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Tegna to acquire leading stations in Ohio, Indiana for $535 million

Tegna Inc. (NYSE: TGNA) announced Tuesday it is acquiring multiple Ohio and Indiana television and radio outlets from Dispatch Broadcast Group.

For $535 million in cash, the Tysons-based media company will gain control of NBC Indianapolis affiliate WTHR-TV and CBS Columbus affiliate WBNS-TV. Both television stations are No. 1 rated in their respective markets. Tegna will also acquire WBNS-FM, a popular sports station in Central Ohio.

The deal is expected to close in the third quarter.

Tegna already has a strong foothold in Ohio, with ownership of the NBC affiliate in Cleveland and the CBS affiliate in Toledo. Following the completion of its deal with Dispatch, Tegna stations will reach two-thirds of Ohio television households.

Tegna said the purchase, structured as a stock transaction, will be financed using available cash and existing credit.

Tegna has been aggressively expanding its reach in recent months. In March, the company announced it would acquire 11 stations from Nexstar-Tribune…

Read the full story from the Washington Business Journal.