As the result of Gray Television's purchase of Raycom Media, parent company to WTOL, and the subsequent divestiture of this station, WTOL will have a new owner.
Stations WTOL and KWES (Midland/Odessa, Texas) will be sold to TEGNA in a $105 million cash deal, it was announced Monday.
"WTOL and KWES are strong, leading local media brands, with deep roots in their community. They are an excellent strategic and financial fit with our portfolio," said Dave Lougee, president and CEO, TEGNA. "As we've seen with the results of our recent acquisition of KFMB in San Diego, TEGNA has a proven track record of acquiring highly attractive assets that create value for shareholders. We continue to invest in growth and remain well positioned to capitalize on consolidation opportunities that are both strategic and financially prudent."
TEGNA is headquartered in McLean, Va., and owns or operates 47 television stations located in 39 different markets including 11 CBS affiliates, seven duopolies, two radio stations and has a shared station agreement in Tucson, Ariz.
TEGNA's agreement to acquire WTOL and KWES is contingent on the close of the Gray-Raycom merger, expected to take place in the fourth quarter of 2018. It is also subject to customary regulatory approvals and closing conditions.
TEGNA's television stations consist mostly of the former Gannett and Belo properties, making them the largest group owner of NBC and CBS affiliates and fourth largest group of ABC affiliates (currently).
The Gray/Raycom deal was announced in June, and Gray's purchase of Raycom was set for $3.65 billion.
Nine markets have competing stations between the two companies. Raycom will sell its other properties in Knoxville,Tenn.; Waco, Texas; Tallahassee, Fla.; Augusta, Ga; Panama City, Fla.; and Dothan, Ala. Gray announced a deal last week to sell its property in Albany, Ga., to Marquee Broadcasting, Inc.
According to TEGNA's website, each month the company reaches 50 million adults on-air and approximately 30 million across digital platforms. Across Twitter, Facebook and Instagram, TEGNA's stations have over 20 million social followers.
