MCLEAN, Va., June 19, 2014 /PRNewswire/ -- Gannett Co., Inc. (NYSE: GCI) and Sander Media LLC announced today they have completed the previously announced sale of KTVK-TV and KASW-TV in Phoenix, AZ, to Meredith Corporation (NYSE: MDP), following receipt of regulatory approvals.
As part of the sale, Sander Media has conveyed to Meredith substantially all of its assets used in the operation of both KTVK-TV and KASW-TV, which Sander Media acquired upon completion of the Gannett-Belo transaction on December 23, 2013. In addition, Gannett has conveyed certain other assets that it used to provide services to both KTVK-TV and KASW-TV, which Gannett acquired from Belo Corp. upon close of the Gannett-Belo transaction. At the closing, Meredith simultaneously conveyed KASW-TV to SagamoreHill of Phoenix, LLC, which, through its affiliates, owns and operates two television stations in two markets.
This completes the sale of stations to Meredith that was previously announced in December of 2013. The total sale price of the combined stations (KTVK-TV and KASW-TV in Phoenix and KMOV-TV in St. Louis) was $407.5 million in cash.
About Gannett Gannett Co., Inc. (NYSE: GCI) is an international media and marketing solutions company that informs and engages more than 110 million people every month through its powerful network of broadcast, digital, mobile and publishing properties. Our portfolio of trusted brands offers marketers unmatched local-to-national reach and customizable, innovative marketing solutions across any platform. Gannett is committed to connecting people – and the companies who want to reach them – with their interests and communities. For more information, visit www.gannett.com.