ATLANTA, May 1, 2018 /PRNewswire/ -- Gray Television,
Inc. ("Gray") (NYSE: GTN and GTN.A) announced today that it has
reached an agreement with Red River Broadcasting Company to acquire
KDLT-TV, the NBC affiliate for the Sioux
Falls, South Dakota market (DMA 110), for $32.5 million in cash. The acquisition of
KDLT-TV would unite the station's strong staff and legacy of
community leadership with Gray's KSFY-TV, which serves as the
market's ABC and CW affiliate.
This transaction continues Gray's investment in South
Dakota. In the fall of 2016, KSFY-TV moved into a new,
technologically advanced facility in downtown Sioux Falls that includes additional space to
operate a second television station's local news and sales
operations. This spring, Gray inaugurated a remodeled and
expanded building at the foot of the Black Hills in Rapid City to bring new state of the art
technology to its ABC and Fox affiliates in that market, KOTA-TV
and KEVN-LP.
The acquisition of KDLT-TV is subject to receipt of regulatory
and other approvals. Gray anticipates that the acquisition
will be immediately free cash flow accretive and will close in the
second or third quarter of 2018. Gray plans to finance the
transaction with cash on hand. Kalil & Company
represented the seller in this transaction.
About Gray:
Gray owns and/or operates over 100 television stations across 57
television markets that collectively broadcast over 200 program
streams including over 100 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 all of our markets, which
collectively cover approximately 10.4 percent of total United States television households. For
further information, please visit www.gray.tv.
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SOURCE Gray Television, Inc.