Gray Media, Inc. and The E.W. Scripps Company have entered into agreements for an even exchange of comparable television stations across five mid-sized and small markets. This strategic swap is designed to create new duopolies for both broadcasting groups, aiming to strengthen their financial durability and enhance public service through local news and sports programming.
Under the terms of the agreement, Gray will acquire Scripps' WSYM (Fox) in Lansing, Michigan, and KATC (ABC) in Lafayette, Louisiana. The acquisition of WSYM will establish a duopoly in Lansing, where Gray already owns WILX (NBC), while KATC will complement Gray's existing presence in the Southeast. No cash consideration will be exchanged between the companies.
Scripps will acquire Gray’s KKTV (CBS) in Colorado Springs, Colorado; KKCO (NBC) and KJCT-LP (ABC) in Grand Junction, Colorado; and KMVT (CBS) and KSVT-LD (Fox) in Twin Falls, Idaho. Both companies anticipate closing the transactions simultaneously in the fourth quarter of this year, pending regulatory and other customary approvals, including waivers of local ownership restrictions.
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