Gray Media Expands Footprint with Latest Station Acquisitions
Gray Media’s Recent Strategic Acquisition
In a significant move to expand its presence in the broadcasting industry, Gray Media has finalized an agreement to purchase two television stations from SagamoreHill Broadcasting. This acquisition includes WLTZ, an NBC affiliate in a key market, and KJTV, a FOX affiliate located in Lubbock, Texas. This expansion aligns with Gray’s strategy to enhance its service offerings and market share across the United States.
Details of the Acquisition
Gray Media’s acquisition of WLTZ and KJTV marks a pivotal step in its growth strategy. Historically, Gray has already been involved with both stations by providing back-office services through its existing affiliates. The company anticipates that the deal will close in the fourth quarter of this year, pending regulatory approval and customary closing conditions. This acquisition is expected to bolster Gray’s operational capabilities and reach across these key regions.
Regulatory Considerations
To facilitate this acquisition, Gray Media plans to seek waivers for the Federal Communications Commission (FCC)’s existing local broadcast ownership rules. Utilizing the “failing station” waiver standard, which has been successfully employed in past transactions, Gray hopes to streamline the approval process. This approach has been previously effective, as illustrated by Gray’s earlier acquisition of KXLT from SagamoreHill Broadcasting in another major market.
About Gray Media
Gray Media, Inc. (NYSE: GTN) is a leading multimedia company based in Atlanta. It stands as the largest owner of high-performing local television stations, managing assets that reach about 37% of U.S. television households. With operations in 113 markets, Gray Media holds 78 top-rated television stations and 99 that rank among the first or second highest in their respective markets. Additionally, Gray boasts an extensive portfolio including the largest Telemundo affiliate group, enhancing its commitment to diverse broadcasting.
Digital and Media Ventures
Beyond traditional broadcasting, Gray Media is also invested in digital solutions through Gray Digital Media, which serves national and local clients with comprehensive digital strategies. Their business model emphasizes leveraging the most advanced digital marketing tools to enhance client visibility and engagement. Gray Media's influence extends into video production, with affiliated companies such as Raycom Sports and Tupelo Media Group, alongside state-of-the-art studio facilities like Assembly Atlanta and Third Rail Studios.
Future Prospects
With the acquisition of these two stations, Gray Media not only increases its footprint but also reinforces its commitment to providing quality programming and local news coverage. The integration of WLTZ and KJTV into Gray’s operations is expected to create synergies that will significantly benefit viewers and advertisers alike. Gray’s strategic direction continues to focus on expanding its reach and enhancing its service offerings, which positions the company well for future growth opportunities within the industry.
Frequently Asked Questions
What did Gray Media agree to purchase?
Gray Media has agreed to acquire two television stations from SagamoreHill Broadcasting: WLTZ and KJTV.
When is Gray Media expecting to close the acquisition?
The company anticipates closing the acquisition in the fourth quarter of this year, subject to regulatory approval.
What regulatory steps will Gray Media take?
Gray will request waivers of the FCC’s local broadcast ownership rules to facilitate the acquisition under the 'failing station' standard.
Where is Gray Media based?
Gray Media is based in Atlanta, Georgia, and operates numerous television stations across the United States.
How many markets does Gray Media serve?
Gray Media serves 113 television markets, reaching approximately 37% of U.S. television households.
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