| 01 February 2021
In a deal that if completed will see it own television stations serving 102 television markets that collectively reach 25.4% of US television households, Gray Television has entered into an agreement to acquire Quincy Media (QMI) for $925 million in cash.
Headquartered in Quincy, Illinois, QMI is a family-owned media company that owns and operates both television stations and local digital platforms in 16 markets primarily in the Midwest. Its portfolio includes the number-one ranked television station in 77 markets and the first and/or second highest ranked television station in 93 markets according to Comscore’s average all-day ratings for calendar year 2020.
Gray believes that the deep similarities between Gray and Quincy in terms of company cultures, award-winning journalistic commitments, and exceptional community service will help ensure a smooth integration of the acquired stations. At present Gray’s television stations broadcast over 40
by: Alex Brown, Inside INdiana Business
Posted:
Feb 1, 2021 / 04:28 PM EST
FORT WAYNE, Ind. (Inside INdiana Business) Three Indiana television stations will soon be under new ownership. Georgia-based Gray Television Inc. (NYSE: GTN) has announced plans to acquire Quincy Media Inc. in Illinois, which operates three dozen stations in 16 markets, including our newsgathering partners at WPTA-TV in Fort Wayne, as well as WISE-TV in Fort Wayne and WSJV-TV in Elkhart.
The deal is valued at $925 million. In order to achieve regulatory approval, Gray says it will divest some Quincy stations in markets in which it already has TV stations, though the Indiana stations are not affected by the move.