Gray Television, Excalibur snag more TV affiliates
Michelle Clancy | 27-11-2013
Gray Television and Excalibur Broadcasting have agreed to buy a total of 15 network-affiliated television stations in seven markets for $335 million in cash.
Separately, Excalibur has agreed to acquire two FOX-affiliated television stations in one of the markets served by Hoak from Prime Cities Broadcasting, for $7.5 million in cash.
Due to regulatory requirements, Gray will sell Hoak's television stations in the Panama City and Grand Junction markets to one or more independent third parties. And, Excalibur will sell Parker's television station in the Grand Junction market to an independent third party.
Gray and Excalibur have also agreed to enter into a shared services agreements through which Gray will provide back-office services and limited programming to Excalibur's stations in the Lincoln, Fargo, Bismarck and Monroe markets.
"We are thrilled to have the opportunity to bring the Hoak, Parker and Prime Cities television stations into the Gray community," said Hilton Howell, Gray's president and CEO. "These transactions will yield impressive synergies, many of which are unique to Gray given how well the stations' locations, operations and culture complement our own."