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TEGNA closes acquisition of Midwestern stations

TEGNA Inc. closed its acquisition of Dispatch Broadcast Group stations in Indianapolis and Columbus, Ohio.

TEGNA paid $535 million in cash for NBC (US)-affiliate WTHR in Indianapolis, CBS (US)-affiliate WBNS in Columbus, and WBNS radio in Central Ohio, according to an Aug. 8 news release.

The transaction represents a purchase price multiple for the company of 7.9x the expected average 2018-2019 EBITDA, including run-rate synergies. TEGNA expects the transaction to be EPS accretive within a year and immediately accretive to free cash flow per share.

The media company financed this transaction through the use of available cash and borrowing under its existing credit facility.