Gray Media Agrees to Purchase Two Television Stations from SagamoreHill Broadcasting
Rhea-AI Summary
Gray Media (NYSE:GTN) has announced an agreement to acquire two television stations from SagamoreHill Broadcasting: WLTZ (NBC affiliate in Columbus, Georgia - DMA 127) and KJTV (FOX affiliate in Lubbock, Texas - DMA 140).
Gray already provides back-office services to both stations through its existing ABC and NBC affiliates in these markets. The company expects to close these transactions in Q4 2025, subject to regulatory approval. Gray will seek FCC waivers under the "failing station" standard, similar to its recent KXLT acquisition in Rochester, Minnesota.
Gray Media is currently the largest owner of top-rated local television stations in the US, reaching approximately 37% of US television households across 113 markets.
Positive
- Strategic expansion in existing markets where Gray already has operations
- Potential operational synergies through existing back-office services
- Strengthens Gray's market position in Columbus and Lubbock markets
- Follows successful precedent of similar 'failing station' acquisitions
Negative
- Regulatory approval required with FCC ownership rule waivers
- Integration costs and expenses associated with acquisitions
- Increased market concentration may face regulatory scrutiny
News Market Reaction
On the day this news was published, GTN declined 1.11%, reflecting a mild negative market reaction. This price movement removed approximately $5M from the company's valuation, bringing the market cap to $459M at that time.
Data tracked by StockTitan Argus on the day of publication.
ATLANTA, July 31, 2025 (GLOBE NEWSWIRE) -- Gray Media has reached an agreement to acquire SagamoreHill Broadcasting’s WLTZ, the NBC affiliate for the Columbus, Georgia, market (DMA 127), and KJTV, the FOX affiliate for the Lubbock, Texas, market (DMA 140). For the past several years, Gray has provided back-office services to both stations through its Columbus ABC affiliate WTVM and its Lubbock NBC affiliate KCBD, respectively.
Gray anticipates closing these transactions in the fourth quarter of this year following receipt of regulatory approval and other customary closing conditions. In that regard, Gray will request waivers of the FCC’s current local broadcast ownership rule under the same “failing station” waiver standard through which the FCC has authorized similar combinations over the past 25 years, including earlier this year in connection with Gray’s acquisition from SagamoreHill Broadcasting of KXLT, the FOX affiliated television station in the Rochester, Minnesota, market.
About Gray Media:
Gray Media, Inc. (NYSE: GTN) is a multimedia company headquartered in Atlanta, Georgia. The company is the nation’s largest owner of top-rated local television stations and digital assets serving 113 television markets that collectively reach approximately 37 percent of US television households. The portfolio includes 78 markets with the top-rated television station and 99 markets with the first and/or second highest rated television station during 2024, as well as the largest Telemundo Affiliate group with 44 markets. The company also owns Gray Digital Media, a full-service digital agency offering national and local clients digital marketing strategies with the most advanced digital products and services. Gray’s additional media properties include video production companies Raycom Sports, Tupelo Media Group, and PowerNation Studios, and studio production facilities Assembly Atlanta and Third Rail Studios. For more information, please visit www.graymedia.com.
Gray Contact:
Kevin P. Latek, Executive Vice President, Chief Legal and Development Officer, 404-266-8333
FAQ
What TV stations is Gray Media (GTN) acquiring from SagamoreHill Broadcasting?
When will Gray Media complete the acquisition of WLTZ and KJTV stations?
What is Gray Media's current market reach in the US television market?
Why does Gray Media need FCC waivers for these acquisitions?
How many top-rated television stations does Gray Media own?
