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As expected, Gray Television announced Thursday (July 30) it had been selected to manage seven of the 10 TV stations owned by Young Broadcasting. The deal with Gray was cleared earlier this week when the U.S. Bankruptcy Court approved the sale of Young for $220 million to a group of investors.
Gray will receive a $2.2 million per year management fee plus additional incentive fees if certain performance targets are exceeded. The agreement will run through Dec.
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