Tegna has announced it will acquire KFMB, the CBS affiliate in San Diego from Midwest Television.
The $325 million dollar cash deal includes KFMB, KFMB-D2, the CW affiliate and two radio stations in the market.
KFMB has been the long-standing market leader and leads in the audience ratings and share across all demographics and time slots.
“This is a marriage of two great broadcasting cultures. We have long admired our dedicated colleagues in San Diego and look forward to continuing the stations’ high-quality journalism, editorial independence and commitment to their local community,” said Dave Lougee, president and CEO of TEGNA.
San Diego is the 29th largest U.S. TV market with 1.1 million households.
The transaction is expected to close in the first quarter of 2018.