Tegna to acquire two Atlanta-based television networks for $77M

Tysons-based Tegna Inc. (NYSE: TGNA) has entered an agreement to acquire 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 it will finance the acquisition through available cash and borrowing under an existing credit facility.

Justice Network, which focuses on true crime, mystery and investigation, launched in 2015. Quest, which focuses on science, history, engineering and adventure-reality series, launched in 2018. The two networks reach more than a combined 87 million homes in the U.S.

“Justice and Quest allow us to fully capitalize on the growth in air television audiences, which has increased more than 48 percent…

Read the full story from the Washington Business Journal.