Gray Television's (GTN) Acquisition of WTVG-TV and WJRT-TV has No Impact on Ratings - Moody's

Moody's says on July 24, 2014, Gray Television, Inc. (NYSE: GTN) announced its agreement with SJL Holdings, LLC ("SJL") to acquire WJRT-TV, an ABC affiliate serving the Flint-Saginaw-Bay City, MI market and WTVG-TV, an ABC/CW affiliate serving the Toledo, OH market for approximately $128 million in cash. There is no immediate impact to Gray's debt ratings or the positive outlook as we expect overall financial metrics and operating performance to remain within the B3 Corporate Family Rating. The transaction does not increase debt-to-EBITDA ratios above 6.2x pre-transaction levels (pro forma for recently closed Hoak transaction, including Moody's standard adjustments); however, net leverage increases nominally. The acquisition is subject to regulatory approval and is expected to close by Q4 of 2014.

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