Austin TV station KVUE to be acquired by Cox Media Group

Austin’s KVUE television station, an affiliate of the metropolitan area’s ABC network, will soon have a new owner.

KVUE was part of a multi-billion dollar deal that saw Tegna, a company that owns more than 60 TV stations across the country, agree to be sold to private equity firms Standard General and Apollo Global.

Apollo Global owns 71% of Atlanta-based Cox Media Group, which as part of the deal will acquire KVUE and four other television stations in Texas – WFAA and KMPX in Dallas and KHOU and KTBU in Houston.

Kristie Gonzales, president and CEO of KVUE, did not immediately respond to a request for comment.

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The deal has been approved by Tegna’s board of directors, but remains subject to Tegna shareholder approval and regulatory approvals. Its closure is scheduled for the second half of 2022.

“After evaluating this opportunity against Tegna’s standalone prospects and other strategic alternatives, our Board of Directors has concluded that this transaction maximizes value for Tegna’s shareholders,” said Howard Elias, Chairman of the Board of Directors. administration of Tegna.

Upon completion of the transaction, Tegna will become a private company and its shares will no longer trade on the New York Stock Exchange.

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Tegna, based in Tysons Corner, Va., was formed in 2015 when Gannett Co. split into two publicly traded companies. Tegna took control of the former Gannett’s television and digital media divisions, while Gannett’s publishing interests were spun off into a separate company that retained the Gannett name.

With 64 television stations in 51 US markets, Tegna is the largest owner of the top 4 affiliate networks in the top 25 markets among independent station groups. The company also owns the True Crime Network, Twist and Quest.

Tegna also offers a digital advertising service called Premion, which is expected to operate as a standalone company majority-owned by Cox Media Group and Standard General.

The Austin American-Statesman was owned by Cox Media Group before it was acquired by GateHouse Media in 2018 for $47.5 million. GateHouse and Gannett merged in 2019 and changed their name to Gannett. The Statesman is now owned by Gannett.

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