Washington, DC. Nixon Peabody represented TEGNA Inc. (NYSE: TGNA) in definitive agreements to acquire Dispatch Broadcast Group’s leading television and radio stations in Indianapolis, IN, and Columbus, OH, for $535M in cash.
The transaction includes Indianapolis NBC affiliate WTHR and Columbus CBS affiliate WBNS, both of which are the #1 stations in their respective markets.
WTHR services Indianapolis, the 28th largest television market in the United States and home to the Indianapolis 500, among other sporting events and major league teams.
WBNS services Columbus, the 34th largest television market and one of the fastest growing cities in the U.S. The transaction also includes WBNS Radio, a major sports-focused radio station in Ohio. Upon the closing, WBNS will join TEGNA’s WKYC in Cleveland and WTOL in Toledo, and increase TEGNA’s market share to two-thirds of all television households in Ohio.
The transaction—contingent upon customary closing conditions and regulatory approvals—is expected to close in Q3 2019.
Nixon Peabody’s deal team was led by Corporate partner John Partigan and included Brian Kopp, Pierce Han, Al Floro, Todd Shinaman, Sean Clancy, Dick Langan, Jenny Holmes, Dana Campbell, Sarah Beth Barnes, Jeffrey League, Sarah Lobe and Shirley Qin.
For further information on the financing and structure of the acquisition, please see the press release: TEGNA to Acquire Dispatch Broadcast Group’s Leading, Top Ranked Stations in Indianapolis, IN and Columbus, OH
