Gray says it has reached an agreement to buy Odessa, Texas CBS affiliate KOSA from Investment Company of America for $33.6 million in cash.
“Gray is thrilled to be selected by the esteemed local owners of KOSA-TV/CBS7 to become the new steward of the leading media institution in the rapidly growing Odessa-Midland area,” said Hilton Howell, Gray’s president and ceo. “Gray will build upon the station’s strong foundation and enviable record of success to further propel CBS7 to dominance in its local market. We are also excited to expand our portfolio with a fourth number-one ranked CBS affiliate in Texas.”
According to the most recent Nielsen and BIA data, KOSA-TV has achieved the highest all-day ratings of any station in the Odessa-Midland DMA over the past year as well as the largest share of advertising revenue. Between 2014 and 2015, the Odessa-Midland DMA grew by four market ranks, more than any other market in the country.