Tegna to use credit facility borrowings to help finance acquisition

By Sarah Lizee

Olympia, Wash., May 6 – Tegna Inc. plans to use borrowings under its existing credit facility and available cash to finance its acquisition of multicast networks Justice Network and Quest from Cooper Media, according to a press release.

Tegna will pay about $77 million in cash for the roughly 85% of Justice Network and Quest that it does not currently own, valuing the networks at $91 million.

The company said the transaction will not have a material impact on leverage.

Tegna is a Tysons, Va.-based media company.

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