Gannett Acquires Six London Broadcasting Stations For $215 Million

Gannett has agreed to acquire six Texas stations from London Broadcasting for $215 million.

The stations are KCEN Waco-Temple-Bryan, KYTX Tyler-Longview, KIII Corpus Christi, KBMT and subchannel KJAC in Beaumont-Port Arthur, KXVA Abilene-Sweetwater and KIDY San Angelo. They are a mix of NBC, CBS, ABC and Fox affiliates.

The deal is subject to regulatory approval and is expected to close this summer. The London stations are expected to generate revenue of approximately $50 million in 2014, while the transaction is also expected to provide Gannett with what it called “certain tax efficiencies” related to the sale of KMOV St. Louis. Including expected synergies and the anticipated tax benefit, the purchase price implies a 6.7x average 2014/2015 EBITDA multiple.