas for $215 million.
The buyer is adding KCEN, an NBC-affiliated station in Waco-Temple-Bryan, KYTX, a CBS affiliated Tyler-Longview, KIII, an ABC-affiliated station in Corpus Christi, KMMT and digital sub-channel KJAC, ABC and NBC affiliates, respectively, in Beauport-Port Arthur, KXVA, a Fox-affiliate in Abilene-Sweetwater and KIDY, a Fox affiliate in San Angelo. London Broadcasting Co. sold the stations.
Gannet expects the acquisitions to deepen its presence in Texas. The deal is expected to close this summer. In June 2013, the media giant bought Belo Corp., owner of 20 television stations, for $1.5 billion.
Broadcasting stations have been increasingly attracting buyers, evidenced by deals from Media General Inc., which agreed to buy LIN Media Inc.for $1.6 billion in March to add local television stations. In February, Meredith Corp. (NYSE: MDP) closed a deal for a CBS-affiliated television station in St. Louis, Missouri, for $177 million. Also in February, E.W. Scripps Co. (NYSE: SSP) agreed to buy two television stations for $110 million.
For more on broadcasting M&A, see "Broadcasting Stations Beckon Buyers."
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