Tegna added two stations to its portfolio on Wednesday.
The company purchased WTOL, the CBS affiliate in Toledo, Ohio, and KWES, the NBC affiliate in Midland-Odessa, Texas, from Gray Television for $105 million cash.
“WTOL and KWES are strong local media brands well-positioned in key markets that further enhance our portfolio of Big 4 affiliates,” said Dave Lougee, president and CEO of Tegna. “We have a strong track record of successful acquisitions and continue to pursue opportunities that create value for our shareholders.”
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Tegna now owns 49 television stations in 41 markets. The purchase of KWES deepens the company’s footprint in Texas, where Tegna now owns 12 stations.