By Joe Nelson

December 18, 2017

TEGNA to Acquire Midwest Television, Inc.’s Broadcasting Stations in San Diego, CA

McLEAN, VA and SAN DIEGO, CA – TEGNA Inc. (NYSE: TGNA) and Midwest Television, Inc. jointly announced today they have entered into a definitive agreement under which TEGNA will acquire, for $325 million in cash, KFMB-TV, the CBS affiliated station in San Diego, KFMB-D2 (CW) and radio broadcast stations KFMB-AM and KFMB-FM in San Diego.

Through this transaction, TEGNA adds a strong market to its portfolio of big four affiliates in top markets. San Diego is the 29th largest U.S. TV market with 1.1 million households and the 17th largest radio market. KFMB-TV is the long-standing market leader in San Diego. It leads the market in audience ratings and share across all demographics and is number one in news across all major time slots. KFMB-D2, The CW San Diego, operates as a digital subchannel of KFMB. 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 an adult rock hits format.

“This is a marriage of two great broadcasting cultures. 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, TEGNA. “We have a proven ability to be a strategic and disciplined consolidator with a track record of acquiring profitable businesses at an attractive, accretive valuation. Looking ahead, we will continue to evaluate additional investments and select transactions to build on our growth and success with a focus on creating shareholder value.”

Commenting on the transaction, Elisabeth Kimmel, Midwest Television, Inc.’s president and owner said, “This transaction is a testament to the outstanding value our employees have created serving the San Diego community. Having owned these properties for over 55 years, our family believed it imperative to find an excellent steward for television and radio stations that the community has embraced as part of the fabric of San Diego. We have found such a partner in TEGNA, an innovative media company that shares our commitment to the highest levels of journalistic integrity and serving the greater good of the community. We welcome TEGNA to San Diego with the knowledge that their values, resources and community leadership will serve our employees, consumers and customers for decades to come.”

TEGNA’s resources will provide an enhanced level of innovation to San Diego consumers and advertisers, driven by industry-leading audience and advertiser-focused initiatives. TEGNA will achieve synergies driven by mechanical revenue and cost efficiencies.

The transaction, structured as an asset purchase, represents an attractive purchase price multiple of 6.6 times average expected 2017/2018 EBITDA, including expected run rate synergies and tax benefits. TEGNA expects the transaction to be accretive to EPS by a few cents within the first 12 months after close, and immediately accretive to free cash flow.

TEGNA will finance the transaction through the use of available cash and borrowing under its existing credit facility. The acquisition is subject to customary regulatory approvals and closing conditions, and is expected to close in the first quarter of 2018.


TEGNA Inc. (NYSE: TGNA) is an innovative media company that serves the greater good of our communities. With 46 television stations in 38 markets, TEGNA delivers relevant content and information to consumers across platforms. It is the largest owner of top 4 affiliates in the top 25 markets, reaching approximately one-third of all television households nationwide. Each month, TEGNA reaches 50 million adults on-air and 35 million across its digital platforms. TEGNA has been consistently honored with the industry’s top awards, including Edward R. Murrow, George Polk, Alfred I. DuPont and Emmy Awards. TEGNA delivers results for advertisers through unparalleled and innovative solutions including OTT local advertising network Premion, centralized marketing resource Hatch, and G/O Digital, a one-stop shop for local businesses to connect with consumers through digital marketing. Across platforms, TEGNA tells empowering stories, conducts impactful investigations and delivers innovative marketing solutions. For more information, visit www.TEGNA.com.


This letter came to me from Mike Cook. Somehow it went in under a different story

WOW!! Never thought I would see the day! The end of an era and a fantastic reign by a fine family! As a native San Diegan, having grown up with KFMB (was born in the late 1940s), and having had a great 8+ year run there with my own show on 760 KFMB ("Hooked On Trivia"), this is a bittersweet, nostalgic moment in time! My best to all concerned at this truly legendary TV and radio station!
Mike Cook
Unknown said…
Good Evening:
Im Elliott Alper from van nuys ca i used to live in los angeles ca and had good radio signal from KFMB 760AM that was one of my favorite out of town radio stations and every time i made countless trips to San Diego Kfmb 76 will be set to my car radio. Now that ive lived in van nuys ca for 10 years i cant get KFMB 76 Unless im on the 405 freeway going southbound. Does this mean that the call letters will disappear for a new call sign?. Kfmb was The Mighty KUFF MUBB which i loved as a nickname. Also down in san diego is a fine tv station KFMB TV 8 and i liked the news broadcasts when in a motel room. I was born in 1955 and
loved radio from aged 10, i also took radio broadcasting in 1977 but i never continued on, Please send me some Bumper Stickers for my car
if you e mail me at chopperkid77@yahoo.com i will send my address.
thank you very much, Elliott Alper

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