ATLANTA, Jan. 17, 2017 /PRNewswire/ -- Gray Television, Inc. ("Gray," "we," "us" or "our") (NYSE: GTN and GTN.A) announced today that it has completed its previously announced acquisitions of television stations in the Green Bay, Quad Cities and Fairbanks television markets. These acquisitions were all funded from cash on hand and therefore did not result in any additional borrowings.
In particular, earlier today, Gray closed on the $270 million acquisition of two television stations that had been owned and operated by Media General, Inc. as part of that company's acquisition by Nexstar Broadcasting Group, Inc.: WBAY (ABC), in Green Bay, Wisconsin, and KWQC (NBC) in Davenport, Iowa. On Friday, January 13th, Gray closed on the acquisition of KTVF (NBC), KXD (CBS), and KFXF (FOX) in the Fairbanks, Alaska, television market from Tanana Valley Television Co. and Chena Broadcasting Co. for $8 million in cash. On January 1, 2017, Gray began operating the Fairbanks stations pursuant to a standard pre-closing local marketing agreement.