Gray Television (GTN) to Acquire Nexstar (NXST) TV Stations in Two Markets

December 19, 2013 8:43 AM EST
Gray Television, Inc. (NYSE: GTN) has reached an agreement to sell to Nexstar Broadcasting, Inc. (Nasdaq: NXST) television stations in two markets that are included in Gray's proposed acquisition of Hoak Media, LLC.

On November 20, 2013, Gray announced that it reached an agreement to acquire television stations in eight markets from Hoak. At that time, Gray also announced that it would identify one or more third parties to acquire the Hoak television stations in Panama City, Florida (WMBB) and Grand Junction, Colorado (KREX and its satellite stations KREY and KREG) to satisfy regulatory requirements.

Gray has now entered into an agreement with Nexstar whereby Nexstar will acquire these Hoak television stations for $33.5 million simultaneously with Gray's consummation of its transaction with Hoak.

Separately, Excalibur Broadcasting, LLC reached an agreement with Mission Broadcasting, Inc. ("Mission") whereby Mission will acquire KFQX from Parker Broadcasting, Inc. ("Parker") for $4 million simultaneously with Excalibur's acquisition of other television stations from Hoak and Parker.

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