Washington, DC. TEGNA Inc. (NYSE: TGNA) acquired San Diego’s CBS affiliate KFMB-TV along with San Diego radio stations KFMB-AM and KFMB-FM from Midwest Television for $326M.
Nixon Peabody represented TEGNA as M&A counsel in this transaction. Covington & Burling served as FCC counsel for TEGNA. The Nixon Peabody deal team was led by public company transactions partner and practice group leader John Partigan and included Brian Kopp, Michael Hausknecht, Allan Floro, Justin Thompson, Sean Clancy, Pierce Han, Erin Kansy and Carolyn Lowry.
KFMB-TV is the most highly rated TV station in the San Diego market based on audience ratings. It has the highest market share across all demographics and consistently ranks as the number one newscast across all of the major time slots. San Diego is the 29th largest TV market in the U.S. with 1.1 million households in the region. The acquisition expands TEGNA’s portfolio of big four affiliates in top markets. TEGNA owns 47 television stations in 39 markets in the U.S.