- Gray Television (NYSE:GTN) is up 2.1% as it's come to deals to divest all the radio stations included in its agreement to acquire Schurz Communications' broadcast assets.
- Gray had set a $442.5M deal to buy TV and radio stations from Schurz in September.
- The company had planned to operate the radio stations long term, but: "In recent weeks, it became clear that experienced radio broadcasters could better lead these successful radio stations into the future than we could hope to accomplish," says Gray's Kevin Latek.
- Once the Schurz transaction closes, Gray will transfer the stations to three other companies: Stations in South Bend, Ind., will go to Mid-West Family Broadcast Group; stations in Lafayette, Ind., to Neuhoff; and those in Rapid City, S.D., to the HomeSlice Group.
- Gray will receive $16M total in cash for the transfers, along with the closing of the Schurz transaction, expected in Q4 or Q1.
- With the TV stations in the deal, Gray will be operating in 49 TV markets (up from 30 in mid-2013) across 28 states.
- Previously: Gray Television swaps stations with Sinclair, others to facilitate deal (Oct. 01 2015)
- Previously: Gray Television paying $442.5M for Schurz TV, radio stations (Sep. 14 2015)