Gannett has agreed to purchase six TV stations in a $215 million acquisition. B&C reports that the acquisition involves six Texas stations owned by London Broadcasting.
"The stations are KCEN Waco-Temple-Bryan, KYTX Tyler-Longview, KIII Corpus Christi, KBMT and subchannel KJAC in Beaumont-Port Arthur, KXVA Abilene-Sweetwater and KIDY San Angelo," the article reports. "They are a mix of NBC, CBS, ABC and Fox affiliates."
Said Gracia Martore, president and CEO of Gannett: "The addition of these stations will expand Gannett's reach into some of the fastest-growing markets in the nation and furthers our successful transformation into a diversified multimedia company. With more than 70% of London Broadcasting's advertising revenues driven by local advertisers, this acquisition will provide us access to attractive new markets in which we believe our local digital marketing services group, G/O Digital, will thrive."
The purchase, which requires regulatory approval, is expected to close in summer 2014.
"The London stations are expected to generate revenue of approximately $50 million in 2014, while the transaction is also expected to provide Gannett with what it called 'certain tax efficiencies' related to the sale of KMOV St. Louis," the report notes.
The piece says London Broadcasting Company Chief Operating Officer Phil Hurley will continue to oversee the stations, and will report to Gannett Broadcasting President Dave Lougee.