ATLANTA, Jan. 17, 2017 /PRNewswire/ -- Gray Television,
Inc. ("Gray," "we," "us" or "our") (NYSE: GTN and GTN.A)
announced today that it has
completed its previously announced acquisitions of
television stations in the Green
Bay, Quad Cities and Fairbanks television markets. These
acquisitions were all funded from cash on hand and therefore did
not result in any additional borrowings.
In particular, earlier today, Gray closed on the $270 million acquisition of two television
stations that had been owned and operated by Media General, Inc. as
part of that company's acquisition by Nexstar Broadcasting Group,
Inc.: WBAY (ABC), in Green Bay,
Wisconsin, and KWQC (NBC) in Davenport, Iowa. On
Friday, January 13th, Gray closed on
the acquisition of KTVF (NBC), KXD (CBS), and KFXF (FOX) in the
Fairbanks, Alaska, television
market from Tanana Valley Television Co. and Chena Broadcasting Co.
for $8 million in cash. On
January 1, 2017, Gray began operating
the Fairbanks stations pursuant to a standard pre-closing local
marketing agreement.
According to Nielsen and BIA data:
- WBAY is the highest rated and top-grossing television station
in the Green Bay-Appleton DMA, which is the 68th largest
market;
- KWQC is the highest rated and top-grossing television station
in the Davenport-Rock Island-Moline DMA (also known as the Quad
Cities DMA), which is the 101st largest market; and
- KTVF is the highest rated and top-grossing television station
in the Fairbanks DMA, which is the 202nd largest television
market.
Gray welcomes the 235 employees of these stations to its
growing corporate family. With these acquisitions, Gray now
owns and/or operates 100 television stations across 54 television
markets that collectively broadcast over 200 program streams
including 101 channels affiliated with the CBS Network, the NBC
Network, the ABC Network and the FOX Network. Our portfolio
includes the number-one and/or number-two ranked television station
operations in essentially all of our markets, which collectively
cover approximately 10.1 percent of total United States television households.
www.gray.tv
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SOURCE Gray Television, Inc.