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TEGNA to buy Midwest Television's San Diego broadcasting stations

TEGNA Inc. signed a definitive agreement to acquire Midwest Television Inc.'s broadcasting stations in San Diego for $325 million in an all-cash deal.

TEGNA will get CBS (US) affiliate KFMB-TV, digital subchannel KFMB-D2 (CW), as well as radio broadcast stations KFMB-AM and KFMB-FM, according to a Dec. 18 news release.

TEGNA will use available cash and borrowing under its existing credit facility to fund the deal, which is expected to close in the first quarter of 2018, subject to customary regulatory approvals and closing conditions.

TEGNA expects the transaction to be accretive to EPS by a few cents within the first 12 months after close, and immediately accretive to free cash flow.