(WTXL) - The E.W. Scripps Company has agreed to purchase two ABC-affiliated Raycom Media television stations in Florida and Texas for $55 million.
Scripps has purchased KXXV/KRHD in Waco, Texas, and WTXL in Tallahassee, Florida. The two stations were being divested as part of Gray Television’s acquisition of Raycom.
The acquisitions will expand Scripps’ holdings to 35 TV stations in 26 markets and increase its U.S. TV household reach to 18.5 percent.
As a result of the acquisition, and the divestiture of six other stations, Gray Television Inc. ensures that the Gray/Raycom combination will not reduce competition in those local markets and otherwise complies with regulatory requirements.
The combined purchase price for all nine divestitures is $235.5 million, which exceeds Gray’s internal projections for divestiture proceeds.
According to Gray, the proposed divestitures will close concurrently with the closing of the Gray/Raycom transaction, which Gray anticipates will occur following the receipt of regulatory and other approvals in the fourth quarter of 2018.