Tegna to draw down on credit facility for $325 million acquisition

By Wendy Van Sickle

Columbus, Ohio, Dec. 18 – Tegna Inc. plans to draw down on its existing credit facility to fund part of its acquisition of KFMB-TV, the CBS affiliated station in San Diego, KFMB-D2 (CW) and radio broadcast stations KFMB-AM and KFMB-FM in San Diego, according to a press release.

Tegna will purchase the stations from Midwest Television, Inc. for $325 million in cash.

The company will also use cash on hand to fund the acquisition, which is expected to close in the first quarter of 2018.

Tegna is a media and digital business based in McLean, Va.

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