FCC approves $3.5 billion Gray Television, Raycom tie-up

WASHINGTON (Reuters) - The Federal Communications Commission on Thursday approved Gray Television Inc's (NYSE: GTN) $3.5 billion bid to acquire Raycom Media Inc .

Last week, the U.S. Justice Department approved the deal after the companies agreed to sell 10 stations in nine markets. The FCC did not require any additional divestitures. The approval comes amid growing consolidation in the local television station market in the United States.

(Reporting by David Shepardson; editing by Jonathan Oatis)

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