SAN DIEGO — The company formerly known as Gannett has formally closed on its acquisition of an AM/FM combo — and a highly coveted CBS-TV affiliate with The CW network on a DT multicast channel — in “America’s Finest City.”
For the everyday consumer of these stations, there’s no noticeable difference from yesterday: Mark Larson was still on the AM; Thin Lizzy and Fleetwood Mac were on following “The DSC” on the FM, courtesy of veteran market talent Robin Roth; Carlo Cecchetto and Barbara-Lee Edwards are still set to anchor the afternoon and nighttime newscasts on the TV station.
That’s a sign that TEGNA is committed to continuing the path paved by Midwest Television with Talk KFMB-AM 760, Adult Hits KFMB-FM 100.7 and KFMB-8.
TEGNA is officially the owner of the properties, and as a result now owns or operates 47 television stations — and a pair of radio stations — in 39 markets.
“We are thrilled to welcome the talented KFMB team to TEGNA,” said TEGNA President/CEO Dave Lougee.
Speaking of the TV station, he continued, “Like us, KFMB cares deeply about journalistic integrity and serving the greater good of the San Diego community. We want to maintain that special connection while applying our strategic initiatives to enhance KFMB’s future capabilities. This transaction highlights TEGNA’s continued track record of success as a strategic consolidator that delivers value for our shareholders.”
TEGNA expects the transaction to be accretive to its earnings per share by a few cents within the first 12 months after close, and immediately accretive to free cash flow. The company financed the transaction through the use of available cash and borrowing under its existing revolving credit facility.
As reported by RBR+TVBR on Dec. 17, 2017, TEGNA paid $325 million for the TV station and AM/FM pair.
With KFMB-AM & FM, TEGNA will have its only radio properties. TEGNA was renamed after Gannett decided in June 2015 to spin its newspapers into a separate company.
But, Gannett was no stranger to radio: From 1979-1997 it owned legendary Top 40 KIIS-FM 102.7 in Los Angeles. In San Diego, during that same time period, Gannett owned KSDO-AM 1130 and what is now KLQV-FM 102.9.