Printer Friendly

Gray Closes Acquisition of TV Stations in Green Bay, Quad Cities and Fairbanks Markets.

M2 EQUITYBITES-January 24, 2017-Gray Closes Acquisition of TV Stations in Green Bay, Quad Cities and Fairbanks Markets

(C)2017 M2 COMMUNICATIONS http://www.m2.com

24 January 2017 - US-based television broadcast company Gray Television, Inc. (NYSE: GTN) has completed the acquisitions of television stations in the Green Bay, Quad Cities and Fairbanks television markets, the company said.

The company closed an agreement with Nexstar Broadcasting Group, Inc. to acquire, for USD 270m in cash, two television stations that Nexstar will divest upon its merger with Media General, Inc., the company said.

These stations are WBAY, in Green Bay, Wisconsin, and KWQC in Davenport, Iowa, both currently owned and operated by Media General.

Gray said that the addition of these two mid-market television stations will be immediately free cash flow accretive while also allowing Gray to further deleverage its balance sheet.

The company acquired WBAY and KWQC concurrently with the closing of the Nexstar/Media General merger, which the parties anticipate will occur in the fourth quarter of 2016.

According to Nielsen and BIA data, WBAY is the highest rated and top-grossing television station in the Green Bay DMA, which is the 68th largest market.

Also, on 13 January, Gray closed on the acquisition of KTVF, KXD, and KFXF in the Fairbanks, Alaska, television market from Tanana Valley Television Co. and Chena Broadcasting Co. for USD 8m in cash.

On 1 January 2017, Gray began operating the Fairbanks stations pursuant to a standard pre-closing local marketing agreement.

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.

Its 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% of total United States television households.

((Comments on this story may be sent to info@m2.com))

COPYRIGHT 2017 Normans Media Ltd.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2017 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:M2 EquityBites (EQB)
Geographic Code:1U3WI
Date:Jan 24, 2017
Words:328
Previous Article:Augeo Acquires Card-Linked Offer Software Specialist Edo Interactive.
Next Article:Aon Closes Acquisition of Brazilian Health, Benefits Brokerage Admix.
Topics:

Terms of use | Privacy policy | Copyright © 2019 Farlex, Inc. | Feedback | For webmasters