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Gray Television says it has reached an agreement to buy all of Schurz Communications’ TV and radio stations for approximately $442.5 million.
The move expands Gray’s station total to 49 TV markets in 28 states. The company also says it will increase the total of number one stations to 39 and number two stations to 48, increase the pro-forma total net revenue to $774 million and increase the net political revenue to $120 million.
“Today is a momentous day in Gray’s 118-year history,” said Gray president and CEO, Hilton H. Howell, Jr. “Through the Schurz transaction, we will significantly expand the quality of our portfolio of leading television stations. We welcome more dedicated reporters, account executives, and technologists to our growing family. Quite simply, Gray’s existing stations will make the Schurz stations stronger, while the Schurz stations will make our existing stations better.”
The announcement details what stations Gray says it will keep and which it will sell to get approval of the sale. Click here to view.