Gray Media, Inc. announced an agreement to acquire two television stations from SagamoreHill Broadcasting for less than $2 million. The acquisition includes WLTZ (NBC) in Columbus, Georgia (DMA 127), and KJTV (FOX) in Lubbock, Texas (DMA 140). This strategic move aims to strengthen Gray's local market presence and operational efficiencies.
The acquisition of these stations will allow Gray Media to leverage its existing back-office services, creating immediate cash flow accretion. This disciplined approach to mergers and acquisitions focuses on transactions that are strategically important and enhance local market presence, often by creating duopolies.
This low-cost acquisition is part of Gray Media's broader strategy to expand its footprint and optimize its portfolio. By integrating these stations, Gray expects to further solidify its position in these markets and continue its commitment to local content delivery.
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