Atlanta-based Gray Television acquired Yellowstone Television, adding several stations that serve the Wyoming and Nebraska markets, and one serving Laredo, Texas. Gray said it acquired a 99 percent non-voting interest in the company for $23 million cash.
Gray said it will acquire voting control of Yellowstone in a subsequent transaction after regulatory approval, and that deal is expected to close in the fourth quarter or the first quarter of 2014. Additional terms were not disclosed.
The stations included in the deal are KGWN-TV serving the Cheyenne, Wyo.-Scottsbluff, Neb., market; KCHY-LP, the NBC affiliate for the Cheyenne-Scotts bluff market; KCWY-TV serving Casper, Wyo.; and KGNS-TV in Laredo, Texas.
The company said the transaction will be immediately accretive to Gray’s earnings.
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