Gray Sells Stations to Tegna and Scripps

By Stephanie Tsoflias Siegel 

Gray Television is selling stations to Tegna and Scripps.

As part of the agreement to purchase Raycom, Gray announced they would divest a number of stations from the joint portfolio.

Tegna has acquired WTOL in Toledo, Ohio and KWES in Odessa-Midland, Tex. The company purchase both stations for $105 million in cash.

“WTOL and KWES are strong, leading local media brands, with deep roots in their community. They are an excellent strategic and financial fit with our portfolio,’ said Dave Lougee, president and CEO, TEGNA. “As we’ve seen with the results of our recent acquisition of KFMB in San Diego, TEGNA has a proven track record of acquiring highly attractive assets that create value for shareholders.”

Scripps has agreed to acquire two ABC affiliates in Florida and Texas for $55 million.

KXXV-KRHD in Waco is the first station Scripps owns in Texas. The company also purchased WTXL in Tallahassee, Fla.

With this deal, Scripps now owns 17 ABC affiliates and expands holdings to 35 TV stations in 26 markets. Tegna currently owned 47 stations in 39 markets, covering one-third of U.S. television households.