Gray Television to acquire United Communications' television stations for $45M
Gray Television announced that it has reached an agreement with United Communications to acquire United's television stations for a total purchase price of $45M. This acquisition will add more top performing television stations and two new markets to Gray's growing portfolio: WWNY-TV (CBS) and WNYF-CD (FOX) in Watertown, New York (DMA 178) and KEYC-TV (CBS/FOX) in Mankato, Minnesota (DMA 199). "This transaction advances Gray's strategy of enhancing shareholder value through select acquisitions of highly rated stations that share the culture and values of our existing television stations. We anticipate that the transaction will be immediately free cash flow accretive, and we will fund the acquisition with cash on hand. We anticipate closing the transaction following receipt of regulatory and other approvals in the second quarter of 2019."