BUSINESS

Gannett buys 6 TV stations from London Broadcasting

Roger Yu

USA TODAY

MCLEAN, Va.- 05/06/2010 --Gannett Co., Inc. said today that it is supporting the many national non-profit efforts to build momentum for breast cancer awareness around Mother?s Day weekend by turning the towers of its corporate headquarters in McLean pink this evening through Mother?s Day, May 9. ?We are very proud to be one of the many efforts around the country helping to promote breast cancer awareness this weekend. Turning our towers pink is one small way Gannett can help create further awareness of the many important steps people can take to combat breast cancer,? said Gracia Martore, Gannett?s president, chief operating officer and chief financial officer. Photo by Evan Eile, USA TODAY (Via MerlinFTP Drop)

Gannett, publisher of USA TODAY, said Wednesday it agreed to buy six TV stations from Dallas-based London Broadcasting Company for $215 million in cash, deepening its presence in Texas.

Once the deal closes, the McLean-based media company will own or operate 46 stations, reflecting the corporate strategy of reducing its dependence on print media. In December, Gannett closed the $2.2 billion acquisition of Belo, which nearly doubled the number of its TV stations from 23 to 40.

The latest deal 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.

The acquisition of these stations doesn't overlap any of Gannett's current local broadcast and publishing business in the state, the company said. Gannett expects the new stations to generate about $50 million of revenue in 2014.

"The addition of these stations will expand Gannett's reach into some of the fastest growing markets in the nation," said Gannett CEO Gracia Martore in a statement.

The transaction is expected to close this summer.

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