Dispatch leaving the broadcasting business; sells Indy and Columbus OH stations

[KeithE4]

Dispatch Broadcast Group is selling both of its TV stations, WTHR/13 and WBNS/10 Columbus, plus WBNS AM/FM, to Tegna, the spinoff from Gannett, for $535 million in cash. They're apparently getting out of the broadcasting business completely. The Columbus Dispatch newspaper was sold off in 2015.

https://www.tegna.com/tegna-to-acqu...-stations-in-indianapolis-in-and-columbus-oh/
https://www.dispatch.com/news/20190...dcast-group-including-wbns-tv-for-535-million

 

[Y2kTheNewOldies]

https://tvnewscheck.com/article/top-news/237711/tegna-completes-acquisition-of-dispatch-stations/

Here is an Update

Tegna Inc. said Thursday morning that it has completed its previously announced acquisition of Dispatch Broadcast Group’s top-rated stations in Indianapolis, Ind., and Columbus, Ohio.

Tegna paid $535 million in cash for NBC affiliate WTHR in Indianapolis and WBNS-AM-FM-TV (CBS) in Columbus, Ohio.


“WTHR and WBNS are broadcasters of the highest caliber, and a natural fit for Tegna as we expand our portfolio of Big Four affiliates in top markets,” said Dave Lougee, president-CEO of Tegna. “These acquisitions further enhance our commitment to excellence in local journalism while creating value for our shareholders.”

Tegna said the transaction was structured as a stock purchase, and “represents a compelling purchase price multiple for the company of 7.9 times expected average 2018-2019 EBITDA, including run rate synergies. Tegna expects the transaction to be EPS accretive within a year and immediately accretive to free cash flow per share.”