Gray Television, Inc. Acquires WSAZ-TV, Charleston-Huntington, West Virginia
November 30 2005 - 5:19PM
PR Newswire (US)
ATLANTA, Nov. 30 /PRNewswire-FirstCall/ -- Gray Television, Inc.
(NYSE:GTNNYSE:andNYSE:GTN.A) today announced that it has completed
the acquisition of the assets of WSAZ-TV, the NBC affiliate in
Charleston-Huntington, West Virginia (the Nation's 64th largest
Designated Market Area) from Emmis Communications Corp.
(NASDAQ:EMMS). 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." The
purchase price was $186 million and Gray financed the purchase by
borrowing $185 million under its senior credit facility ($150
million of term loan A borrowings and $35 million of revolving loan
borrowings) and applying $1 million of cash on hand. Gray
Television, Inc. is a television broadcast company headquartered in
Atlanta, Georgia. Including the previously announced pending
acquisition of WNDU-TV, Gray operates 36 television stations
serving 30 markets. Each of the stations are affiliated with either
CBS, NBC, ABC, or FOX. In addition, Gray currently operates seven
digital multi-cast television channels in seven of its existing
markets, which are affiliated with either UPN or FOX. 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.gray.tv/
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