Gannett Buys Six Texas TV Stations for $215 Million
London Broadcasting divests
May 14, 2014
—London Broadcasting Co., a portfolio company of SunTx Capital
Partners, today announced that it has entered into a definitive agreement for
the sale of six Texas based television stations to Gannett for $215 million in an all
cash transaction. 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.
The transaction, which is expected to close this summer, is subject to
regulatory approvals and customary closing conditions. Following the
closing of the transaction, Phil Hurley, LBC’s current executive vice president
and chief operating officer, will join Gannett and lead the six acquired
LBC is a Dallas-based media company, which owns and operates
media properties across the state. London’s Broadcasting Group is a mid-market broadcaster serving nearly 10 million
LBC said its Broadcast Group is one of the largest television broadcasters in Texas, with 28 channels in seven markets and serving approximately 40 percent of Texas households. Following the sale to Gannett, London will continue to own independent stations KTXD-TV in Dallas and KCEB-TV in the Tyler-Longview market.