Gannett completes acquisition of six London Broadcasting Company TV stations from SunTx Capital Partners
MCLEAN, Va., July 8, 2014 /PRNewswire/ -- Gannett Co., Inc. (NYSE: GCI) today announced that it has completed its previously announced acquisition of six of London Broadcasting Company's television stations in Texas for $215 million in an all-cash transaction. Phil Hurley, London Broadcasting Company chief operating officer, will continue to lead the six stations. Hurley will report to Dave Lougee, president of Gannett Broadcasting.
The acquisition 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.
With this acquisition, Gannett's reach as the U.S.'s largest local media company is deepened and the company's broadcasting presence in the high-growth state of Texas is further expanded, reaching 83 percent of households in the state.
The closing of the transaction follows the receipt of all necessary regulatory approvals. Stephens Inc. provided financial advice to Gannett on the transaction.
Gannett Co., Inc. (NYSE: GCI) is an international media and marketing solutions company that informs and engages more than 110 million people every month through its powerful network of broadcast, digital, mobile and publishing properties. Our portfolio of trusted brands offers marketers unmatched local-to-national reach and customizable, innovative marketing solutions across any platform. Gannett is committed to connecting people – and the companies who want to reach them – with their interests and communities. For more information, visit www.gannett.com.
SOURCE Gannett Co., Inc.