TYSONS, Va.--(BUSINESS WIRE)--Jun. 18, 2019--
TEGNA Inc. (NYSE: TGNA) today announced that it has completed its
previously announced acquisition of leading 24/7 multicast networks
Justice Network and Quest from Cooper Media. TEGNA paid approximately
$77 million in cash for the approximately 85 percent of the two networks
it did not previously own, valuing Justice and Quest at $91 million.
“As consumer television viewing habits shift, TEGNA continues to seek
opportunities to take full advantage of emerging trends,” said TEGNA
president and CEO Dave Lougee. “Justice and Quest allow us to capitalize
on over-the-air viewers, which have increased more than 48 percent over
the past eight years, with the kind of impactful and entertaining
content consumers are demanding.”
Justice Network and Quest offer unique ad-supported programing and reach
more than 87 million television homes. Justice Network is focused on the
increasingly popular true-crime genre, while Quest features
factual-entertainment programs such as science, history, and
adventure-reality series. Both are among the fastest-growing and top
distributed entertainment multicast networks in the U.S.
TEGNA financed the transaction through the use of available cash and
borrowing under its existing credit facility, and the acquisition will
not have a material impact on TEGNA’s leverage. The transaction is
expected to be accretive to EPS within the first 12 months and
immediately accretive to free cash flow. Brian Weiss, former president
and general manager of Cooper Media, has joined TEGNA as president of
Justice Network and Quest. He and the networks’ team will continue to be
based in Atlanta.
About TEGNA
TEGNA Inc. (NYSE: TGNA) is an innovative media company that serves the
greater good of our communities. Across platforms, TEGNA tells
empowering stories, conducts impactful investigations and delivers
innovative marketing solutions. With 49 television stations and two
radio stations in 41 markets, TEGNA is the largest owner of top 4
affiliates in the top 25 markets, reaching approximately one-third of
all television households nationwide. TEGNA also owns leading multicast
networks Justice
Network and Quest
that reach more than 87 million U.S. television homes. TEGNA
Marketing Solutions (TMS) offers innovative solutions to help
businesses reach consumers across television, email, social and
over-the-top (OTT) platforms, including Premion,
TEGNA’s OTT advertising service. For more information, visit www.TEGNA.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190618005706/en/
Source: TEGNA Inc.
For media inquiries, contact:
Anne Bentley
Vice
President, Corporate Communications
703-873-6366
abentley@TEGNA.com
For investor inquiries, contact:
John Janedis, CFA
Senior
Vice President, Capital Markets & Investor Relations
703-873-6222
jjanedis@TEGNA.com
