Gray Television, Inc. To Acquire WSAZ-TV, Charleston-Huntington, West Virginia
August 22 2005 - 10:15AM
PR Newswire (US)
ATLANTA, Aug. 22 /PRNewswire-FirstCall/ -- Gray Television, Inc.
(NYSE:GTN) today announced that it has entered into an agreement
with Emmis Communications Corp. (NASDAQ:EMMS) to acquire the assets
of WSAZ-TV, the NBC affiliate in Charleston-Huntington, West
Virginia (the Nation's 62nd largest Designated Market Area ("DMA")
for $186 million. The agreement is subject to certain conditions
and regulatory approval. Bob Prather, President of Gray, said, "The
acquisition of WSAZ-TV is consistent with the Company's strategy of
acquiring dominant television stations. WSAZ-TV, located in the
state capital and largest city in West Virginia, is ranked #1 in
overall share and news. This station has a proud heritage of
serving the local communities of Charleston, Huntington and
surrounding areas including portions of Ohio and Kentucky." With
the acquisition of WSAZ-TV, Gray owns a total of 32 stations
serving 28 television markets. The combined station group has 24
stations ranked number #1 in local news audience and 23 stations
ranked number one in overall audience within their respective
markets and reaches approximately 6% of total U.S. TV households.
In addition, with 16 CBS-affiliated stations, Gray is the largest
independent owner of CBS affiliates in the country. In connection
with this acquisition, Gray has obtained a financing commitment
from Wachovia Bank, National Association for a senior secured
credit facility in an aggregate principal amount of up to $600
million; a portion of this facility may be used to finance the
acquisition of WSAZ-TV. Wachovia Securities, Inc. acted as
exclusive strategic advisor to Gray Television, Inc. Gray currently
anticipates, but can not assure, that the acquisition will be
completed before December 31, 2005. Gray Television, Inc. Gray
Television, Inc. (http://www.gray.tv/) is headquartered in Atlanta,
Georgia and, including WSAZ-TV, operates 16 CBS-affiliated
television stations, nine NBC-affiliated stations and seven
ABC-affiliated stations. Emmis Communications -- Great Media, Great
People, Great Service(R) Emmis (http://www.emmis.com/) is an
Indianapolis-based diversified media firm with radio broadcasting,
television broadcasting and magazine publishing operations. Emmis
owns 23 FM and 2 AM domestic radio stations serving the nation's
largest markets of New York, Los Angeles and Chicago as well as
Phoenix, St. Louis, Austin, Indianapolis and Terre Haute, IN. Emmis
has recently announced its intent to seek strategic alternatives
for its 16 television stations, which will result in the sale of
all or a portion of its television assets. In addition, Emmis owns
a radio network, international radio stations, regional and
specialty magazines and ancillary businesses in broadcast sales and
book publishing. DATASOURCE: Gray Television, Inc. CONTACT: Bob
Prather, President, +1-404-266-8333, or Jim Ryan, Chief Financial
Officer, +1-404-504-9828, both of Gray Television, Inc. Web site:
http://www.graytvinc.com/ http://www.emmis.com/
Copyright
Gray Television (NYSE:GTN)
Historical Stock Chart
From Aug 2024 to Sep 2024
Gray Television (NYSE:GTN)
Historical Stock Chart
From Sep 2023 to Sep 2024