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