Washington, DC. TEGNA Inc. (NYSE: TGNA) closed its acquisition of leading local television stations WTOL in Toledo, OH, and KWES in Odessa-Midland, TX, from Gray Television, Inc., for $105M in cash. Nixon Peabody represented the media company as M&A counsel.
WTOL will expand TEGNA’s viewership in Northwest Ohio and Southeast Michigan by 380,000 television households. The television station will join TEGNA’s NBC Cleveland affiliate WKYC in the region. In Texas, KWES will grow the media company’s service offering to 12 stations, expanding coverage to 87% of viewership in the high-growth state. Nationwide, the acquisition will widen TEGNA’s reach to one-third of U.S. households, serving 41 markets through 49 television stations.
Nixon Peabody’s team was led by Securities team leader and corporate partner John Partigan and included: corporate partners Brian Kopp and Sean Clancy, and associate Pierce Han; real estate and environmental law partners Denise Pursley and Jean McCreary, and associates Dana Stanton and Dara Histed; and labor and employment counsel Todd Shinaman.
For further information, please see the press release: TEGNA Completes Acquisition of Leading Stations WTOL in Toledo, OH and KWES in Midland-Odessa, TX.