Gray Media Expands Footprint through Strategic Acquisition
Gray Media, Inc. is excited to announce its agreement with Block Communications, Inc. to acquire multiple television stations for a total of $80 million. This strategic move is anticipated to substantially enhance Gray's influence in the Midwest. By forming a Big Four duopoly in one market and incorporating top-tier local news stations in two additional midwestern markets, Gray is set to augment the strength of its existing local stations.
Details of the Acquisition
The acquisition deal includes WDRB and WBKI, which are FOX and CW affiliates in the Louisville market. Notably, Gray already operates the NBC affiliate WAVE3 in the same region, which is expected to create synergy and improve service quality for local audiences.
Additionally, the agreement covers WAND, an NBC affiliate for the Springfield-Champaign-Decatur market, and WLIO, serving the Lima market. Over the past year, both WAND and WLIO have excelled in ratings, achieving the highest all-day viewer numbers in their respective areas.
Anticipated Closing and Future Outlook
Gray Media is working towards finalizing these acquisitions by the end of the year, pending necessary regulatory approvals, including potential waivers from the FCC regarding ownership rules. This proactive approach demonstrates Gray's commitment to enhancing its portfolio and market influence.
About Gray Media
Headquartered in Atlanta, Georgia, Gray Media, Inc. (NYSE: GTN) stands as a leading multimedia enterprise in the United States. With ownership of numerous high-rated local television stations across 113 markets, Gray services approximately 37% of U.S. television households. This extensive coverage includes 78 markets where it operates the top-rated station, and 99 others boasting either the first or second highest ratings during the preceding year.
Furthermore, Gray Media holds the largest group of Telemundo affiliates, spanning 44 markets. The company is not just a powerhouse in television; it also features Gray Digital Media, which provides a full suite of digital marketing solutions tailored for both local and national clients.
Gray's robust portfolio includes video production entities like Raycom Sports and Tupelo Media Group, in addition to state-of-the-art studios such as Assembly Atlanta and Third Rail Studios.
Gray Media Contact Information
For more information, reach out to Kevin P. Latek, Executive Vice President, Chief Legal and Development Officer, at 404-266-8333.
Frequently Asked Questions
What stations is Gray Media acquiring?
Gray Media is acquiring WDRB, WBKI, WAND, and WLIO, which are key affiliates in their respective markets.
How does this acquisition impact Gray Media's presence?
This acquisition significantly strengthens Gray Media's presence in the Midwest, allowing for greater market share and enhanced local news services.
When does Gray plan to close this acquisition?
Gray Media aims to close the acquisition by the end of the current year, pending regulatory approvals.
What is Gray Media's market reach?
Gray Media operates in 113 television markets, reaching around 37% of U.S. households, making it a major player in local broadcasting.
Who can I contact for more information about Gray Media?
For inquiries, please contact Kevin P. Latek, using the phone number 404-266-8333.
