Gray Television reaches agreement with U.S. Department of Justice on sale

Gray Television of Atlanta has reached agreement with the U.S. Dept. of Justice to complete its previously-announced acquisition of Schurz Communications’ broadcast stations, including KWCH-TV Channel 12, and to complete the related divestitures, including the sale of KAKE-TV.

Gray on Sept. 14 announced it would acquire all of the television and radio stations of Schurz Communications for about $442.5 million. After completing the transactions (including divestitures), the company will own or operate 93 television stations in 50 television markets.

Gray then reached agreement to sell KAKE-TV to Lockwood Broadcast Group of Richmond, Va. in exchange for Lockwood's WBXX-TV in Knoxville, Tenn. plus $11.2 million in cash.

Gray anticipates closing the transactions in the first quarter of 2016.

This story was originally published December 29, 2015 at 10:41 AM with the headline "Gray Television reaches agreement with U.S. Department of Justice on sale."