By: Paul Dionne | Vizzda
Pursuant to an FCC-mandated asset sale in connection with
its $2.2b acquisition of Belo Corporation, Gannett Corporation—parent company
for The Arizona Republic, Tucson Citizen, KPNX-TV and KNAZ-TV—has sold the television
stations KTVK-TV in Phoenix and KMOV-TV in St. Louis to Meredith Corp. The
$2.2b acquisition was tendered as $1.5b in cash and assumption of $715m in
existing debt.
KTVK-TV is an independent station on Channel 6; a second
Phoenix station—CBS-affiliate KASW-TV on Channel 5—was sold to SagamoreHill
Broadcasting with a service agreement between SagamoreHill and Meredith. The
divestiture by Gannett—necessary to comply with FCC regulations regarding
concentration of media ownership—was valued at $407.5m.
As part of the sale, Meredith acquired the office complex
that serves as the headquarters for both of the Phoenix stations for $9,878,335
or $110.58 per square foot in an all cash deal. The two 2-and-3-story buildings
total 89,335 ft2 and are located at the northeast corner of 7th
Avenue and Missouri Avenue. The buildings were built in 1974 and 1982 on a 4.67
acre site zoned C-2 and P-1.
To Contact the Author:
Paul Dionne – pdionne@vizzda.com
This comment has been removed by a blog administrator.
ReplyDeleteThis comment has been removed by a blog administrator.
ReplyDeleteThis comment has been removed by a blog administrator.
ReplyDeleteThis comment has been removed by a blog administrator.
ReplyDeleteKings Cross is well known for being a major transportation hub. This area has been the terminus of the Eurostar rail service.
ReplyDeleteMidtown Shops
great.thanks for sharing this post.Find properties in midtown for investments, it is known as the printing presses of Fleet Street which is developed into fashionable residential area and it’s the centre for English law.
ReplyDeleteProperty in Clerkenwell
The area is one of the main legal districts of the Capital, and the centre for English law, both historically and in the present day. As well as its strong links to the Law Courts, the area is known for the printing presses of Fleet Street.
ReplyDeleteMidtown Offices
Farringdon station has deep historical roots for transport which is a significant factor for major invested in Institutions. You can buy property for Shops in Farringdon, Bars to rent in Farringdon.
ReplyDeleteShops in Shoreditch
Great blog..You have clearly explained about Meredith Corp. Gets Midtown Office in $407.5m Gannett Divestiture..Its very useful for me gather information..
ReplyDeleteProperty in farringdon