Gannett Snaps up Six Texas TV Stations for $215M

Wednesday, 14 May 2014 09:35 AM

 

  Comment  |
   Contact  |
  Print  
|  A   A  
  Copy Shortlink

Gannett Co said on Wednesday it will buy six television stations in Texas for $215 million, another move by the company to bulk up its local TV station holdings.

The company will pay London Broadcasting Co all cash for the deal, expected to close this summer pending regulatory approval.

Gannett is the largest newspaper chain in the U.S. but in the past 12 months, it has aggressively been snapping up broadcast TV stations in an effort to diversify its revenue. Last year, Gannett acquired Belo Corp TV stations for $1.5 billion, nearly doubling its TV stations.

With this deal, which includes CBS, NBC and ABC affiliates in markets including Waco and Corpus Christi, Gannett will own or operate 46 stations.

The company publishes 82 newspapers, including USA Today, but its TV stations are more profitable. Broadcast TV represented 75 percent of Gannett's operating income of about $204 million during the first quarter.

Gannett said the new stations are expected to generate approximately $50 million in revenue this year and will be accretive to earnings per share within the first 12 months.

© 2014 Thomson/Reuters. All rights reserved.

  Comment  |
   Contact  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Full Holiday Menu for Obamas, Plus 6 Pies

Thursday, 27 Nov 2014 20:59 PM

President Barack Obama spent a quiet Thanksgiving at the White House where the belly-stuffing menu featured all the holi . . .

NFL Urges Lame-Duck Congress to Renew Terrorism Risk Insurance

Thursday, 27 Nov 2014 20:21 PM

The National Football League has joined a growing coalition of business groups across the country to urge Congress to pa . . .

Alaska Pot Backer Ordered to Comply With Subpoena

Thursday, 27 Nov 2014 19:11 PM

A campaign-finance investigation is moving forward against an Alaska television reporter who quit her job on-air and vow . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved