Tegna Buying Remaining Shares of Justice, Quest Networks
Tegna's buying multicast networks Justice and Quest from Cooper Media for $77 million, Tegna said Monday. Tegna already owned portions of the networks but will now acquire the remaining 85 percent, it said. The networks are valued at $91 million.…
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The 24/7 networks reach 87 million U.S. homes and are advertising-supported, the release said. The purchase is intended to capitalize in growth in over-the-air TV audiences, said Tegna CEO Dave Lougee. “Consumer viewing habits are shifting toward over-the-air consumption supplemented by inexpensive over-the-top services.” The deal is expected to close in Q2.