(RNN) – Gray Television Inc. has purchased Raycom Media, parent company to this station, for $3.65 billion, according to a statement released Monday morning.
Once combined, the company will have 142 television stations serving 92 markets, making it the third largest television station group in the U.S.
Gray will acquire Raycom Sports, which owns the ACC Network; Tupelo Raycom, a production company; RTM Productions, an automotive programming and production company; and Broadview Media, a post production and digital sign company.
Raycom will sell Community Newspaper Holdings, Inc. (CNHI), a newspaper company in 23 states, and a PureCars, a digital ad platform.
The deal pending regulatory approvals and the transaction is expected to close in the fourth quarter of 2018
Current Raycom Media president and CEO, Pat LaPlatney, will become Gray’s president and Co-Chief Executive Officer and will join Gray’s board of directors. Hilton Howell, Gray’s current president and CEO, will become Executive Chairman and co-chief executive officer.
You can read the full memo here.
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