Gannett Completes London Broadcasting Buy
Gannett Co. today 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 COO, will continue to lead the six stations. Hurley will report to Dave Lougee, president of Gannett Broadcasting.
The acquisition comprises 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 in Texas is further expanded, reaching 83% 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.