TEGNA Inc. closed the acquisition of Midwest Television Inc.'s broadcasting stations in San Diego.
TEGNA now owns KFMB-TV, the CBS (US) affiliated station in San Diego, KFMB-D2 and radio broadcast stations KFMB-AM and KFMB-FM in San Diego, the company said Feb. 15.
TEGNA now owns or operates 47 television stations and two radio stations in 39 markets.
The company 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. TEGNA funded the transaction through the use of available cash and borrowing under its existing revolving credit facility.