Gray Television reaches agreement to sell KAKE, Channel 10
Atlanta-based Gray Television has an agreement to sell KAKE, Channel 10, to Richmond, Va.-based Lockwood Broadcast Group.
The move follows Gray’s recent acquisition of several Schurz Communications-owned TV and radio stations, including KWCH, Channel 12. Schurz is based in Indiana.
Gray previously announced it would divest KAKE in order to meet regulatory approvals.
The company plans to sell KAKE’s assets in exchange for Lockwood’s WBXX, Channel 20, in Knoxville, Tenn., plus $11.2 million in cash.
In a statement, Gray president and CEO Hilton H. Howell Jr. said, “Our decision to sell KAKE-TV resulted from our conclusion that we are not in the best position to be long-term stewards of KAKE-TV despite its impressive recent competitive inroads. We will watch with admiration as the station builds on its recent improvements under Lockwood. KAKE-TV has great employees, and we know they will continue to succeed in the future.”
Reach Carrie Rengers at 316-268-6340 or crengers@wichitaeagle.com. Follow her on Twitter: @CarrieRengers.
This story was originally published October 1, 2015 at 11:21 AM with the headline "Gray Television reaches agreement to sell KAKE, Channel 10."