Two television station groups are consolidating in a deal announced Monday that’s valued at $442.5 million. TVNewsCheck reports that Gray Television Inc. will acquire Schurz Communications Inc.’s television and radio stations.
The deal will reportedly expand Gray’s holdings to include stations in 49 TV markets and 28 states.
The merger comes just days after Media General announced it is buying Meredith for $2.4 billion, as we reported previously.
In a statement, Gray CEO Hilton H. Howell said: “Today is a momentous day in Gray’s 118-year history. 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.”