MCLEAN, VA. & SAN DIEGO—Tegna is putting four new stations underneath its Christmas tree this year, as the company has announced that it has reached an agreement to acquire Midwest Television’s TV and radio stations in San Diego. Tegna will pay $325 million for KFMB-TV, San Diego’s CBS affiliate, KFMB-D2 (CW) and radio broadcast stations KFMB-AM and KFMB-FM.
KFMB-TV and KFMB-D2 share studio facilities in the Kearny Mesa section of San Diego with KFMB 760 AM talk radio and KFMB-FM, which offers adult rock. KFMB-D2 is a digital subchannel of KFMB. San Diego is the 29th largest U.S. TV market and the 17th largest radio market.
“We have long admired our dedicated colleagues in San Diego and look forward to continuing the stations’ high-quality journalism, editorial independence and commitment to their local community,” said Dave Lougee, president and CEO of Tegna.
Midwest Television has owned the stations for more than 55 years, according to Elisabeth Kimmel, the company’s president and owner.
The acquisition will be subject to customary and regulatory approvals and closing conditions. The deal is expected to close in the first quarter of 2018.