Gannett Completes $215 Million London Acquisition
July 8, 2014
MCLEAN, VA.—Gannett announced that it
has completed its previously announced acquisition of six of London
Broadcasting Co.’s television stations in Texas for $215 million in an all-cash transaction. Phil Hurley, London Broadcasting Co., 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 broadcasting presence in 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.