Gray Media, Inc. has announced an agreement to acquire six television stations from American Spirit Media, LLC in a $50 million deal that expands Gray’s station portfolio across several markets, including one in Texas.
Here in Texas, as part of the transaction, Gray will acquire NewsChannel 6 KAUZ in Wichita Falls (CBS DMA 159).
The acquisition also includes the following American Spirit Media stations:
* WUPW (FOX) — Toledo, Ohio (Market 81)
* WDBD (FOX) — Jackson, Mississippi (Market 100)
* WSFX-TV (FOX) — Wilmington, North Carolina (Market 125)
* WXTX (FOX) — Columbus, Georgia (Market 126)
* KVHP (FOX) — Lake Charles, Louisiana (Market 176)
Gray said the deal builds on long-standing relationships already in place with these stations. For more than a decade, Gray and its predecessor company, Raycom Media, have provided back-office services to five of the stations included in the acquisition and produced local news content for four of them through Gray-owned stations in those markets.
The companies have already completed the first of two planned closings. As part of that initial phase, Gray paid American Spirit $40 million and began operating the stations under a limited local management agreement.
Gray expects to complete the second and final phase of the transaction during the fourth quarter of this year, pending regulatory approvals and customary closing conditions. Once the acquisition is finalized, the temporary local management agreement will end.
The company said it plans to fund the remaining portion of the purchase using cash on hand.
