Nixon Peabody represented TEGNA Inc. (NYSE: TGNA) as M&A counsel in the media company’s proposed acquisition of leading local television stations WTOL in Toledo, OH, and KWES in Odessa-Midland, TX, from Gray Television, Inc., for $105M in cash.
WTOL will expand TEGNA’s viewership in Northwest Ohio and Southeast Michigan by 380,000 television households. The television station will join TEGNA’s NBC Cleveland-affiliate WKYC in the region. In Texas, KWES will grow the media company’s service offering to 12 stations, expanding coverage to 87% of viewership in the high-growth state.
TEGNA’s agreement to acquire WTOL and KWES is contingent on the closing of the proposed $3.8B acquisition of Raycom Media, Inc., by Gray Television.
TEGNA Inc. is a broadcasting, digital media and marketing services company. The Company, led by David T Lougee, Kurt Rao and Adam Ostrow, owns and operates television stations, delivering news and informative content. Tegna Inc., in 2017, recorded $1.903 Billion Revenues.
Nixon Peabody’s team was led by Securities team leader and corporate partner John Partigan (Picture) and included corporate partners Brian Kopp and Sean Clancy, and associates Pierce Han and Carolyn Lowry; real estate and environmental law partners Denise Pursley and Jean McCreary, and associates Dana Stanton and Dara Histed; and labor and employment counsel Todd Shinaman.
Involved fees earner: Pierce Haesung Han – Nixon Peabody LLP; John Partigan – Nixon Peabody LLP; Carolyn Lowry – Nixon Peabody LLP; Denise Pursley – Nixon Peabody LLP; Dara Newman Histed – Nixon Peabody LLP; Jean McCreary – Nixon Peabody LLP; Dana Stanton – Nixon Peabody LLP; Brian Kopp – Nixon Peabody LLP; Todd Shinaman – Nixon Peabody LLP; Sean Clancy – Nixon Peabody LLP;
Law Firms: Nixon Peabody LLP;
Clients: TEGNA Inc.;