Gray Television, Inc., owners of KSTF-TV in Scottsbluff and KGWN-TV in Cheyenne, announced Monday that they have reached an agreement to acquire all of the television and radio stations of Schurz Communications, Inc. for approximately $442.5 million.
The purchase includes TV stations in seven states, with KOTA-TV in Rapid City and it’s three satellite stations including KDUH-TV in Scottsbluff all part of the transaction.
Hilton Howell, Jr., Gray’s President and CEO said the Schurz transaction will significantly expand the quality of their portfolio of leading television stations. It will expand Gray’s operations to a total of 49 television markets and 28 states.
Gray expects to close these transactions in the fourth quarter of 2015 or the first quarter of 2016.
Strategically, Howell says the Schurz transaction and the recently announced acquisition of ABC affiliate KCRG-TV in Cedar Rapids, Iowa, reinforce Gray’s growth strategy of acquiring high-quality assets in attractive markets. Upon completing all announced transactions, Gray will have grown from 30 markets in mid-2013 to 49 markets.