Tegna Inc. (NYSE: TGNA) has entered an agreement to acquire Atlanta-based 24/7 multicast networks Justice Network and Quest for $77 million in cash.

Tegna already owned a minority stake in the networks. It will purchase about 85% of Justice Network and Quest that it does not already own from Cooper Media, valuing the networks at a combined $91 million. The transaction is expected to be accretive to earnings per share within the first 12 months and immediately accretive to cash flow.

Tegna said…

Atlanta Business Journal
Tegna to buy two Atlanta-based television networks for M