Gray Television To Acquire Schurz's TV, Radio Stations For $442.5 Mln

(RTTNews) - Gray Television, Inc. (GTN, GTN_A) said Monday that it has reached an agreement to acquire all of the television and radio stations of Schurz Communications, Inc. for about $442.5 million including working capital at closing.

Schurz is a diversified and privately-owned communications company based in Mishawaka, Indiana, that owns television stations, radio stations, daily and weekly newspapers, cable companies and a telephone directory in medium and small sized markets throughout the U.S. Gray will not acquire any non-broadcast assets or businesses from Schurz.

The addition of the Schurz stations will expand Gray's operations to a total of 49 television markets and 28 states.

Gray expects that the Schurz deal will be immediately accretive to its free cash flow.

The deal is expected to close in the fourth quarter of 2015 or the first quarter of 2016.