Done deal helps Gray improves its ABCs


Gray-TelevisionGray Television’s acquisition of ABC affiliates in Flint-Saginaw-Bay City MI and Toledo OH has crossed the finish line. Gray is using a mix of cash and borrowing to finance the deal.

The Michigan station is WJRT-TV, and the Ohio station is WTVG-TV.

The seller was SJL Holdings, which received $128M in exchange for the stations.

“We welcome these outstanding, community-focused television stations and their excellent staff to the Gray corporate family,” said Hilton Howell, Gray’s President and CEO.  “We are very happy to be able to grow in Michigan and to add our first entirely Ohio-based station to our growing group of news-centered stations.”

Gray is pouring about $33.4M cash on hand into the transaction, and took out an incremental term loan to raise an additional $100M.