Media company Tegna is in the process of acquiring 24/7 multicast networks Justice Network and Quest from Cooper Media.
Tegna will pay about US$77 million in cash for the approximately 85% of both networks that it does not currently own, which are valued at US$91 million.
Brian Weiss, president and GM of Cooper Media, will board Tegna and continue to run Justice Network and Quest, which are based in Atlanta.
The transaction is subject to Hart-Scott-Rodino clearance and customary closing conditions and is expected to close by the end of the second quarter of 2019.
Nixon Peabody LLP is acting as legal counsel on behalf of Tegna in connection with the proposed transaction.
Launched in 2015, Justice Network focuses on true crime, mystery and investigation content, while Quest, which launched in 2018, is home to a variety of content including science, history, engineering and adventure-reality series. Both Quest and Justice Network reach more than 87 million U.S. television homes.
“It has been an honor to work with Tegna to build Justice Network and Quest from the ground up, while informing and entertaining the growing over-the-air audience,” said Lonnie Cooper, chairman of Cooper Holdings, in a statement.
“Consumer viewing habits are shifting toward over-the-air consumption supplemented by inexpensive over-the-top services,” added Dave Lougee, president and CEO, Tegna. “Justice and Quest allow us to fully capitalize on the growth in over-the-air television audiences, which has increased by more than 48 percent over the past eight years.”