With Gray taking over Raycom stations a couple of overlaps had to be spun off.
Tegna also announced yesterday that it has completed its previously announced acquisition of WTOL, the CBS affiliate in Toledo, OH, and KWES, the NBC affiliate in Midland-Odessa, TX, from Gray Television, Inc. for $105 million in cash.
“WTOL and KWES are strong local media brands well-positioned in key markets that further enhance our portfolio of Big 4 affiliates,” said Dave Lougee, president and CEO, Tegna. “We have a strong track record of successful acquisitions and continue to pursue opportunities that create value for our shareholders.”
Tegna now owns or operates 49 television stations in 41 markets, covering one-third of U.S. television householders. Tegna remains the largest NBC affiliate group, the second largest CBS affiliate group.
In Texas, Tegna now owns 12 stations, covering 87 percent of television households in the state.