(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.
Nine markets have competing stations between the two companies. Raycom will sell their properties in Knoxville, TN; Toledo, OH; Waco, TX; Tallahassee, FL; Augusta, GA; Odessa, TX; Panama City, FL; and Dothan, AL. Gray will sell their property in Albany, GA.
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.
Raycom Media is based out of Montgomery, AL and Gray is located in Atlanta, GA.
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