U.S. media company Tegna to acquire TV stations for $535 million

06/13/2019 1:57:00 PM (GMT)

U.S. broadcast, digital media and marketing services company Tegna Inc. intends to acquire television (TV) stations from peer Dispatch Broadcast Group.

Tegna is planning to buy TV stations including WTHR and WBNS, and WBNS Radio for $535 million in cash.

The transaction, which is immediately accretive to free cash flow per share, expands Tegna's footprint, particularly in Ohio.

Completion of the deal is expected in third-quarter of 2019. Additionally, post the completion of the move, Tegna will reach two-thirds of TV households in Ohio.

Tegna Inc.

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