Seeking Alpha

Gannett divests 3 stations to Meredith for $407.5M

  • Gannett (GCI +2.1%) sells St. Louis's KMOV-TV and Phoenix's KTVK-TV and KASW-TV to Meredith (MDP +0.9%) for $407.5M in cash. The first station was a part of Gannett's Belo acquisition, its divestment a condition of Gannett's agreement with the DoJ.
  • The divestment is expected to have an impact of less than $2M to Gannett's 3-year Belo synergy target of $175M.
  • Meredith expects the stations to generate revenue of $105M-$115M and be accretive to run-rate EPS by $0.16-$0.18.
  • Gannett PR, Meredith PR
Comments (0)
Be the first to comment
DJIA (DIA) S&P 500 (SPY)