The E.W. Scripps Company and Gray Media, Inc. have entered into agreements to swap television stations across five mid-sized and small markets. This strategic exchange aims to create new duopolies for both companies, enhancing market scale and financial durability.
Scripps will acquire Gray's KKTV (CBS) in Colorado Springs, Colorado, KKCO (NBC) and KJCT-LP (ABC) in Grand Junction, Colorado, and KMVT (CBS) and KSVT-LD (Fox) in Twin Falls, Idaho. These acquisitions bolster Scripps' regional presence in the West, complementing its existing stations in these markets.
In return, Gray will acquire Scripps' WSYM (Fox) in Lansing, Michigan, and KATC (ABC) in Lafayette, Louisiana. The swap involves an even exchange of comparable assets, with neither company paying cash consideration to the other. The transaction is expected to close in the fourth quarter of this year, pending regulatory and other customary approvals, including waivers of local ownership restrictions.
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