ATLANTA, Nov. 30 /PRNewswire-FirstCall/ -- Gray Television, Inc.
(NYSE: GTN and GTN.A) today announced that it has completed the acquisition of
the assets of WSAZ-TV, the NBC affiliate in Charleston-Huntington, West
Virginia (the Nation's 64th largest Designated Market Area) from Emmis
Communications Corp. (Nasdaq: EMMS).
Bob Prather, President of Gray, said, "The acquisition of WSAZ-TV is
consistent with the Company's strategy of acquiring dominant television
stations. WSAZ-TV, located in the state capital and largest city in West
Virginia, is ranked #1 in overall share and news. This station has a proud
heritage of serving the local communities of Charleston, Huntington and
surrounding areas including portions of Ohio and Kentucky."
The purchase price was $186 million and Gray financed the purchase by
borrowing $185 million under its senior credit facility ($150 million of term
loan A borrowings and $35 million of revolving loan borrowings) and applying
$1 million of cash on hand.
Gray Television, Inc. is a television broadcast company headquartered in
Atlanta, Georgia. Including the previously announced pending acquisition of
WNDU-TV, Gray operates 36 television stations serving 30 markets. Each of the
stations are affiliated with either CBS, NBC, ABC, or FOX. In addition, Gray
currently operates seven digital multi-cast television channels in seven of
its existing markets, which are affiliated with either UPN or FOX.
SOURCE Gray Television, Inc.