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Gray Television paying $442.5M for Schurz TV, radio stations

Sep. 14, 2015 4:29 PM ETGray Television, Inc. (GTN) StockGTN.ABy: Jason Aycock, SA News Editor1 Comment
  • Gray Television (NYSE:GTN +5.3%) has a deal to acquire all the TV and radio stations of Indiana-based Schurz Communications for about $442.5M.
  • The deal means that Gray will operate in 49 television markets -- up from 30 in mid-2013 -- across 28 states. With five new top-rated stations, Gray will have 39 No. 1-ranked stations.
  • Gray will finance the deal with cash on hand and some additional borrowing. It expects on closing to have a leverage ratio, net of cash, of about 5.5x. The deal is expected to close in Q4 or Q1 depending on regulatory approvals.
  • The company expects it's immediately accretive to free cash flow. With synergies, the purchase price is about 7.1 times a blended average of the stations' 2015-2016 pro forma broadcast cash flow.
  • Gray's hosting a conference call to discuss the deal at 9 a.m. ET tomorrow.

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