Tegna Inc. (NYSE: TGNA) has completed its acquisition of 24/7 multicast networks Quest and Justice Network from Cooper Media LLC.
The Tysons-based media company announced the finalization of its purchase on Tuesday, with Tegna paying $77 million in cash for the roughly 85% of the networks it didn’t already own. This deal, initially announced in May, values the two Atlanta-based networks at a $91 million.
Tegna financed the transaction using available cash and borrowing through existing credit facility. Tegna said the acquisition will not impact the company’s leverage.
The two networks reach more than a combined 87 million homes, despite being relatively new. Justice Network focuses on true crime, mystery and investigation programming and launched in 2015. Quest, started in 2018, centers its programming on science, history, engineering and adventure-reality series.
“Justice and Quest allow us to capitalize on over-the-air viewers, which have increased more than 48 percent over the…Read the full story from the Washington Business Journal.