- Following a string of recent station acquisitions, Gray Television (NYSE:GTN -6.2%) says it's agreed to acquire KCRG-TV, the ABC affiliate in Cedar Rapids, Iowa, for $100M in cash on hand.
- It's Gray's first station in Iowa, and adds to the company's stable of stations that are top-rated in their market area.
- The acquisition is immediately cash flow accretive, Gray says, as the purchase price is about 6.9 times a blended average of KCRG's 2015-2016 pro forma broadcast cash flow. Gray's operating the station as it's closed on non-license assets.
- The station was sold by The Gazette Company, run as a trust for the employees' benefit, which put the station on the air in 1953 and also owns The Cedar Rapids Gazette.
- Previously: Gray Television taking direct control of its national ad sales (Aug. 31 2015)