Gannett agrees to purchase six television stations in Texas for $215 million
- May 14, 2014
McLean-based Gannett announced Tuesday plans to acquire six television stations in Texas for $215 million.
Gannett has agreed to pay Dallas-based London Broadcasting Co. cash for the stations. The deal includes KCEN (NBC) in Waco-Temple-Bryan; KYTX (CBS) in Tyler-Longview, KIII (ABC) in Corpus Christi; KBMT (ABC) and its digital sub-channel KJAC (NBC) in Beaumont-Port Arthur; KXVA (FOX) in Abilene-Sweetwater and KIDY (FOX) in San Angelo.
The stations are expected to generate revenue of approximately $50 million in 2014.
“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 multi-media company,” Gracia Martore, president and CEO of Gannett, said in a statement. “With more than 70 percent 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.”
Phil Hurley, London Broadcasting Co. chief operating officer, will continue to lead the stations. Hurley will report to Dave Lougee, president of Gannett Broadcasting.
The transaction is expected to close this summer. It is subject to regulatory approvals and customary closing conditions.