Gray Agrees to Swap Television Stations with Marquee Broadcasting
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Rhea-AI Summary
Gray Television (NYSE: GTN) announced a significant station swap with Marquee Broadcasting. Gray will sell KNIN, its Fox affiliate in Boise, Idaho, while acquiring WPGA, a MeTV affiliate in Macon, Georgia. This move allows Gray to maintain a full-power television presence in Georgia. The transactions are expected to close in the second quarter of 2023 upon regulatory approval. Gray operates the largest portfolio of local television stations in the U.S., reaching approximately 36 percent of U.S. households, with a strong showing in top-rated markets.
Positive
- Strengthens Gray's presence in Georgia by acquiring a full-power station.
- Strategic move in local broadcasting enhances market positioning.
Negative
- Selling a station potentially reduces market diversity in Boise.
Details
News Market Reaction – GTN
The recorded move for GTN in the trading session of this news was +4.55%.
Data tracked by StockTitan Argus. Session date unavailable.
AI-generated analysis. How Rhea-AI works. Not financial advice.
ATLANTA, Feb. 15, 2023 (GLOBE NEWSWIRE) -- Gray Television, Inc. (“Gray”) (NYSE: GTN) announced today that it has reached agreements with Marquee Broadcasting, Inc. (“Marquee”) to swap television stations.
Gray will sell KNIN, its Fox Network-affiliated television station in the Boise, Idaho, market (DMA 102), to Marquee. Currently, another broadcaster in the Boise market provides local news programming and back-office services for KNIN under a shared services agreement, subject to the ultimate control of Gray.
Concurrently with the KNIN closing, Marquee will sell WPGA, its MeTV Network-affiliated full-power television station in the Macon, Georgia market (DMA 126), to Gray. At that time, Gray will own a full-power television station in every television market located in its home state of Georgia.
Both transactions are expected to close in the second quarter of 2023 following receipt of regulatory and other approvals.
About Gray:
We are a multimedia company headquartered in Atlanta, Georgia. We are the nation’s largest owner of top-rated local television stations and digital assets. Our television stations serve 113 television markets that collectively reach approximately 36 percent of US television households. This portfolio includes 79 markets with the top-rated television station and 101 markets with the first and/or second highest rated television station in 2022. We also own video program companies Raycom Sports, Tupelo Media Group (formerly Tupelo Honey), and PowerNation Studios, as well as the studio production facilities Assembly Atlanta and Third Rail Studios. For more information, please visit www.gray.tv.
Gray Contact:
Kevin P. Latek, Executive Vice President, Chief Legal and Development Officer, 404-266-8333
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