Atlanta-based Gray Television said Monday it is buying all of the TV and radio stations of Schurz Communications, expanding Gray’s reach to 49 markets in 28 states.
Gray will pay $442.5 million for the Schurz properties including working capital, the company said in a release.
Gray said it had about 30 markets in mid-2013.
“Today is a momentous day in Gray’s 118-year history,” said Hilton H. Howell, Jr., Gray’s President and CEO.
“Through the Schurz transaction, we will significantly expand the quality of our portfolio of leading television stations. We welcome more dedicated reporters, account executives, and technologists to our growing family. Quite simply, Gray’s existing stations will make the Schurz stations stronger, while the Schurz stations will make our existing stations better.”
There is some overlap in the transaction. In Augusta, Gray owns WRDW-TV, the CBS affiliate, and in the deal will acquire Augusta’s NBC and CW affiliates. Gray said the operations of WAGT-TV (NBC) will be consolidated with its existing operations, and that the company expects the FCC license of WAGT to be auctioned
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